Actually, I also find it quite strange. Today marks the third consecutive day and the fourth time this week that Bitcoin has surged past $90,000 and then pulled back. It feels like $90,000 is like a barrier—once there's an attempt to break through, it gets pushed back. Meanwhile, the US stock market's rally today is also quite good; the Nasdaq has already recovered all of this week's losses. This also explains why the US stock market's continued rise can boost some $BTC sentiment. If the US stocks were falling, it would be even more troublesome.

Earlier, I looked at ETF data. Although the returns are currently negative, ETF funds in the US still rank sixth in net inflow in 2025. This indicates that even with Bitcoin's price declining, most investors are not panicking and reducing their holdings. Compared to December 20, 2024, the current spot ETF holdings of BTC are still over 100,000 BTC more than at that time.

Therefore, net capital inflow is very normal. Of course, the price difference is still over $10,000, which shows that most ETF investors are not primarily hedging but are actually building positions.

Looking at the $ data, the turnover rate, which had decreased for two days, has just risen again—this is a bit concerning. If the turnover rate doesn't come down, it will significantly impact the current price stability. It indicates that a large number of investors are engaging in short-term trading. Next week is Christmas week, and liquidity will greatly decrease, which could help stabilize the current market for about two weeks.

Currently, the chip structure remains quite healthy. The chips trapped at high levels haven't shown much movement. This is likely the part mainly held by ETF positions, also reflecting that most losing investors are still quite stable in their emotions. $BTC $ETH #ETH走势分析 😄😄