💡David Duong, Head of Institutional Research at Coinbase, tweeted that Bitcoin has recently fallen along with the stock market, which is actually just an excuse for market participants to reduce risk ahead of the U.S. Treasury's large-scale withdrawal of TGA funds (around $400 billion) in the coming weeks 📉💸.
In other words, the Jackson Hole meeting and PPI data are merely excuses 😉. Duong believes that as the market digests the pressure from these fund withdrawals, the outlook for September may become clearer 🌤️, and investors may see Bitcoin regain momentum 🚀.
Short-term fluctuations are inevitable, but in the long run, Bitcoin and the overall crypto market may still return to an upward trajectory due to fund releases and macro factors 📈.
