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Today is the Mid-Autumn Festival. While others are admiring the moon and eating mooncakes, people in the crypto circle are eating mooncakes while watching the K-line 😄. BTC is currently experiencing intense tug-of-war between bulls and bears. U.S. Treasury yields continue to rise, with the 10-year Treasury yield soaring to 5.18%, the highest since 2007. BTC has fallen steadily from its highs, hitting a low of $82,978. The macro environment is also "clashing." CME FedWatch shows the probability of a rate hike in October has risen to about 75%, and core PCE remains at 3.4%, with market concerns about continued tightening clearly heating up. On the other hand, spot ETF funds are still flowing in, with a single-day net inflow close to $1 billion. Over the past week, exchanges have also seen a net outflow of more than 12,000 BTC, indicating increased holding willingness. In the past 24 hours, the entire market liquidated $335 million, with longs accounting for 63%. High-leverage longs have been heavily liquidated in this pullback. Personally, I feel that BTC is being pulled by two forces: one is the soaring U.S. Treasury yields and rate hike expectations, and the other is the continuous inflow into ETFs and the decline in exchange balances. Whether the 84,000 level can hold is, in my opinion, the key for the short term. Don't rush to chase; wait for the inflation data on September 30 to see the direction.