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#Crypto Market pullback #
On August 21, the latest market analysis report from [Block Rhythm] indicated that capital inflows into Bitcoin are showing signs of fatigue. Even as the price reached a new high of $124,400, demand continues to weaken. At the same time that this demand slowdown is occurring, speculative positions have surged, with the open contracts of major alts at one point reaching a record high of $60 billion, before pulling back by $2.5 billion.
Ethereum, long regarded as the barometer of the "alts season", has once again become the barometer of this round of volatility. Its dominance in position volume has climbed to the fourth highest level in history, while the dominance of perpetual contract trading volume has soared to a new high of 67%, marking the strongest structural change to date.
From a cyclical perspective, the price trend of Bitcoin also echoes previous patterns. In the cycles from 2015-2018 and 2018-2022, based on the cyclical lows, Bitcoin#AylaAngel