July carnival ends, Bitcoin falls for five consecutive days to a three-week low.

After the record-breaking celebration in July, Bitcoin has continued to fall for the fifth consecutive trading day, with traders gradually pulling back from the frenzy ignited by the embrace of digital assets in the United States. Data shows that Bitcoin once touched its lowest level in three weeks, and is currently down by over 2%. It is worth noting that just before President Trump signed the first cryptocurrency regulation bill in the United States on July 14, Bitcoin had reached a historic high of $123,200. Ethereum is also down by over 4%. The entire cryptocurrency market, after reaching a total market value of over $4 trillion in July for the first time, is currently in a general correction trend. This historic surge was mainly due to unprecedented ETF inflows. Compiled data shows that the Ethereum ETF in the United States saw a net inflow of $5.4 billion last month, setting a new record; Bitcoin ETF also attracted $6 billion, the third best monthly performance in history. However, the recent momentum has weakened, with ETF inflows slowing down, and multiple key institutional indicators showing a cooling market demand. XS.com market analyst Linh Tran states: "The current price trend reflects a decline in market frenzy, with some speculative funds leaving. Bitcoin is struggling to break through to the upside primarily because institutional investors are becoming increasingly cautious." According to CryptoQuant monitoring, after maintaining a positive value for nearly two months as a sentiment indicator for US investors, the Coinbase premium index has turned negative this week. At the same time, the open interest contracts for Bitcoin and Ethereum futures on the CME exchange have decreased by 13% and 21% respectively from their July highs. Due to the decrease in volatility in the digital asset market, the largest cryptocurrency exchange in the United States, Coinbase (COIN.US), reported lower-than-expected revenue for the second quarter, causing its stock price to fall on Friday. The options market also signals caution. Nick Forster, founder of the cryptocurrency options platform Derive.xyz, said: "The Bitcoin 30-day skews index has shifted from +3% to -1.5%, indicating that the pricing of put options has surpassed that of call options. This shows a strong demand in the market for hedging against downside risks, as traders expect a bearish trend to persist in the next 1-2 months." Forster added: "In late July, there was a profit-taking tide of $6-8 billion, indicating that institutional investors are reducing risk exposure early in anticipation of a volatile market in the third quarter. On July 15, Bitcoin worth $10 billion was sold through OTC trading, causing a brief 4% drop in prices. Miners also sold about 15,000 bitcoins after reaching historic highs."