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ETH leads the market pump, institutional capital has seen net outflow for the first time in 15 weeks.
Crypto Market Weekly Report: ETH Leads the Market, Institutional Funds Experience Net Outflow for the First Time in 15 Weeks
Macro Liquidity
Liquidity in the currency has improved. Federal Reserve officials expressed concerns about the latest signs of weakness in the labor market, reinforcing market expectations for a possible interest rate cut in September. Although U.S. stocks continued to rise in August, the key support force of retail buying is weakening, and risks are accumulating for September. The crypto market has weakened alongside U.S. stocks.
All Market Trends
This week, Bitcoin has fallen, altcoins have generally declined, and small-cap coins are active. The main focus of the market revolves around the Ethereum ecosystem.
Top 300 Market Cap Price Change:
Top 5 in increase: MYX (1600%), M (60%), REKT (30%), PUMP (20%), TOSHI (20%) Top 5 Declines: FRAX (20%), PI (20%), WEMIX (20%), SUPER (20%), MOG (20%)
On-chain data
After reaching a new high, Bitcoin's price shows hesitation in its trend. The profitability of short-term holders is declining, and ETF fund flows have turned negative, marking the largest outflow since April 25. The market financing rate has fallen, indicating weakened confidence in short-term price increases.
The supply of stablecoins continues to grow by 1%.
Institutional funds have seen a net outflow for the first time in 15 weeks, while ETH continues to attract inflows.
The long-term trend indicator MVRV-ZScore reflects the overall profitability of the market. When the indicator is greater than 6, it indicates a top range, and when it is less than 2, it indicates a bottom range. Currently, MVRV is on a downward trend.
Futures Market
Futures funding rate: This week's rate is 0.01%, which is at a normal level. When the rate is between 0.05% and 0.1%, there is often more long leverage, which tends to indicate a short-term market top; when the rate is between -0.1% and 0%, there is often more short leverage, which tends to indicate a short-term market bottom.
Futures open interest: This week, the open interest for Bitcoin has started to decline, indicating that the market's main capital is retreating.
Futures long-short ratio: 1.1, indicating neutral market sentiment. Retail sentiment is often seen as a contrarian indicator, with below 0.7 being considered fearful and above 2.0 being considered greedy. However, the long-short ratio data is quite volatile, reducing its reference significance.
Spot Market
This week, Bitcoin performed poorly, with its market share declining by 5% to 61%. Looking back at July, the overall market value of cryptocurrencies rose by 13%, mainly due to increased institutional demand for funds. Altcoins like Ethereum performed well, with ETH spot ETFs recording a record net inflow for 20 consecutive days.
In terms of legislation in the United States, the House of Representatives passed a bill regulating stablecoins, which was signed into law by the President. This marks a further improvement of the crypto market regulatory framework.