Affected by the U.S. economic and employment data, the expectations for a restart of interest rate cuts are fluctuating. The main pricing funds are experiencing unpredictable inflows and outflows, compounded by long-term selling across cycles and the rotation of on-site funds. In August, the overall performance of the crypto market showed a "weak-strong-weak" trend, with prices forming an "arch" pattern. BTC fell 6.49% for the month, closing at $108,247.95. Altcoin representative ETH surged by 18.75%, closing at $4,391.83. According to eMerge Engine, BTC is currently in the late stage of a bull run. In the June report, we judged that BTC would initiate the fourth wave of rise in the third quarter and reach a new historical high. This judgment was confirmed in July, and entering August, the impact of the "tariff war" began to reflect in U.S. economic data, with CPI and PCE both showing a rebound momentum. This has continuously undermined market expectations for the restart of interest rate cuts in September, leading to increased volatility in the U.S. stock market, which had been pricing in the restart of interest rate cuts too high. This volatility is transmitted through