The U.S. Treasury Department has announced the auction of $100 billion in four-week Treasury bills, a record high. As issuers of stablecoins are required to back crypto tokens with assets such as Treasury bonds, stablecoins have become an emerging source of demand for Treasury bills.

On-chain data shows that Bitcoin found support at the key level of 112,000, with a short-term rebound target potentially reaching 116,000. Currently, 118,000 is the main resistance; if it cannot break through, it may pull back to 112,000. Overall, the trend remains weak and consolidating.

In July, Ethereum demand reached 3 million coins, mainly driven by ETF products and institutional holdings. BlackRock accounted for 78% of ETF inflows, while BitMNR and SharpLink Gaming accounted for 41% and 16% of institutional inflows, respectively. The options market shows a split in trading sentiment, with traders focusing on the key price ranges of $3,550 and $3,800 for ETH. $BTC