币界网报道：Bitcoin's price movement remains strongly correlated with ETF flows, explaining 80% of 30-day BTC returns, according to K33 Research. However, corporate bitcoin acquisitions show weaker price impact, with only an 18% correlation, as many firms now use share-swap structures that create minimal market demand. Last week saw Bitcoin's largest single-day drop in perpetual futures open interest since August 2024 (17,394 BTC decline) amid Middle East tensions, though prices stabilized near $105,000 following ceasefire talks. K33 analysts note geopolitical risks and upcoming U.S. policy decisions may maintain elevated volatility, with traders reducing leveraged positions as open interest falls to April levels below 260,000 BTC.