Gate market analysis today: Bitcoin has pulled back to 116,000 USD, while Ethereum is on an upward trend, "the strong remain strong".

Bitcoin (BTC) today (31) experienced a noticeable pullback, with the price quickly falling from around 119,000 USD, dipping below 116,000 USD at its lowest, but then rebounding. This decline was accompanied by a significant increase in trading volume, indicating strong selling pressure. After reaching the low point, BTC quickly stabilized and rebounded, currently rising back above 118,000 USD.

ETH: The price oscillated upward in the range of $3,800 to $3,900, reaching a peak near $3,940 earlier this week. Subsequently, from July 29 to 30, ETH experienced a significant pullback, with the price rapidly falling from the peak, touching a low around $3,720. This decline was accompanied by an increase in trading volume, indicating strong selling pressure. After reaching the low, the ETH price stabilized and began to rebound, currently rising back to around $3,850. During the rebound process, the price formed a new oscillation consolidation area in the range of $3,760 to $3,840.

Altcoins: The overall structure shows significant differentiation, with funds exhibiting clear characteristics of "the strong getting stronger" and "rotation of hotspots." Among the top 100 cryptocurrencies by market capitalization, Ethena (ENA) and Conflux (CFX) have become the focus with over a 33% weekly increase, demonstrating strong short-term explosive potential.

ETF Fund Situation: BTC ETF has shown a net inflow trend in the past 5 trading days, reflecting a rebound in market confidence in its medium to long-term prospects. However, in contrast, ETH ETF has performed even more impressively recently, maintaining a net inflow trend for several consecutive weeks, and during most of the time, the scale of net inflow significantly exceeds that of BTC ETF; the main reason is that ETH's recent rise has outpaced BTC, attracting more institutional funds to continue increasing their positions.

Macroeconomic Data: On July 30, the Federal Reserve announced that it would maintain the federal funds rate target range at 4.25%–4.50%, marking the fifth consecutive time of no change. Following the announcement of the rate decision, the three major U.S. stock indices experienced a sharp decline, turning from gains to losses.

The total market value of stablecoins has risen to 275.2 billion USD, with additional incremental funds flowing into the over-the-counter market.