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Garrett Jin released this week's market report, characterizing the rebound in the South Korean market as a wide-ranging fluctuation rather than a new trend. SK Hynix rebounded continuously after retesting the 1.42 million won area, closing up 5.9% at 1,593,000 won. The KOSPI has risen 20% from the July low, entering a technical bull market, but foreign capital has not shifted to long-term holdings, and the drag from leveraged ETFs remains. Garrett Jin set the first profit-taking level at $1,150 (approximately 1.63 million won), with the next target at $1,300 (1.85 million won).Garrett Jin also noted that gold recorded its strongest weekly gain since January this week at +7.8%, priced at $4,388. The driving factors were a decrease of 23,000 in July non-farm payrolls and a moderate CPI that dampened September rate hike expectations. However, it is currently overbought in the short term, and a pullback could present an opportunity for incremental accumulation. Bitcoin has shown no response to the same macro-positive factors, remaining trapped between the support at $62,500 and resistance at $65,000-$70,000, with the bottom structure since $57,700 gradually being built. Garrett Jin will wait for the next buying opportunity after a pullback.Regarding SpaceX, Garrett Jin believes the recent performance is a classic case of "bad news fully priced in + short squeeze," with the unlocking itself becoming a washout rather than the starting point of a decline. However, the unlocking window has not yet ended, with an additional 319 million shares to be unlocked, approximately 700 million shares each in September and October. The current range up to $160 is a profit-taking zone rather than a high-entry zone.

According to official news, the Gate Alpha section Meme coin MARVIN (7777) has increased by 29.98% in the last 24 hours. MARVIN is one of Elon Musk's pet dogs, born on November 1, and Musk has tweeted about it multiple times, even celebrating its birthday on November 1, 2023. Users can trade with one click on Gate Alpha.Gate Alpha now supports public chains such as SOL, ETH, Gate Layer, BSC, Base, SUI, ARB, World Chain, AVAX, Polygon, LINEA, ZK, OP, Robinhood, and Berachain, and seamless trading of all-chain tokens can be achieved through the contract address search function.

Crypto analyst Murphy stated that the concentration of Bitcoin chips has risen to 14.8%, approaching a historically high-risk area. The concentration of chips itself cannot determine the future direction of BTC prices, but historical data shows that when the curve begins to turn, if BTC prices have risen previously, the probability of continuing to rise is greater; conversely, the probability of continuing to fall is greater.Currently, this indicator is still in an upward phase, so it is temporarily impossible to determine the direction of the next round of fluctuations. However, market data shows that as the concentration of chips continues to increase, potential volatility risks are accumulating, and the BTC market may face larger price changes.

According to Jinshi reports, the survey shows that business activity in the Eurozone rose to its highest level in eight months in July, driven by a recovery in the services sector and ongoing improvements in manufacturing.The S&P Global Eurozone Composite PMI rose to 52 in July, above the neutral level of 50 in June, marking the first time this index has entered the expansion zone since March.The Eurozone Services PMI rose to 51.7 in July, reaching a five-month high, up from 49.4 in June.

CryptoQuant analyst Axel Adler Jr. stated that the Bitcoin UTXO Stress Score has rebounded to 71.5, re-entering the 70 threshold, indicating that most of the supply is in a state of loss, and the market remains in a high-pressure zone.A year ago, when the price of Bitcoin was $114,000, this indicator was around the neutral range of 41; over the past year, it has spent nearly two-thirds of the time in high-pressure or extreme pressure zones, having reached an extreme level of 100 during the market crash in November 2025. Currently, the weekly momentum is +3, showing that pressure has started to increase moderately after a month of easing. Over the past month, the index has mainly fluctuated between 65-76, with no rapid deterioration or substantial recovery during this period. The analyst pointed out that if the index continues to fall below 70 and the momentum is negative, it will confirm the easing of pressure; conversely, if Bitcoin falls below the monthly low of about $61,500, the index may accelerate deterioration towards the 90+ region, recreating the extreme situation of last November.

CryptoQuant analyst Zizcrypto stated that the current percentage of unrealized losses for Bitcoin is 35.2%, which means that approximately 35% of the tracked supply is in a state of unrealized loss. This indicator is still above 20%, but has now fallen below the deep pressure range of 40%, far below the similar capitulation drop zone of 60%.This indicator broke through 40% around the end of June, reaching 42.2%, then dropped to 30.4% around July 21, and subsequently rebounded to 35.2%. In previous major bear market phases shown in the chart, after the first test of the 40% area, there is usually a period of pressure consolidation, after which the indicator tends to approach or exceed 60%, often leading to a capitulation-like drop. Zizcrypto believes that the current supply of unrealized losses is still high, but the latest data has fallen below the deep pressure range and has not yet reached capitulation-level pressure. However, levels above 40% and 60% remain key areas to watch.

According to a report by Jinshi, the economic bulletin released by the European Central Bank on Monday pointed out that after the outbreak of the Iran war, household consumption in the Eurozone has significantly declined, mainly due to a sharp deterioration in consumer confidence. In April of this year, the decline in Eurozone consumption reached twice the historical trend forecast level, with the scale of impact comparable to the household consumption response after the outbreak of the Russia-Ukraine conflict in early 2022.Data shows that since mid-2024, the nominal consumption growth rate in the Eurozone has averaged around 3% to 4%, but in April of this year, it dropped to about 2.5% year-on-year. The slowdown in consumption is mainly driven by higher-income households reducing non-essential spending.

According to Jinshi reports, the preliminary year-on-year CPI for the Eurozone in July is 2.9%, in line with market expectations, and an increase from the previous value of 2.8%.

According to Jinshi reports, the preliminary month-on-month CPI for the Eurozone in July is 0.2%, higher than the market expectation of 0.1% and the previous value of -0.1%.

According to Jinshi reports, the preliminary quarterly GDP growth rate for the Eurozone in the second quarter is 0.4%, higher than the market expectation of 0.2%. The previous value was revised from -0.2% to 0%.

According to Jinshi reports, the unemployment rate in the Eurozone for June was 6.3%, higher than the market expectation of 6.2%. The previous value was revised from 6.2% to 6.3%.

According to Cointelegraph, Uzbekistan has officially launched its first tax-free cryptocurrency mining zone, Besqala Mining Valley, where miners can enjoy tax exemptions until 2035, while needing to pay a 1% revenue fee and double the electricity price. The relevant bill was signed in April.

According to the Q3 2026 signal report released by Fidelity Digital Assets, the prices of BTC, ETH, and SOL are generally at historical lows, with multiple indicators close to the capitulation zone. Fidelity believes that the current valuation levels may correspond to attractive long-term entry conditions.As of the end of Q2, the weighted net unrealized profit and loss (NUPL) was -0.01, with BTC being the only asset with a positive unrealized profit, approximately 10% above its cost basis, with an unrealized profit of about $108 billion, while ETH and SOL were approximately 30% and 41% below their cost bases, with unrealized losses of about $87 billion and $29 billion, respectively. BTC's market share rose to 68% quarter-over-quarter.The report states that, based on historical backtesting, the current NUPL readings for the three correspond to one-year median returns of 53%, 70%, and 542%, respectively, but the reliability of the samples decreases sequentially. The NUPL reading for SOL has only occurred 21 times in history, concentrated at the end of 2025, which has limited statistical significance.On the fundamental side, the value of stablecoin transfers for both ETH and SOL has reached new highs, exceeding $20 trillion and $2.6 trillion, respectively, over the past 12 months, but network fee revenue continues to decline.Additionally, the report attributes the 22% decline in BTC hash rate from its peak to miners shifting their computing power towards AI and high-performance computing, as AI contract revenues are more stable due to the depressed coin prices.

CryptoQuant analyst Axel Adler Jr. posted on the X platform that the Bitcoin MVRV Z-Score has dropped to about 0.42, which is approximately four times lower than the historical average of 1.7, indicating that Bitcoin is currently in an undervalued range. However, this indicator has not yet fallen into negative territory, which means that the market has not yet experienced the "capitulation" typically associated with cycle bottoms.Meanwhile, the Bitcoin 7-day realized profit and loss (Realized P/L) has turned positive from negative, currently at about $239 million, showing that on-chain selling pressure has eased. Analysts believe that the market is currently in a phase of undervaluation and short-term stabilization, but there are no signs of capitulation needed to confirm a cycle bottom, nor is there a clear new round of demand-driven momentum.

According to CoinDesk, Jurien Timmer, the Global Macro Director at Fidelity, stated that Bitcoin is approaching the bottom support line of its "power law model" constructed based on the complete price history of Bitcoin. This long-term support level is currently around $58,000, while the current price of Bitcoin is approximately $62,700, gradually nearing this area, or may have already entered the "accumulation zone" defined by the model.However, Jurien Timmer did not confirm that the market has bottomed out, but believes that Bitcoin may not experience a rapid rebound immediately. Instead, it is expected to fluctuate around the long-term support line for several months. Short-term capital has previously exited, and the flow of funds has rotated from Bitcoin to gold, and then from gold to the semiconductor sector. Currently, the market's pursuit of hot sectors is still mainly concentrated in the semiconductor field.

According to Malaysian media "The New Straits Times," Malaysian police raided an illegal cryptocurrency mining operation located in a warehouse in the Port Klang Free Trade Zone at Pulau Indah yesterday and shut it down. During the raid, two foreign men, aged 20 and 31, were detained, and mining equipment was confiscated.According to Malaysian law, this action violates the Penal Code and the Electricity Supply Act. If convicted, the two men could face ten years in prison and a fine of 100,000 ringgit (approximately 24,500 USD).

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin may have entered a new accumulation zone, but the potential structural bottom of this cycle is still around $48,000. Currently, the seller risk ratio after Bitcoin's adjustment first entered the red zone when it fell below $60,000, indicating that the volume of loss supply has begun to exceed the volume of profit supply, and the unrealized pressure on holders has significantly increased.On the other hand, the Cumulative Value Destruction Day (CVDD) valuation model shows that the structural bottom of Bitcoin's current cycle is around $48,000. Axel Adler Jr. summarized that historically similar zones often correspond to market capitulation phases and bottom formation processes, such as the cycle lows in 2019 and 2023. However, it remains to be seen whether the price can hold the $60,000 area, while the seller risk ratio smooth line continues to rise. Although the price of Bitcoin has rebounded to around $66,000, the market is still at the lower end of the valuation range, and caution is still needed regarding the final confirmation process of the cycle bottom.

According to Jinshi News, Chris Turner from ING stated in a report that the prospects for a Federal Reserve interest rate hike are increasingly strengthening, which is expected to support the dollar. Even with news of specific progress in peace negotiations between the U.S. and Iran, the dollar should not have much room for decline.He pointed out that Federal Reserve Governor Waller warned in a recent speech that if oil prices remain high, the possibility of an interest rate hike cannot be ruled out. At the same time, due to economic fragility, investors have lowered their expectations for interest rate hikes in the Eurozone and the UK.