"Market sentiment is like a crowded subway car during rush hour—so packed that you can't move or get anywhere fast." Open the 4-hour chart, BTC is repeatedly oscillating around 90500, reminiscent of an old elevator scene: everyone wants to go up, but no one dares to be the first to step forward. There's a story behind this. Today's news and capital flows have pushed both bulls and bears to the edge of a cliff. Let's see where this "pressure" is coming from. Yesterday's non-farm payroll data played out a version of "Schrödinger's Employment"—the employment figures were shockingly weak, yet wage growth was alarmingly high, muddling the Fed's logic for rate cuts. Moving into the early hours, Federal Reserve Board member Milani suddenly hinted that "rate cuts of 150 basis points might happen this year." After this warm water was poured out, the market started fighting: is this a bullish signal? The Treasury Department is still promoting rate hikes; so is this bearish? The easing expectations are indeed teasing the nerves of institutions. The crypto market's reaction is the most straightforward—polar opposites. On one side, spot BTC funds have been net outflows of over $1.1 billion for three consecutive days, with institutions frantically fleeing with their gains from earlier in the year. Yesterday alone, a major ETF product sold off over 3,800 BTC, pushing the price down from 91,991 back to the round figure of 90,000. But on the other side, big players are still accumulating at 90,391, adding 1,287 BTC to their positions, stacking their holdings to over 670,000 BTC, with an average cost basis around 75,000. Buying at this level feels like "picking up bargains at low prices."