According to CoinMeta, analysts adam state that the recent restart of buying BTC is more of a short-term stimulus and is unlikely to change the long-term trend. Currently, overall capital flow from ETF is still negative, and it remains difficult for BTC to stabilize above $80,000. At the macro level, the hawkish stance of the Federal Reserve and the escalating conflict between the US and Iran continue to suppress risk appetite. adam believes that the recent rapid decline in implied volatility is not sufficient to confirm a recovery in the bull market. If BTC cannot break through $85,000 further, arbitrage funds and option sellers may bring greater selling pressure. By the end of the month, gamma and exposure ( GEX ) are also beginning to accumulate.