WTI crude oil has reached 98.5, and inflationary pressures are rising again. Prediction markets now put the odds of the Federal Reserve raising rates by 25 bp in September at 89%.

Adding to that, progress on the CLARITY Act has been blocked: CLARITY received 49 votes in favor and 50 against in a Senate procedural vote, leaving it 11 votes short of the 60-vote threshold needed to advance.

After the news broke, risk assets quickly pulled back:
$BTC plunged from around $79,600 to approximately $76,200;
$ETH also fell from around $2,615 to $2,416.

More notably, fund flows weakened: on September 15, U.S. spot BTC ETFs saw approximately $450 million in net outflows, while ETH ETFs saw approximately $142 million in net outflows.

In the short term, the negative factors are indeed concentrated.

However, I personally tend to view this move as a concentrated release of sentiment and fund-flow pressure, rather than a complete breakdown in the trend.

With crude oil, rate expectations, regulatory news, and ETF outflows all hitting at once, it is not surprising that the market sold off first.

What really needs to be watched is whether liquidity and fund flows can recover in the coming period.

Stay steady and we can win!