Here’s a take that’s a bit different from the mainstream view—why BTC suddenly started moving sideways here. The overall market liquidity growth is beginning to weaken. - The Federal Reserve's balance sheet was approximately $6.73 trillion as of August 26, staying flat. - Bank reserves dropped from $2.99 trillion on August 5 to $2.92 trillion. - The New York Fed didn’t schedule any additional reserve management purchases from August 14 to September 14. In other words, the Fed has stopped providing new liquidity acceleration to the market. The Treasury’s buyback of long-term bonds is often misinterpreted by the market as easing. This time, it’s similar but has genuinely stirred up sentiment. In reality, while the Treasury is repurchasing old bonds, it’s also issuing new bonds for financing. The main effect is adjusting debt maturity and improving the depth of long-term bond trading. Its impact on net dollar supply is far lower than QE, making it hard to directly push risk assets into a bull market.