According to Francisco Rodrigues, Bitcoin (BTC) is trading near $106,000, buoyed by reduced geopolitical risks after President Trump delayed a decision on U.S. entry into the Israel-Iran conflict, as per Polymarket odds shifting from 70% to 40% for immediate action. However, CryptoQuant analysts warn that BTC could drop to $92,000 if demand fails to rebound, citing a 60% decline in ETF flows since April and halved whale buying activity. Glassnode notes subdued on-chain activity reflecting institutional dominance, while derivatives data from Velo shows $131.89 million in liquidations skewed toward shorts, with BTC dominance at 65%.