Recently, an interesting phenomenon has appeared in the crypto market: as the price of gold first broke through the $4000 per ounce barrier, the price of Bitcoin experienced a pullback. This pullback was mainly due to profit-taking after a rapid rise in the crypto market in the short term, while large investors' paper profits have reached a considerable level. In addition, the rise of the US dollar index to a two-month high has also put some pressure on the price of Bitcoin.

However, institutional investors' enthusiasm for Bitcoin has not waned as a result. Data shows that last week, net inflows into US spot Bitcoin ETFs exceeded $3 billion, pushing total net inflows past the $60 billion mark. This week, another approximately $2 billion in funds have been injected, reflecting institutions' ongoing optimism towards Bitcoin.

Industry analysts point out that the short-term fundamentals of Bitcoin remain strong. The main factors supporting Bitcoin's price include expectations of loose monetary policy, ongoing ETF capital inflows, and investors' demand for safe-haven assets. If the Federal Reserve signals a clearer interest rate cut in future meetings, Bitcoin may have further pump potential in the fourth quarter.

Currently, market participants are closely monitoring the Federal Reserve's policy moves. Some traders have begun to bet on the possibility of interest rate cuts, and if the officials confirm a policy shift, not only gold, but also Bitcoin may regain upward momentum.

Overall, despite the pullback in Bitcoin prices in the short term, the continued participation of institutional investors and potential changes in macroeconomic factors still provide positive support for the future trend of Bitcoin. Investors need to closely monitor market dynamics and policy changes in order to timely adjust their investment strategies.