过去的24小时又是市场屠杀的一天 全网超过16万人，在这一天遭遇了爆仓清算 DEX和CEX，总计超过了8亿美金的清算 这才是大行情该有的极速回调清算衍生品！ 那么接下来的行情会怎么走？全网在这一波剧烈的清算后，整个数据又是怎样的？接下来咏琪将会从ETF数据、清算数据、BTC，ETH行情、9月份降息、 资金费率等相关数据，来帮助大家做一期深度的数据分析： 数据一：过去24小时，全网超16万人爆仓， 超8亿美金被清算 | 爆仓热力图 1小时 | 12小时 24小时 | 4小时 | | 市种 | 总爆仓 | 交易所 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BTC $430.45万 | | SOL ADA PENGU | DOGE | 1000 | 1小时爆仓 API3 12小时爆仓 | $1844.36万 4小时爆仓 $3.63亿 24小时爆仓 | $9065.89万 $5.37亿 | | | | | $79.74万 | $71.63万 | 多单 | | $1368.37万 रे क | $8021.00万 | | | | ...

Core Insights - The article highlights the rapid growth of Bitcoin spot ETFs, with institutional capital significantly increasing their market share, currently holding over 1.296 million BTC, which is nearly 6.5% of the circulating supply [1][5] Group 1: Institutional Dominance - BlackRock's iShares Bitcoin Trust (IBIT) has emerged as a dominant player, managing approximately 744,500 BTC, representing about 3.3% of the total Bitcoin supply [3] - IBIT has been increasing its holdings at a rate of about 4,300 BTC per month, potentially adding around 130,000 BTC by the end of the year [3] - Wells Fargo has significantly increased its exposure to IBIT, raising its holdings from $26 million to over $160 million, indicating a shift from a passive to an active investment strategy [3][4] Group 2: Market Dynamics - The influx of ETF capital is tightening the supply-demand structure of the Bitcoin market, with net inflows surpassing the daily mining supply of approximately 450 BTC post-halving [5] - This structural change is leading to stronger price support while also increasing price sensitivity to macroeconomic factors and fund flows [5] - Bitcoin recently reached a historical high of $124,000, closely linked to expectations of interest rate cuts and strong ETF inflows [5] Group 3: Liquidity and Trading Challenges - The concentration of holdings in top funds like IBIT may lead to potential liquidity bottlenecks, as ETF shares cannot be directly redeemed for underlying Bitcoin [6] - The rising demand for efficient risk management tools is driving the development of new derivatives markets that combine traditional financial assets with cryptocurrencies [6] Group 4: Decentralized Trading Platforms - The value of decentralized exchanges like XBIT is being reassessed as centralized exchanges face potential liquidity constraints and stricter regulations [8] - XBIT allows users to retain actual control of their assets, executing trades through smart contracts without relying on centralized custodians [8] Group 5: Future Variables - The path to surpassing 1.5 million BTC in ETF holdings is not guaranteed, as various factors could alter the current trajectory, including macroeconomic changes and regulatory dynamics [9] - The concentration of holdings may raise systemic risk concerns, prompting regulatory scrutiny or market corrections [9] Group 6: Market Evolution - Bitcoin spot ETFs have accumulated over $50 billion in assets under management (AUM) in less than a year and a half, reshaping the market ecosystem [11] - The interaction between institutional products and the underlying scarce digital asset is entering a more complex phase, with significant implications for market dynamics [11]

