BTC and ETH Market Review This Week

Market Performance

This week, the cryptocurrency market is showing an overall upward trend with fluctuations.

Regarding Bitcoin, although the Mtgox address transferred 13,264.69 BTC again, it did not trigger panic in the market. This Wednesday, the Federal Reserve's FOMC meeting minutes released dovish signals, which enhanced the market's expectations for a rate cut in September, leading to a temporary rise in BTC. However, the market still lacks confidence for the future, and the price subsequently retreated, ultimately showing a fluctuating upward trend.

Although Ethereum has also followed Bitcoin's upward fluctuations, its increase is weaker than that of Bitcoin. From the trading data of the US stock market, this week there has been an outflow of funds from the Ethereum spot ETF. The Ethereum ecosystem lacks attractiveness, while the rise of Meme coins in the Tron ecosystem has attracted some funds, resulting in the weak performance of ETH.

Important Events

1. The Federal Reserve released the minutes of the July FOMC meeting, clearly stating that if the data meets expectations, a rate cut may be appropriate in September. The market generally expects a 25 basis point rate cut in September.

2. The U.S. Bureau of Labor Statistics revised the employment figures for the past year ending in March down to 818,000, marking the largest revision in 15 years. Although this is below the expectations of institutions like Goldman Sachs, the market believes this will prompt the Federal Reserve to cut interest rates in September.

3. The Mtgox address transferred 13264.69 BTC again, but it did not trigger market panic. It is expected that as the BTC from the compensation address decreases, the impact of Mtgox will gradually weaken.

Altcoin Market Overview

This week, market sentiment has clearly rebounded, moving from extreme fear into the extreme greed zone. Altcoins continue the upward trend from last week, showing significantly stronger performance than BTC and ETH. Multiple sectors are experiencing a general rise, but trading volume is low, lacking sustainability. Investors are advised to pay attention to recent risks and prepare for defense.

The tokens at the top of the gainers list are diversified across multiple tracks such as DEX, POW, cross-chain, and stablecoins, showing no characteristics of sector concentration. Funds tend to speculate on projects with highlights or short-term positive news.

In terms of Meme coins, the Tron ecosystem project has surged with the support of its founder, but the popularity of Meme coins on other chains has clearly declined, and risks have increased.

The L1 track is the most followed on social media, with most projects showing an upward trend, outperforming the market. This may be a continuation of last week's rebound or the start of sector rotation.

In terms of weekly returns, the AI sector performed the best, but the trading volume is still low. The SocialFi sector performed the worst, mainly affected by the TON pullback.

Outlook for Next Week

1. Bitcoin is expected to maintain a wide range of fluctuations, and the market remains in a wait-and-see state.

2. Ethereum lacks independent market catalysts and may continue to oscillate in correlation with Bitcoin.

3. The altcoin rebound may come to an end, expected to oscillate in sync with the overall market.

Overall, the market lacks a clear direction in the short term, and investors should remain cautious and pay attention to risks.