Latest Updates in the Crypto Market: Bitcoin and Ethereum Face Technical Pullbacks, Alts May Experience Rotation Market

1. Market Overview

US inflation data has been below expectations for five consecutive months, but there are differing opinions in the market about future trends. Some believe that the impact of tariffs will become apparent in July and August, while others emphasize the pricing restraint of companies amid weak demand. There are also differing voices within the Federal Reserve, and the direction of policy remains unclear.

In terms of regulation, the U.S. Congress has expedited the legislative process by establishing "Cryptocurrency Week." The "GENIUS Act" has become the core of the regulatory framework, bringing the stablecoin market under regulation and requiring reserves to be in cash and short-term U.S. Treasury bonds. This initiative not only regulates the market but also helps to consolidate the digital dominance of the dollar and alleviate the fiscal deficit.

Bitcoin has entered a pullback after reaching a new high of $123,000. Several analysts believe that Bitcoin may retrace to the range of $113,800 to $117,000 to fill the CME futures gap, after which it is expected to start a new round of increase. The market has not yet peaked, and there is strong support in the range of $93,000 to $109,000.

Ethereum's market capitalization has surpassed 10%, with the demand growth driven by the trends of stablecoins and tokenization. On the technical side, analysts are focused on the CME gap in the range of $2,830 to $2,925, believing that after the pullback, it is expected to break through $3,200.

The altcoin market is showing sector rotation. Payment tokens XRP and XLM are leading the charge, while large-cap coins like BNB and LINK are poised to take off, with the Solana ecosystem and Layer 1 projects forming a tiered structure. The popularity of Chinese meme coins remains strong, with "Bee Dog", "Pump", and "Wang Chai" all reaching new highs.

2. Key Data

• Bitcoin: $117,798, year-to-date +26.05%
• Ethereum: $117,798, year-to-date -5.91%
• Fear and Greed Index: 71 (Greed)
• Market share: BTC 62.9%, ETH 10.2%
• Total liquidation amount in 24 hours: $355 million

3. ETF Capital Flow

• Bitcoin ETF: Net inflow for 9 consecutive days, +$403 million
• Ethereum ETF: Continuous net inflow for 8 days, +$192 million

4. Recent Important Events

• July 16: Binance Wallet conducts Hyperion (RION) Bonding Curve version TGE
• July 16: Eclipse opens ES token airdrop
• July 17: The Federal Reserve released the Beige Book on economic conditions
• July 17: New York Fed President Williams speaks on the U.S. economy and monetary policy.
• July 16-17: Multiple project tokens will be unlocked, including Arbitrum, UXLINK, Solv Protocol, ApeCoin, and ZKsync.

5. Market Hotspots

• Two multi-signature wallets, possibly belonging to the same entity, collectively spent over $100 million to purchase 33,366 Ether.
• Movement completed the $MOVE pullback, the foundation repurchased approximately 180 million coins.
• Standard Chartered Bank launches Bitcoin and Ethereum spot trading services for institutional clients
• Ondo Finance acquires Strangelove, accelerating the development of a full-stack RWA platform.
• SharpLink raised approximately $413 million, with about $156 million invested in Ether.
• Pump.Fun allegedly transferred 98,000 SOL to the buyback address, worth approximately 16 million USD.