Core Viewpoint - Bitcoin (BTC) has rebounded to over $114,000, partially recovering from last week's decline, amidst significant outflows from spot Bitcoin ETFs, raising questions about the sustainability of this rally [2][3] Group 1: Market Dynamics - Spot Bitcoin ETFs experienced outflows of approximately $900 million last week, causing concern among traders, especially as long-term holders sold 3.4 million BTC [3] - About 90% of Bitcoin transfers during the week were profitable, indicating a potential cooling phase in the market [3] - The U.S. government shutdown risk has temporarily eased, which may help reduce market risk aversion and support Bitcoin price increases [2][6] Group 2: Regulatory Environment - A joint roundtable by the SEC and CFTC is expected to provide clearer guidance on digital asset regulation, which could enhance investor confidence [2][4] - Key figures from major exchanges and financial institutions will participate in the roundtable, indicating a serious approach to regulatory clarity [4] Group 3: Economic Indicators - Upcoming U.S. labor market data, including the JOLTS job openings report and non-farm payroll report, is anticipated to influence Bitcoin prices [7] - Weakness in the labor market may drive investors towards safer assets like gold and short-term treasuries [7] - Optimism regarding a U.S. strategic Bitcoin reserve plan is contributing to Bitcoin's ability to hold above the $109,000 mark [7][9] Group 4: Future Outlook - Factors that could drive Bitcoin to surpass $120,000 include clearer digital asset regulation, the easing of government shutdown risks, and favorable labor market data [9] - The potential for the U.S. Treasury to reassess the value of gold reserves could theoretically release significant credit, although this has been denied by the Treasury Secretary [9]