According to CoinMeta, a report by 10xResearch states that Bitcoin ( BTC ) is currently below both the 7-day and 30-day moving averages, indicating a bearish signal. The value has decreased by -3.2% over the past week, suggesting a weakening of structural demand rather than being caused by a single catalyst. Additionally, a $13 million vulnerability in Coldcard hardware wallets has shaken users' confidence in self-management. Spot ETF fund flows turned negative, breaking a seven-day streak of inflows, although there was a subsequent partial recovery. Micro-strategies ( MSTR ) sold approximately 1690 BTC to fund share repurchases, which has caused concern among holders who regard this as a sign of a "never sell" attitude. Meanwhile, public miners such as Keel continue to liquidate their treasury reserves to finance the transformation of AI and data centers. The failure of the BIP-110 soft fork and the resulting divisions among developers have increased governance uncertainties.