Funds are being re-screened; Bitcoin stabilizing does not mean the altcoin season has begun. As of Beijing time on August 18, Bitcoin is around $64,000, up about 1.7% in 24 hours; Ethereum is around $1,900, performing slightly better than Bitcoin. The total global crypto market capitalization is about $2.2 trillion, with Bitcoin's market dominance still at a relatively high level, indicating that funds are recovering, but comprehensive risk appetite has not yet formed. 1. Market Fund Behavior The real focus of this rebound is not Bitcoin's short-term gains, but whether funds are returning to the spot market. Previously, Bitcoin spot exchange-traded funds experienced continuous outflows, but on August 17, they recorded a net inflow of about $137 million, which is currently better defined as a relief of fund pressure rather than confirmation of a trend reversal. From the market structure perspective, large funds still prefer Bitcoin, the most liquid asset. Meanwhile, Ethereum is beginning to improve relative to Bitcoin. The price ratio of Ethereum to Bitcoin is an important indicator to judge whether funds are spreading to large altcoins. 2. Differentiated Performance Across Levels and Sectors Bitcoin and Ethereum: Bitcoin remains near $64,000, Ethereum around $1,900. If Ethereum continues to strengthen relative to Bitcoin, and Ethereum spot exchange-traded funds continue to receive inflows, the market may gradually enter the phase of "Bitcoin stabilization—Ethereum takeover—altcoin diffusion." Large-cap altcoins: Solana is worth continuous observation. Recently, Solana-related spot exchange-traded funds have seen significant capital inflows

AI × Crypto: The Next Rotation May Be Infrastructure, Not Hype The current Crypto market does not yet show capital flowing back into all Altcoins. $BTC remains around the 63,000–64,000 USD range, while $ETH is trying to hold the 1,900 USD level. Recent data shows institutional capital still favors large assets; Bitcoin ETFs recorded about 853 million USD in net inflows in the most recently reported week, but BTC price remains relatively sideways. This indicates liquidity is being selectively allocated rather than broadly distributed

The next round of capital rotation may be flowing into RWA. As of August 18, Bitcoin remains volatile around $63,000, and the market has not shown a broad risk appetite. Funds are shifting from simply chasing high-volatility assets to gradually focusing more on real liquidity, institutional adoption, and on-chain financial infrastructure. This is also why RWA deserves attention. Currently, the on-chain RWA scale has exceeded $30 billion, with the core still concentrated in U.S. Treasury bonds, funds, private credit, and stocks. RWA is moving from the proof-of-concept stage to the stage of real financial product implementation. BTC remains the most important liquidity asset in the market, while ETH increasingly resembles the infrastructure of on-chain finance. The expansion of stablecoins, tokenized assets, and DeFi all require underlying settlement and liquidity. The competition among L1s is also changing. Solana is growing rapidly in tokenized stock and ETF trading, while Ethereum has a more mature institutional asset and DeFi ecosystem. What will truly matter in the future is not just which chain grows the fastest, but who can support more real financial activities. DeFi may be the key to RWA generating real value. Treasury bonds can become on-chain yield assets, tokenized stocks can enter the lending market, stablecoins can undertake settlement functions, ultimately forming a cycle of "asset tokenization—collateralization—liquidity—DeFi." Infrastructure is also worth attention. Oracles, cross-chain, custody, identity verification, compliance, and data services are all problems that traditional finance must solve to enter blockchain. LINK,

