Bitcoin's volatility is mild with steady institutional buying, while Ethereum's volatility is greater and short-term speculation is active; be cautious with stop losses. Market news: On-chain and regulatory messages are intertwined, with a divergence in funding📊. WLFI is being market made by DWF Labs and may introduce more market makers, improving short-term liquidity; Japan plans a 20% unified cryptocurrency tax, which may suppress retail speculation. MEME and BERA have significantly surged in the short term, showing notable speculation. The US stock Bitcoin spot ETF saw a net outflow of $1.178 billion this week, while $174 million USDC flowed into Coinbase, and whales continue to increase their holdings (with an increase of 119.8 BTC this round), indicating a divergence in strategies between institutions and on-chain funds. Trend Research has withdrawn multiple times from CEX (including one million PENDLE and 28.21 million NEIROETH, the latter accounting for 67%), raising risks of centralization and withdrawal on-chain. If the Federal Reserve realizes the expectation of a 25bp rate cut in September, sentiment for risk assets may improve; it is suggested to focus on exchange liquidity, the centralization of single addresses, and the implementation of tax systems in the short term, with strict stop losses and position management⚖️. In summary: Overall, the market presents a pattern of capital divergence and sentiment differentiation, with short-term trends dependent on whether liquidity improvement and rate cut expectations can be realized.