$BTC A viewpoint points out that BTC has faced an important test since the 8.19 rally: the BTC ETF ended a streak of nine consecutive days of net inflows, turned to net outflows on Friday, and was compounded by the Federal Reserve releasing slightly hawkish remarks from Wach. Liquidity conditions and macro sentiment have weakened; during the decline itself, he also reduced his ETH spot position by 50%, reflecting a short-term defensive approach. Overall market sentiment is bearish, and the market faces near-term pressure.