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Bitcoin is fluctuating around $89,800, with a daily decline of 1.2%. Behind this drop, retail investors' risk exposure is also being exposed—over 80,000 traders were liquidated within 24 hours, with total losses surpassing $200 million. From an institutional perspective, the pressure is even more evident. The US Bitcoin spot ETF has experienced outflows for three consecutive days, indicating that large investors are gradually reducing their positions and market confidence is waning. Another factor contributing to the downward pressure is the ongoing cycle of US dollar appreciation, which has significantly suppressed the valuation of crypto assets. Additionally, it is important to note that the US Department of Justice has approved the sale of approximately 69,000 involved Bitcoins, which could exert further pressure on prices in the future.