After the CPI data release, Bitcoin investors remain cautious, with confidence divided between buyers and sellers. This week, Bitcoin has been oscillating between sustained buying pressure and short-term cautious sentiment. The U.S. CPI data came in line with expectations overall, but the core inflation monthly rate exceeded forecasts, heightening concerns about rising interest rates. Following the data release, $BTC dropped to around $76,700, rebounded to near $80,000, and then fell back to the $77,000 range. The deeper issue lies in the gap between long-term demand and short-term selling pressure. The U.S. spot Bitcoin ETF has seen net inflows for three consecutive weeks, with corporations and long-term investors continuing to accumulate. However, spot demand remains weak, Binance's $BTC reserves have reached a two-year high, derivative selling pressure is intensifying, and open interest has not decreased sufficiently. Investors have shifted from FOMO to loss avoidance. Stablecoin liquidity and Coinbase buying signals indicate demand hasn’t disappeared, but confidence between buyers and sellers is divided. The macro environment continues to dominate, with rising oil prices, high bond yields, and inflation concerns potentially limiting new liquidity.