According to online reports, CryptoQuant analyst Axel Adler Jr issued a document saying that due to multiple macro negative impacts such as non-farm payrolls data falling short of expectations (73,000 vs 110,000 expected), the Federal Reserve's fifth consecutive stay and internal differences, and escalating tariff tensions. Bitcoin quickly pulled back from a high of $119,800 to $112,000. The momentum on the 30th day fell to +3%. ADX slipped to 36, indicating that short-term bull momentum has weakened. Despite the intensification of short-term shocks, the structural logic of bulls remains unchanged. Strategy and institutions have increased their holdings by more than 30,000 BTC in the past week. The options market Max Pain has stabilized at US$118,000, and bullish positions with high strike prices dominate. The "Crypto Project" launched by the SEC is also expected to relieve long-term regulatory pressure on the industry.