Big gains in US stock storage and chip sectors, but Bitcoin didn’t follow the rebound, showing a weak trend of not rising despite positive news. Key reasons for bearish sentiment in core funds: - Continuous net outflows from Bitcoin ETFs, with funds flowing into other US stock sectors, creating a capital siphon effect; - Mining companies are selling Bitcoin to maintain cash flow, with some shifting pledged BTC financing toward AI and energy projects; - MicroStrategy is selling Bitcoin to pay interest, leading to a negative cycle of decline → sell-off → further decline. Key target range: $61,500-$62,400. This range has a large accumulation of long liquidity orders. After testing previous lows, focus on whether it can quickly and strongly recover. Failure to recover could open up further downside potential.