Many people are worried about whether Bitcoin will continue to fall, but we need to compare the fundamentals before the decline in early July and now.

Before the beginning of July, the Fed was hawkish and generally believed that interest rates would be cut in November; now, the fundamentals of the interest rate cut are very different. In addition, Trump's approval rating is as high as 70% today.

In addition, ETFs have been inflowing for a week in a row, and BlackRock has been active. It is worth noting that the most important thing is that the average cost of ETFs is about 55,000.

In contrast, the cost of Grayscale in the last round was only 20,000-30,000. This shows that there should be huge room for institutional costs of 55,000. In addition, before the beginning of July, there was a potential future sell-off by the German government and panic caused by compensation for Mentougou,

but these have been completed. And most of the previous large amounts of funds with on-chain lending and long leverage have now been liquidated. As the interest rate cut approaches, the approach of Ethereum ETFs, the sell-off and cost increase after miners' production cuts are all happening quietly.

It seems that everything is happening silently, just like Bitcoin's 15,000 two years ago, which silently completed the bear market.