Matrixport posted on social media, stating that it expects the market cooling phase to continue until August. The technical reversal indicator shows that both Bitcoin and Ethereum are not only overbought, but also prone to pullbacks, and the end of the US cryptocurrency week marks the peak of market momentum. The White House has postponed its highly anticipated cryptocurrency report from the original July 22nd release to July 30th, which was expected to outline potential Bitcoin reserve strategies. Considering the release time just before the summer recess, market expectations should be moderate; the report is unlikely to contain any substantive or actionable policy guidance. This delay also indicates that the US government is prioritizing the "GENIUS Act," which is centered around stablecoins, with the core of the bill being to finance US government debt through a stablecoin backed by US Treasury bonds. This framework creates a strategic approach for the government to create debt demand and reinforces the importance of digital asset regulation at the macro financial level. As the market enters a relatively calm summer and approaches the seasonal recess, Matrixport expects unwinding (deleveraging) activities to increase. Many traders have established significant long positions that now require sustained upward momentum to maintain; without this momentum, confidence may weaken, especially considering the increased holding costs due to rising funding rates. This phenomenon is particularly evident in Ethereum, where open interest contracts have surged from $14 billion to $25 billion. Although funding rates have only risen slightly, they are likely to reprice lower with the arrival of summer, triggering further unwinding. In conclusion, the selling pressure from early investors profit-taking is increasing. All of this reinforces Matrixport's view: a summer consolidation is the most likely scenario at present.