Market Dynamics:
BTC has seen a significant decline, altcoins are broadly falling, and the market focus is on the fluctuations of ETH. The external market is under pressure as well, with U.S. stocks declining and the stablecoin issuer Circle's stock price plummeting. Due to the unexpectedly high July Industrial PPI (Producer Price Index), market expectations for a Fed rate cut have cooled, with a common prediction that only a 25 basis point cut will occur in September.
Market Highlights:
- The stablecoin ecosystem public chain TRX is relatively resilient, but Bloomberg reports indicate that Sun Yuchen personally holds 63% of the TRX tokens, which implies a high risk of market control for this cryptocurrency.
- Fan tokens (such as OG, JUV, etc.) have seen a collective surge recently; these types of tokens, lacking actual value support, are usually viewed as a signal of rising market risk appetite.
