The Federal Reserve raised interest rates by 25 basis points in July, monetary liquidity has tightened, and the market is overall dovish. Recently, BTC has underperformed relative to technology stocks. The market has made a weak correction this week, and altcoins have regained their dominance. Market hot spots are trading robots and RWA. WLD, MKR and UNIBOT performed better. The number of BTC transactions has decreased, and investors holding positions for more than half a year and one year have reached new highs. The market value of stablecoins on the market fell slightly. The MVRV indicator fell below 1 and entered the recovery stage. The futures funding rate is neutral this week, futures positions have slightly decreased month-on-month, the futures long-short ratio is 1.3, and market sentiment is neutral. The spot market is weak and volatile, and the short-term negative effects are expected to be exhausted after the Federal Reserve raises interest rates. BTC still remains above the weekly line, and the upside space is limited. The altcoin index has rebounded a lot recently, and some altcoins may have opportunities to make up for their gains.