Market sentiment is cooling down, and data shows that current "new buyers" are shifting from positive to neutral (Figure 1). Looking at the historical data from this cycle, a decrease in the activity of new buyers does not necessarily mean a significant drop, but it usually does not lead to a strong bullish trend either; the probability of sideways consolidation is much higher. After all, the active buying behavior that has persisted from July 10 to July 28 for nearly half a month is bound to take a break. Relevant data from the options market also corroborates this emotional observation. Since July 23, the 1-week and 1-month 25-delta skew has been continuously rising (Figure 2), indicating that the price of put options is becoming increasingly expensive compared to equivalent call options, as traders are betting on a potential short-term pullback. However, I personally believe this is a necessary adjustment period for the market. The current chip structure is very healthy, and large holders are generally more inclined to accumulate rather than distribute. Therefore, the weakness is not a bear market; it is just that BTC's pace has slowed down a bit. 👇 👇 ‼️ My sharing is for learning and communication purposes only and should not be considered as investment advice ‼️ ------------------------------------------------- This article is sponsored by #Bitget ｜ @Bitget_zh