The cryptocurrency market has recently shown a complex situation. The total market capitalization is maintained at around 3.7 trillion USD, with Bit still dominating, having a market capitalization of about 2.26 trillion USD. The stablecoin market has seen slight growth, with a market capitalization reaching 266.9 billion USD, and USDT remains the most prominent stablecoin.

Among mainstream encryption assets, performances vary. Notably, projects like TON, ZORA, and ZBCN have seen significant increases, while USELESS and FARTCOIN have experienced substantial declines. This differentiation reflects the market's varied assessments of different projects.

In terms of capital flow, the United States Bitcoin spot ETF has seen a net outflow of 642.9 million USD; in contrast, the Ethereum spot ETF has maintained a net inflow of 155 million USD. This phenomenon may indicate that investors' preferences for different encryption assets are changing.

Technical indicators show that the current market is in a relatively weak state, with the RSI index dropping to 36. The Fear and Greed Index has decreased, but remains in the neutral range at 54.

It is worth noting that the U.S. non-farm payroll data for July fell short of expectations, which may affect the Federal Reserve's monetary policy decisions. The market anticipates that the probability of a rate cut in September has risen to 77.7%, with two rate cuts potentially occurring within the year. However, investors should remain vigilant regarding the risk of a market correction that may occur in August.

For Bitcoin, the key support level is around 112,000 USD. If it falls below 115,000 USD, it may test that support. A breakout above 120,000 USD could challenge the 125,000 USD mark.

Overall, the encryption market is at a delicate balance point, with various factors intertwining to influence market trends. Investors need to closely monitor macroeconomic data, regulatory developments, and the progress of major projects to make informed investment decisions.