币界网报道：[4E: BTC fluctuates at high levels, on-chain accumulation and macro signal resonance market] According to 4E observations, as of 15:00 (UTC+8) on June 30, 2025, Bitcoin (BTC) was reported at $107,631, and remained in the range of $106,300 to $108,700 for nearly 72 hours, with a stable volatility. Ethereum (ETH) rose slightly to $2,500, Solana and Cardano rose simultaneously, and the total market value of the crypto market rose to about $3.28 trillion. On-chain data showed that the balance of Bitcoin on exchanges fell to a historical low, indicating that long-term funds continued to accumulate funds, supporting the bottom structure of the market. At the same time, Deribit's option expiration last Friday did not cause a significant impact on the market, and short-term pressure was released. In terms of macro, the latest statement of Federal Reserve officials is still dovish, reinforcing the market's expectations for a rate cut in July or September. The weakening of the US dollar index and the decline in US Treasury yields provide some support for crypto assets. In addition, the World Bank recently released a report pointing out that although crypto assets have liquidity advantages, they are not yet suitable for official reserves, reflecting that their institutional attributes are still in development. Overall, BTC is at the intersection of technical consolidation and macro policy game. The market direction is not yet clear, but the bottom support is strong and the capital side is stabilizing. 4E reminds investors: The market still has short-term volatility, and operations should pay attention to policy dynamics and capital flows, and maintain prudent position management.