#美联储降息预期 According to on-chain data, ETF inflows have indeed provided some support for Bitcoin, but their impact remains insufficient. Notably, recent selling pressure mainly comes from short-term holders, while long-term holders and institutions are still selectively increasing their positions. This shift in holding structure is worth paying attention to. On the other hand, US PPI data met expectations, but the Federal Reserve’s policy direction remains unclear. The market needs to weigh both the possibility of rate cuts and maintaining current rates. It is recommended to closely monitor institutional fund movements and on-chain holding changes to prepare for potential future policy shifts.