PANews reported on May 14 that HTX Research researcher Chloe (@ChloeTalk1) analyzed in the latest HTX DeepThink column that the US CPI data for April released on May 13 was lower than expected, reinforcing the Fed's expectations of a rate cut this year; at the same time, driven by factors such as the Fed's QT deceleration, the return of fiscal funds during the tax season, and the outflow of money market fund funds from RRP, macro liquidity was released in stages, and funds in the crypto market returned significantly, driving a sharp rebound in core crypto assets such as BTC, ETH, and SOL in May. Institutional funds continued to flow in, and BTC futures open interest (OI) remained high, accounting for 3.4% of spot circulation. The ETH and SOL derivatives markets also rebounded strongly.

However, in the short term, the profit ratio of short-term holders of BTC and ETH is high, and the leveraged positions of derivatives are dense. If the price breaks through or falls below the key technical level, it may trigger a chain reaction of concentrated profit-taking and forced liquidation, exacerbating the risk of market volatility.