Despite recent price drops, the foundational strength of Bitcoin (BTC) continues to be unshakably secure, according to Bitfinex Alpha.
Bitfinex Alpha称，尽管价格下跌，但比特币（BTC）的基础强度仍然是毫无疑问的。

Market Reactions and Investor Sentiments
市场反应和投资者的情绪

In the past week, Bitcoin experienced selling pressure, causing a price drop from about $65,000 earlier in the week to $60,000. The primary sellers appear to be short-term holders, who have held onto their assets for 155 days or less. However, long-term investors have not joined this selling spree. The previously observed distribution by long-term holders seen in April seems to have waned. On-chain data indicates that they are not participating in the latest sell-down, suggesting that the bottom is likely in place and the potential for upside growth has increased.
在过去的一周中，比特币经历了销售压力，导致价格从本周早些时候的65,000美元下降到60,000美元。主要卖家似乎是短期持有人，他们的资产持有155天或更短的时间。但是，长期投资者尚未加入这次销售狂欢。4月份看到的长期持有人的先前观察到的分布似乎已经减弱。链上的数据表明他们没有参加最新的卖出，这表明底部可能已经到位，并且上升增长的可能性也在增加。

The recent volatility in daily net flows into the US Bitcoin Exchange Traded Funds (ETFs) suggests mixed investor sentiment, indicating a near-term floor for the price may have been reached. The ongoing ebb and flow of capital into BTC ETFs, with no clear direction either way, supports this view.
最近，每日净流入美国比特币交易所交易基金（ETF）的波动性表明，投资者的情绪混合情绪，表明可能已经达到了价格的近期楼层。持续的潮起潮落和资本流入BTC ETF，无论哪种方式都没有明确的方向，都支持了这一观点。

Macroeconomic Factors and Regulatory Developments
宏观经济因素和监管发展

In the broader economy, the market appears to be turning cautious as it waits for a clear direction to emerge. The Fed's hawkish approach to inflation has led to a tightening in lending and a decline in US wholesale inventories, implying that businesses are bracing for a slowdown, adjusting their operational strategies in anticipation of softer economic conditions.
在更广泛的经济体中，市场似乎在等待明确的方向出现时变得谨慎。美联储的鹰派通货膨胀方法导致贷款的收紧和美国批发库存的下降，这意味着企业正在为减速而做出努力，并调整其运营策略以期待较柔和的经济状况。

Meanwhile, the US House of Representatives passed a resolution against the SEC's requirement for banks to account for customer-held crypto on their balance sheets. While seen as a positive development, President Biden has opposed the resolution, advocating for the necessity of regulatory guardrails to ensure the stability and integrity of the crypto industry.
同时，美国众议院通过了SEC要求银行对资产负债表的客户持有加密货币的要求，通过了一项决议。贝登总统在被视为积极的发展时反对该决议，主张必须进行监管护栏，以确保加密行业的稳定性和完整性。