8.1 Coinbase Leads the Crypto Market Down

1. Coinbase's Q2 report did not meet expectations, leading to an 8% decline after hours

2. BTC fell below 116,500 for the first time yesterday but failed to recover, which is a very dangerous signal for short-term market conditions, indicating that the long-standing balance between bulls and bears has been broken, leaning towards a bearish trend. If BTC cannot return to 118,000, it will face a deeper correction

3. The medium to long-term trend of ETH remains healthy, and it will also follow BTC's correction in the short term