Crypto Market Weekly Report: Ethereum Approaches $4000 Threshold, Bitcoin Fluctuates in Search of Bottom

Market Overview

This week, the cryptocurrency market showed an overall upward trend amidst fluctuations. The US and Europe reached an agreement on trade issues, avoiding a full-blown trade war, but there are divergences in the details of the agreement, bringing new uncertainties to the global economy. Market focus has shifted to the Federal Reserve's policy meeting, where it is expected to keep interest rates unchanged, but may open the window for a rate cut in September.

The views of industry giants on the market cycle have changed, with a general consensus that the traditional four-year cycle is no longer applicable, and the market is entering a stable prosperity phase. However, polls show that the public's understanding of cryptocurrency still has gaps, with most investors still viewing it as a high-risk asset.

Bitcoin has experienced a turbulent decline, briefly falling below the support level of $116,000. Analysts believe this is due to dual pressures from macro and micro factors. In the short term, Bitcoin may continue to face pressure, but the long-term trend depends on the evolution of the global economy and regulatory environment.

Ethereum has performed brilliantly and is expected to break through a long-term resistance level that has lasted four years. This week, a surge to $4000 is almost inevitable. BNB has reached a new high of $855, with a 24-hour increase of 7.5%.

Key Data

• Bitcoin price: $119,465, year-to-date increase of 27.77%
• Ethereum Price: $3,933.53, Year-to-date increase of 17.76%
• Market Sentiment: Fear and Greed Index 75, in the Greed Zone
• Market share: Bitcoin 60%, Ethereum 11.9%
• 24-hour liquidations: 94,528 people globally were liquidated, totaling $249 million.

ETF Capital Flow

• Bitcoin ETF: net inflow of 130 million USD
• Ethereum ETF: Net inflow for 17 consecutive days, with a net inflow of $453 million this week.

Market Hotspots

1. Ethereum is about to celebrate its tenth anniversary.
2. The Federal Reserve will announce its interest rate decision, and the market is closely watching.
3. Tokens such as SUI, ENA, and OP will experience large unlocks.
4. Ethereum chain NFT sales reached nearly $160 million, with CryptoPunks performing outstandingly.
5. The subsidiary of Ethena Foundation repurchased 83 million ENA tokens through a third party.

This Week's Outlook

1. Pay attention to the Federal Reserve's interest rate decision and non-farm employment data.
2. Binance will support the replacement of LOKA token and its renaming to A2Z
3. The Sui ecosystem project Ika will launch its mainnet on the 29th.
4. Jupiter and Sign will unlock a large number of tokens, and caution is required regarding price volatility risks.
5. Keep an eye on whether Bitcoin can break through the $120,000 mark and whether Ethereum can hit $4,000.