#比特币对比代币化黄金 $BTC Recently, it just can't break above 94000, and the lowest has dropped to 90887. A lot of people are starting to panic, wondering if all the bullish news has already been priced in.

I don’t see it that way. From the rebound starting at 80636 all the way up, it's normal to encounter resistance at such a key level—those making short-term profits are cashing out, and a bit of correction is actually healthier.

On-chain data is pretty interesting: US spot Bitcoin ETFs saw a net outflow of nearly $200 million (194.6 million) yesterday. But looking at it from another perspective, Matrixport has recently withdrawn a large amount of coins from a major exchange, and the institution Strategy has officially announced that it has accumulated over 200,000 BTC (203,600) this year, and even hinted that they’ll continue buying.

What does this mean? Retail investors might be panicking, but institutions are quietly accumulating coins. Short-term volatility is just volatility—the long-term trend hasn’t changed.