Analysts say that ETF inflows provide buying support for Bitcoin, and recent sell-offs mainly come from short-term holders

According to The Block, BRN's research director Timothy Misir stated that the inflow of funds into ETFs has provided the first meaningful buying support in the past few days, helping Bitcoin maintain its fragile accumulation range between $84,000 and $90,000. "The inflow of funds has started to provide support, but it cannot be called decisive," Misir said. He pointed out that on-chain pressure remains high, with about one-third of Bitcoin supply still in a state of loss. "Long-term holders and institutions are still selectively increasing their positions, while recent sell-offs mainly come from short-term holders." Additionally, Misir mentioned that macro signals remain complex— including the U.S. Producer Price Index (PPI) meeting expectations— which keeps the Federal Reserve's policy path unclear. "Inflation data has neither forced the Fed to accelerate rate cuts nor required it to maintain a tough stance. The market must price in the possibilities of both directions this week," Misir said.