CryptoQuant: Bitcoin fell at the end of July due to insufficient liquidity, fluctuating ETF demand, and weak accumulation According to CryptoQuant analyst Arab Chain, Bitcoin's decline at the end of July was mainly influenced by three factors: Firstly, the proportion of liquid inventory has rapidly decreased to a historical low of only three months since mid July, making the market fragile due to insufficient liquidity and unable to absorb sell orders, resulting in a price drop; Secondly, the demand for ETFs fluctuates greatly, with unstable capital inflows and a lack of alternative demand, weakening price support; Thirdly, the accumulation of smart addresses is slow and limited, failing to provide sufficient support during market downturns. Overall, the Bitcoin market is in a fragile state due to liquidity crisis and insufficient demand, and prices are under pressure to decline.