Although the price of $BTC has once again reached a new high today, there isn't much to say about today's operations. The liquidity is as low as a dog, and the trading volume is similarly low. Many tweets have been made to explain that the current stable rise in Bitcoin's price is not due to excessive buying power, but rather because the amount of selling is too low. Most investors have treated BTC as a long-term holding asset.

From the net flow data of BTC on exchanges over the past year, it can be seen that the accumulation of BTC on exchanges has been decreasing over the past six months, with more withdrawal power being released. Of course, there has also been a downward trend in the past week, but because there are too few investors preparing to sell, the price stability remains relatively high.

This is also why it is said that unless there is systemic risk, it is difficult for investors to release their holdings.

Next week, there will be a lot of macro data, from Tuesday's CPI to Wednesday's PPI to Thursday's retail data, which may cause some market fluctuations. In particular, the market's forecast for the CPI data is not very good, which may lower expectations for a rate cut in September. Of course, this is likely to be short-term, as there are still data from July and August to consider.

Once again, the new high URPD cannot be updated today; let's talk about it tomorrow.

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