BlockBeats 消息，9 月 4 日，Bitfinex Alpha 发布报告表示，比特币短时跌破 11 万美元，自历史高点 123,640 美元以来的回撤扩大至超过 13%。据历史回撤模式和季节性趋势表明，市场实际上处于修正阶段的后期，9.3–9.5 万美元区间有望成为周期性底部。链上数据也印证了这一点：当前短期持有者实现价格为 108,900 美元，正成为关键支撑点，若价格持续低于该水平，可能进一步加大下行压力。交易平台订单流指标也显示现货市场情绪趋于中性，强化了买方在等待更强催化因素出现之前选择观望的观点。
山寨币表现更为疲软，反映出市场广泛的风险规避情绪。以太坊（ETH）在短暂刷新历史高点后回落 14%，XRP、ADA 和 DOGE 均录得两位数跌幅。然而，机构需求在表面之下仍保持韧性，ETH 国库及企业买家持续增持。中型市值代币如 CRO 和 PUMP 在叙事驱动的行情中表现优异，但这种轮动更多是以较弱币种的资金撤出为代价，而非新增资金流入。
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