August closed with a big negative line. In the past two months, the market can be said to be very depressed, and fear has enveloped the crypto market. However, if you look at the on-chain data, you will find that retail investors are panic selling and institutions are greedy to accumulate chips.

First of all, Bitcoin. In July, Bitcoin whales accumulated Bitcoin worth $5 billion, setting the largest monthly accumulation since 2014. Although August is not as good as July, it is also absorbing a large amount of Bitcoin, which shows that institutional investors have a strong interest in Bitcoin and are optimistic about it in the long run.

Secondly, Ethereum, the king of cottages, has surprised the community by selling a large amount of ETH by the Ethereum Foundation, and

From the perspective of the Chicago Mercantile Exchange (CME) futures market, Ethereum's trading volume has clearly shifted to Bitcoin.

The continued outflow of Ethereum ETF has also not met expectations, with a net outflow of more than $500 million since its debut. This is in sharp contrast to Bitcoin ETF, which has achieved net inflows.

So you can see that the market is more optimistic about Bitcoin and its ecological development, and cottages led by Ethereum may need a long time to give the market confidence