Last night, the U.S. stock market plunged to 112k after opening, with an intraday decline of nearly 3%. It subsequently rebounded above 113k, while ETH also broke below 4100, and ETH/BTC returned to 0.036. Bitcoin's market share rose to 59%, indicating that funds are flowing back from altcoins to mainstream assets. The overall decline is still driven by macro factors, with increasing divergence in the market regarding interest rate cuts in September. If tonight's FOMC minutes are hawkish, volatility may increase.

In terms of capital, institutions in the U.S. and Europe continue to accumulate BTC and ETH at low levels, while Asian retail investors and whales are cashing out for risk aversion. ETF outflows have intensified, but major buyers like the Treasury and BMNR are still increasing their ETH holdings, making institutions the primary driving force.

There is significant divergence among altcoins, with $M, $GTC, and $GRASS rising due to community or AI concepts, $MNT supported by increased TVL, while $ADA and $ZORA plummeted due to negative news. The meme sector is actively speculated in the short term, with $PUMP firmly at the forefront.

Looking ahead to this week, if Powell leans dovish, BTC is expected to test 120k, and ETH may return to 4500; altcoins may continue to rotate among sectors, with a focus on DeFi/Layer2 and AI tracks, while meme coins are suitable for short-term trading.