On-chain data for the 19th week: The market has reached a staged low, and a change may occur in the short term

1. This week, the price of sugar orange fluctuated by 8%. The chip distribution map shows that there are a large number of chips traded around 60,000, forming a certain support or pressure.
2. Both the Bank of England and the European Central Bank have expectations of interest rate cuts, the momentum of the US job market has weakened, and the Fed's interest rate cut plan is back on the negotiation table.
3. In terms of the crypto ecology, the cumulative trading volume in the spot and derivatives markets has declined, BTC has fallen for the fifth consecutive trading day, and the British government may pass stablecoin and pledge legislation in the next few weeks.
4. Long-term insights show that the market may be at a stage low, mid-term exploration shows that the market is in a supply consolidation state, and short-term observations show that the risk coefficient is in a neutral area, and the market activity and purchasing power are relatively insufficient.
5. The market tone is that the overall market sentiment is neutral at present. Although the selling pressure is at a low level, the market activity and purchasing power are relatively insufficient. The short-term market may be brewing a change, and risks need to be paid attention to.