#加密市场回调 - Market Overheating Adjustment: In recent times, the prices of cryptocurrencies such as Bitcoin have surged significantly, accumulating a large amount of profit-taking positions. For instance, on July 14, Bitcoin skyrocketed by 6.8% in a single day, reaching a historical high, prompting some hedge funds to start reducing their positions at high levels, triggering a chain sell-off due to programmatic trading, leading to a market correction.

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- Regulatory Policy Concerns: U.S. regulatory policies continue to tighten, and the SEC may expand its enforcement scope to include 'securitized tokens', which increases uncertainty in the crypto market, triggering investor concerns and capital withdrawal.