Cycle capital analysis pointed out that if the compensation from Mentougou is sold out within a month, the selling pressure faced by the market will be highly similar to the German government’s selling, with the amount and time of selling being comparable. According to the current demand for ETFs, it cannot provide sufficient support, and the price of BTC may fall further. If the compensation from Mentougou lasts longer (2-3 months), the amount of BTC entering the market every day will not be particularly large, and it will not cause a one-time decline, but it will be difficult for the main rising wave to come in the short term. As of July 12, 138,000 BTC are still in Mentougou’s account address, so it can be considered that the selling pressure from Mentougou has not actually entered the market.