Bitcoin stayed close to $6.35 million on Monday in Asian time, rising slightly over the past 24 hours, but the weekly line still fell. The overall encrypted market continues to be weak, and funds are more concentrated on a few powerful coins than on a total rebound.
ETF Weaknesses
Last week, the United States spot bitcoin ETF combined net outflows of about $390 million over five consecutive trading days, indicating that institutional funding is again weak. Of which, Fuda's FBTC is out of about $153 million. In contrast, the spot ETF net outwards only about $2.26 million last week.
This result contrasted with the previous week. In the previous week, spot bitcoin ETF had recorded net inflows for five consecutive days, totalling $853.5 million. The repeated direction of funding has also left Bitcoin lagging behind from $65,000 last week, temporarily short of further push.
Main currency rises and falls
As at the time of the issue, Bitcoin had reported about US$ 63,460 and had risen by 0.7 per cent in the day, but had fallen by 2.3 per cent over the past seven days. It's about US$ 1,900, 24 hours up 1%, and the weekly line fell 0.8%. XRP approached $1 and the weekly line fell 2.8 per cent; Solana reported about $75.47, or 1.4 per cent; and BNB remained close to $605 and rose 0.6 per cent seven days.
The total market value of the encrypted market is about $2.24 trillion, the market value of bitcoin is about $1.27 trillion, and the market share is close to 57 per cent. This suggests that the market is still dominated by bitcoin, but short-term performance is not strong, and more large-market coins are only a mild rebound.
HYPE and LINK to win the big plate
Among the mainstream currencies, Hyperliquid's HYPE performance was strong, estimated at US$ 58.81, 24 hours up 3.4 per cent, 7 days up 8.7 per cent, with a market value of approximately US$ 13.1 billion. Chanlink reported an increase of US$ 9.45, 0.7 per cent in the daytime, 15.7 per cent in the weekline, which is at the top of the top 20 coins.
Monero has also won bitcoin, which is estimated at $413.84, an increase of 4.9 per cent over seven days. Relatively weak tokens, including Stable, Quant and Canton, fell by 3.7 per cent, 3.6 per cent and 2.7 per cent, respectively. While the Uniswap rebounded on Monday, 1.3 per cent, it fell over the past seven days by 18.4 per cent, underperforming the large market value assets.
- HYPE 7 days up 8.7%
- Link, seven days up 15.7%.
- XMR 7 days up 4.9%
This week, we're following the meeting between the Fed and the White House.
The market will also focus this week on two macro-policy events. The Fed will publish the minutes of its meeting at the end of July on 19 August. The previous meeting had decided by 9 to 3 votes to maintain the interest rate range for the Federal Fund at 3.5 to 3.75 per cent, with three additional officials supporting the 25 basis points.
According to futures pricing quoted in the British Financial Times, the market's expectation of a further increase in September has fallen to about 30 per cent. At the same time, meetings on digital assets will be held in Washington. Chiefs of the encryption industry, Coinbase and Ripple, are expected to attend a White House meeting on 19 August to discuss digital asset regulation.
In short, bitcoin has still not recovered from the $65,000 to $66,000 area, and the market is in the consolidation phase. Against this background, individual tokens such as Link, Hype and XMR continue to win the big game.