Ethereum hits a 2-week high at 1956 and then sharply pulls back! Bitcoin consolidates at $66k, the Fear Index falls by 31, and 63k people are liquidated

The crypto market is consolidating at high levels this morning. Ethereum briefly touched $1,956 last night, rewriting the nearly two-week high, then gave back gains to trade around $1,932, down 0.14% over the past 24 hours. Bitcoin is ranging around the $66k level; within 24 hours it fluctuated between $65,553 and $66,542 and is currently around $66,055, down slightly 0.72%, about 1.2% away from the two-week high of $66,825 hit on July 21.

Entire network liquidations in the past 24 hours saw 63,829 traders liquidated for $182 million; the Fear and Greed Index fell from 33 to 31.

(Background recap: Bitcoin touched the “66,956” two-week high during the day! $204 million liquidations, and the Fear Index rebounded to 33 to stop the decline) (Additional background: Grayscale: If the Fed does not raise rates, “Bitcoin has already bottomed,” and the traditional 4-year halving cycle may already be broken)

This (23rd) morning, the crypto market shows a high-level consolidation pattern: Ethereum once surged to $1,956, setting a new near-two-week high, then retraced gains to around $1,932; over 24 hours it is marginally down 0.14%. Bitcoin, meanwhile, is locked in a tug-of-war around the $66k level; over the past 24 hours it has ranged between $65,553 and $66,542, and is currently about $66,055, down slightly 0.72%. It is roughly 1.2% below the two-week high of $66,825 reached on July 21.

In the past 24 hours, 63.0 thousand traders were liquidated; longs account for nearly 60%

CoinGlass data shows that over the past 24 hours, the total value of liquidations across the whole network reached $182 million. Long positions liquidated $106 million, about 58%, while short positions liquidated $76.11 million. A total of 63,829 traders were liquidated; the largest single liquidation occurred in the Binance ETH/USDC trading pair, worth about $4.48 million.

The CLARITY Act’s new draft released; tech giants’ earnings unveiled

On the news front, U.S. lawmakers published the latest draft of the “CLARITY Act” on the 22nd Eastern Time, bringing further progress to the market structure legislation and providing some support to the trading front. However, it remains unclear whether the bill can pass smoothly in the Senate. Polymarket’s odds for it passing before the end of the year had recently fallen to 32%, hitting a new low this year.

Meanwhile, the macro backdrop is not calm: rising international oil prices have again reignited concerns about inflation, weighing on overall risk appetite. Tech giants’ earnings also hit the tape: Alphabet’s second-quarter revenue and profit both beat market expectations, and shares rose more than 2% after the close. Tesla’s profit, however, missed expectations; shares fell more than 5% after the close. The market is using large-cap tech earnings as a gauge of risk appetite.

SOL and XRP also dip slightly into consolidation

Other major coins are also moving into consolidation: Solana is temporarily at $78.26, down slightly 0.18% over 24 hours, moving within $77 to $78.85. XRP is at $1.141, down 0.31%; early on the 22nd it touched a two-week high of $1.1566, and over the past 24 hours it has ranged between $1.129 and $1.157.

The Fear Index falls back to 31; Bitcoin ETFs see net inflows for the second straight week

In terms of market sentiment, today the Fear and Greed Index is 31, down 2 points from yesterday’s 33, remaining in the “Fear” range. Over the past 8 days, the index has hovered between 25 and 33, meaning market sentiment has not truly shaken off fear.

On the fund flows side, the signals lean bullish: Bitcoin spot ETF net inflows continued last week, marking the second consecutive week of capital attraction— the first time this has happened since May. As for U.S. stocks’ Wednesday close, the S&P 500 fell 0.14%, the Nasdaq fell 0.57%, and the Dow Jones Industrial Average inched down 0.01%; all three major indices were largely flat. Key items to watch in the short term include Senate progress on the CLARITY Act, follow-ups after tech giants’ earnings season, and whether ETF capital flows can sustain.