Discuss the reasons for the significant drop in July:

1. In July-August, the One Big Beautiful Bill will pass, the debt ceiling will be lifted, and the U.S. Treasury, which is about to run out of cash, will need to issue more government bonds to replenish the TGA, creating liquidity pressure, while Bitcoin is a liquidity-sensitive asset;

2. Recently, oil prices have risen, and the impact of tariffs on prices will become apparent in July-August, which may lead to poor inflation data;

3. The increase in government bond issuance will push up bond yields, and inflation leading to a decrease in interest rate cut expectations will also push up bond yields, potentially causing panic related to government bonds.

The above is for reference. If the market indeed drops as expected, the third quarter may also be a good time to enter.