On a macro level, according to the Wall Street Journal, Fed's Daly stated that the likelihood of implementing a significant rate cut next month is low, causing volatility in market expectations for cooling. Meanwhile, data shared by Coinbase CEO Brian Armstrong shows that over the past decade, gold has risen by 201%, the S&P 500 Index by 207%, while Bitcoin and Ethereum have skyrocketed by 49,000% and 350,000% respectively, highlighting the long-term investment return advantage of crypto assets.
In July, the US PPI rose 3.3% year-on-year, far exceeding the market expectation of 2.5%, leading some players to believe that the 'shanzhai season' will be postponed. US Treasury Secretary Yellen revealed on Fox Business that the US Bitcoin reserve size is between $15 billion and $20 billion, and confirmed that it will stop selling existing holdings. Yellen emphasized that although the US government will not directly purchase more Bitcoin, it does not mean that the plan to expand crypto asset reserves will be shelved. Since Trump's executive order to establish a Bitcoin strategic reserve was signed in March, the relevant details have received considerable attention. The Treasury added that it will explore a 'budget-neutral' accumulation path, as the earlier statement of 'not purchasing' was misinterpreted by the public as a policy shift.
The Turkish exchange BtcTurk has reported a security incident, detecting abnormal transfers of approximately $48 million in digital assets across multiple public chains, involving networks such as ETH, AVAX, ARB, BASE, OP, MANTLE, and MATIC. Funds have been transferred to two addresses and started to be exchanged, and the platform has urgently suspended deposit and withdrawal functions, contacting relevant parties for handling.
BTC: The US spot Bitcoin ETF saw a net inflow of 1,872 coins yesterday, valued at $231 million, indicating that institutional buying remains. Bitcoin closed with a 'medium bearish line' on the daily chart, with increased volume, and short-term bears are dominant. It is expected to test the support level of $117,000 over the weekend, and after digesting positions, it is likely to recover upward next week.
ETH: The US spot Ethereum ETF experienced a net inflow of 134,700 coins yesterday, valued at $640 million, showing significant enthusiasm from institutions. Although Ethereum also closed with a 'medium bearish line', showing clear short-term pressure, the bullish force remains resilient, and it is expected to regain upward momentum soon.
Shanzhai Market: The overall shanzhai sector is still oscillating at the bottom, and there has been a pullback in the short term due to unclear interest rate cut expectations. However, it is expected that some strong coins will strengthen first.
