Bitcoin dropped the 7-30-day average, and structural demand weakened

10xResearch reported that Bitcoin (BTC) is currently below the 7- and 30-day moving average, showing a drop signal, with changes of 3.2 per cent over the past week, indicating a weakening of structural demand rather than a single catalyst. In addition, the $13 million hardware wallet loophole in Coldcard had shaken the confidence of users in self-preservation. Net ETF flows turned negative, breaking seven consecutive days of inflows, although then partially up. Micro-strategy (MSTR) sells about 1690 BTC for stock buy-backs, disconcerting the holders, who see it as a "never sell" windmark, while public miners, such as Keel, continue to liquidate national treasury reserves to finance the transformation of AI and data centres. The failure of the BIP-110 soft cleavage and the resulting dissension among developers add to the uncertainty of governance。