#ETH

Over the past week, both US CPI and PPI declined, once driving the market to scale back expectations for the Fed’s further rate hikes, and marginally improving risk appetite. However, the situation in the Middle East pushed international oil prices higher again, warming inflation expectations and keeping risk assets largely range-bound while they repaired. The crypto market continued to rebound, with both BTC and ETH logging gains, and ETH performing relatively stronger.

Key highlights from last week’s market overview:
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Macro markets: US CPI and PPI both fell, easing inflation pressure, but international oil prices surged sharply due to geopolitical factors; the market repeatedly weighed between cooling inflation and an oil-price shock.
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Liquidity: Spot BTC and ETH ETFs both saw net inflows, with ETH ETF capital improvement more evident; Gate TradFi trading volume ticked up slightly, the share of US stock market trading rose, while South Korea’s stock share fell.
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On-chain data: The Robinhood Chain narrative continued to heat up, and the number of Uniswap users kept growing; stablecoin competition gradually shifted toward distribution channels and compliance capabilities, while Aave’s lending demand continued concentrating on Ethereum’s main market.
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Derivatives: BTC funding rates remained positive, OI stayed in a range-bound range, 25D Skew kept repairing, and DVOL remained low—indicating improving market sentiment—though leveraged capital stayed relatively restrained.

No matter how bullish the news flow is, the bigger direction remains bearish. Although I didn’t take profit at +4%, I was instead stopped out at -5%. I firmly believe that as long as the weekly and monthly lines have not formed a bottoming structure, there won’t be large capital entering the market—so the bear market hasn’t ended!