Affected by the US economic and employment data, the expectations for interest rate cuts have been fluctuating, with significant variations in the inflow and outflow of main pricing funds. Coupled with cross-cycle long-hand dumping and the rotation of on-site funds, the overall trend of the crypto market in August presented a "weak-strong-weak" pattern, with prices showing an "arch" shape. BTC fell by 6.49% throughout the month, closing at $108,247.95. The altcoin representative ETH surged by 18.75%, closing at $4,391.83. According to eMerge Engine, BTC is currently in the late stage of a bull run. In the June report, we predicted that BTC would initiate the fourth wave of rise in the third quarter and reach a new historical high. This prediction was confirmed in July, and as August began, the impact of the "tariff war" started to reflect in US economic data, with both CPI and PCE showing a rebound momentum. This has continuously undermined the market's expectations for a September interest rate cut, leading to significant fluctuations in the US stock market, which had been pricing in a rate cut restart too high. This fluctuation is reflected through #Gate 新上线 WLFI# #九月份加密市场能否突破# #今日你看涨还是看跌？# .