PANews reported on June 21 that according to CoinDesk, amid increasing macroeconomic pressure, BTC fell from a high of $106,000 to below $103,000, and then rebounded slightly. Santiment reports that retail investor sentiment is now at its most pessimistic level since the announcement of Trump's Liberation Day tariffs in early April, but because the current wave of retail pessimism is unusually strong, it may indicate a reverse signal for price rebounds based on past patterns, as Bitcoin has rebounded shortly after similar panics, as large investors often use periods of retail selling to increase holdings at more favorable prices. The Federal Reserve's recent stability in interest rates has further exacerbated market pressures. Over the past month, Bitcoin has traded in a relatively narrow range of $100,000 to $110,000. At the same time, on-chain indicators show that Binance's open interest is declining, indicating that derivatives traders are continuing to deleverage, while whale wallets have been steadily increasing their holdings since 2023, meaning that large investors are continuing to increase their holdings despite short-term uncertainty.