As of August 8, major coins overall are showing a pattern of “Bitcoin diverging from some altcoins.” The market’s characteristics of limited available supply and ongoing struggle are evident, with strong prevailing wait-and-see sentiment.
Bitcoin (BTC) and Ethereum (ETH): choppy rebound, lacking momentum
BTC is consolidating around $64,900**. It has gained about 3% over the week, and the technical picture remains in a narrow range of 63,000 to 65,000. The implied risk is that if it falls below **$61,658, the liquidation pressure from net long positions on major CEXs would reach as high as $1.403 billion.
ETH is moving in tandem, trading at **$1,914**, while **$1,935** above it forms near-term resistance.
Altcoin divergence: XRP falls on regulatory setbacks, while SOL and DOGE are relatively strong
XRP was hit by the U.S. Senate’s postponement of the “Clarity Act,” falling about 2% in 24 hours to $1.02**. Technically, it has formed a “death cross,” making it the only coin among the top ten that is declining.
SOL and DOGE have performed impressively. SOL is up to around **$73.7**, and DOGE is up more than 1.5%, becoming a short-term safe-haven choice for funds.
The core logic in the market: capital shifts toward derivatives trading
Despite this week’s inflows into ETFs, the Coinbase premium has remained negative for about 80 days, indicating muted U.S. institutional spot buying. Binance BTC futures trading volume has already reached 7.82 times that of spot (a historical high), suggesting that current price-setting power is dominated by high-leverage contracts. Directional bets should be made cautiously due to liquidation risks.
Bitcoin (BTC) and Ethereum (ETH): choppy rebound, lacking momentum
BTC is consolidating around $64,900**. It has gained about 3% over the week, and the technical picture remains in a narrow range of 63,000 to 65,000. The implied risk is that if it falls below **$61,658, the liquidation pressure from net long positions on major CEXs would reach as high as $1.403 billion.
ETH is moving in tandem, trading at **$1,914**, while **$1,935** above it forms near-term resistance.
Altcoin divergence: XRP falls on regulatory setbacks, while SOL and DOGE are relatively strong
XRP was hit by the U.S. Senate’s postponement of the “Clarity Act,” falling about 2% in 24 hours to $1.02**. Technically, it has formed a “death cross,” making it the only coin among the top ten that is declining.
SOL and DOGE have performed impressively. SOL is up to around **$73.7**, and DOGE is up more than 1.5%, becoming a short-term safe-haven choice for funds.
The core logic in the market: capital shifts toward derivatives trading
Despite this week’s inflows into ETFs, the Coinbase premium has remained negative for about 80 days, indicating muted U.S. institutional spot buying. Binance BTC futures trading volume has already reached 7.82 times that of spot (a historical high), suggesting that current price-setting power is dominated by high-leverage contracts. Directional bets should be made cautiously due to liquidation risks.