Reasons why $BTC fell in late July:

1. From mid-July, BTC's liquidity ratio started to drop rapidly, the market became fragile, unable to absorb even the smallest sell orders without the price dropping.

2. We have seen sharp spikes in demand for ETFs followed by sharp selling. This indicates that inflows into ETFs have been intermittent and volatile. There was no alternative demand to offset the outflows.

3. Accumulation of funds by smart wallets was limited and weak.