The current market focus remains on the US-Iran situation and expectations for Federal Reserve policy.

Trump said that the US is conducting in-depth negotiations with Iran, but there is very little time left for Iran. If the talks ultimately break down, the United States does not rule out resuming military action. For the market, once the US-Iran situation escalates again, it could push international oil prices higher and also boost risk-averse sentiment, putting some pressure on both US stocks and the crypto market.

As for the Federal Reserve, Citigroup believes that the market is currently underestimating the risk of further rate hikes. Grayscale said that as long as the Fed does not continue raising rates, Bitcoin may already be close to a near-term bottom. Overall, macro news remains mixed with both bullish and bearish factors, and the market is temporarily lacking a clear direction.

Turning to flows, on July 27, crypto ETFs had a total net outflow of $4.7 million, including $1 million of net inflow into BSOL and a net outflow of $2.8 million from FBTC. Over the past 5 trading days, crypto ETFs net outflow was about $128 million, suggesting that institutional capital remains relatively cautious in the short term, with risk-hedging and de-risking sentiment relatively evident.

Looking back at the price action, the broader market at the daily level is still in a range-bound but weak phase. According to the liquidation map over the past 24 hours, short liquidation zones are relatively concentrated above BTC, ETH, and SOL. Current price action is still dominated by bearish sentiment, and the overall market tone is pessimistic.

In the short term, it’s important to watch for the risk that the broader market could accelerate its downside. Today, key levels to watch are around $62,000 for BTC, around $1,830 for ETH, and around $70.5 for SOL. If these levels hold, the market may continue to trade in a range; if they are effectively broken, the weak trend in the short term could persist further.
$BTC ‌$ETH ‌$SOL ‌