There is really nothing to write about Sunday's homework. It is exactly as expected. In fact, the current market is very fragmented. On weekdays, the transfer on the BTC chain is like a bull market, but on the weekends it becomes a bear market. This sense of fragmentation was not seen in previous cycles. Even during the bull market in 2021, the turnover on the#BTCchain was relatively high on weekends.

It only means that the main force of turnover has gradually shifted from retail investors to high-net-worth and institutional users. Retail investors' holdings have seen a significant decline in recent stages, so there is almost no turnover during the holidays, and the number of real retail holders is decreasing.

Because turnover has decreased, there is no change in support. Now the main turnover still comes from short-term holdings of BTC. This has been said for a long time. Next Friday's non-farm data will be more critical. This is the first unemployment rate data after the interest rate cut. The current market expectation is the same as the previous value, which is 4.2%. As long as it is not higher than this data, market sentiment will not shift like a trading recession.

In addition to the unemployment rate data, there will be manufacturing PMI data next Tuesday, as well as Powell’s speech at 1 a.m. However, I don’t think Powell’s speech will say anything new. There is also the service industry PMI on Thursday that needs special attention.

Next week will be another busy week.

The data has been updated, address: https://docs.google.com/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit?usp=sharing

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