**[HTX DeepThink: Global Liquidity Supports Bitcoin's Strength, Core Inflation May Disrupt Markets Again]** HTX DeepThink columnist and HTX Research analyst Chloe (@ChloeTalk1) pointed out that as of late August, global liquidity remained at elevated levels, with the M2 money supply of major economies reaching approximately $95.116 trillion, a record high. Short-term liquidity continues to be abundant, providing strong support for Bitcoin prices. At the same time, institutional position concentration has further increased, with Bitcoin ETF holdings surpassing 1.3 million BTC. MicroStrategy has also added another 430 BTC to its holdings, indicating that institutional demand for allocation remains robust. Looking ahead to this week, macroeconomic data will become the core variable for market pricing. On August 28, the revised U.S. Q2 GDP data will be released, with market expectations suggesting a potential downward revision from the initial 3.0% to 2.4%. On August 29, the core PCE data will be announced, which is considered a key inflation indicator ahead of the Federal Reserve's September FOMC meeting. If the core PCE exceeds expectations, it may prompt the market to reassess the rate-cut trajectory, potentially pressuring Bitcoin's short-term performance. Conversely, if inflation remains moderate, it will further solidify expectations of monetary easing, supporting the continued strength of the crypto market.