－美国市场聚焦比特币现货ETF以及日本关于加密资产监管的改革－ 作者：野村资本市场研究所 坂上 圣奈（Seina Sakaue） 摘要 1. 在日本，关于加密资产的监管讨论日益增多，其背景之一是，比特币现货ETF终于获得了美国 监管机构的正式批准。受此消息影响，市场对通过有价证券投资的形式获取加密资产敞口的手段产 生浓厚兴趣，加密资产ETF因此受到了更多的关注。 2. 在美国，随着投资者对加密资产持续表现出浓厚兴趣，2025年1月上任的特朗普政府也推出了 支持加密资产发展的政策，推动了相关制度建设的加速。 3. 比特币现货ETF的出现有可能成为资金流入市场的重要渠道，同时，比特币与传统金融资产的 低相关性，可有效增强投资组合的分散性。 4. 在日本成立加密资产ETF可以考虑以下几种方式：（1）依据《投资信托及投资法人相关法 律》作为投资信托成立；（2）引入外国籍基金；（3）依据《信托法》作为受益证券发行信托成 立。此外，还需要注意加密资产和ETF在税务上的相关处理。 日本为加密资产ETF的推出铺路 5. 加密资产ETF可为投资者提供通过有价证券投资方式接触加密资产的渠道。在日本，随着投资 者对加密资产的需求不 ...

Core Insights - Grayscale's Ethereum (ETH) saw a significant net inflow of $34.6 million, while Ethereum PoW fork (ETHW) attracted $24.8 million, totaling over $59 million in a single day, indicating a positive market sentiment amidst volatility [1][4] - The inflow into Grayscale ETH, although lower than the peak in December, signals institutional confidence in mainstream cryptocurrencies, particularly as traditional funds begin to reallocate amidst a slowing Federal Reserve interest rate hike expectation [4] - The unexpected inflow into ETHW may be attributed to the community's successful "hashrate upgrade," which improved block confirmation speed by 30%, despite its weak fundamentals and reliance on short-term speculation [3][4] Grayscale ETH Insights - Grayscale ETH's net inflow of $34.6 million is a positive signal for the market, especially as it coincides with ETH trading in the $2900-$3100 range, suggesting potential institutional accumulation at lower levels [1][4] - The premium rate for Grayscale ETH has improved from -3.2% to -1.8%, indicating a recovery in market recognition and sentiment [1] Ethereum PoW Fork (ETHW) Insights - ETHW's net inflow of $24.8 million is surprising given its previous marginalization, with its market cap dropping to 0.3% of ETH [3] - The increase in ETHW's trading activity is linked to its recent technical improvements, but caution is advised due to its low staking volume and reliance on speculative trading [3] Market Dynamics - The inflow trends reflect a divergence in market behavior, with institutional investors showing long-term confidence in ETH while retail investors chase high-volatility opportunities in ETHW [4] - The shift of funds from Bitcoin to altcoins, as evidenced by Bitcoin's lower net inflow of $12 million, suggests a broader market rotation [4] Historical Context - The article references a significant market crash on February 3, where ETH dropped 25%, leading to massive liquidations across the crypto market, highlighting the risks associated with high leverage [6] - Following the crash, there was a notable recovery in institutional interest, with a record net inflow of $300 million into Ethereum ETFs, indicating a "buy the dip" mentality among institutions [7] Inflation Concerns - Post-transition to Proof of Stake (PoS), Ethereum's inflation rate has returned to 0%, raising concerns about the effectiveness of token burning mechanisms [9] - Despite the inflation concerns, the PoS inflation rate remains lower than that of Proof of Work (PoW) and Bitcoin, suggesting a potential long-term advantage for ETH [9]

Core Insights - Bitcoin continues to decline, dropping below $112,000, while Ethereum also sees significant losses, reaching a low of $3,355, amid fears of an economic recession triggered by disappointing U.S. non-farm payroll data [2][4]. Market Performance - Bitcoin (BTC) fell to a low of $111,903, with a near 24-hour decline of 0.45%, currently rebounding to $113,430 [2]. - Ethereum experienced a more severe drop, hitting a low of $3,355, marking its lowest point in two weeks, with a 24-hour decline of 2.3%, currently at $3,440 [4]. ETF and Fund Flows - The Bitcoin and Ethereum spot ETFs in the U.S. saw significant outflows, with Bitcoin ETFs recording a net outflow of $810 million on August 1, the highest in nearly six months [5]. - Ethereum's continuous net inflow record was broken, with a recorded outflow of $150 million on the same day [9]. Market Sentiment - The cryptocurrency fear and greed index fell below 50 for the first time in a month, indicating a decrease in market enthusiasm [6]. - A total of 118,000 traders were liquidated in the past 24 hours, with total liquidation amounting to $390 million [10][11].

