As of 13:00 this afternoon, from 22:00 last night to the change of the address in the BTC chain, we can see from the data that the amount of circulation at the weekend is gradually decreasing, especially after the main time in the United States. Even though the market sentiment is relatively high, the chips that can bring fluctuations are still very few. The overall address inflow is only about 26,000 BTC chips.

At the extreme prices, the Archaic Holdings and High-End Hedged Chips fell by less than 480 BTCs over this period, while the overall loss-making chips above the $25,000 level fell by more than 1,900. This total address movement of less than 2,200 BTCs is an example of the real users who held BTCs earlier, and it reflects the real user behavior without the main capital and the main pressure. And it has been clear for a long time that the earlier chips, whether profitable or lossmaking, are getting less and less involved, and that neither macro changes nor mood swings are disrupting the earlier BTC holders, partly because retail investors have been gradually exiting in the midst of the downturn, partly because of expectations for 2024 and the positive effects of a peak in US inflation, FOMO, or even an ETH merger.

This led to the belief that the BTC had passed a stage-bottom, so that a profit chip under $20,000 had no intention of being sold, and that a higher enrollee would be closer to 2024 every other day to the current situation, when either policy direction or a halving of the upside would be a major cause of macro sentiment, so rather than risk being thrown out of the car right now, lay low. Apart from earlier chips in the market, there has been a growing illiquidity of the current dispute, and the BTC's growth has been too slow relative to the more directly bullish BTC, with more investors and even users of leveraged contracts complaining that the price is moving too slowly and producing too little profit for the more volatile ALT (tokens other than BTC and ETH). It is like the markets of November 2021, when the peaks of the BTC and ETH caused the rally to stall, but the ALT, which was stimulated, continued its ascent, including many "high-growth" tokens that had now zeroed out. And as we all know, either runaway or hacker, or the entire circuit collapses, or even the BTC and ETH gave us enough time to get out of the game while we were down. Today, a small number of friends are confiding in me and asking how they can make money in the money market. In my personal opinion, I need to work hard, stay away from work, and spend a small part of my disposable wage on BTC and ETH. Although I may not be able to make a fortune, I can have an expectation in my life. The current blockchain is the fourth time in China's 45-year history of reform and opening-up that ordinary people will be able to change their class, following the lead of commerce, stocks, and real estate. Next time, it'll be decades. Put off gambling and you can outperform most investors in the long run.

The macro picture itself did not change much over the weekend, so it's more about whether there's more money coming in, especially on Friday after seeing a continued exit of a large amount of U.S. Treasury money, which still has no obvious options but still couldn't rule out entering the currency market. From the data, as of 8:00 this morning, USDC has not continued to reduce its holding, while USDT's market capitalization is increasing. From these figures, USDT's market capitalization is actually on a continuous increase, having risen by about $500 million in the last week. Although most of this has been wiped off the market value of USDC, it is also possible to see signs that USDT is starting to see outside money come in, especially now that the institutions that are short USDT are shorting USDC again. But USDC is also, if anything, more compliant, and the blockage will only make the Circle listing go easier.

Also as of 8:00 this morning the purchasing power information can be seen, although the exchange into the USDT and USDC, although compared to the working day did have a larger drop, but compared to the previous weekend data, has a larger increase, indicating that the overall buying sentiment is continuing to rise, and this part of purchasing power is more retail money, which represents the shutdown of the European and American stock markets on the weekend gives a better opportunity for the currency market. But it is important to note that prices, driven by a small stock of money and retail investors, are unlikely to keep rising at a rapid clip. It is more important to remain bullish. It is not easy for prices to rise on weekdays with volatility. This still means that, with inflation peaking at the bottom of expectations and the upside of the ETH merger, a lot of money-making chips are choosing to stay on the sidelines rather than rush off, so the selling is not strong. And there is no clear message of weakness. There is no clear hawkish talking point, including at the US Federal Reserve, that is fueling the economic mood right now. The next time that macro sentiment changes substantially is in the mid-September CPI data. While the late-August CPI and early-September non-farm measures are also influential, they are unlikely to change the overall dynamic. After all, rate hikes are absolutely centered on inflation data.

For the BTCs and ETHs that were affected, the out-turn selling pressure on the exchanges showed signs of abating away from the key dates. In particular, the BTCs were more resilient as the gains were indeed modest, while the ETHs that were relatively above $2,000 became more aggressive for some bargain hunters, who recently even began to hear about shorting the ETHs. Reverse markets should be more cautious. Because more money is coming into the market, it means that the purchasing power is increasing, especially knowing that the buying mood is fermenting, and the increasing purchasing power is driven by the FOMO sentiment. At present, it is only one month before the official merger of ETH. It can be clearly felt that the purchasing power of BTC is increasing, and ETH is not far behind. Withdrawals from exchanges were higher than selling pressure. This is why it is more prudent to be contrarian. The market is emotionless, and only investors can get it.