PANews reported on August 5th that according to CryptoQuant analyst Arab Chain, Bitcoin's decline in late July was primarily driven by three factors: First, the liquidity inventory ratio began to decline rapidly in mid-July, reaching a three-month low. This lack of liquidity made the market fragile, and the inability to absorb sell orders led to price declines. Second, ETF demand fluctuated wildly, with unstable capital inflows and a lack of replacement demand, weakening price support. Third, the slow and limited accumulation of smart addresses failed to provide sufficient support during market weakness. Overall, the Bitcoin market has become fragile due to the liquidity crisis and insufficient demand, putting downward pressure on prices.


Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
