This wave of correction is a typical market game behavior, and the underlying logic can be viewed from several levels:
Macroeconomic Trigger Factors
PPI data exceeded expectations, and the probability of a rate cut in September dropped from 68% to 52%
Strong unemployment data reinforces the "higher for longer" expectation
Spot ETF funds briefly flowed out, breaking the trend of continuous net inflows
Market structural adjustments naturally led to profit-taking after reaching a historical high
Futures funding rates are as high as 0.12%/8h, requiring a cleaning of leverage
The exchange's inventory increased by 18,000 BTC in a single day, indicating some loosening of chips
Choosing to dump when market sentiment is at its highest
Clear goals:
✓ Clean up excessive leverage
✓ Force short-term traders to stop loss
✓ Collect chips for the next wave of rally
Will 117k form support for the ETF fund flow in the next 3 days?
Historical experience shows that sharp drops in a bull market are often the best buying opportunities, but it is necessary to wait for stabilization signals. The current market is still within a healthy adjustment range, and there is no need for excessive panic.
