Strategist Joel Kruger reports that the expectations for the Federal Reserve to lower interest rates, combined with profit-taking, are driving Bitcoin to continue its adjustment after reaching an all-time high last week.

This analysis hits the nail on the head; Bitcoin has indeed fallen from its high of 124k, influenced by inflation data and statements from the Treasury Secretary, with no new purchases to expand reserves. Coupled with today’s preliminary ruling on the Ponzi scheme by the CFTC, the regulatory landscape is shifting.

In the short term, the adjustment may continue until September, but the long-term bull market remains intact; it is advised to reduce positions in high-beta tokens and keep a close watch on the Jackson Hole meeting, as ETH ETF holdings reaching new highs may become a safe haven.