10x Research: Market structure and fundamentals have gradually weakened, and September will usher in a critical turning point

ChainCatcher message, 10x Research posted on social media that while it remains optimistic about the medium to long-term prospects of digital assets, caution is needed in the short term. Although the market experienced a V-shaped recovery after declines in early May, early July, and early August, the underlying market structure and fundamentals have gradually weakened. As a result, each decline has become deeper, and the subsequent recoveries have been more moderate. The latest month-end data suggests that we may be approaching a critical turning point in September, characterized by a decline in demand.