4E: BTC fluctuates at a high level, with on-chain accumulation resonating with macro signals in the market

ChainCatcher message, according to 4E observations, as of June 30, 2025, 15:00 (UTC +8), Bitcoin (BTC) is reported at $107,631, maintaining a fluctuation range between $106,300 and $108,700 for nearly 72 hours, with volatility stabilizing. Ethereum (ETH) has slightly risen to $2,500, while Solana and Cardano have also moved higher, bringing the total market capitalization of the crypto market to approximately $3.28 trillion.

On-chain data shows that the Bitcoin balance on exchanges has dropped to a historical low, indicating that long-term funds continue to accumulate, supporting the market's bottom structure. Meanwhile, the options expiration on Deribit last Friday did not have a significant impact on the market, and short-term pressure has been alleviated.

On the macro front, recent statements from Federal Reserve officials remain dovish, reinforcing market expectations for interest rate cuts in July or September. The weakening dollar index and falling U.S. Treasury yields provide some support for crypto assets. Additionally, a recent report from the World Bank pointed out that while crypto assets have liquidity advantages, they are not yet suitable to become official reserves, reflecting that their institutional attributes are still developing.

Overall, BTC is at the intersection of technical consolidation and macro policy dynamics, with the market direction still unclear, but strong bottom support and stable funding conditions.

4E reminds investors: short-term market volatility still exists, and operations should focus on policy dynamics and capital flows, maintaining prudent position management.