Recently, the cryptocurrency market has continued its strong performance, with Bitcoin nearing historical highs and Ethereum's market cap reaching new highs driven by institutional increases. At the same time, global economic data, policy adjustments, and intensive cryptocurrency events are shaping the market direction, and the market vitality continues to be released under the resonance of multiple factors.
#Bitcoin Stands Firm at $120,000: Technicals Bullish, Policies and ETFs as Driving Forces.
Bitcoin reached a support level of $120,080 on Sunday night, then climbed above $122,000 in Monday morning trading, currently up about 3% for the week, just a step away from the historical peak of $123,218 set on July 14. Technical indicators show bullish momentum remains: the daily relative strength index (RSI) is at 65, well above the neutral level of 50, and the moving average convergence divergence (MACD) has shown a bullish cross, indicating upward momentum is still present. However, analysts warn that if the rally weakens, Bitcoin may retrace to the key support level of $116,000.
Policy and institutional funding have become important driving forces. On Thursday, President Trump signed an executive order allowing 401(k) retirement plans to hold cryptocurrencies, private equity, and other alternative assets, which could lead millions of retirement accounts to flow into Bitcoin, resulting in a 'huge' increase in demand. Institutional inflows are also strong: in the past week, spot Bitcoin ETF saw a net inflow of $253 million, despite the price consolidation last month, demand remains high.
#Ethereum Strong Rise: Mysterious institution buys $1 billion, market cap surpasses MasterCard.
Ethereum has recently performed even more brightly, with a price increase of 21% over the past 7 days, surpassing the $4,000 mark, currently trading at $4,332, with a market cap soaring to $523 billion, exceeding payment giant MasterCard ($519 billion). On-chain data shows that an unidentified 'mysterious institution' has crazily increased its holdings by 221,166 ETH over the past week, valued at nearly $1 billion, purchasing $212 million in just the last 24 hours. This institution stores the acquired Ether from platforms like Galaxy Digital and FalconX across 6 wallets, with the highest single wallet valued at $181 million and the lowest at $128 million.
Public companies are also actively increasing their holdings: in the past week, companies holding Ethereum in their treasury have cumulatively increased their holdings by over 304,000 ETH, valued at over $1.3 billion. Among them, BitMine Immersion Technologies purchased 208,000 ETH (approximately $900 million), followed closely by SharpLink Gaming's $303 million purchase. Technical analysts are generally optimistic, with Nilesh Verma predicting ETH could reach $20,000 in the next 6-8 months, while Merlijn The Trader believes it may break through this level. However, Ethereum co-founder Vitalik Buterin warns of the risks of declines caused by 'excessive leverage games.'
Global markets focus on economic data: inflation, tariffs, and policies are key variables.
The strength of the cryptocurrency market is closely related to global macroeconomic dynamics. US stock futures continued last week's upward trend, with the Dow Jones, S&P 500, and Nasdaq 100 futures all slightly rising by 0.1%. The Nasdaq Composite Index reached a historical high, the S&P 500 approached a new high, and the Dow Jones strengthened due to the rise in Apple’s stock price. However, investors remain cautious, with Freedom Capital Markets strategist Jay Woods believing the market may enter a 'digestion phase' with a high probability of sideways consolidation.
This week's core focus is on inflation data: on Tuesday, the US Consumer Price Index (CPI) will be released, expected to rise by 0.2% month-on-month and 2.8% year-on-year; on Thursday, the Producer Price Index (PPI) will be released, expected to rise by 0.2% month-on-month. This data will impact the expectations for the Federal Reserve's September meeting, and comes just before the Jackson Hole Economic Symposium (August 21-23), which could set the tone for interest rate policy.
The European market opened positively, with the London FTSE 100, French CAC40, and German DAX all experiencing slight increases; the Asian market is waiting to see if the US-China tariff ceasefire will be extended after the August 12 deadline, as the current 90-day truce has eased trade tensions. Emerging market assets are boosted by a weakening dollar, with the Indonesian rupiah leading Asian currencies, while the Romanian leu and Czech koruna performed outstandingly. Investors are paying attention to the Federal Reserve's dovish signals, US-China tariff negotiations, and the progress of US-Russia talks, hoping to drive the next stage of growth.
This week's cryptocurrency event calendar: launches, policies, and data are densely packed.
The new week in the cryptocurrency market will welcome several important events (the following times are Turkey time UTC+3):
• August 11 (Monday): Binance Alpha launches SatLayer (SLAY) and Xeleb Protocol (XCX); South Korean DAXA members delist ALEX token; public consultation on Hong Kong's restrictions on terms like 'virtual assets' ends; Malaysia's cryptocurrency exchange rule consultation period ends; sns.sol terminates SNS token airdrop.
• August 12 (Tuesday): The Superp Foundation opens applications for the remaining 3% airdrop; Extended launches the first phase of the transition to Starknet; FTX holds a hearing regarding Three Arrows Capital's $1.5 billion request; at 15:30, US CPI data will be released.
• August 14 (Thursday): Gemini will make an important announcement; at 15:30, the US initial jobless claims and PPI data will be released.
• August 15 (Friday): The SEC may release a new report on the Ripple case; Coinbase suspends trading of Function X (FX); SharpLink holds a Q2 earnings conference call; FTX begins the next round of creditor registration and releases $1.9 billion in disputed reserves.
• August 16 (Saturday): The Celestia Foundation acquires all TIA held by Polychain, initiating the first round of unlock.
To summarize
The current cryptocurrency market maintains strength under the leadership of Bitcoin and Ethereum, with institutional accumulation, policy loosening, and macroeconomic expectations forming support. However, the risks of technical overbought conditions, leverage pressure, and uncertainty in global economic data still need vigilance. For investors, closely tracking this week's economic data, institutional movements, and the progress of cryptocurrency events will be key to grasping market rhythm.