[Analyst Says ETF Inflows Provide Support for Bitcoin, Short-Term Holders Are the Main Cause of Recent Sell-Off] BRN Research Director Timothy Misir stated that ETF inflows have provided the first meaningful buying support for Bitcoin over the past few days, helping Bitcoin remain within the sideways trading range of $84,000 to $90,000. He pointed out that on-chain pressure remains high, with approximately one-third of Bitcoin's supply in a loss-making state. The recent sell-off is primarily driven by short-term holders, while long-term holders and institutions are selectively increasing their positions. Additionally, Misir mentioned that macro signals are complex, with the U.S. Producer Price Index (PPI) meeting expectations and the Federal Reserve's policy path still unclear, requiring the market to price in multiple possibilities.