Hello everyone, crypto friends!
🌟 Recently, the crypto market seems to be lively again—the total market cap has bounced back to $3.8 trillion, the risk-weighted assets (RWA) sector has surged, the traditional giant Ethereum's locking trend is clear, and even the hot memecoin has been buoyed by token destruction with promising rebound potential. Interestingly, the 'manipulation' secrets of Korea are hidden behind it. Want to know the truth and stories behind this wave of market activity? Then let’s take a look at the four major hotspots recently, ensuring you find it informative and interesting! 👇
The total market cap has rebounded, with the real asset sector leading the recovery.
Recently, the cryptocurrency market has seen a strong rebound! The market cap quickly recovered from a low of $3.7 trillion, returning to the $3.8 trillion mark, rising 2.3% within 24 hours 📈, successfully breaking the previous adjustment gloom and injecting a dose of confidence into the market 💉.
In this wave of growth, the most dazzling is the risk-weighted assets (RWA) sector—by August 4th, this sector's average increase reached 6.9%🔥, becoming the 'best performer' among all categories of coins! This has left many wondering: is this a brief 'lightning strike', or a long-term trend towards the digitalization of real assets in the market? 🤔
Specifically, the star tokens in the RWA sector are performing remarkably: Stellar (XLM) rose by 9.34%✨, Injective (INJ) increased by 7.16%💥, and Keeta (KTA) followed closely with a rise of 7.09%📊. Meanwhile, Algorand (ALGO), Chainlink (LINK), Quant (QNT), and XDC Network (XDC) also joined the rally.
However, despite Ondo Finance (ONDO) being a heavyweight player in the RWA sector and being highlighted in a White House report for its tokenization potential 🏅, its recent stock performance has been relatively stable, only rising by 2.56% 😌, perhaps suggesting the market is beginning to rationally return after prior hype.
From a technical perspective, Keeta (KTA) is currently priced at $1.07, above the middle band of the Bollinger Bands, showing strong bullish momentum 💪. The previous pullback to $0.91 seems more like a healthy recharge, suggesting that the market may continue to push upward 🚀.
Stellar (XLM) is trading at $0.4083, slightly above the important support level of $0.4042, but there is local weakness on the hourly chart, necessitating caution in the short term ⏳.
As for ONDO, while its increase is not significant, its fundamentals are solid, still possessing the potential to lead the RWA sector 💡. Chainlink and Stellar, due to their diversified business, may also play a 'supporting role' in this rebound.
📈 In summary, the RWA sector does not seem to be a fleeting 'lightning strike', but rather the initial signs of a broader market trend towards the digitalization of real assets. However, friends should note that the volatility in the August market remains high, and investors must stay vigilant in the short term, as many funds are secretly positioning for a rebound in the fourth quarter.
Ethereum's fourth-quarter bets: which is more important, supply tightening or institutional demand?
Speaking of market hotspots, how can we forget Ethereum (ETH)?
The performance in July was simply stunning, soaring 50% throughout the month! 🚀 This is certainly not luck, but the result of institutional forces flooding into the market—ETH's capital inflow rate even surpassed that of Bitcoin (BTC)! As more and more listed companies begin to buy ETH, the market starts to focus on their balance sheets and cryptocurrency exposure, and the story of ETH is gradually shifting from 'speculation' to 'asset allocation' 📊.
The key question arises: can holding ETH truly bring in real profits? 🤔
Despite the market's previous optimistic expectations for interest rate cuts, as this anticipation gradually fades, the bullish sentiment for the fourth quarter is under scrutiny. However, the supply of ETH is becoming increasingly tight—about 30% of the circulating supply is locked in staking, with the total value staked (TVS) skyrocketing to a historical high of $36 million! This indicates a significant supply exhaustion on the supply side, theoretically giving the price upward potential 📉➡️📈.
So where has the locked ETH gone?
Whale reveal: BitMine becomes the world's largest Ethereum 'treasury' 💰
BitMine (NYSE: BMNR) just disclosed that it holds up to 833,000 ETH, valued at approximately $2.9 billion, making it the largest ETH reserve in the world! However, unexpectedly, BMNR's stock price is unstable and recently fell to around $31, indicating that its stock is significantly affected by macroeconomic fluctuations 📉.
Meanwhile, BlackRock's iShares Ethereum Trust ETF (ETHA) is performing brilliantly, with a return rate close to 30% as of August 1. If you invested $10,000 in July, it has now risen to nearly $13,000! 💵✨ ETHA offers investors low fees and high transparency for spot exposure, becoming a favored choice for many funds.
This raises a key question: since ETFs like ETHA can provide pure chain investment exposure, why still take on the single stock risk of something like BMNR? As passive funds become mainstream, will the market status of public ETH treasury stocks (like BMNR) be weakened in the future? 🤷♂️
Even with fluctuations in BMNR's stock price, the Ethereum 'stack' continues to grow.
