10x Research: The underlying market structure and fundamentals have gradually weakened, and September may usher in a key turning point

10x Research posted on social media stating that although it remains optimistic about the medium to long-term prospects of digital assets, caution is needed in the short term. Despite the V-shaped rebound in the market after the downturns in early May, early July, and early August, the potential market structure and fundamentals have gradually weakened. As a result, each subsequent downturn has become deeper, and the subsequent recovery has been more moderate. The latest end-of-month data indicates that we may be approaching a key turning point in September, characterized by a decline in demand.