Recently, the cryptocurrency market has experienced a significant pullback, and the price of Bitcoin has been particularly affected. There are multiple factors at play behind this phenomenon.

First, the latest Producer Price Index ( PPI ) data is higher than market expectations, indicating that inflationary pressures still exist. Therefore, the originally optimistic expectations for a possible interest rate cut in September have been dampened, and market sentiment has turned cautious.

Secondly, the U.S. job market remains strong. The latest weekly jobless claims were lower than expected, further diminishing market expectations for the Federal Reserve to possibly adopt an accommodative monetary policy.

At the same time, the US stock market opened lower, putting pressure on overall risk assets. As a high-risk asset class, encryption currencies are naturally affected.

On the funding side, the U.S. spot Bitcoin ETF has seen a net outflow, ending a previous trend of six consecutive days of net inflows. This change reflects a shift in investor sentiment and has a negative impact on market sentiment.

Finally, after Bitcoin reached a historical high, it inevitably triggered a wave of profit-taking. A large number of investors chose to cash out at high levels, resulting in concentrated selling pressure, which further intensified the price correction.

Overall, this pullback is the result of multiple factors working together. Macroeconomic data, employment conditions, changes in risk appetite, and the market's own technical adjustments have all played important roles. For investors, this serves as a reminder to consider all aspects comprehensively, remain vigilant, and view market fluctuations rationally.