Crypto Weekly (08/05 – 08/11): Market Rebounds After Flash “Dump”

Crypto Market Last Week

After overcoming a sharp “dump” that caused Bitcoin’s price to plummet to 49,000 last week and resulted in over 1 billion USD being liquidated, the cryptocurrency market has quickly rebounded. Bitcoin rose from 49,500 to 62,800 and is currently trading around 58,700. Although the downturn was rapid, the market recovery has also been strong.

Despite the market’s volatility, the inflow and outflow from Bitcoin ETF and Ethereum ETF remained stable, primarily revolving around two names: Grayscale (seller) and BlackRock (buyer).

The majority of capital flow has been directed towards major coins like Bitcoin and ETH, leaving many Altcoins stagnant or continuing to decline despite the market’s recovery. This highlights the fierce nature of the cryptocurrency market.

BTC Chart

Top 10 Gainers of the Week

Source: Coinmarketcap

Important News Last Week

• Jump Crypto Sells Off ETH Amidst Intense Market Volatility
• Donald Trump Advises the US Government Not to Sell Bitcoin
• CEO of Starknet Foundation Announces Resignation

Token Unlocks This Week

This week, notable token unlocks include: SAND unlocking 52 million USD, STRK unlocking 23 million USD, and ARB unlocking 51 million USD.

Macro News This Week

This week, there are only two noteworthy news items:

• Tuesday (13/8) at 12:30 PM: The Consumer Price Index (CPI) data will be released. This is a crucial indicator reflecting the inflation situation. If the CPI data is higher than expected, it will be considered positive for the USD and vice versa.
• Thursday (15/8) at 12:30 PM: The Unemployment Claims data will be released. If this data is higher than expected, it will be considered negative for the USD and vice versa.