The cryptocurrency market remains weak today, with Bitcoin prices falling to $55,000 as risk-averse sentiment rises. Both BTC and ETH ETFs have experienced consistent outflows, particularly in ETH, which has drawn significant market attention. The upcoming Federal Reserve meeting and the market’s reaction to the non-farm payroll data are the main drivers of market sentiment.

Daily Macro:

Bitcoin Market Performance: Bitcoin prices have fallen to $55,000. Last week, the U.S. ADP employment data came in below expectations, further fueling market anticipation of future rate cuts. At the same time, increased attention on the non-farm payroll report has left investors in a wait-and-see mode.

ETF Performance: Bitcoin ETF outflows have continued for seven consecutive days, with a total of $211 million withdrawn, marking the longest continuous outflow of the year. ETH ETFs performed even worse, with only one day of inflows in the past two weeks, and total outflows reaching $111 million. Large institutions like BlackRock and Fidelity have not made new purchases in recent days, reflecting weakened market confidence in Ethereum.

Macroeconomic Data: CME data shows a 41% probability of a 50-basis point rate cut in September and a 59% chance of a 25-basis point cut. The weaker-than-expected non-farm payroll data has further increased the likelihood of rate cuts.

Daily Focus:

Fractal Bitcoin Mainnet Launch

Reason for Focus:

The Fractal Bitcoin mainnet has officially launched, introducing a new Bitcoin network with PoW consensus mechanisms. In the tokenomics model, 50% of tokens are allocated to mining and 80% to community development. The mainnet launch has brought new vitality to the Bitcoin ecosystem, attracting a large number of users and miners.

Related Token Performance:

$SATS fell by more than 5% within 24 hours, while $ORDI dropped by 0.59% over the same period.

Market Outlook:

The launch of the Fractal mainnet could be a key step in expanding the Bitcoin ecosystem. If it successfully attracts a large user base and achieves technical breakthroughs, Fractal could inject new growth momentum into the Bitcoin ecosystem.

Next Focus:

Major Events

Marathon Digital Continues Buying BTC:

Marathon Digital has purchased another $100 million worth of Bitcoin, continuing its HODL strategy.

ETH Foundation Sells Large Amounts:

Over the past week, the Ethereum Foundation has sold 100 ETH, worth approximately $240,000, adding selling pressure to the market.

Bitcoin Mining Pool Launches SOLO Mining:

SpiderPool mining pool has introduced SOLO mining services for $FB.

CoinEx Daily: BTC Drops to $55,000, ETF Outflows Continue, ETH Under Pressure