According to Glassnode data, as of the end of August, the Bitcoin "illiquid supply" has surpassed 14.3 million, once again setting a historical record, indicating that long-term investors' holding behavior is stable and their sentiment for accumulation is strong, constituting the most solid support force in the market.

The "illiquid supply" refers to the quantity of Bitcoin that is rarely transferred or traded. Currently, there are approximately 19.9 million Bitcoins in circulation, which also means that as much as 72% of the circulating chips are in a stationary state, firmly held by long-term holders and investors who store assets in cold wallets. Even though the market has recently experienced fluctuations, this strong accumulation trend has not ceased.

In mid-August this year, Bitcoin's price reached an all-time high of $124,000, followed by a sharp correction of about 15%. The market was once fraught with anxiety, but this group of 'diamond hands' not only remained steadfast but also increased their positions. Bitcoin's illiquid supply continues to rise, demonstrating a firm 'you drop, I buy' stance.

In just the past 30 days, the net increase in Bitcoin's illiquid supply has reached 20,000 coins, highlighting investors' belief in Bitcoin's long-term value, which is gradually tightening the market's supply side.

When circulating chips become increasingly scarce, any small spark of demand could ignite a wildfire in the future. Once market pessimism dissipates and confidence is restored, this compressed supply structure could very well become the fuel to drive the next wave of upward momentum.

Gold has broken through the $3,400 mark—this key resistance level that has suppressed prices for the past four months. Despite the current monetary expansion being relatively mild, this rally has emerged, with forward-looking investors simultaneously positioning in gold and Bitcoin. Although Bitcoin is still in a consolidation phase, its long-term outlook remains firmly bullish.

Bitcoin's pullback from its historic high of $123,640 has expanded to over 13%. Historical pullback patterns and seasonal trends indicate that the market is actually in the late stages of a correction. The current realized price for short-term holders at $108,900 is becoming a key support level, and if the price stays below this level, it may increase downward pressure further. Trading platform order flow indicators also show that sentiment in the spot market is trending neutral, reinforcing the view that buyers are opting to wait for stronger catalysts before taking action.

Altcoins are showing weaker performance, reflecting widespread risk aversion in the market. After briefly reaching an all-time high, ETH has fallen by 14%. However, institutional demand remains resilient beneath the surface, with ETH treasury and corporate buyers continuing to accumulate. Mid-cap tokens like CRO and PUMP have performed excellently in a narrative-driven market, but this rotation comes more at the expense of weaker tokens withdrawing funds rather than new capital inflow.

The fear index today is 51, shifting to a neutral state.

The current RSI index is 48.34, showing a neutral to weak bias. Although a rate cut by the Federal Reserve in September is a high-probability event, September is traditionally a weak month for cryptocurrencies, and the market may face some downward pressure.

BTC core range: 107000-111000, short-term entry can be near support levels. ETH core range: 4200-4400, short-term can consider high selling and low buying; operate in the direction after breaking the range. The market is currently in a range-bound pattern, with a focus on some strong tokens: such as SOL and OKB with technical breakout potential, and XRP, which has ended its lawsuit with the SEC. If you don't want to make any moves, then wait until key positions to consider entry, let's see what the CPI says.