Macroeconomically, there is currently a significant negative factor.

The U.S. Treasury has just announced its latest borrowing plan:

In the third quarter, it plans to borrow over $1 trillion and intends to bring the Treasury cash account balance to $850 billion by the end of September. The method is to significantly increase the issuance of short-term government bonds.

To alleviate market pressure, the Treasury will increase repurchase operations (buying back some old debt), but this is merely a structural adjustment to maintain market operations and does not count as a market rescue.

Additionally, the balance of the Federal Reserve's overnight reverse repurchase tool is almost zero.

In plain terms: An important cash reservoir in the U.S. financial market is nearly empty, while the government insists on drawing large amounts from the market at this time.

These two events happening together may trigger a liquidity crunch in September, affecting the cryptocurrency market.

However, it was similar last year; after a decline in September, the market rebounded in October.