Coinbase Brings Down the Crypto Circle

1. Coinbase's second-quarter report did not meet expectations, plummeting 8% after hours.

2. BTC fell below 116,500 yesterday for the first time but could not recover, which is a very dangerous signal for the short-term market and indicates that the long-standing balance between bulls and bears has been broken, leaning towards a bearish trend. If BTC cannot return to 118,000, it will further deepen the correction.

3. The medium to long-term trend of ETH remains very healthy, and in the short term, it will also follow BTC's correction.