#BTC Bitcoin Real-time News Dispatch: Price Fluctuations Intertwined with Policies and Institutional Dynamics

1. Price Dynamics: Bears apply pressure, Bitcoin falls below $94,000
Today, the price of Bitcoin has fallen to around $93,000, facing challenges from bearish selling pressure. In the past 24 hours, the number of liquidations across the entire cryptocurrency network has exceeded 100,000, with liquidation amounts reaching hundreds of millions of dollars. Despite Bitcoin rebounding from its low of $77,000 on April 7 to the $95,000 range recently, market sentiment is still affected by macroeconomic and policy uncertainties.

2. Key Policy Developments: Arizona's Bitcoin Reserve Bill in the US May Vote Today
Two Bitcoin reserve bills in Arizona will undergo a final vote today. If passed, they will become the first state-level Bitcoin reserve bills in the United States, potentially driving institutions to further adopt Bitcoin as a reserve asset.

3. Institutional and Product Trends
- Cboe Launches New Bitcoin Futures: The Chicago Board Options Exchange (Cboe) has launched a new cash-settled Bitcoin futures product in collaboration with FTSE Russell today, based on the XBTF index, which may provide institutions with a more flexible risk hedging tool.
- Saylor Accumulation Rumors: Market rumors suggest that MicroStrategy may increase its Bitcoin holdings today. Although this has not been officially confirmed, historical data shows that similar news has previously triggered short-term price fluctuations. Current on-chain data indicates that 62% of holders are in profit, with limited selling pressure.

4. Market Analysis and Institutional Perspectives
Bitwise CEO Hunter Horsley pointed out that the current Bitcoin price is mainly supported by institutional and national-level investors, Google search interest is close to historical lows, and retail participation is low. The technical analysis shows that a strong support has formed in the range of $92,000-$100,000, and the selling pressure from long-term holders (LTH) has decreased to 1.1%, providing fundamental support for the bull market.

5. Risk Warning
A Nigerian court today heard the BN tax evasion case, with claims exceeding $79 billion; South Korea's "Digital Asset Basic Law" policy will be released tomorrow, and regulatory trends may trigger market fluctuations. Investors should pay attention to policy implementation and leverage risks.