On August 7, the on-chain data analysis agency Glassnode released the latest on-chain weekly report, with the theme "Bitcoin Market Enters Liquidity Vacuum Zone: The Game of Key Support and Demand Recovery." Glassnode cited data in the report stating that after reaching a historic high of $123,000 in mid-July, Bitcoin entered a consolidation phase, and the current price has fallen below the supply dense area with a baseline of $116,000. On July 31, the price further broke below the lower edge of this range, sliding into a liquidity-thin "vacuum zone," which extends downward to $110,000. Despite the occurrence of Buy the Dips behavior, the market has not yet recovered the key resistance level. The profit ratio of short-term holders has decreased from 100% to 70%. If demand does not rebound quickly, new investors' confidence may weaken, triggering more sell pressure. Meanwhile,