The market experienced significantly increased volatility last night, with a rapid dip at one point, followed by strong buying support that stabilized the market, maintaining an overall oscillating and slightly bullish pattern.

This wave of movement is mainly driven by several factors:
First, the biggest negative factor from the previous period has largely been digested. Strategy made a historic sale of 3,588 BTC, breaking the market's expectation of "only buying, never selling," which initially triggered panic. However, multiple Wall Street institutions believe that this pullback is a healthy correction and actually a good opportunity for medium- to long-term capital deployment, with sentiment gradually recovering.

Second, institutional capital continues to flow in. American Bitcoin purchased an additional 500 BTC, and Empery Digital accumulated around 1,200 BTC over six days. The continuous real-money accumulation by listed companies indicates that many institutions remain bullish on Bitcoin's outlook. Meanwhile, Trump's public expression of support for the crypto industry has further boosted market confidence.

Additionally, short sellers became a catalyst for the upward move last night. As buying pressure strengthened, Bitcoin rose instead of falling, leading to a rapid surge that forced a large number of short positions to be liquidated. Data shows that total liquidations across the network reached approximately $221 million in the past four hours, involving both longs and shorts. Short covering further drove passive buying in the market, creating a typical short squeeze that helped BTC reclaim a key level.

Yesterday, crypto ETFs saw net inflows of approximately $75 million, a modest amount with average trading volume, but it ended the previous consecutive outflows, giving sentiment a boost. Attention should remain on whether institutional capital can sustain this trend.

The Federal Reserve's meeting minutes will be released on the 9th, alongside multiple U.S. economic data releases and significant events within the crypto industry. Market volatility is expected to continue rising.

Currently, the daily-level market remains oscillating. Without any major new negative developments, the market is likely to continue its pattern of oscillating recovery.
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