📌 BTC & ETH cool down: After a hot streak, BTC -4.8%, ETH -6.6%. Money is rotating into altcoins with a foundation, while memecoins/gaming are losing steam. BTC dominance falls to 58.6% — a signal that selective altseason is beginning to emerge.

📌 Macroeconomic pressure: US PPI +3.3% YoY far exceeds forecasts, UK services CPI remains at 5%. Fed minutes lean towards 'prioritizing inflation'. The market is pricing in a rate cut in September, but everything depends on Powell at Jackson Hole + NFP 05/09.

📌 Stablecoins rise to prominence: USDe surpasses $11.6B (+86.7% MoM), Circle Arc & Stripe Tempo challenge the USDT system. This is an early indicator for money rotation — stablecoins are becoming the 'dry powder' of the new cycle.

📌 Intermarket: DXY, gold, US10Y remain flat. Stocks adjust, bankruptcies increase. MMF >$7T continues to await Fed easing. BTC–S&P correlation rises to 0.44, BTC–gold also returns to a slight correlation.