A Bitfinex report indicates that the Bitcoin market has recently been fluctuating within the $65,000–$70,000 range, but the long-term trend remains downward. Since reaching its all-time high last October, the market has experienced a significant correction of over 52%. Although it has rebounded by approximately 20% from the February 5th low, prices this week remain below the range low and are testing new lows. Increased macroeconomic uncertainty, particularly following the Supreme Court's ruling on the Trump administration's tariff increases, has led to a recovery in precious metals such as gold and silver, while crypto market traders continue to pay a premium for downside protection. Exchange whale ratios show that recent Bitcoin inflows into exchanges have primarily come from large investors. This concentrated inflow typically indicates strategic selling rather than short-term forced liquidation or retail sell-offs. Large investors may sell at key structural levels or at fixed daily intervals, reflecting intentional market positioning. Last week, the options market reduced downside protection for the first time, but due to tariff news, traders did not re-add to long positions, only adjusting for extreme tail risks. Short-term expiring contract trading data indicates that market sentiment is cautious rather than optimistic.