The cryptocurrency market has recently intensified fluctuations, showing an overall downward trend📉. The ninth city has launched the Web3 gaming platform the9bit, marking the acceleration of the gaming industry’s integration into the blockchain ecosystem, potentially driving the growth of Web3 applications💻. However, Coinbase's Ether continues to trade at a negative premium (the first time since April), reflecting a rise in bearish sentiment in the market, accompanied by ETH dropping below $3600, with a 24-hour decline of 6.8% and a funding rate of only 0.0012%, indicating weak demand for leverage📊. In terms of institutional dynamics, the inflow of 40 million USDT into Binance suggests active capital, and Cemtrex's purchase of 1 million dollars in SOL highlights institutional buying interest📈, but Jefferies has lowered Coinbase's target price to $375, implying a cautious outlook on the exchange's valuation. Huaxing Capital has applied to expand its digital asset license in Hong Kong, which is favorable for the regulatory environment and supports market stability🌐. Macro factors cannot be ignored, as the U.S. Non-farm Payrolls (NFP) data is about to be released, which may affect the Fed's interest rate decision in September, triggering further fluctuations. Matrixport predicts that Bitcoin will weaken from August to September, potentially entering a consolidation period in the short term, with BTC funding rate at 0.0032% also showing market caution. Cryptocurrency-related U.S. stocks have generally fallen, with BMNR dropping 6.9% in pre-market trading, indicating a decline in overall risk appetite. Looking ahead, the market is under short-term pressure, but Web3 innovation and institutional positioning may provide support; investors need to pay attention to data guidance and manage risks🚨. Stay alert for long positions and seek opportunities amidst the fluctuations.