Bitcoin and Ethereum prices pullback, follow CME gap repair

Core inflation data in the U.S. for June fell below expectations for the fifth consecutive month, but there are differing views on future trends in the market. Some opinions suggest that the impact of tariffs has not yet fully manifested, and greater price pressures may arise in July and August; another camp emphasizes the pricing restraint of businesses amid weak demand. There are also differing views within the Federal Reserve, with policymakers inclined to take a wait-and-see approach.

In terms of regulation, the U.S. Congress has accelerated the legislative process by establishing "Cryptocurrency Week." The "GENIUS Act" will become the core of the regulatory framework, requiring stablecoin reserves to be in cash and short-term U.S. Treasury bills. This initiative not only regulates the market but also helps consolidate the digital hegemony of the dollar and mitigate the fiscal deficit. At the same time, giants like Amazon are laying out stablecoins, attempting to establish an efficient cross-border settlement network. This shift in regulatory paradigm may strengthen Bitcoin's position as a digital gold asset allocation.

Bitcoin entered a pullback after reaching a new high of $123,000, with several analysts predicting that the price may retreat to the $113,800-$117,000 range to fill the CME futures gap, followed by a potential new round of increases. The market has not shown signs of topping, with the next key level at $136,000 and strong support in the $93,000-$109,000 range.

Ethereum's market capitalization proportion has exceeded 10%, with stablecoins and tokenization trends driving its demand growth. Technically, analysts are focusing on the CME gap of $2,830-$2,925, believing that after a pullback, it is expected to break through $3,200. Ethereum's trading activity has increased, showing potential for a rebound in light of anticipated liquidity easing.

The altcoin market is showing sector rotation, with payment tokens leading the way. Major coins are gearing up, while the Solana ecosystem and Layer 1 projects are forming a tiered structure. The popularity of Chinese Meme narratives remains strong, with multiple tokens reaching historical highs. AI-related tokens are also performing impressively.

Key Data (As of July 16, 12:00 HKT)

• Bitcoin: $117,798 (Year-to-date +26.05%), Daily trading volume $66.923 billion
• Ethereum: $117,798 (Year-to-Date -5.91%), Daily Trading Volume $41.523 billion
• Fear and Greed Index: 71 (Greed)
• Market Share: BTC 62.9%, ETH 10.2%
• 24-hour BTC long-short ratio: 49.4%/50.6%
• Sector Performance: DeFi up 5.98%, GameFi up 4.52%
• 24-hour liquidation: 106,515 people liquidated, total amount $355 million

ETF Flow (As of July 15)

• Bitcoin ETF: +$403 million, net inflow for 9 consecutive days
• Ethereum ETF: +$192 million, net inflow for 8 consecutive days

Today's Outlook

• Binance Wallet will conduct Hyperion (RION) Bonding Curve version TGE
• Eclipse will open ES token airdrop
• The U.S. House fundraising committee will explore digital asset tax policies.
• The Federal Reserve will release the Beige Book on economic conditions.
• New York Fed President Williams will speak on the U.S. economy and monetary policy.
• Multiple projects will undergo token unlocks, including Arbitrum, UXLINK, Solv Protocol, etc.

Hot News

• Two suspected related multi-signature wallets spent over 100 million USD to purchase 33,366 Ether.
• Movement completed the buyback of $MOVE tokens, with approximately 180 million tokens repurchased.
• Standard Chartered Bank launches Bitcoin and Ethereum spot trading services
• Ondo Finance acquires Strangelove, accelerating RWA platform development
• SharpLink raised approximately $413 million, part of the funds has been invested in Ether.
• Pump.Fun allegedly transferred 98,000 SOL to the buyback address