The exchange inventory of Bitcoin has shown a very stable trend over the past week. As the price of $BTC gradually returned to $117,000, investor buying sentiment has been gradually increasing, and a noticeable decrease in exchange inventory can be seen. This also indicates that investors have recently anticipated the Federal Reserve's interest rate cut in September. If the cut is only 25 basis points and the dot plot does not change significantly, the market may be slightly disappointed in the short term. This possibility, as I mentioned earlier, seems to have the highest probability.

Even if Powell agrees to cut rates in September, there may not be very dovish statements. Generally, he will still say that there are risks of a downturn in the U.S. economy and insufficient expectations for labor market growth, which is why a rate cut is chosen for September. However, inflation remains relatively high, and the impact of tariffs has not been fully released, so it may not directly open the rate cut channel after September. Future rate cuts will still depend on more data.

This article is sponsored by #Bitget ｜ @Bitget_zh

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