🐍 Crypto Daily Report | 05.08

Today’s market was relatively weak and consolidating.
BTC fell back to $79,600, ETH, XRP, and DOGE all came under pressure, with DOGE experiencing the largest decline, and TRX slightly turning green against the trend, indicating funds are starting to withdraw into defensive assets.
A few key points:
1. The total cryptocurrency market cap is about $2.733 trillion, down 1.41% over 24 hours, with trading volume continuing to shrink, indicating a cautious sentiment.
2. Coindesk mentioned that this pullback is related to the escalation of Middle East tensions; after the US military targeted Iranian targets, risk assets overall came under pressure.
3. The futures market has experienced 67 consecutive days of negative funding, the longest in nearly ten years, indicating both sentiment and positions are leaning bearish.
4. Coinbase’s earnings report missed expectations, making the market more realistic — funds are starting to shift from pure concepts back to “real applications” and “real implementation.”
My view:
This looks more like a high-level pullback and a shift to cautious sentiment, not a complete trend reversal to bearish. The most critical thing now is whether BTC can hold steady around 79k-80k. If it can hold, it’s like a shakeout; if it can’t, altcoins will continue to take hits.