#内容挖矿＃CHZ
In the last 24 hours, the circulation of #BTC on the chain is still very low. Although it is higher than the data on Sunday, it is still slightly lower than Saturday.
Why did BTC rise again? To be honest, I didn't find the specific reason. Although there are indeed many people betting on the next CPI, and some friends say that the market is betting that the Federal Reserve will start to cut interest rates from September, but in fact, it mainly depends on the three key data of each month, namely CPI, super core PCE and unemployment rate. In front of these three data, simple speculation will only cause market fluctuations.
But whether to cut interest rates or when to cut interest rates is indeed the sword of Damocles hanging over the risk market. In fact, no matter how the price fluctuates, we can see that the current investors' interest in turnover is getting lower and lower. This is the case when the price falls below $60,000, and it is also the case when the price rises above $63,000. The fluctuations within this range have made the basic purchases almost bought, and the sales have also been sold.
From the actual data, we can see that the turnover rate of early investors, whether they are making profits or losses, is gradually decreasing. This is an indisputable fact. We can even see that as the BTC transferred in and out of the exchange has dropped to the lowest point in the past year, the "bear market" in the data is inevitable. For the current market, every day of struggling with high interest rates increases the risk of a black swan.
Today's ups and downs are slightly insignificant in front of macro data. Even if the current rise is good or the fall is bad, as long as the Fed announces a decision to cut interest rates or not to cut interest rates for the time being, the market will still change direction according to the Fed's will. This is why I say that leverage should be reduced as much as possible before important macro data appears.
