$BTC • Macroeconomic Liquidity Support:

◦ The expectation of a Federal Reserve interest rate cut (September probability 78%) and the weakness of the US dollar (index 97.7) provide upward momentum for risk assets.

◦ If the Federal Reserve begins a rate-cutting cycle and expands its balance sheet, the cryptocurrency market may see a "liquidity reconstruction," pushing BTC to target $115,000.

• Market Structure Evolution:

◦ Bitcoin's dominance slightly declines (currently 61.55%), and a trend of capital diversion to altcoins is beginning to emerge, but BTC remains the core engine of the bull market.

◦ Institutional and retail investor game: ETF funds continue to flow in (such as IBIT), while retail leverage decreases, and the market enters the "deep water" phase.