As the largest ETH treasury in history, if ETH prices soar to $4,000, the 833,000 ETH held by BMNR will generate over $430 million in unrealized gains! Moreover, BMNR aims to hold 5% of the total supply of ETH, targeting an issuance of 6 million tokens based on the current circulating volume, a scale seven times larger than now, showing formidable strength 💪.
Interestingly, BMNR is not financing through profits or dividends; the vast majority of ETH is obtained through issuing new shares, meaning BitMine is hardly affected by short-term market fluctuations, representing a strategic long-term layout. 📈
Macro influences remain critical: can bond yields and ETF demand stabilize?
With the fluctuations in interest rate cut expectations in September, market volatility has intensified. At the end of July, the price of ETH once plummeted by 9%, nearly double the drop of BTC, indicating a more sensitive market response ⚠️.
In the coming months, whether Ethereum can maintain its upward momentum largely depends on the stability of bond yields and ETF capital flows. If both can continue to absorb market supply, ETH is still expected to overcome macro noise and usher in a bull market trend in the fourth quarter 🎯.
Could the destruction of BONK tokens trigger a potential 60% rebound?
Speaking of major coins, one cannot miss the recently 'emerging from the trough' memecoin—BONK.
Despite a previous significant price correction of 40%, dropping from $0.00004075 on July 17 to $0.00002411 in early August, recent technical indicators are flashing rebound signals.
With destruction aiding the rebound, is there hope?
Recently, the community initiated a large-scale token burn, destroying an astonishing 300 billion BONK, undoubtedly sending a strong deflationary signal to the market. The price has stabilized around the critical support level of $0.000025, in line with the 50-day moving average (EMA 50), indicating a solid bottom formation.
If the price can successfully break through the 20-day moving average (EMA 20), it is expected to challenge the resistance zone of $0.000032 to $0.000035 in the short term, ultimately targeting the July high of $0.00004075, with an increase approaching 60%. Of course, if it breaks below the support of $0.000024, a deeper correction may occur, potentially probing down to $0.000017.
Dual support from trading volume and technical indicators.
On August 2, the platform's total revenue was 283,736.33 SOL, of which over 141,868.67 SOL was used for destruction, indicating that half of the revenue was actively used to drive deflation.
The 24-hour trading volume of BONK is $126.85 million, generating fees of $1.06 million, with strong trading activity providing momentum for the destruction mechanism, allowing BONK to continue benefiting.
Sustained strong trading volume, combined with the deflationary advantages of token economics, has built a solid rebound foundation for BONK.
On the technical indicators front, the 20/50 day moving averages have formed a bullish golden cross, further confirming short-term upward momentum.
The story of BONK tells us that while memecoins carry high risks, they can also achieve a turnaround with community support and a robust economic model, making it worthy of attention.
Behind the XRP price: the 'behind-the-scenes manipulation' revelation of the Korean Upbit exchange.
Finally, let's talk about the fifth-largest cryptocurrency by market cap—XRP.
Independent market analyst 'Dom' released the latest on-chain order flow data, showing that the Korean exchange Upbit played a key role in forming XRP prices.
Is Upbit's control astonishing?
Data shows that despite Binance continuously selling XRP, Upbit significantly reduced the selling pressure, resulting in a rebound in XRP prices. Dom pointed out that Upbit's capital flow in the XRP/KRW trading pair has a huge impact, even surpassing the combined selling volume of other global exchanges.
The story behind the data.
Upbit is the fourth-largest exchange globally by trading volume, accounting for 6.4% of global trading in 24 hours. The trading volume of the XRP/KRW trading pair makes up 24% of its total trading volume, far exceeding BTC and ETH. This indicates that retail enthusiasm for XRP in Korea remains strong, and this regional capital flow often directly reflects on global prices.
XRP's price is currently stable around $3.04, with a 24-hour increase of 1.3%. Clearly, Upbit's market dynamics have become an important barometer for price fluctuations.
Summary: How to grasp market heat and direction?
These days, the stories in the crypto market are exciting and varied:
RWA assets are gaining new favor from institutional capital, with the tokenization of real-world assets becoming a new growth engine.
The locking of ETH is progressing swiftly, with ETF and institutional demand acting as dual engines for supply and demand, but the macro environment remains uncertain.
With strong token destruction and technical support, BONK is expected to see a 60% rebound, and memecoins can also rise again!
XRP has quietly gained momentum in the capital flow of the Korean market, and Upbit's 'manipulation' effect is noteworthy.
For investors, the coming days require attention to macro policy direction as well as close monitoring of on-chain capital flows and key dynamics from exchanges. After all, in this fast-paced and highly volatile market, those who can better perceive the underlying forces have a greater chance of becoming winners. 🔥
Many understand the trend, but few keep the right rhythm.
The crypto world changes rapidly, with opportunities and risks coexisting. Learning to enter and exit strategically, protecting your principal, is essential for steady progress and wealth accumulation. ✍️
Remember to DYOR, manage risk well, and wish everyone smooth sailing in the crypto world! 🌊
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