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Total Bitcoin fees have decreased by 18% this week, following a 27% drop from the previous week. Weekly fees have now reached their lowest level since November 2023. 

On July 12, LD Capital published an article analyzing all aspects of the Mentougou BTC sell-off. The data shows that as of July 12, 138,000 BTC are still in the account address of Mentougou, so it can be assumed that Mentougou's dumping has not yet actually entered the market. the drop of July 5 is part of the fulfillment of the expectation of the drop of Mentougou's dumping.   According to the article, LD Capital believes that Mentougou's creditors will sell some BTC, but not all. If Mentougou's compensation is sold out within a month, the market will face a high degree of selling pressure similar to the German government's sell-off, with the quantity and duration of the sell-off being comparable. According to the current demand for ETFs, the price of BTC may fall further if it fails to provide sufficient take-up.   If the compensation in Mentor were to last longer (2-3 months), the amount of BTC entering the market on a daily basis would not be particularly large and would not result in a one-time drop. However, due to the continued expectation of a sell-off, there could be a period of shocks through which the sell-off is digested. This also means that it will be difficult to have a main upward wave in the short term.   At present, only 1,545 tokens of Mentor's tokens have actually been transferred to the exchange, and the rest of the tokens are still in Mentor's account, so it can be assumed that the actual selling pressure has not yet entered the market. When the BTC held by Mentougou is distributed on a large scale to several trading platform addresses, it may cause a large panic drop, resulting in a plunging pin. Specific individual sales, on the contrary, do not necessarily cause significant price declines due to decentralization and the difficulty of tracking and observing them.