Market Sentiment
Today's Fear and Greed Index is 48 (neutral), unchanged from yesterday. Market sentiment has significantly cooled after a brief period of optimism due to sharp price corrections. Over $900 million in long leverage was liquidated, combined with the macro uncertainty brought by Trump's firing of the Federal Reserve governor, leading to weak market confidence and a strong wait-and-see attitude, with a rapid shift from greed to caution in the short term.
Market Overview
BTC is currently priced at $109,988.17 USD, down 1.03% in the last 24 hours; ETH is currently priced at $4,399.64 USD, down 5.08% in the last 24 hours. The price fluctuations are primarily due to the failure of the rally following Powell's speech to sustain, leading to profit-taking. Subsequently, whale sell-offs and large-scale leveraged liquidations intensified the downward trend, while Trump's intervention in the Federal Reserve further impacted market sentiment towards risk assets.
On-chain Focus
A dormant Bitcoin whale that has been inactive for seven years has executed a remarkable operation. According to Lookonchain monitoring, this address sold 1,000 BTC (worth approximately $110 million) in the past 24 hours and immediately opened a long position in ETH worth $433 million with 5x leverage on Hyperliquid. This move reinforces the market narrative of capital rotation from BTC to ETH.
Institutional Trends
Despite the market pullback, institutional funds continue to flow in. According to Farside Investors data, there was a net inflow of $219 million into the U.S. spot Bitcoin ETF yesterday (Eastern Time August 25), while the spot Ethereum ETF recorded a strong net inflow of $444 million. This indicates that institutions are still looking to accumulate during retail panic, especially maintaining long-term confidence in Ethereum, providing underlying support for the market.
Regulation and Macro
U.S. President Trump signed a document announcing the dismissal of Federal Reserve governor Cook, marking a first in U.S. history and seriously challenging the independence of the Federal Reserve. The market reacted quickly, leading to a weaker dollar and heightened risk aversion. This event injects significant political uncertainty into the monetary policy path ahead of the September interest rate meeting, serving as a core macro factor putting pressure on the prices of global risk assets, including the crypto market.
