After a brief frenzy, the crypto market experienced intense volatility again last night.

Bitcoin's intraday high and low volatility reached $4204, with a low of $115736 and a high approaching the $120,000 mark; Ethereum was also not far behind, oscillating by $212, reaching a peak of $3144, becoming the main force driving the market rebound.

The sudden spike liquidation caused the market to panic; in the past 24 hours, 106,261 people globally faced liquidation, with a cumulative amount of up to $353 million.

Market focus scan

Macroeconomic dynamics: rate cut rhythm back in the spotlight

CPI data met expectations and did not change the Fed's short-term policy rhythm;

Treasury Secretary Becerra confirmed that the search for Powell's successor has been initiated, which will cooperate with Trump to advance the rhythm of rate cut expectations;

The market bets on a 100% probability of a rate cut in September, but the actual impact of the 'shadow Fed' remains to be observed.

Ethereum performs strongly, and ecosystem targets are worth continuous attention.

Ethereum has become the market rebound pioneer, setting a new high of $3152 yesterday, achieving a dual breakthrough against both the dollar and BTC. Its ecosystem tokens like $ENA, $AAVE, $UNI, $EIGEN, $ETHFI, $ARB, etc., have shown signs of rotation, which may be the focus of attention in the next phase.

BTC trend review and strategy analysis

Last night, BTC showed a typical 'false breakdown' trend:

Before the release of the CPI data, the price broke below $116411 and quickly rebounded;

After cleaning liquidity, it surged to a new high again in the early morning

During the drop from 118400 to 115600, it touched the key daily support;

This support has been tested three times without breaking, along with the CME gap being nearly filled, forming conditions for a rebound.

Strategy tips review:

The author clearly indicated yesterday to 'lock in profits before the CPI data release and wait for a pullback to re-enter', going long at 116726, taking profits at 104.09%, which was entirely in line with technical logic.

Short-term outlook:

If a rapid spike occurs subsequently, the support below to watch is the $114,000 range, which is a better technical entry point. If the drop forms an entity candlestick, one should wait for confirmation of a bottom before laying out, to avoid blind bottom-fishing.

Ethereum leads the rise, does it have the momentum to continue?

ETH's recent performance is significantly stronger than BTC, becoming an important barometer for the current market rhythm:

Repeatedly mentioned that 'ETH needs to wait for BTC stabilization signals', the current structure is basically fulfilled;

Short-term has not broken the 3030-3060 range, 4-hour and daily structures are stable;

If the strong oscillation pattern is maintained, the potential target above is still looking towards $3300.

It is worth noting: currently, retail sentiment is relatively hot, and funding rates are high. If BTC falls again, ETH's independent market may be difficult to sustain.

On-chain anomalies: SOL ecosystem repurchase accelerates, E-chain popularity rises again

SOL chain's large-scale repurchase:

In the past 9 hours, 187,800 SOL (equivalent to $30.53 million) flowed into designated repurchase addresses;

Repurchase used to buy 300 million PUMP (approximately $19.1 million), driven by funds, the popularity of meme coins continues to rise.

Performance of popular meme coins:

$USELESS and $ANI continue to set new highs, becoming 'hot substitutes';

ANI is the 'Musk concept AI Meme', with high enthusiasm and strong consensus;

Compared to it, $RUDI currently has obvious cost-performance advantages. If ANI does not experience a deep pullback, it has the logic for further gains.

Old projects are revitalized:

The E-chain 'American Party Token' leader $AP's official Twitter account AmericaPartyX has been re-unlocked;

The market is active again, but the current price has not yet broken through the previous high;

If the main forces remain in control, there is potential for new highs structurally.

Market conclusion and operational suggestions

BTC has tested key support multiple times without breaking, the structure remains strong;

ETH is strongly leading the market, maintaining a bullish outlook in the short term;

SOL and ETH ecosystem meme projects remain active, with clear funding preferences;

The Fed's rate cut expectation for September has strengthened, forming the core support for the market;

Market fluctuations are still frequent; it is recommended not to chase highs, use light positions to roll, and follow the trend as king.

Currently, this is an opportunity window within a 'local bull market structure', not a comprehensive bull market. Holding core assets and switching rhythmically is key to navigating volatility.