The price of Bitcoin (BTC) has reached a new high again, but the market presents a contradictory situation. Despite the rise in price, both volume and liquidity are exceptionally sluggish. The fundamental reason for this phenomenon is not a large buying pressure, but a clear lack of selling willingness. More and more investors tend to view BTC as a long-term holding asset.

Data from the past year shows that the net flow of Bitcoin on exchanges has exhibited a clear downward trend. Especially in the past six months, the amount of BTC accumulated on exchanges has continued to decrease, with withdrawal efforts constantly strengthening. Although there was a slight correction in the past week, the price remains relatively stable due to the very few number of investors preparing to cash out.

This phenomenon indicates that, unless systemic risks arise, it is difficult to compel investors to release their chips on a large scale.

However, the upcoming week will release several important macroeconomic data, which may cause a certain degree of turbulence in the market. From Tuesday's Consumer Price Index (CPI) to Wednesday's Producer Price Index (PPI), and then to Thursday's retail data, all of these could trigger market fluctuations. Notably, the CPI data is particularly worthy of attention, as market expectations for it are not optimistic, which may lower the expectations for a rate cut in September. However, this impact is likely to be short-term, as the data for July and August is still pending.

Overall, the current Bitcoin market presents a unique state of balance: prices are rising, but trading activity is low. Whether this state can be maintained, and how it may evolve in the future, is worth investors' close attention.