In the past week, the cryptocurrency market has experienced a significant price fluctuation. This volatility is mainly due to the cumulative effects of multiple factors, including disappointing U.S. employment data, the announcement of a new round of import tariffs, and heightened geopolitical tensions.

Specifically, the non-farm payroll data released by the United States was disappointing, with July's job growth falling short of expectations, and significant downward revisions made to the data for the previous two months. Additionally, the U.S. announced a new import tariff policy that will take effect on August 7, with rates as high as 50% for certain countries. On the geopolitical front, Trump's comments about Russian nuclear submarines have also added uncertainty to the market.

Under the influence of these factors, the price of Bitcoin (BTC) dropped from $120,000 to around $112,000, while Ethereum (ETH) fell from $3,900 to around $3,300. The stock market was similarly affected.

It is worth noting that after seven consecutive weeks of net inflows, BTC ETF experienced its first net outflow last week, amounting to $643 million. This indicates that some investors have begun to adopt a more cautious approach.

However, despite the market fluctuations, large institutions and whale investors do not seem to have changed their long-term strategic reserve interest in BTC and ETH. Their continuous buying behavior has alleviated some of the downward pressure on the market.

As the new week begins (August 4), the market has started to show some signs of recovery. As of the time of writing, the price of BTC has risen to around $114,000.

This series of events once again highlights the sensitivity of the cryptocurrency market to macroeconomic factors, while also reflecting the stabilizing role of institutional investors amid market volatility. The future direction of the market will continue to be influenced by global economic policies, geopolitical situations, and institutional investment behaviors. Investors need to closely monitor the developments of these factors to better grasp market trends.