On Monday, the situation for the $BTC spot ETF was not good, with a significant reduction in holdings over the past two weeks. American investors sold 1,763 Bitcoins. Although this isn't a large number, it includes investors from BlackRock and Grayscale, which should be somewhat related to the current trend of BTC. The market has poor expectations for the Jackson Hole annual meeting on Friday.

The market is also very conflicted in its expectations. If Powell turns dovish, it is likely that there are problems in the U.S. economy, which is what investors are currently worried about. On the other hand, if Powell continues to hold firm against interest rate cuts, it may slightly ease the economic situation, but the impact of high interest rates will still be very complicated.

The ETF data reflects the sentiment of traditional investors. Currently, most traditional investors have not made clear statements, but it is evident that the sentiment is not very good. As we have mentioned many times, BTC itself does not have strong purchasing power; rather, it has low selling volume. Once market expectations turn pessimistic and selling volume increases, the impact could be even greater.

This article is sponsored by #Bitget ｜ @Bitget_zh

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