From June 5 to June 9, the price of Bitcoin significantly rebounded from 100,000 USD to around 110,000 USD, nearly reaching historical highs. Does this wave of rebound truly represent a comprehensive recovery of market sentiment? We need to delve into RMMPC data to analyze the real driving factors behind this rebound.

The latest RMMPC data analysis shows that during this rebound cycle, the blue line representing the United States and the yellow line representing Europe have maintained a synchronized upward trend in price, while the red line representing Asia has shown a significant downward trend. This data disparity clearly indicates that this rebound is mainly driven by funds from Europe and the United States.

However, a noteworthy phenomenon is that when the Bitcoin price approaches historical highs, the peak of the European and American capital curve (marked as 1 in the chart) is significantly lower than the historical level at the same price point (marked as 2). This phenomenon indicates that the driving force of European and American capital on the price and the overall market sentiment are not as strong as before.

Further analysis of the data from the U.S. region reveals more clues: reviewing historical data, a rapid downward movement of the blue line typically indicates that funds in the U.S. region are contributing less to price, a phenomenon that poses adverse factors for both the short-term trend and mid-term performance of Bitcoin (the red shaded area illustrates a typical case of this pattern).

Historically, when signs of capital withdrawal appear in the U.S., Asian funds often step in to take over the market. However, in this rebound, Asian funds are noticeably "absent" and have failed to follow up and absorb market chips. This unusual pattern of regional capital flow is a cause for concern for investors.

This change in the flow of funds may indicate a subtle shift in market structure, and investors should closely monitor subsequent changes in fund flows and their impact on price trends.