#美国核心物价涨幅不及市场预估 Title: 97,000 is just a relay? Understanding the on-chain truth reveals the subsequent trajectory

Everyone, don’t just focus on candlestick charts. Bitcoin pulling back from below 90,000 to 97,000 is not just a simple technical rebound. The signals released by the market are actually very clear: the global liquidity environment is shifting, and institutional positioning logic is quietly changing. This round of market movement may just be entering the second phase.

1. Liquidity is the underlying logic
Want to understand this market? First, see where the money is flowing. Global central banks are creating a new expectation of rate cuts, and the signals from policy are becoming more and more friendly. Capital is like water, flowing to the places with the greatest growth potential, and the crypto market has always been the most sensitive to risk assets. When the floodgates open, this market is always among the first to benefit.

2. On-chain data is speaking
Don’t just look at the price; observe the true flow of funds. On January 13th, the net inflow of Bitcoin spot ETFs in the US reached $7.5 billion in a single day, the highest in nearly three months. More interestingly, Bitcoin is accelerating its withdrawal from exchanges to cold wallets held by long-term investors. The number of active trading chips on exchanges is decreasing. What does this mean? Market liquidity is tightening, and tradable chips are being locked up. Once supply-side tightness forms, the price potential for subsequent movements will open up.

3. The significance of key price levels
The current focus is on the region around $99,000. If the weekly chart can hold steady here, the panic selling accumulated in Q4 last year will be truly digested, bringing a new psychological expectation to the market. Technical, capital, and macro perspectives are resonating.

Conclusion
Bull markets often brew amid skepticism. The current positive factors—shifting global liquidity, continuous institutional accumulation, and increasing on-chain concentration—are converging and gaining strength. History tells us that real opportunities never appear when popularity is at its peak. When everyone is talking about Bitcoin and Ethereum, the price has already moved to a different high. The key is to grasp the rhythm and find the right entry point.