Yesterday, Grayscale released a research report, which included an analysis of the current market. Grayscale analyzed that the current market selling pressure mainly comes from five aspects, namely, Mentougou compensation, German government selling, US government selling, continued outflow of Bitcoin spot ETFs, and Bitcoin miners reducing their holdings.

Grayscale believes that the fundamentals of the current bull market have not changed. Once the selling pressure from these aspects disappears, the market will soon resume the bull market trend.

The market does not need to wait until the selling ends. As long as the selling begins, the market will naturally digest this part of the selling.

The price adjustment will be very fast. Combined with the Fed's interest rate cut starting in September, it is expected that the market will enter a big bull market in the fourth quarter.

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