On Wednesday, the data for the $BTC spot ETF was slightly worse, with BlackRock, Grayscale, and Fidelity all experiencing varying degrees of reductions in their holdings. Although the total amount is not significant, it reflects the current market sentiment. Due to the pessimistic expectations regarding interest rate cuts in September and the U.S. economy, the market has begun to gradually define the likelihood of no rate cuts in September.

Especially from a funding perspective, we have been saying that the purchasing power intensity of Bitcoin itself is insufficient, and now the selling has increased, leading to greater market pressure. The initial game will still depend on Powell's speech on Friday; we will see the market's reaction afterward.

However, I personally estimate that Powell may not provide a clear monetary policy path and will still focus on data.

This article is sponsored by #Bitget ｜ @Bitget_zh

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