Crypto Assets Market Weekly Report

BTC and ETH Market Review

This week, the Crypto Assets market experienced significant fluctuations. Bitcoin was heavily impacted by a global market downturn at the beginning of the week, but as macro data was released, market sentiment improved and prices rebounded. Ethereum also suffered a heavy blow, though it rebounded, the extent was relatively small.

Important Event Review

1. The global market crash raises concerns about economic recession.

On Monday, global stock markets were severely impacted, with all three major U.S. indices falling. The market reacted strongly to the U.S. employment data coming in below expectations, raising concerns about an economic recession, which led to safe-haven trades and panic selling. However, as other macroeconomic data was released, the market gradually regained confidence.

2. The US economic data improves

The US July ISM Non-Manufacturing PMI and the early August unemployment claims data performed well, alleviating market concerns about an economic recession and gradually boosting the market.

3. The geopolitical situation is tense.

The uncertainty in the Middle East situation is increasing, putting pressure on the global market.

4. The Democratic presidential candidate in the United States has been determined.

The Democratic Party has nominated the current Vice President as the presidential candidate. He has had initial contact with executives in the Crypto Assets industry, leading to new expectations in the market regarding the Democratic Party's future Crypto Assets policy.

Altcoin Market Overview

This week, the market sentiment index dropped to 9.2%, falling into the extreme fear zone. Altcoins generally experienced a decline of over 20%, followed by a rebound, but the magnitude was not as significant as the overall market, reflecting that investors remain cautious.

The top five tokens on the gains list are distributed across different tracks such as DEX, Depin, L1s, wallets, and privacy. Although Meme coins have seen a significant rebound, their growth has not been notably outstanding, and there are long-term development concerns.

In terms of social media trends, the L1s track has received considerable attention, but the fluctuations vary. The Payment track performed the best, while the RWA track performed the worst.

Important Events Preview for Next Week

• August 13: Asian Web 3.0 Institutional Summit
• August 14: US July CPI year-on-year released; Istanbul Blockchain Week 2024
• August 15: Release of US July Retail Sales MoM
• August 16: OnChain Summit; ETHShenzhen 2024 Summit and Hackathon

Market Outlook

1. Bitcoin is expected to continue to fluctuate widely, and investors should remain cautious, but they can pay attention to rebound opportunities.

2. The funds for the Ethereum spot ETF are continuously flowing in, and there may be bottom-fishing opportunities in the short term, but long-term risks still exist. It is expected to fluctuate in sync with Bitcoin.

3. Altcoins may experience a rebound, but the increase may be relatively limited. It is advised that investors maintain a cautious attitude and closely monitor market changes.