The cryptocurrency market has recently seen increased volatility, presenting an overall downward trend📉. The Ninth City has launched the Web3 gaming platform the9bit, marking an acceleration of the gaming industry into the blockchain ecosystem, with the potential to drive growth in Web3 applications💻. However, Coinbase's Ethereum continues to trade at a persistent discount (the first time since April), reflecting a rising bearish sentiment in the market, accompanied by ETH breaking below $3600, with a 24-hour decline of 6.8%, and a funding rate of only 0.0012%, indicating weak leverage demand📊. In terms of institutional dynamics, a flow of 40 million USDT into Binance suggests active capital, and Cemtrex's purchase of $1 million in SOL highlights institutional buying interest📈, but Jefferies has lowered Coinbase's target price to $375, suggesting caution regarding the exchange's valuation. Huaxing Capital has applied to extend its digital asset license in Hong Kong, which is beneficial for the regulatory environment and supports market stability🌐. Macroeconomic factors cannot be ignored, as U.S. non-farm payroll data is about to be released, which may impact the Federal Reserve's rate decision in September, triggering further volatility. Matrixport predicts that Bitcoin will weaken in August-September, potentially entering a consolidation period in the short term, with a BTC funding rate of 0.0032% also indicating market caution. Cryptocurrency-related U.S. stocks have broadly declined, with BMNR down 6.9% in pre-market trading, reflecting an overall decrease in risk appetite. Looking ahead, the market is under short-term pressure, but Web3 innovation and institutional positioning may provide support. Investors need to pay attention to data guidance and manage risks🚨. Stay alert for bullish opportunities amidst the volatility.