This Week's Cryptocurrency Market Dynamics
Last week (8.18-8.24), the net outflow amount for BTC ETFs was $1.178 billion, with BTC remaining in a narrow fluctuation range throughout the week. After Powell's dovish remarks last week, the market briefly surged but fell back to the starting point over the weekend. Currently, BTC's market share is reported at 57.2%, and this figure is further declining, indicating that more altcoins are experiencing rapid market cap growth.
Last week, ETH ETFs saw a net outflow of $240 million, breaking a record of 11 consecutive weeks of net inflows. In the first three working days of last week, ETH ETFs experienced a total outflow of $870 million, but on Thursday and Friday, there was an inflow of $630 million. During this period, ETH's market performance also outperformed BTC. With strong capital inflows, ETH continued to rise, reaching $4,956 over the weekend, breaking its historical high, before turning down in the early hours of Monday. ETH's market share is currently reported at 14.5%, and the ETH/BTC exchange rate is reported at 0.042, still showing strong performance.
This Week's Popular Coins
In terms of popular coins, SOL, OKB, BIO, MEME, and PROMPT have all performed well. SOL's price increased by 11.63% this week, reaching a high of 213.01 USDT. OKB's price rose by 66.76%, with a 24-hour trading volume of 2.55 million. BIO and PROMPT increased by 87.85% and 173.67% respectively this week. MEME's price surged by 100.93%, with a 24-hour trading volume of 130.45 billion.
U.S. Market Overview and Hot News
Last week, the U.S. stock market showed overall divergence: the Dow Jones rose about 1.5%, reaching a new high for the year; the S&P 500 slightly increased by about 0.3%; while the Nasdaq fell by about 0.6%. The positive news came from Federal Reserve Chairman Powell's dovish signals at the Jackson Hole annual meeting, which heightened market expectations for a rate cut in September; however, large tech stocks faced profit-taking, putting pressure on the Nasdaq.
On August 28 at 20:30, the U.S. will release the revised annualized quarterly rate of real GDP for the second quarter.
The Hong Kong Bitcoin Asia Summit will be held from August 28 to 29, with Eric Trump scheduled to speak.
Popular Sectors and Project Unlocks
DeSci Sector
Last week, the DeSci sector overall rose about 7.7%, with a market cap reaching approximately $799 million, becoming a popular market track. The positive momentum mainly came from Bio Protocol (BIO), which led in trading volume and price increase, attracting capital and attention. Additionally, DeSci was rated as "the hottest sector of the week" by several market platforms, drawing investors' interest in the potential of combining research and blockchain.
Jupiter (JUP) will unlock approximately 53.47 million tokens on August 28, valued at about $27.1 million;
Kamino (KMNO) will unlock approximately 229 million tokens on August 30, valued at about $13.3 million;
Risk Warning:
The risks associated with using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant loss risks. Past, hypothetical, or simulated performance does not necessarily represent future results.
The value of digital currencies may rise or fall, and there may be significant risks associated with buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.
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