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🧊 Liquidity microscope: Why $BTC is lying flat at 64K? The US stock market hit a new high and gold soared, but BTC remained motionless. The root cause lies in liquidity. Core indicator: Demand/issuance ratio -5.43, meaning that the newly produced BTC far exceeds the newly entered funds. The rebound is entirely due to "no one selling" rather than "many people buying". The net flow of the coin age was 85,500 coins, and 5.5 billion US dollars were withdrawn from circulation. This was the only support. ETF funds ✅ has seen a net inflow of $626 million for three consecutive days. Blackrock IBIT led with $196.8 million in a single day, with total assets of $79.2 billion, accounting for 6.09% of its market value. ⚠️ but the net outflow over 30 days still reached $2.1 billion$BTC . The recent inflows are merely "stopping the bleeding" rather than "transfusing blood". Derivatives: Open interest remained high (about 48 billion US dollars), and CME jumped 6.82% in a single day, indicating that institutions were rebuilding their positions. The funding rate is 0.0065% (neutral), with no overheating. The clearing heat map shows that there are 65,000 short stop-losses and 63,800 long stop-losses. Macro divergence: The S&P 500 rose by 3.12% month-on-month, while BTC only increased by 2%. The suction effect of AI technology stocks is obvious. The BVIV volatility has dropped to 36%, which is the narrowest range. Positive news: Continuous net inflow of ETFs and supply contraction. Negative factors: No new demand, negative demand in the United States, expectations of interest rate hikes by the Federal Reserve. Conclusion: The liquidity contraction provides a bottom, but there is a lack of incremental catalysts, and the price is waiting to break through in an extremely narrow range.$BTC #闪迪财报双超预期，新增140亿美元回购授权 #Circle财报后押注Arc，USDC能否迎来新增长？ #财报观察员：业绩喜忧参半，解禁将至！SpaceX后续怎么看？