Crypto recently pulled back after a rally and is stabilizing; trading volumes for MSTR and BMNR have also declined to levels seen before this uptrend. Although ETFs are still seeing net inflows, the pace has slowed. These signs suggest the market has entered a consolidation phase.
The move on Aug 20 was driven by Trump's crypto meeting and Bessent's buybacks. The current consolidation reflects a wait for the next major macro signal, with two key dates to watch:
Sept 15: Clear Act vote - the most critical policy event for crypto, requiring 60 votes to advance to Senate consideration.
Sept 16: FOMC meeting - interest rate decision that will determine macro liquidity.
Until then, expect continued consolidation with shrinking volume.
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