Today there really isn't much to say, the homework is relatively easy to write, mainly because nothing much happened, although during the day $BTC experienced a decline, but after the rise of the US stock market in the evening, Bitcoin still showed a rebound. Of course, the strength of this rebound is quite low, mainly due to liquidity and investor sentiment, which has led to a very pessimistic cryptocurrency market. But indeed, cryptocurrencies and the US stock market still have a correlation; as long as the stock market rises, Bitcoin at least won't perform too poorly.

Especially in the past two days, the decline is also related to US tariffs and geopolitical conflicts. Although nothing has been resolved yet, the market has begun to gradually adjust its expectations. The most noteworthy event today is that Iran has purchased CM-302 supersonic cruise missiles from China, which are capable of destroying US aircraft carriers. This is another report of arms purchases following yesterday's news of Iran buying missiles from Russia, especially purchasing from China.

Currently, the main factors causing market fluctuations are still tariffs and geopolitical conflicts, but the decline in the stock market is adding to Trump's troubles, especially since the midterm elections are at the end of the year. Personally, I feel that there isn't much time left for Trump to stir things up.

Looking at Bitcoin's data, the turnover rate remains high, and the trading volume is not low, indicating that the current price still has strong speculative nature. There is still a certain amount of buying when selling occurs; otherwise, this price would have been unsustainable a long time ago. However, from the data, the purchasing power is still not strong, with passive buying making up the majority, but the optimistic aspect is that earlier investors have not reacted with panic.

More of the turnover still comes from short-term investors, especially from URPD data which shows that the sell-off data from other positions is very low. This also represents that more holders have shifted to long-term holders, and short-term price changes are unlikely to make this group of investors surrender.

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