Core Insights - Ethereum spot ETFs have recorded net inflows for 13 consecutive trading days, attracting over $4 billion in total, indicating a growing demand from institutional investors for exposure to Ethereum [1][3][5] Group 1: Fund Inflows - On July 22, Ethereum spot ETFs saw a net inflow of $534 million, extending the streak to 13 days [1] - During this period, total net inflows for all Ethereum ETFs increased from $4.25 billion to $8.32 billion, with total net assets reaching $19.85 billion, representing 4.44% of Ethereum's market cap [3] - The iShares Ethereum Trust (ETHA) led the inflows with $426 million on a single day, surpassing $10 billion in assets [3] Group 2: Market Dynamics - The inflows into Ethereum ETFs are driven by a decline in Bitcoin's dominance and an increasing institutional demand for Ethereum exposure [6] - Notably, on July 16, Ethereum ETFs recorded a single-day inflow of $727 million, the highest since the product's launch [6] - The demand for Ethereum is expected to exceed supply significantly, with projections indicating a potential demand of $20 billion worth of ETH over the next year, while only 800,000 ETH are expected to be issued during the same period [6]

Group 1 - The approval of Bitcoin spot ETFs in 2025 is seen as a milestone for the mainstreaming of the crypto market, allowing traditional financial capital to invest in BTC assets through standard securities accounts [1] - Infrastructure-focused crypto assets, which have clear cash flow attributes and industry barriers, are gaining more attention from professional institutions, with BitEngine positioned at the intersection of this trend [1][3] - BitEngine's business structure provides a stable source of BTC production, making it a key player as demand surges due to ETF approvals, while new BTC output decreases due to halving [3] Group 2 - The approval of ETFs has activated a number of compliant crypto investment funds, with several digital asset funds in the US and Hong Kong planning to allocate to BitEngine and similar assets [3] - BitEngine's website has seen a monthly average user growth of over 300% since the ETF approval, indicating increased interest among end users and investors [3] - Fund managers believe that the ETF approval will not only lead to an increase in BTC prices but also a revaluation of the entire crypto industry chain, positioning BitEngine as a composite platform that can capture this value [3][4] Group 3 - The combination of ETFs and BitEngine signifies a new phase where BTC becomes an "institutional-grade asset" and platforms like BitEngine evolve into "institutional-grade infrastructure" [4] - BitEngine's governance model, voting mechanism, and community mining incentives are designed to enhance user loyalty and contribute to the stability of its on-chain ecosystem [4]

Group 1 - Bitcoin surged to a historical high of over $123,000, driven by expectations of favorable cryptocurrency policies from the U.S. government [1] - Institutional investor participation in Bitcoin is still in its early stages, with estimates showing that pension funds hold less than 5% of Bitcoin spot ETF assets [1][2] - Retail investors currently dominate the cryptocurrency market, with significant buying activity correlating with price increases [2] Group 2 - The U.S. House of Representatives passed legislation to establish a regulatory framework for stablecoins, paving the way for the first federal digital asset laws [2] - Major banks like Bank of America and Citigroup are preparing to launch stablecoins, indicating growing institutional interest [2] - The number of institutions actively participating in the cryptocurrency space, including pension funds, is expected to increase by 2026 [2] Group 3 - Companies like MicroStrategy and GameStop are increasingly converting cash reserves into Bitcoin holdings, indicating a shift in corporate treasury strategies [5] - The total Bitcoin holdings of publicly traded companies have increased by 120% since July of last year, now accounting for over 4% of the total Bitcoin supply [5][6] - Recent legislation in the U.S. may encourage more companies to allocate cash reserves to cryptocurrency assets [6] Group 4 - The demand for cryptocurrency ETFs has surged, with net inflows reaching $4 billion last week, marking a new high for the year [6] - Major institutional investors, including the Wisconsin Investment Board and Abu Dhabi's Mubadala Sovereign Wealth Fund, have publicly announced investments in cryptocurrency ETFs over the past 18 months [6] Group 5 - Year-to-date, Bitcoin has risen approximately 25%, while the total cryptocurrency market capitalization has reached $3.8 trillion, a 66% increase since last November [9]

