Market Sentiment
The market sentiment index is 53 (neutral), significantly down from yesterday's greedy state. The core driving factors are: although macro interest rate cut expectations have triggered a market-wide rally, the frequent reallocation by on-chain whales and over $500 million in ETH inflows to exchanges have intensified the uncertainty of high-level speculation, leading to a rapid cooling of short-term speculative enthusiasm and a cautious market.
Market Overview
BTC is currently at $114,999.01 (-0.82%), and ETH is currently at $4,802.12 (-0.40%). The real driver behind this round of price fluctuations is extremely clear: Federal Reserve Chairman Powell released strong dovish signals at the Jackson Hole meeting, indicating a shift in policy focus towards job preservation, and the market quickly regarded the interest rate cut in September as a certainty, thereby directly igniting the upward trend of the crypto market and other risk assets.
On-Chain Focus
The most notable on-chain activity in the past 24 hours was the exit of a total of 111,456 ETH (worth about $538 million) from the Eigenlayer protocol. Verified, this large amount of funds has been fully transferred to Binance and OKX exchanges through associated addresses of the institution Matrixport. This is the largest scale of staking unlock outflow recently, posing significant potential selling pressure on the market.
Institutional Trends
This week, the U.S. spot Bitcoin ETF saw a massive net outflow of $1.178 billion. Among them, BlackRock's IBIT had a net outflow of $615 million. This flow of funds accurately reflects that even under favorable macro expectations, some institutions are still implementing phased profit-taking or risk-averse strategies, which directly impacts short-term market confidence and is a significant reason for the pressure on Bitcoin's price.
Regulation and Macro
The most critical macro event was Federal Reserve Chairman Powell's dovish turn at the Jackson Hole meeting. He clearly stated that the balance of policy risks has shifted towards the labor market, hinting that interest rate cuts are imminent. The core impact of this event on the short-term market is that it has completely dispelled market concerns about continued tightening, greatly boosting risk appetite and becoming a fundamental catalyst for a comprehensive rebound in the crypto market.
