The cryptocurrency market has faced many volatility factors recently. Bank of America expects the Federal Reserve to cut interest rates in September, which may affect market liquidity and investment sentiment. However, the Fear and Greed Index of the cryptocurrency market has dropped to 34 points, indicating that the market sentiment is cautious and in a state of panic. At the same time, BTC broke through $61,000 and then fell below $60,000, indicating that the market is turbulent. In addition to the market shift, Jump Trading is suspected of selling 120,000 wstETH, and the US Bitcoin spot ETF has the largest single-day outflow in 90 days, which may have exacerbated price fluctuations. On the other hand, the number of bitcoins withdrawn from exchanges by whale addresses has reached the highest level in nine years, and the cryptocurrency market still maintains a certain investment enthusiasm. In the end, despite facing multiple macroeconomic challenges and news impacts, the overall trend of the cryptocurrency market is still volatile and there is no lack of risks. At present, the overall trend of the cryptocurrency market is cautious, and it is necessary to pay attention to subsequent macro policy changes.