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Macro News Overview

Yesterday, the Bitcoin Conference opened grandly, bringing a wave of attention to the market. At the same time, the U.S. stock market has finally shown signs of stopping its decline after experiencing recent volatility. However, the fierce election battle continues, adding a layer of uncertainty to the market. On the other hand, the market has begun to anticipate news of an interest rate cut in September, which has had a certain impact on market sentiment.

Ethereum ETF fund flows

On July 25, the Ethereum ETF experienced a net outflow of US$152 million, of which Grayscale’s outflow was still huge, maintaining a daily level of US$300-400 million, equivalent to a daily outflow of approximately 100,000 ETH. Ethereum's decline is indeed significant. If the decline is calculated, some believe that its price may fall to around $3,000. Currently, the main problem facing the Ethereum ETF is relatively small inflows.

Bitcoin spot ETF and mining company dynamics

In contrast, the Bitcoin spot ETF achieved a net inflow of US$31.4 million yesterday, showing a certain market appeal. On the other hand, Bitcoin miner Marathon Digital Holdings announced a major move as the company purchased $100 million worth of Bitcoin, taking its BTC holdings on its balance sheet to over 20,000. Marathon Digital Holdings also stated that it will once again adopt a comprehensive HODL strategy, retaining all mined Bitcoins and making additional purchases on a regular basis. This move shows the strong optimism among mining companies for the Bitcoin market.

AAVE’s market performance and prospects

There is positive news from AAVE, with the project looking to initiate fee conversion or token buyback from the open market. The news spurred AAVE to rise by more than 10%. The market performance of established cryptocurrency projects remains active, stimulated by favorable news.

For example, without positive stimulus, AAVE's price would be about the same as it would be in 2022. Similarly, when the UNI project planned to empower tokens at that time, the price also rose rapidly. As long as these old DEFI coins in 2021 remain aggressive, they are not completely without opportunities. But if you want to return to the peak period in 2021, you may still face certain challenges.