The increasing integration with traditional finance, evidenced by the Nasdaq-Gemini partnership, deepened collaboration between BBVA and Ripple, and Robinhood's inclusion related to the S&P500, is accelerating institutional adoption. Conversely, outflows from Ether ETFs and receding expectations for Fed rate cuts act as short-term headwinds. The U.S. Congress's request for a report on Bitcoin reserves signals growing national-level recognition, sustaining the medium- to long-term bullish trend.

* Ether ETF Outflows and Macroeconomic Uncertainty Significant outflows exceeding $1 billion from Ether ETFs suggest deteriorating investor sentiment and macroeconomic uncertainty, particularly the receding expectations of Federal Reserve rate cuts. This presents a headwind for risk assets in general. The decline in sentiment is likely impacting inflows into Bitcoin ETFs as well, potentially exerting downward pressure on prices in the short term. As macroeconomic uncertainties persist, the Bitcoin market is expected to exhibit cautious trends. * Nasdaq-Gemini Partnership and Gemini's IPO Nasdaq's strategic investment in Gemini, granting access to its custody and staking services, represents a significant move accelerating the convergence of traditional financial infrastructure and the cryptocurrency ecosystem. Gemini's potential IPO raises expectations for enhanced credibility and transparency among crypto exchanges, potentially lowering barriers to entry for institutional investors. This facilitates greater institutional access to major cryptocurrencies, including Bitcoin, and is expected to drive medium- to long-term capital inflows. * NPM Supply Chain Attack and Security Risks The large-scale supply chain attack targeting JavaScript libraries has highlighted the systemic risks inherent in cryptocurrency wallets and exchange platforms. With a majority of users relying on software wallets, the risk of security breaches remains elevated. Such incidents could stimulate demand for hardware wallets and prompt increased investment in security enhancements by platforms, posing a risk factor that could negatively impact overall market sentiment in the short term. * BBVA Utilizes Ripple's Crypto Custody Services Spain's major bank BBVA's partnership with Ripple to offer custody services for Bitcoin and Ethereum in Europe suggests that the EU's MiCA regulation is acting as a catalyst, encouraging traditional financial institutions to enter the cryptocurrency market. The expansion of crypto services by large banks for their clients enhances trust in digital assets among institutional investors and high-net-worth individuals, fostering market maturation. This is expected to support institutional-led capital inflows into Bitcoin and Ethereum. * Congressional Report Requested on US Bitcoin Reserves The US Congress's request for a report from the Treasury Department on the feasibility and technical aspects of strategic Bitcoin reserves serves as evidence that the US government is seriously considering Bitcoin as a potential strategic asset. This further enhances Bitcoin's legitimacy and credibility, potentially opening avenues for consideration of holdings by governments and central banks. In the long term, the recognition of Bitcoin as a reserve asset could solidify its position as a store of value. * Robinhood's Inclusion in the S&P 500 Robinhood's inclusion in the S&P 500 index signifies the growing recognition of cryptocurrency trading platforms within major US stock market indices. This is expected to indirectly drive passive capital inflows into the crypto market through index funds and ETFs. Market participants, particularly index managers, will have increased opportunities to gain natural exposure to crypto-related companies, potentially fostering broader investor adoption. * BTC Derivatives Market Sentiment and Price Analysis While the Bitcoin price has maintained levels in the $110,000s range, the derivatives market, reflected in metrics like option skew and futures funding rates, continues to indicate a cautious stance. This suggests that factors such as selling pressure at key resistance levels and outflows from spot ETFs are influencing investor sentiment. Institutional investors may be anticipating increased volatility or range-bound trading in the short term, requiring significant inflows of spot demand to drive further price appreciation. Macroeconomic trends and the performance of other risk assets also remain crucial factors impacting Bitcoin's sentiment. * Overall Summary The market faces headwinds from macroeconomic uncertainty and outflows from Ether ETFs. However, strengthened collaborations with traditional financial institutions, such as the Nasdaq-Gemini partnership, the BBVA-Ripple collaboration, and Robinhood's S&P 500 inclusion, are positive signs fostering institutional adoption and market maturation. The NPM supply chain attack serves as a reminder of security risks, while the congressional report request regarding US Bitcoin reserves indicates progress in national digital asset strategies. The market is likely to remain heavily influenced by macroeconomic indicators and institutional flows in the near term. Although Ether ETF outflows may weigh on Bitcoin prices short-term, the deepening integration with traditional finance and governmental digital asset strategies hold the potential to solidify Bitcoin's position as a long-term store of value and attract further inflows. Addressing security risks will also be crucial for the market's sustained growth.

Downside risks include macroeconomic uncertainty stemming from expectations of delayed interest rate cuts by the Federal Reserve, large-scale outflows from Ether ETFs, and security risks such as NPM supply chain attacks. These factors could potentially lead to a short-term deterioration in sentiment and exert downward pressure on prices. A key support level is around $108,799; a break below this level could signal further corrections.

Over the next 24-48 hours, the outlook suggests range-bound trading as the market awaits the Federal Reserve's monetary policy announcement and key economic indicators. Looking towards the medium term (within a week), should outflows from Ether ETFs stabilize and inflows into Bitcoin ETFs resume, the price is expected to break above $113,225, potentially targeting higher highs. Key catalysts include US inflation data and commentary from Federal Reserve officials.

**Conclusion:** Despite facing short-term headwinds from macroeconomic uncertainties and outflows from Ether ETFs, the current Bitcoin market demonstrates robust fundamental strength. Strengthening ties with traditional finance, exemplified by the Nasdaq-Gemini collaboration, BBVA's utilization of Ripple, and Robinhood's integration with the S&P500, are accelerating institutional adoption and paving the way for Bitcoin's establishment as a distinct asset class. The U.S. Congress's request for a report on Bitcoin reserves explicitly signals a growing recognition of its strategic importance at a national level, significantly bolstering Bitcoin's credibility and its potential as a long-term store of value. While security risks, such as the NPM supply chain attack, necessitate constant vigilance, they also serve as catalysts for increased investment in industry-wide security enhancements, ultimately boosting market resilience. From a technical standpoint, the MACD indicating a bearish crossover and the RSI positioned in neutral territory suggest that a short-term ranging market or consolidation phase is possible. However, persistent inflows into ETFs (averaging $368 million daily, with a cumulative total of $54.9 billion) provide evidence of exceptionally strong underlying demand. Furthermore, the 35% correlation with the S&P 500 indicates that while influenced by macroeconomic factors, Bitcoin retains the capacity to chart its own growth trajectory. **Investment Strategy:** The current price range around $111,473 presents an excellent buying opportunity from a medium to long-term perspective. Aggressive position building is advisable, particularly if signs of a rebound emerge without breaching the $108,799 support level. Target prices are set at $113,225 (short-term), $120,000 (medium-term), and potentially new all-time highs (long-term). A stop-loss order is recommended at $105,000 to manage risk effectively. **Key Watchpoints:** Continuous monitoring of Federal Reserve monetary policy decisions, U.S. inflation data, trends in major ETF inflows, and security-related developments is crucial. Attentive observation of these factors allows for agile adaptation to market volatility and the maximization of potential returns. Bitcoin holds significant potential to navigate these challenges and achieve sustained growth.