Today was another day of drinking too much. It's always fun to drink with friends on the weekend. The homework isn't difficult; the main focus today was the passage of the Inflation Reduction Act. Although it passed by a narrow margin, it did pass. I've organized some of the content supported by the Inflation Reduction Act, and those interested can take a look.

The bill has sparked widespread controversy within Congress, particularly regarding tax policy and cuts to social welfare. Some Republican lawmakers are concerned about the potential fiscal deficit that the bill may cause, while Democrats generally oppose it, arguing that it exacerbates social inequality.

Although the overall bill does not directly benefit the cryptocurrency industry, it essentially represents a fiscal expansion in the U.S. that is moving towards de-globalization, leading to a dramatic restructuring of global capital flows. This could indirectly help promote liquidity in cryptocurrencies, especially as remittance taxes will directly drive up the market value of stablecoins.

Looking at Bitcoin's data, weekends still show low liquidity, to the point of being shocking. In the last 24 hours, only about 20,000 $BTC moved on-chain, indicating that most holders have no interest in trading over the weekend. In fact, if it weren't for market makers, the data would likely be this low during regular days as well.

With liquidity being this low, support levels are even less promising. The focus for next week will be the unemployment rate, and with a holiday on Friday, there will only be four working days next week. As we move into the coming months, it should be a game of tariffs and monetary policy.

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