The market in September #打榜优质内容# may experience a significant price low:

This week, the capital flow of Bitcoin spot ETFs has been highly volatile (inflow of 333 million on September 2, inflow of 301 million on September 3, and outflow again on September 4), indicating that funds are rapidly entering and exiting before major macro data is released, showing a cautious attitude.

Despite short-term fluctuations, leading products such as BlackRock's IBIT, with an asset scale of approximately $83.6 billion (holding about 750,000 $BTC), provide solid support for market downturns. From the perspective of ETF demand alone, a continuous net inflow of ETFs for 3-5 trading days before and after the CPI/FOMC meetings, instead of a one-day in and one-day out scenario, would be a strong signal for confirming a phase bottom.

There are three potential time windows here:

1. Focus on the U.S. August inflation data released on Thursday (September 11) at 21:30.
2. The FOMC meeting will take place from September 16 to 18.
3. Derivative expiration from September 24-27 will relieve pressure.

The first two generally tend to drop first and then rise, and at the end of the month, options expiration will likely lead to one last drop for the month. However, looking at the overall picture, the 1.2 overlay period (from September 11 to 17) is the most certain bottoming range for this month. On the other hand, the selling pressure from miners is not significant, and the market's decline is more dominated by macro factors and capital flows, coupled with a trend towards healthy underlying liquidity. The market rebound certainly has some fuel, so it's possible to confidently buy the dip.