《Why Did Bitcoin Drop?》
1. In recent days, Bitcoin has dropped from 120,000 to just over 110,000, and altcoins that just started to rise were quickly suppressed. According to news, this seems to be related to Trump's tariff negotiations at the beginning of August. In fact, as early as last week, on-chain data had already shown signs of overheating.
2. Last week, Bitcoin's realized profit had risen to levels similar to those in February and November 2024. This indicates that Bitcoin has entered a local top. Bitcoin's realized profit is a very good on-chain indicator. At that time, Bitcoin was around 120,000, and most people were optimistic about Bitcoin continuing to rise, leading to a frenzy of buying altcoins. However, I warned everyone that selling should be the priority right now, otherwise it would be easy to get trapped. As a result, after a week, the market fell into a downturn.
3. Just looking at the news can easily create the illusion that Bitcoin is about to surge, while on-chain data is like an ultrasound, capable of seeing through the intentions behind the main forces. #GalaxyDigital抛售比特币 #加密市场回调
