Yesterday during the day, BTC experienced a decline, but after the US stock market rose in the evening, it rebounded. Of course, the strength of this rebound was very weak, mainly due to liquidity and investor sentiment, which has led to a very pessimistic outlook in the cryptocurrency market. However, there is indeed a correlation between cryptocurrencies and the US stock market; as long as the US stocks go up, BTC at least won't perform too poorly.

Especially in the past two days, the decline is mainly related to US tariffs and geopolitical conflicts. Although neither has been resolved yet, the market has started to gradually adjust its expectations. The most noteworthy event today is Iran purchasing CM-302 supersonic cruise missiles from China. These missiles have the capability to destroy US aircraft carriers. This is another arms purchase report following Iran's yesterday announcement of buying missiles from Russia, particularly from China.

Currently, the main factors causing market volatility are tariffs and geopolitical conflicts. The stock market decline is adding to Trump's headaches, especially with the midterm elections coming at the end of the year. Personally, I think there isn't much time left for Trump to tinker.

Looking at BTC data, the turnover rate remains high, and trading volume isn't low either, indicating that current prices still have strong bargaining power. There is still some buying during sell-offs; otherwise, the price wouldn't hold up so well. However, from the data, buying power is still not very strong, with passive buying dominating. On a more optimistic note, early investors have not reacted with panic.

Most of the turnover still comes from short-term investors. Especially from URPD data, the selling volume in other positions is very low, which indicates that more holders are shifting to long-term investors. Additionally, short-term price fluctuations are unlikely to cause these investors to capitulate.