Where is the capital flowing? As of August 18 Beijing time, the crypto market still hasn't seen a broad rally. BTC remains relatively stable, ETH and some major ecosystems are more active, but most altcoins remain weak. From the capital structure perspective, it looks more like a "selection phase" rather than a full altcoin season. The first layer is BTC. Institutional funds and macro liquidity still favor BTC, indicating that market risk appetite hasn't fully dispersed. The second layer is ETH. With increased ETF funds, DeFi, and stablecoin activity, ETH remains an important indicator to watch for further on-chain capital activity. The third layer is L1. DEX trading volume and user activity in ecosystems like Solana and BNB are worth monitoring, but price increases do not necessarily mean real ecosystem growth. DeFi, RWA, and AI infrastructure form another main line. Compared to short-term gains, more attention should be paid to TVL, trading volume, protocol revenue, user count, and actual applications. Stablecoins are equally important. An increase in stablecoin supply represents expanded potential on-chain liquidity, but the real key is whether these funds enter DEXs, DeFi, and other on-chain applications. This also explains why the market is rising but many altcoins remain weak. If capital mainly stays in BTC, ETH, and a few large assets, the market will struggle to form a broad rotation. So what’s really worth watching now is not "which coin will rise immediately," but whether capital is moving from BTC to ETH, then to L1, De

$PI: What is truly worth observing is not the price of a token, but a long-term experiment of "digital identity and real economy on-chain." Many people still tend to understand $PI through price, trading volume, and short-term fluctuations, but if we extend the timeframe to the next three to five years, the real issue worth discussing about Pi Network is completely different: whether it can gradually transform a massive user network into a digital infrastructure with real identities, real applications, real transactions, and real economic activities. This is also one of the biggest differences between Pi and traditional crypto projects. Bitcoin solves the problem of transferring value without centralized institutions, Ethereum further brings "programmable assets" to the blockchain, while Pi tries to approach from another direction: lowering the barrier for ordinary people to participate in the digital economy, allowing users, identities, payments, applications, and communities to form a more complete network. From this perspective, Pi should not be simply understood as "a coin generated by mobile mining." It is more like a large-scale user network experiment: if the internet has already completed the connection between people and information, then the next truly important thing might be the connection between people and digital assets, identities, and real-world commerce. What Pi really wants to solve is not "how to issue a new currency." Traditional finance and early crypto markets share a common problem: participation barriers. Bank accounts require identity, region, and financial system support; traditional securities markets have trading hours, account systems, and intermediaries; many blockchain applications require

Crypto Market Rotation Analysis — Capital flow is selective, not yet spreading across the entire market Data updated as of now, 08/17/2026. 1. Market Structure BTC is around 63K USD, funding remains positive but low, while Fear & Greed is at 37 — the market leans more towards caution rather than clear risk-on. BTC still holds the role of liquidity anchor, but the sideways price movement with insufficient participation indicates that capital is not yet ready to evenly expand into altcoins. (MEXC) ETH is currently in a weaker state

The next round of capital rotation may not be in the places most people are paying attention to. As of Beijing time on August 17, BTC is still fluctuating around $63,000, and the market has not shown a broad expansion of risk appetite. Over the past week, BTC has fallen about 2.7%, while spot ETF funds have weakened again, indicating that institutional funds are still screening rather than indiscriminately chasing high-risk assets. What truly deserves attention is stablecoins and basic liquidity. The current total market capitalization of stablecoins is about $308.5 billion. Although it has dropped about 0.5% in the past 7 days, the overall scale remains high, meaning the market has not shown signs of a large-scale withdrawal from the crypto system. More funds may still be waiting for a clearer risk-reward ratio. BTC, ETH: BTC remains the core liquidity asset for institutional funds, while the capital structure of ETH is changing. Recently, ETH ETF funds have performed significantly better than BTC at times, but on-chain indicators have not fully confirmed a trend reversal, so it is more worthwhile to observe the sustainability of the funds rather than single-day inflows. L1: Solana remains one of the highly active public chains worth watching. Institutional funds are beginning to pay more attention to real transactions, stablecoins, and on-chain finance rather than just token narratives. The future competition focus of L1 may shift from "who is faster" to "who can carry more real capital." DeFi: Funds are re-emphasizing fees, protocol revenue, liquidity depth, and token value capture. Protocols with true long-term competitiveness need to prove that user growth can convert into sustained cash flow rather than relying on subsidies. I

