Although today's core PCE data is not ideal, it is not the direct cause of BTC's decline. On the contrary, PCE data has strengthened market expectations for the Fed's September interest rate cut, and several officials have also issued similar signals. The real suppression of the cryptocurrency market may be the decline of CRCL. As an institution that enjoys the high interest dividends of US bonds, CRCL naturally faces pressure from the expectation of interest rate cuts, and the weakening of its stock price has also led to the collapse of COIN, further affecting market sentiment. From the perspective of capital flow, some funds have flowed out of the cryptocurrency market and into the US stock market, which is currently hitting new highs, against the backdrop of the ongoing decline caused by the Middle East war. The general direction of Bitcoin and the US stock market remains consistent, and short-term deviations are considered normal fluctuations. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex