美联储加息 25 个基点，美国 10 年期国债收益率升至 5% 附近。BTC、ETH 周初承压，但周度表现明显强于多数传统风险资产。BTC ETF 周度资金由净流出转为基本持平，ETH ETF 则转为净流出 1.41 亿美元。稳定币总供给小幅收缩，USDe 与 USDS 承接结构性增量；早期由股票 Meme 驱动的爆发式增长开始降温；LST 普遍回升，Aave 借款余额增长 2.2%。

上周市场围绕能源冲击、通胀黏性与加息预期交易，WTI 一度突破 100 美元，风险资产整体承压。机构资金明显分化，BTC ETF 转为净流出，而 ETH ETF 保持净流入。TradFi 交易继续维持高位，大宗商品热度显著提升；DEX 总成交环比增长约 6.7%，链上借贷需求仍具韧性，但稳定币融资成本开始上升。

上周市场围绕美国强劲非农与美联储加息预期重新定价。BTC 一度突破 82,000 USDT，随后受利率上行压力回落，但全周仍上涨约 2.26%；BTC ETF 净流入约 9.87 亿美元。链上市场出现明显结构切换，股票 Meme 热潮推动 Uniswap 周成交额激增 237%，稳定币供给增加约 19.7 亿美元，资金主要流向 USDC 与 USDe。

8 月全球资本市场在就业与增长动能减弱、通胀约束尚未解除的环境下进一步修复。政策预期由继续紧缩转向暂停加息与后续宽松，美股重新强化 AI 与大型科技主线，黄金、能源及主流加密资产同步获得资金关注，但高位美债收益率与地缘风险仍限制机构风险偏好。加密市场方面，比特币与以太坊现货 ETF 均实现持续净流入，比特币重新成为机构核心仓位，以太坊则延续高弹性补充配置。

Tuần trước, thị trường bước vào giai đoạn luân chuyển cơ cấu ở vùng cao dưới kỳ vọng tăng lãi suất diều hâu, BTC có thời điểm vượt mốc 81,000 USDT, BTC và ETH lần lượt tăng 2.10% và 0.59%. Phân bổ của tổ chức có sự phân hóa, dòng vốn ròng vào BTC ETF giảm xuống còn 925 triệu USD, trong khi ETH ETF tăng lên 816 triệu USD. Khối lượng giao dịch Gate TradFi tăng khoảng 17% lên 1,230 tỷ USD, dòng tiền nghiêng trở lại về cổ phiếu Mỹ và ETF.

Sau khi BTC và ETH phá vỡ các mức kỹ thuật quan trọng, một đợt short squeeze đã hình thành, tạo ra sự phân hóa rõ rệt so với diễn biến của thị trường chứng khoán Mỹ. Dòng vốn tổ chức mạnh mẽ quay trở lại các ETF tiền mã hóa, trong khi trọng tâm giao dịch của TradFi tiếp tục dịch chuyển sang cổ phiếu. Giao dịch trên các hệ sinh thái như Base, Solana ấm lên trở lại, với khối lượng giao dịch của Aerodrome, Meteora, Raydium và nhiều nền tảng khác tăng mạnh; LST, hoạt động vay trên Aave và nguồn cung stablecoin đồng loạt mở rộng, dòng vốn on-chain tái gia nhập các kịch bản giao dịch, staking và đòn bẩy. USDC và RLUSD trở thành động lực chính cho sự gia tăng của stablecoin.

美国通胀压力缓和，市场焦点转向增长风险，加密资产表现弱于美股。BTC、ETH ETF 分别净流入 8.65 亿和 2.44 亿美元，机构配置回暖；Gate TradFi 周交易量维持约 1,150 亿美元。DEX 周成交下降 5.2%，但 Uniswap V4、Aerodrome 等局部增长；Robinhood Chain 已贡献约六成 Uniswap 周协议收入。

U.S. employment data weakened noticeably, cooling September rate hike expectations and pushing Treasury yields lower. BTC and ETH ETFs recorded weekly net inflows of approximately $865 million and $244 million, respectively. Gate's weekly trading volume approached $115 billion, setting a new阶段性 high.

