At 2 AM tonight, the financial market will reach a critical node as the Fed's monetary policy meeting minutes are about to be released. The content of this minutes will undoubtedly become the focus of market attention, especially the statements regarding the probability of interest rate cuts in September, which may trigger a chain reaction in the market. Currently, there is some divergence in market expectations regarding the direction of the Fed's monetary policy, and this meeting minutes is likely to provide some new clues for this divergence. Following that, the global central bank annual meeting will grandly kick off on Friday. At this annual meeting, which gathers central bank officials, economists, and financial elites from around the world, Fed Chairman Powell's speech is expected to be the highlight. Powell's past remarks have often had unexpected impacts on the market, and his speech is very likely to provide important guidance for the subsequent direction of monetary policy, potentially catalyzing market fluctuations significantly in the short term. Therefore, it is essential to remain highly vigilant during this period and manage positions reasonably.

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This week's spot ETF performance has been lackluster, with a significant reduction in holdings over the past two weeks. During this period, a giant whale sold 1,763 bitcoins. Although the amount is not enormous, it involves BlackRock and Grayscale, which is clearly related to the current trend of BTC. The market has a lukewarm expectation for Friday's Jackson Hole meeting, which has influenced the market to some extent. Currently, cryptocurrencies have not yet decoupled from their correlation with US stocks, declining alongside them, and the overall trend remains closely linked to monetary supply conditions. As of now, the Nasdaq futures index continues to decline, with Bitcoin and Ethereum also moving downward, with Bitcoin dipping below 113,000 and Ethereum falling below 4,100. From a four-hour perspective, the downward trend is still ongoing. For Bitcoin, the primary resistance above can be noted in the 114,200-114,500 range; for Ethereum, attention should be paid to the breakout status of the resistance level around 4,250-4,320. In the future market direction, it is crucial to focus on news from the Jackson Hole meeting, US stock dynamics, and changes in monetary supply, as these will have a significant impact on the cryptocurrency market.