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BTC fluctuates and consolidates while ETH performs strongly; the market rose by 1.84% this week.
Crypto Assets Market Weekly Report: Bitcoin Fluctuates and Consolidates, Ethereum Shows Strong Performance
This week, the crypto assets market remained stable overall, with Bitcoin fluctuating between $115,000 and $120,000, recording a weekly increase of 1.84%. Ether performed strongly, rising by 3.07%, continuing to support market expectations for an altcoin season.
Bitcoin opened at a price of 117,315.68 USD this week, closed at 117,312.70 USD, reached a high of 120,300.00 USD, and dipped to a low of 114,750.00 USD, with an amplitude of 4.73%. The trading volume remained at a high level.
U.S. economic data shows resilience, but manufacturing PMI is below expectations. The market still anticipates a rate cut in September, though the probability has dropped to 64.5%. There is strong selling pressure near the key level of $120,000, but buying from institutional investors and spot ETFs has fully absorbed the selling pressure, resulting in a bullish market.
There has been significant progress in global trade relations. The United States has reached new trade agreements with Japan and the European Union, with tariff rates generally set at around 15%, lower than previously expected by the market. These developments have contributed to a slight increase in U.S. stocks this week, with the Nasdaq, S&P 500, and Dow Jones indices rising by 1.02%, 1.46%, and 1.26%, respectively.
The crypto assets market is undergoing a style transition, with signs of reversal in the Ethereum/Bitcoin trading pair. The subsequent upward momentum of Bitcoin may rely more on corporate purchases and the inflow of spot ETF funds.
In terms of capital flow, this week the total net inflow in the market reached 6.002 billion USD. Among them, the stablecoin channel accounted for 3.192 billion USD, the Bitcoin spot ETF channel for 702 million USD, corporate purchases for 898 million USD, and the Ether spot ETF channel for 1.842 billion USD. It is worth noting that the inflow into the Ether ETF channel has exceeded that of Bitcoin, and this trend is worth paying attention to.
At the same time, long-term holders have begun to sell off in large quantities, with over 190,000 Bitcoins sold in the past three weeks. In particular, some long-silent large holders have started to become active, putting some psychological pressure on the market. However, strong buying from outside the market provides robust support for Bitcoin prices.
Overall, the crypto assets market is still in an upward cycle, but it may continue to fluctuate and consolidate in the short term. Investors need to closely monitor factors such as the Federal Reserve's monetary policy, institutional investment trends, and ETF capital flows.