Bitcoin prices are experiencing sharp fluctuations, with the influence of ETF buyers on the rise

The sharp fluctuations in the price of Bitcoin indicate that the influence of ETF buyers on crypto assets is increasing. Last week, the U.S. non-farm payroll report led to a rise in market expectations of a Fed rate cut, increasing the attractiveness of risk assets such as Bitcoin. The price fluctuations of Bitcoin are more in line with the views of traditional investors. In addition, the new developments in Bitcoin ETFs have attracted participation from Wall Street, aligning Bitcoin trading with other risk assets. The price of Bitcoin rose by about 7% on May 3, driving up other cryptocurrencies. However, concerns among investors about maintaining high interest rates led to the withdrawal of funds from Bitcoin spot ETFs. The price fluctuations of Bitcoin may reflect some risks in the global macro environment