For $BTC and crypto, we need to keep an eye on some liquidity changes. Bank reserves were at 3.03 trillion two weeks ago, but last week they dropped to 2.96 trillion. In my August 20 tweet, I mentioned: from a liquidity perspective, the crypto market should be okay until mid-September. Be cautious around mid-to-late September, especially late October, which might be the lowest point for liquidity this year. Then, we can be more optimistic toward the end of the year. In mid-August, I did a liquidity projection, and looking back over the past month, it’s basically been validated: August 20 was at 2.9 trillion, then there was a rebound in late August and before mid-September. Around September 16 (two weeks ago), it climbed back to 3.03 trillion, but started declining again last week. Let’s keep observing this week to see if the decline continues. If it does, it’ll likely put pressure on $BTC. Here’s the tweet from back then about $BTC and its relationship with liquidity: https://(x.com)/qinbafrank/status/2090259492147707966?s=46&t=k6rimWsEbo2D2tXolYcM-A