Market Sentiment

The current Fear & Greed index is at 60 points, in the greed range, reflecting investors' cautious optimism about a short-term rebound in the market. The core feature is that sentiment has retreated from yesterday's 64 points, primarily driven by selling pressure from ongoing Bitcoin ETF outflows and weak macro employment data raising expectations for Fed rate cuts, leading funds to shift from risk assets to safe havens.


Market Overview

The latest price of Bitcoin is $113,589.00, with a 24-hour decline of 1.10%. The main reason is the increase in overall market selling pressure due to institutions reducing their holdings of SOL and other assets, along with the impact of ETF net outflows.

The latest price of Ethereum is $3,588.00, with a 24-hour decline of 3.30%. The volatility is due to whales increasing their short positions and losses from on-chain phishing attacks, compounded by escalating divergences in the altcoin bull market.


On-Chain Focus

In the past 24 hours, the most significant events include Galaxy Digital unstaking 250,000 SOL (worth $40.7 million) and depositing it into Binance, increasing SOL selling pressure; a whale deposited 1.25 billion PUMP (worth $4.09 million) into Kraken, expected to incur a loss of nearly $1 million; another whale unstaked 30,000 SOL (worth $4.9 million) and deposited it into Binance; phishing transactions led to user losses of $3.05 million.


Institutional Movements

Yesterday, Bitcoin spot ETF saw a net outflow of $196 million, marking four consecutive days of outflows. Among them, BlackRock's IBIT had an outflow of $77 million, increasing market selling pressure and putting short-term downward pressure on Bitcoin prices. Meanwhile, Ethereum spot ETF had a net inflow of $73 million, with BlackRock's ETHA inflow of $89 million, providing support but failing to reverse the overall gloomy sentiment.


Regulation and Macro

The U.S. SEC stated that liquid staking activities are not considered securities, reducing regulatory uncertainty, which directly benefits Ethereum ETF staking operations and stabilizes ETH prices in the short term. Trump announced tariffs on drugs and chips next week and significantly raised tariffs on India, exacerbating macro trade tensions and increasing risk aversion sentiment, amplifying short-term volatility in the crypto market.