In July, global capital markets continued their structural recovery amid slowing marginal growth, persistent inflation stickiness, and high-interest-rate constraints. The U.S. stock market remains driven by the AI narrative, but capital is further concentrating toward large-cap tech platforms with stronger profitability and cash flow certainty. High-beta growth stocks and resource sectors showed clear divergence, and while institutional risk appetite improved somewhat, positioning remained cautious. In the crypto market, spot Ethereum ETF inflows significantly surpassed those of Bitcoin, indicating that institutions are shifting from pure defense toward relative-value allocation among mainstream assets.

Middle East energy supply risks pushed oil prices and inflation expectations higher, with Brent crude briefly breaking above $100. The US 10-year Treasury yield rose to around 4.70%, pressuring growth stocks, and the NASDAQ fell about 2.1% on the week. The crypto market was relatively resilient, with BTC consolidating at highs and ETH showing relative strength supported by capital rotation. BTC spot ETF weekly net inflows fell to approximately $34 million, while ETH spot ETFs recorded net inflows for a third consecutive week, with institutional capital shifting toward structural selection.

BTC、ETH 分别上涨 1.48% 和 3.62%，ETF 资金整体恢复净流入，其中 ETH 资金回流更为明显。Gate TradFi 周成交额回升至约 900 亿美元，美股、ETF 配置占比同步提升。Robinhood Chain 带动市场关注点从 Solana Meme 转向“RWA + Tokenized Stocks + Meme”叙事。

Thị trường tiền mã hóa tiếp tục xu hướng phục hồi dao động, BTC và ETH tăng nhẹ, dòng vốn ETF chuyển từ ròng rút sang ròng vào. Cơ cấu giao dịch Gate Stocks ngày càng đa dạng, cổ phiếu Hàn Quốc nhanh chóng trở thành động lực chính về khối lượng giao dịch. Câu chuyện Meme trên Robinhood Chain thúc đẩy khối lượng giao dịch Uniswap tăng trưởng đáng kể. Các giao thức hệ sinh thái Ethereum như Lido, Aave tiếp tục hưởng lợi từ dòng vốn tổ chức đổ vào RWA, stablecoin.

In June, global capital markets oscillated between high interest rate constraints, easing geopolitical tensions, and declining risk appetite, with the overall picture characterized by intensifying volatility and structural divergence. US equities shifted from the unilateral rally driven by the AI theme to a high-level rebalancing, with AI leaders and semiconductor sectors experiencing notable pullbacks while defensive assets such as healthcare outperformed. Institutional capital increasingly favored reducing exposure to highly volatile positions and allocating to assets with more reasonable valuations and stronger earnings certainty. Against this backdrop, Gate became the largest weekly distribution channel for Polymarket Builders.

The easing of tensions in the Middle East has driven a pullback in crude oil, with the market's trading logic shifting towards "the Fed maintaining higher interest rates for longer". The NASDAQ fell approximately 3.3%, while BTC and ETH declined by about 6.9% and 9% respectively; spot ETFs for BTC and ETH saw significant net outflows. On-chain capital continued to concentrate on high-turnover trading scenarios, with PumpSwap becoming the largest incremental gainer this week. DeFi liquidity maintained a defensive posture, with the stablecoin, LST, and lending markets generally cautious.

Risk appetite in the crypto market is recovering, with BTC up approximately 6.8% and ETH up approximately 12.2% for the week; Gate TradFi weekly trading volume remains high at around $85 billion, with US stock trading volume increasing for five consecutive weeks, reaching a new cyclical high. DEX trading structures continue to diverge, with trading volumes on Uniswap and PancakeSwap declining, while PumpSwap maintains high growth. The LST sector is also recovering in tandem, with ETH and SOL staked assets rebounding as risk appetite improves.

Last week, global markets traded around the Fed's hawkish signals, with BTC and ETH both falling over 4%. The overall trend of ETF outflows remained unchanged. Gate TradFi Perp trading stayed active, with continuous expansion in US stock asset coverage. DEX trading volume showed divergence, with Uniswap slightly overtaking PancakeSwap, while Solana ecosystem trading recovered. Stablecoin supply did not show significant new USD inflows, with funds primarily rotating among existing holders.