On June 30, according to 4E observation, as of 15:00 on June 30, 2025 (UTC + 8), Bitcoin (BTC) was reported at $107,631, and it remained in the range of $106,300 to $108,700 for nearly 72 hours. The fluctuation range stabilized. Ethereum (ETH) rose slightly to $2,500, Solana and Cardano rose simultaneously, and the total market capitalization of the crypto market rose to about $3.28 trillion. On-chain data shows that the balance of bitcoin on exchanges has fallen to a historical low, indicating that long-term funds continue to attract funds, supporting the market bottom structure. At the same time, the expiration of Deribit options last Friday did not have a significant impact on the market, and short-term pressure has been released. On the macro front, the latest remarks by Federal Reserve officials remain dovish, strengthening market expectations for a rate cut in July or September. The weakening of the US dollar index and the decline in US bond yields have provided some support for crypto assets. In addition, the World Bank recently released a report 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 games, and the market direction is not yet clear, but the bottom support is strong and the capital side is stabilizing. 4E reminds investors that short-term market volatility still exists, and operations should pay attention to policy trends and capital flows, and maintain prudent position management.