Market Sentiment
The current Fear & Greed index is 56, indicating a neutral level. The core characteristics of this sentiment are a recovery in investor confidence but accompanied by caution, driven by Bitcoin's short-term price pullback leading to profit-taking, as well as optimistic expectations driven by institutional buying of Ethereum. The overall market is influenced by the 84.6% probability of a Fed rate cut, stimulating risk appetite, but excessive leverage exacerbates vulnerability.
Market Overview
The current price of Bitcoin is $115,996.58, with a 24-hour decline of 1.30%, attributed to institutions taking profits and a liquidation of $10.4 million in long positions across the network. The current price of Ethereum is $4,445.00, with a 24-hour increase of 1.02%, driven by whales accumulating 795,000 ETH worth $3.6 billion, offsetting the pressure from unstaking.
On-Chain Focus
In the past 24 hours, a whale address received 25,600 ETH worth $115.11 million from FalconX, suspected to be the same entity accumulating; another whale took profits on 2,437 ETH, earning $5.055 million. Meanwhile, 450 BTC were transferred from Binance to an unknown wallet, worth $53.22 million, reflecting large fund movements that enhance market liquidity.
Institutional Trends
The on-chain holding value of the US spot Bitcoin ETF has surpassed $15.3 billion, with a net inflow of $9.648 million in the past week; Ethereum ETF saw a daily inflow of $101 million, totaling over $300 million. These fund inflows have directly alleviated short-term selling pressure, stabilizing the prices of Bitcoin and Ethereum, but the growth of leverage may amplify the risk of corrections.
Regulation and Macro
The US Treasury has initiated a consultation on DeFi digital identity verification aimed at combating illegal financing, which may lead to increased compliance costs and temporarily suppress DeFi liquidity. Japan has approved its first yen-pegged stablecoin, JPYC, supporting government bonds. This policy, combined with a 84.6% probability of a Fed rate cut in September, may stimulate capital inflows into Asia, but enhanced global regulatory coordination could increase market volatility.