Group 1 - The cryptocurrency market is experiencing a bullish trend, with Bitcoin surpassing $118,000 and Ethereum breaking the $3,000 mark, contributing to a total market capitalization of $3.7 trillion, which has increased by over 1% in 24 hours [2][3][8] - The macroeconomic environment remains uncertain, with mixed signals; however, positive employment data from the U.S. indicates a lower likelihood of interest rate cuts in the short term, with a 95.3% probability of rates remaining unchanged in July [3][5] - Regulatory developments are progressing positively, with significant bills related to stablecoins and digital asset markets moving forward, and the SEC collaborating with exchanges to establish cryptocurrency ETF listing standards [6][7] Group 2 - Institutional demand is surging, evidenced by significant inflows into Bitcoin and Ethereum ETFs, with Bitcoin seeing a net inflow of $218 million and Ethereum $211 million over recent days [7] - The current price increase is attributed to a decrease in selling pressure, with long-term holders now owning 74% of Bitcoin's total supply, indicating a shift towards accumulation rather than distribution [8][11] - The correlation between the cryptocurrency market and U.S. stock markets is strengthening, with recent highs in the Nasdaq and S&P 500 aligning with Bitcoin's price movements, suggesting a broader risk-on sentiment [11][13] Group 3 - The rise of Ethereum is drawing more attention as it is perceived to have greater ecosystem potential compared to Bitcoin, with many altcoins still significantly below their previous highs [13][14] - The stablecoin concept is gaining traction in both A-shares and Hong Kong stocks, with notable price increases in related stocks, reflecting the market's enthusiasm for digital currencies [14] - Despite the bullish sentiment, caution remains prevalent among retail investors, with concerns about the sustainability of the rapid price increases and potential market manipulation [15][17]

Group 1 - The core viewpoint of the article is that the launch of the "Solana Staking ETF" marks a significant development in the cryptocurrency ETF market, transforming SOL from a price-dependent asset to one that can generate its own returns through staking [2][5][9] - The ETF was launched on July 2, with a trading volume of $8 million in the first 20 minutes and a total of approximately $33 million on its first day, indicating a strong initial interest [2][3] - The ETF's structure allows for a minimum of 40% of assets to be allocated to foreign Solana ETPs, with the remaining assets held in a C-Corp structure to generate around 7% annualized returns, providing a compliant pathway under U.S. regulations [5][9][10] Group 2 - The "Solana Staking ETF" differs from traditional ETFs by utilizing a special regulatory framework and requiring custodians to hold the underlying digital assets rather than the fund issuers [4][5] - Market reactions to the ETF have been muted, with SOL's price rising only about 3.6% within 24 hours of the launch, suggesting a more mature market expectation compared to previous ETF approvals [2][6] - The approval of the SSK ETF has increased anticipation for other Solana ETFs currently under review, indicating a potential wave of new ETF products in the coming months [7][8] Group 3 - The SEC has delayed decisions on other Ethereum ETF proposals, raising concerns about the risks associated with staking and the complexities of reward distribution, which may affect future ETF approvals [8][9] - The approval of the SSK ETF is seen as a positive signal for future products, particularly those incorporating staking features, but regulatory scrutiny will remain based on the specifics of each asset [9][10] - The successful launch of the SSK ETF could lead to increased liquidity in the cryptocurrency market and attract more institutional investors, although it may also heighten market volatility [7][8]