BTC: As of May 21, 2025, the current price of BTC is $106500; Yesterday's closing pattern was a "small bullish line", with a decrease in volume compared to the previous day, indicating a weakening of multi-party momentum, but the short-term trend is still bullish. On chain data shows that the US spot Bitcoin ETF had a net inflow of $329 million yesterday, indicating strong confidence in institutional funds. The market turnover rate increases with the rise of prices, with short-term investors becoming the main trading force. Recently, bargain hunters have significantly reduced their holdings, while long-term holders remain stable. The distribution of chips shows that the range of $93000-98000 is the strongest support, and although more than 1.4 million bitcoins have been hoarded around $102000, they are mostly held in the short term, which may trigger selling risks due to negative sentiment. At the macro level, Federal Reserve officials have stated that there is currently no expectation of monetary policy adjustment, and the market lacks key data-driven factors. Short term price fluctuations may be more influenced by geopolitics, such as the US China trade relationship and the Russia Ukraine situation. Overall, Bitcoin has surged strongly, reaching $107985, just one step away from its historical high. In the past week, the market lacked significant macro data support, and price fluctuations were more driven by external factors. Trump's policy trends, signs of easing of Sino US trade relations, and even the potential end of the Russia-Ukraine conflict may all be catalysts for pushing up Bitcoin. In addition, the long short ratio has dropped to a historical low of 0.44, and bearish sentiment is high. On May 20th, the open interest of Bitcoin futures reached a record high of $72 billion, indicating that a bearish trend may be brewing. The current high volatility may be a game before the bears are "dragged out", and it is necessary to closely monitor the changes in the long short ratio. The real adjustment may come after the bears collapse. The information and data in this content are sourced from publicly available materials and strive for accuracy and reliability. However, we do not guarantee the accuracy and completeness of the information, and this content does not constitute investment advice. Therefore, we assume full responsibility for investing based on this information.