BTC continues to fluctuate at high levels, and ETH continues to lead a slew of altcoins soaring, recreating the rotation effect seen during the previous halving market.

From market data, nearly 50,000 BTC were sold yesterday, valued at 6 billion USD. So who is selling BTC? It is mainly likely to be short-term investors taking profits, but there are definitely some major players selling as well, which may lay the groundwork for future market trends.

From the perspective of stablecoin market capitalization, the total market value has exceeded 230 billion USD. Just this week, Circle has minted 1.5 billion USDC on Solana. Regardless of whether the market rises or falls in the past six months, the market capitalization of stablecoins has been steadily increasing, with an increase of over 40 billion USD in six months, exceeding 20%, which provides enough fuel for the market's takeoff.

From a broader perspective, the time until the Federal Reserve's interest rate decision announcement on July 31 is getting closer. Federal Reserve officials have been frequently speaking out, but the latest CPI shows that inflationary pressures are intensifying. The timing and magnitude of the Federal Reserve's interest rate cuts may not look optimistic. About a week before the 31st, the market may experience a turning point.