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BIT Official: Institutional fund flows are shifting, Bitcoin's key support level is facing tests
This round of correction is mainly influenced by two factors: first, the US April CPI released in May was higher than expected; second, market concerns about Strategy (formerly MicroStrategy) selling Bitcoin and the subsequent potential selling pressure. As a result, spot Bitcoin ETFs have quickly shifted from net buying to significant net selling, with a total net sell-off of about $1.5 billion so far this year, exerting clear pressure on the market.
Currently, Bitcoin remains under downward pressure, with $63,445 as the key support level to watch below. Whether this level can hold will influence the market's judgment of the depth of this correction: if prices stabilize around this area, the current correction is still a phase adjustment; if it breaks below effectively, it may enter a deeper correction and consolidation.