Today's core PCE data, although not ideal, is not the direct reason for the decline in $BTC. Instead, the PCE data has reinforced the market's expectations for a rate cut by the Federal Reserve in September, with several officials also signaling similarly. The real pressure on the crypto market may come from the decline of CRCL. As an institution benefiting from high-interest dividends on U.S. Treasury bonds, CRCL is naturally under pressure due to rate cut expectations, and its weakening stock price has also dragged down COIN, further affecting market sentiment.

From the perspective of capital flow, some funds have flowed out of the crypto market into the U.S. stock market, which is reaching new highs, against the backdrop of the decline caused by the Middle East war that has not yet recovered. The overall direction of Bitcoin and U.S. stocks remains consistent, and short-term deviations are considered normal fluctuations.

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