4E: BTC is experiencing high-level fluctuations, with on-chain accumulation resonating with macro signals in the market.

According to Mars Finance, as of June 30, 2025, at 15:00 (UTC +8), Bitcoin (BTC) is reported at $107,631, maintaining a range of $106,300 to $108,700 for nearly 72 hours, with volatility stabilizing. Ethereum (ETH) has slightly risen to $2,500, while Solana and Cardano have moved higher together, with the total market capitalization of the crypto market rising to approximately $3.28 trillion. On-chain data shows that the Bitcoin balance on exchanges has dropped to a historical low, indicating that long-term funds are continuously accumulating, supporting the bottom structure of the market. Meanwhile, the expiration of options on Deribit last Friday did not cause a significant impact on the market, and short-term pressure has been alleviated. From a macro perspective, the latest statements from Federal Reserve officials remain dovish, reinforcing the market's expectations for interest rate cuts in July or September. The US dollar index has weakened and US Treasury yields have retreated, providing some support for crypto assets. Additionally, a recent report from the World Bank pointed out that while crypto assets have liquidity advantages, they are still not suitable to become official reserves, reflecting that their institutional attributes are still developing. Overall, BTC is at the intersection of technical consolidation and macro policy dynamics, with the market direction still unclear, but bottom support is strong and the funding situation is stabilizing. 4E reminds investors: short-term volatility in the market still exists, so operations should focus on policy dynamics and capital flows, maintaining prudent position management.