Matrixport: Risk assets may continue to perform weakly until there is an improvement in the economic and market fundamentals.

According to a report by Deep Tide TechFlow on August 4, Matrixport stated in today's chart that "over the past few weeks, we have repeatedly pointed out in 'Matrixon Target' and daily updates that Bitcoin was approaching the key technical support level of $112,000. Now, this support has been broken, and market sentiment has begun to change. Although there are still many bullish viewpoints, our previous cautious stance has gradually been validated."

This round of decline continues the seasonal weakness commonly seen in August on one hand, and on the other hand, is also affected by the macro uncertainty triggered by the downward adjustment of labor market data. A similar situation occurred in the same period last year, when the Federal Reserve unexpectedly chose to cut interest rates by 50 basis points due to market pressure.

Given that the market has priced in two rate cuts, with the first cut expected to occur as early as September, we maintain our previous expectation: until there is an improvement in the economic and market fundamentals, risk assets may continue to show weak performance.