The Federal Reserve's rate cut expectations are heating up, but the crypto market has not experienced a broad rally; instead, it has entered a more distinct "capital selection period." As of early morning Beijing time on August 16, BTC is still fluctuating around $63,000, having retreated from around $65,000 over the past week, indicating that the improvement in macro liquidity expectations has not immediately translated into broad risk appetite. What the market is truly focusing on now is not who will suddenly surge, but which assets capital is concentrating on. 1. Core Assets | Capital Still Prioritizes Certainty $BTC around $63,000, recently retreating from around $65,000. ETF capital remains an important support, but short-term breakout momentum is insufficient, and the market is waiting for new capital confirmation. $ETH around $1,900, performance still weaker than market expectations, but with the continuous development of the Ethereum ecosystem, stablecoins, and on-chain finance, ETH remains a core asset of institutional capital focus. $SOL around $75, recent capital attention has increased; its active ecosystem and high Beta characteristics make it easier to attract capital during phases of rising risk appetite. $BNB around $600, price volatility is relatively limited; the exchange ecosystem and stable user base give it strong capital absorption capacity in a choppy market. $XRP around $1, recent overall performance is weak; subsequent regulatory progress and ETF capital changes remain important factors influencing market attention. 2. Capital Begins to Seek Relatively Strong Assets $LINK has recently performed significantly stronger than part

What truly matters is never how much an asset rises in the short term, but what it is bringing into the future. If $SNDK is seen merely as a stock token that can be traded on-chain, it’s easy to overlook its real significance. It is more like an experiment: whether traditional financial assets can gradually migrate from the original financial system to blockchain networks. In June 2026, Backpack Securities and Sunrise launched the tokenized SanDisk stock $SNDK on Solana. It uses real SanDisk stock as the underlying asset and provides corresponding economic exposure through issuance and redemption mechanisms. Simply put, it attempts to map the value of traditional stocks onto the blockchain, making stocks a digital asset that can circulate within a blockchain environment. What this truly aims to solve is a long-standing issue in traditional finance: the clear disconnect between assets and liquidity. Traditional stock markets have mature regulatory, custody, clearing, and trading systems, but trading hours, regional restrictions, account thresholds, and cross-market transfer costs make it difficult for global capital to achieve truly around-the-clock liquidity. One of the greatest values of blockchain is its ability to turn assets into programmable, transferable, and composable digital objects. This is actually very similar to the early development of the internet. The internet initially didn’t change the information itself, but the way information is transmitted and connected. The future financial market may undergo a similar transformation: the assets themselves begin to enter the network, and

After the CPI, the market enters a "capital selection period": BTC consolidates, and the real opportunities begin to differentiate. As of Beijing time August 16, BTC is still fluctuating around $63,000, with a weak weekly performance. In July, the US CPI year-on-year dropped to 3.4%, and the core CPI dropped to 2.5%. The data is generally moderate, but the market has not seen a sustained risk asset diffusion rally. BTC's short-term reaction after the CPI was quickly digested, indicating that the current market is more focused on real capital flows rather than algorithmic trading driven by a single macroeconomic data point. 1. Market capital behavior After the CPI release, BTC briefly received support but then returned to around $63,000, indicating that the improvement in interest rate expectations is temporarily insufficient to drive incremental funds fully into the crypto market. In recent days, US spot BTC ETFs have continuously seen capital outflows, with a net outflow of about $57.63 million on August 14, forming a continuous outflow trend, and institutional funds are temporarily cautious. Capital has not completely left the crypto market but is being reallocated among different assets. Recently, SOL-related ETF funds have performed relatively well, while a few assets like LINK and SHIB have shown relative strength. This appears more like localized rotation rather than a broad altcoin season. Regarding ETH, ETF funds have underperformed compared to previous peaks, with zero net inflow on August 14, indicating that whether ETH/BTC can continue to strengthen still requires confirmation from new funds. Currently, BTC has been consolidating around $63,000 for over a day, with overall market volume low and a clear lack of chasing funds. 2. Different levels, different competitions