1. Institutional Longs: BlackRock endorsement + SEC easing of derivatives restrictions, with traditional capital continuing to flow in—long-term uptrend is promising
2. Institutional Shorts: Historical cycle patterns are repeating; heavy selling pressure on the supply side means there is still significant room for further downside
3. Whale Divergence: Some are adding to positions on dips in ETH; once the rebound is in place, they cleanly exit—near-term choppy conditions are hard to break
Two major key catalysts ahead
1. Progress on the CLARITY Act: If the bill advances smoothly and is implemented, it will directly ignite industry valuations; if it is stalled, the crypto market will face prolonged pressure
2. US Fed’s late-July PCE inflation data: If inflation remains sticky, expectations for further rate hikes will intensify
2. Institutional Shorts: Historical cycle patterns are repeating; heavy selling pressure on the supply side means there is still significant room for further downside
3. Whale Divergence: Some are adding to positions on dips in ETH; once the rebound is in place, they cleanly exit—near-term choppy conditions are hard to break
Two major key catalysts ahead
1. Progress on the CLARITY Act: If the bill advances smoothly and is implemented, it will directly ignite industry valuations; if it is stalled, the crypto market will face prolonged pressure
2. US Fed’s late-July PCE inflation data: If inflation remains sticky, expectations for further rate hikes will intensify