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Market Observation: If ETH falls below 4090/4083 USD and BTC falls below 105,6xx USD, the liquidation of long orders on mainstream CEXs will trigger approximately 1.645/1.388 billion and 1.369/1.334 billion USD, increasing liquidity and the risk of rapid downtrends 📉. Tether has disclosed major BTC addresses and stated that they have not sold, with non-liquid BTC supply reaching a new high (>14.3 million coins), tightening supply 🔒. Binance experienced a temporary net outflow of USDT, intertwined with institutions (Saylor, IPO) and product launches (Binance Alpha, contracts, Polkadot news), while the macro environment generally anticipates an interest rate cut in September, which constitutes a medium-term bullish sentiment but intensifies short-term fluctuations 🐂🐻. Summary: The risk of short-term liquidation is high; if key support holds, the trend is likely to oscillate upward, but if it breaks, a rapid downtrend will accelerate.