Analysis: Bitcoin spot buying rebounded, but ETF fund flows reversed; increased macroeconomic uncertainty fueled market divergence.

Bitcoin's recent rebound has seen it fall back again, dropping below the $70,000 mark, potentially indicating that the market is still simultaneously digesting multiple uncertainties, including escalating geopolitical conflicts, profit pressures in the tech sector, and the fragility of the private credit market. If high oil prices continue to push up yields, it could limit further upside for risk assets. Analysis indicates that since the escalation of the Iranian conflict, spot market buying has significantly strengthened, but ETF inflows have reversed after three consecutive days of net inflows. In derivatives, there are currently no obvious signs of over-leveraging; open interest growth is largely in line with spot demand, and funding rates remain at a moderate level. Overall, the crypto market remains in a delicate balance between improving spot demand and macroeconomic pressures. The macroeconomic environment is cautious, and the market still faces uncertainty. (The Block)