Due to the impact of the news, the cryptocurrency market has shown a downward trend, which also confirms our expectation of a September decline. The latest news shows that court documents reveal that the bankrupt FTX has organized about $7 billion in assets, including $11.6 billion in SOL tokens and $5.6 billion in BTC. As a result of this news, the market has experienced a downward trend. Bitcoin has fallen below the $25,300 support, and if it is not reclaimed in time, the consolidation pattern will be broken, with attention to the $24,300 and $23,500 supports below.
We need to pay attention to potential risks and market changes and develop a reasonable investment strategy.
The final liquidation of FTX may already be largely reflected in the price, but there is still significant uncertainty regarding the cryptocurrency held by FTX on third-party exchanges. This means that there is still a certain level of uncertainty in the market, and investors need to remain vigilant. The bankrupt exchange plans to sell its cryptocurrency assets and hedge them into fiat currency, with a discussion scheduled for Wednesday, September 13, at a court hearing. The potential FTX sell-off, combined with other relatively bearish indicators, may amplify the downward pressure on Bitcoin.
In addition, Bitcoin's decline is also influenced by other factors. First, on-chain data shows a decrease in both spot and derivative trading volumes for Bitcoin. The 7-day moving average of daily spot trading volume has fallen below $10 billion for the first time since November 2020. Perpetual contract and futures trading volumes remain relatively low, with significant reductions in Bitcoin futures and perpetual positions, indicating cautious investor sentiment toward the market trend.
Another factor adding downward pressure is the potential withdrawal of capital from cryptocurrency hedge funds, which appear to be overextended. The decrease in macro liquidity is mainly attributed to the tightening of central bank monetary policies, adding another downward factor. The continued shrinkage of stablecoin market value indicates that "dry powder" available for investing in Bitcoin and other cryptocurrencies is diminishing.
It is worth noting that we are currently in September, with the impending liquidation event of FTX and the Federal Reserve's interest rate meeting. These events could have a significant impact on the market, and investors need to remain vigilant and formulate corresponding response strategies. 
Regarding the reasons for this decline, I believe that the market is experiencing manipulative downward pressure, primarily aimed at triggering long liquidations. Additionally, the market is in a contraction phase, with capital outflows and various fees and new coin issuances absorbing market liquidity. The delay in interest rate hikes is also unfavorable for the overall risk market.
Looking ahead, I believe that Bitcoin may rebound in October, but there is significant risk in September. Considering the differing purchasing power in a high-interest environment, I believe that the rebound of Bitcoin will not exceed this year's high and may rebound around $28,000. Additionally, there is some uncertainty as to whether altcoins will follow Bitcoin's rebound.
It is important to note that the FTX liquidation event and the Federal Reserve's interest rate meeting, among other important events, will occur in the near future, which will stimulate and impact the market. Therefore, it is not advisable to engage in leveraged operations during sensitive news periods. Taking all these factors into account, the future of the cryptocurrency market remains challenging, and investors need to exercise caution and make wise decisions based on their individual circumstances. 
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