The downward trend in the cryptocurrency market in recent days can be attributed to the combined effects of multiple factors. The US government released about 28,000 bitcoins, the settlement agreement of Mt. Gox resulted in the distribution of 33,960 bitcoins, and Genesis creditors were allocated $1.5 billion worth of bitcoin and ether. In addition, the US spot Bitcoin ETF recorded a huge outflow of $237.45 million on August 2, which was the fourth highest single-day outflow since the launch of the ETF in January this year. These events have worked together to increase market supply pressure, and the current liquidity of hot money in the market is not enough to support a full-scale bull market. However, market analysts generally expect that with the implementation of the possible interest rate cut policy in September this year, more liquidity will be injected into the market, which may provide the necessary momentum for the bull market. Historical data also shows that October is usually the period when the altcoin market starts, so as October approaches, the market may begin to respond to expectations in mid-September.