On the macroeconomic front, the Fed's Daley said that although the Fed would take more aggressive action when the outlook is clear, the situation is not clear enough now. Due to inflation falling and economic growth slowing down, the Fed needs to consider lowering interest rates. Currently, CME shows a 54% probability of a 25 basis point rate cut in September, while the probability of a 50 basis point rate cut has risen to 46%. Tomorrow night, the August non-farm payroll data will be released, which is the most important data before the rate cut, reflecting employment and economic conditions, with a significant market impact that needs special attention.

Regarding ETFs, on September 4, the net outflow of the US Bitcoin spot ETF was 37.29 million USD, while the net outflow of the Ethereum spot ETF was 37.51 million USD.

Grayscale released its latest report, mentioning that after a slight volatility in the financial markets in August, the valuation of cryptocurrencies generally decreased. Bitcoin performed well, but Ethereum showed weaker performance in the overall market. Fed Chair Powell said there could be a rate cut, which could support Bitcoin and other assets competing with the US dollar, such as gold. The report also mentioned that the uncertainties surrounding Ethereum's scaling strategy, the increase in stablecoin market capitalization, and discussions on digital privacy are market focus points. Grayscale predicts that if the US labor market remains stable, the price of Bitcoin may retest its historical highs before the end of the year, despite ongoing risks of an economic downturn.

Eigenlayer started distributing airdrops in the second quarter, targeting ETH holders, Eigen token stakers, and ecosystem partners (such as AVS, LRT, Rollup, RaaS providers, etc.). The snapshot was taken on August 15, and claims can be made before September 17, with a linear distribution method and no minimum guarantee; claims can be made directly through Eigenlayer stake.

Due to Eigenlayer's VPN detection, manual operation is required during claiming. The steps are: right-click on the webpage, select 'Inspect', go to the 'network' tab, delete the 'vpn-restricted' part from the URL, then reopen the webpage. In 'network', search for 'is-block', select it, then right-click and choose 'Block request URL', and refresh the page to open the claiming webpage.

South Korea's second-largest exchange, Bithumb, announced the launch of JTO and ETHFI Korean Won markets. Jito (JTL) is the MEV infrastructure on Solana; Ether Fi (ETHFI) is a liquidity re-collateralization protocol on Ethereum.

In terms of on-chain data, unrealized losses for short-term holders have increased slightly, but have not reached bear market levels, being closer to the price fluctuations of 2019. The MVRV for short-term holders has dropped below the breakeven value of 1.0, currently similar to August 2023.

In terms of the market, US stocks continued to weaken yesterday, but Bitcoin found strong support amid the decline, indicating ongoing market demand. Today's demand is average, showing that market liquidity is still not good, with funds waiting for clarity in the macro environment. Tomorrow's non-farm data is very important. The larger structural levels are solid, with strong support around 54,000-57,000. Yesterday's test results were effective, the current high-level structure indicates accumulation rather than selling, maintaining the logic of the bull market, so continue to hold positions.

The trend of ETH linkage continues to follow.

As for the altcoins, their trend is linked to Bitcoin. However, during this Bitcoin drop, altcoins did not experience a significant decline, indicating that altcoins have improved their overall chip structure after a major drop. With the price returning to a reasonable range and the supply decreasing, they continue to build a support base.

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