Crypto Market Weekly Report: Light After the Big Dump

This week, the crypto market experienced significant volatility. At the beginning of the week, influenced by the global market fall, both Bitcoin and Ethereum encountered a big dump. However, with the release of a series of positive macroeconomic data, market sentiment improved, and the prices of major cryptocurrencies began to rebound.

Market Performance

Bitcoin quickly rebounded after a big dump on Monday, demonstrating strong resilience. Ethereum also experienced a fall, although it rebounded afterward, the magnitude was relatively small.

Important Events

1. Global market turbulence: On Monday, the Japanese stock market experienced a big dump, triggering a circuit breaker, and all three major U.S. stock indexes fell, raising concerns about an economic recession.

2. Macroeconomic data eases concerns: The US July ISM Non-Manufacturing PMI and early August jobless claims data exceeded expectations, alleviating market worries about an economic recession.

3. Geopolitical risks: The ongoing tension in the Middle East has increased uncertainty in the market.

4. Changes in American politics: The Democratic Party nominated the current Vice President as their presidential candidate, and their interactions with executives in the crypto industry have sparked new expectations in the market regarding future policies.

Altcoin Market

This week, the market fear index dropped to 9.2%, falling into the extreme fear zone. Nevertheless, with improvements in macro data, the market has begun to show signs of rebound. However, the rebound of most tokens is not as strong as the overall market, reflecting that investors still maintain a cautious attitude.

The increase ranking list does not show obvious characteristics of concentrated sectors, with the top-performing tokens distributed across multiple tracks such as DEX, Depin, L1s, wallets, and privacy.

Meme tokens suffered a heavy blow at the beginning of this week, with a fall of more than 30% on average. Although there was a rebound later, the overall performance was not as good as other sectors. It is worth noting that the update cycle of Meme themes is accelerating, reflecting the vitality of this sector, but it also exposes its instability.

Social Media Hot Topics

The L1s track has become the focus of social media this week. However, the performance of related tokens is mixed, with some projects rebounding less than the overall market, which may reflect insufficient funding strength.

Theme Tracking

The Payment track performed the best, mainly benefiting from XRP's victory in the lawsuit against the SEC. In contrast, the RWA track performed the worst, possibly influenced by expectations of a recession in the U.S. economy.

Outlook for Next Week

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

2. Ethereum spot ETF funds continue to flow in, and there may be a short-term opportunity for bottom fishing, but long-term risks still exist.

3. The altcoin market is expected to see a rebound, but the extent may be limited. Investors need to closely monitor market changes and maintain a cautious attitude.

In the coming week, the market will continue to pay attention to the developments in U.S. economic data and global geopolitical situations. The holding of several important meetings and summits may also have an impact on the crypto market. Investors should remain vigilant and adjust their investment strategies in a timely manner.