BTC：As of May 13, 2025, the current price of BTC is $102,700; it has dropped 1.27% in the last 24 hours, with a low of $100,700. Yesterday's close formed a 'spinning top' candlestick pattern, accompanied by a certain volume, indicating a lack of strength from the bulls, with short-term bears dominating. On-chain data shows that the net inflow of Bitcoin ETFs in the US yesterday was 49.96 BTC (approximately $5.2 million), with limited inflow of institutional funds but confidence remains intact. Trading volume is concentrated in the US session, coinciding with the US Treasury auction (3-month and 6-month terms), which performed weakly (rising yields and declining subscription multiples), potentially leading some funds to flow from Bitcoin to US Treasuries. Turnover rate data indicates that trading activity has not significantly exceeded last week; players are not panicking due to the drop, and most still hold an optimistic view of the market's future. On a macro level, the US dollar index has risen to 101.5, and the 10-year Treasury yield has reached 4.46%, with expectations for Fed rate cuts adjusted down to two, all of which exert pressure on risk assets. Overall, despite the price pressure, Bitcoin demonstrates strong resilience. The technical aspect also provides support: the support range between $96,000 and $98,000 is solid, showing that the market is in a healthy adjustment phase in the short term. However, divergences have appeared in the overall trend of Bitcoin, and difficulty is rising. Normally, higher demand leads to higher prices; at this stage, price and demand have diverged, indicating that it may not be possible to push the price further. Therefore, it seems that the conditions for a rampant bull market are still not mature. This implies that Ethereum and altcoins cannot be expected to reverse at this moment! Next week, focus on whether Ethereum can hold the weekly BOLL! This may determine whether the market will reverse or rebound?