Crypto Assets Market Weekly: BTC and ETH Fluctuate Downward, Altcoin Performance Weakens

This week, the Crypto Assets market has shown an overall trend of fluctuating decline. BTC and ETH have both exhibited a fluctuating downward trend, mainly influenced by several major events. The altcoin market has also generally shown weakness, lacking significant hotspots.

BTC and ETH Market Performance

Bitcoin has experienced overall fluctuations downward this week, mainly influenced by two major events: first, the arrest of the founder of a certain instant messaging platform, and second, the market adjustments triggered by the financial report release of a certain chip company. These events reflect the current weak purchasing power in the market and investors' concerns about future uncertainties.

Ethereum follows Bitcoin closely, also showing a fluctuating downward trend. The co-founder of Ethereum expressed on social media that he does not support decentralized finance ( DeFi ), triggering strong opposition from ecosystem project parties and users. There is an increasing number of pessimistic voices in the market regarding Ethereum's future development, leading to its relatively weak performance.

Key Event Review

1. The founder of a certain instant messaging platform was arrested in France and charged by the court with multiple felonies, restricting his departure. This incident has had a negative impact on the related ecosystem.

2. The founder of Ethereum has publicly stated his opposition to DeFi, which has sparked widespread opposition within the industry. If Ethereum indeed abandons its support for DeFi in the future, it could lead to a mass migration of projects to other public chains.

3. A well-known chip company released its financial report, and although its revenue exceeded expectations, it failed to bring surprises to the market, causing a brief decline.

Altcoin Market Overview

This week, the market sentiment index has plummeted to 38%, shifting from extreme greed to fear. The Altcoin market is affected by multiple factors, including the significant events mentioned above and the lack of notable market hotspots.

In terms of the increase in TVL for public chains, Sei, Merlin, Aptos, Near, and Sui have performed remarkably. These public chains have attracted market attention through technological upgrades, ecosystem expansion, or new projects.

The token gain leaderboard shows that FET, PENDLE, ZRO, IMX, and TRB are at the forefront, coming from the AI, LSDFi, cross-chain, L2, and oracle sectors respectively. However, this week's gains are significantly lower than last week's, reflecting an overall weak market.

The Meme token sector has rebounded strongly, partly benefiting from the mainstream public chains' shift in attitude towards supporting Meme projects.

Social Media Trends and Topic Tracking

The most关注度 on social media is still the Layer 1 blockchain projects, but there is a general downward trend. In the current market environment, investors maintain relatively stable confidence in infrastructure projects.

According to the weekly return statistics, the GameFi sector performed the best, while the SocialFi sector performed the worst. However, even the best-performing GameFi sector still has a negative cumulative increase.

Outlook for Next Week

1. Bitcoin may exhibit an upward oscillating trend under the influence of macro data, particularly the U.S. unemployment rate data for August will be closely watched.

2. Ethereum is expected to perform better than Bitcoin due to support for Meme projects within its ecosystem.

3. The Altcoin market is expected to mainly follow macro data fluctuations, making it difficult to break out into an independent market trend. Each sector lacks hotspots and may continue to closely correlate with the overall market movement.

Investors should closely monitor the release of U.S. macroeconomic data next week, particularly indicators such as the manufacturing PMI, ADP employment figures, and unemployment rate, as well as their potential impact on the market.