Consolidation is never truly silence; it's the brewing phase before major players sharpen their blades—just look at today's Bitcoin, the blade is still a bit dull, but those holding it are institutions.

Opening the 4-hour chart in the early morning, BTC is testing back and forth around the 88,935 level. You have to see the rhythm to understand—professionals call it a 'weaving market.' The data is quite straightforward: the opening price was 88,833, and in the morning, it approached 90,000 before being pushed back, with a low of 88,810. The entire fluctuation is less than 0.25%. This tremor even makes retail traders' breaths unstable.

But don't just look at the surface. Combining recent market trends, there are many things worth pondering. The macro environment is in a 'slow simmer' state. The Fed's recent 'hawkish rate cut' last week has already been digested by the market expectations, now entering a phase of 'rumor buying and fact selling.' What's more concerning is the variable of the Bank of Japan—last week, Ueda hinted at a rate hike, and the panic of unwinding yen arbitrage trades is still spreading, directly draining vitality from high-risk assets. It’s evident that today Bitcoin experienced a net outflow of $15.96 million, indicating some funds are fleeing.

Interestingly, the attitude of institutions is completely opposite. This is what I want to emphasize—the US Bitcoin companies recently increased their holdings by 416 coins, and ProCap Finance also accumulated 49 coins during the 'tax loss harvesting' period. Their inventory has now exceeded 5,000 coins. Another detail worth noting is that MSTR, the 'Bitcoin die-hard,' experienced volatility last month...