For two consecutive days, Bitcoin has been hammered down in the Asian time zone. On Monday, it started at 7 AM, and today it began at 9 AM, with no apparent warning signs. Yesterday, the three major U.S. stock indices closed slightly up on average, and this morning, the futures for the three major indices showed only slight fluctuations, with no negative reactions observed from the U.S. stock market.

This has made me a bit uncomfortable. I am still holding onto my long positions, as I want to avoid holding them through Friday's Jackson Hole meeting and gambling on what Powell might say. There hasn't been much macro data in the last two days, so I think I will hold on and see. My judgment may not be correct, but I still believe that the market is not yet in a fully bearish phase.

The U.S. stock market remains quite stable. If the market were genuinely concerned about a rate cut in September, it would reflect in both the U.S. stock market and U.S. Treasuries. Additionally, looking at the exchange inventory, there hasn't been much fluctuation in the last 24 hours; the overall inventory on exchanges is still steadily declining, indicating that the overall trend of investors has not changed.

Some more detailed data does show that Binance has seen a slight increase in inventory. In fact, Binance's $BTC inventory has been increasing since last month's ancient whale sell-off, and this inventory has not been digested. However, Coinbase's inventory has been consistently decreasing, offsetting Binance's data.

Even so, Binance's inventory has only increased by about 20,000 BTC, and in the last 24 hours, less than 1,000 BTC has been newly transferred in and not yet digested. Therefore, I maintain the same viewpoint. My thoughts may not be correct, but I will not close my long positions for now; I will continue to hold.

This article is sponsored by #Bitget ｜ @Bitget_zh

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