According to Odaily Planet Daily, Greeks.live macroeconomic researcher Adam released a Chinese community briefing, noting that the community is significantly bullish on Ethereum's breakout, with most traders anticipating $5,000 as the next significant resistance level. Bitcoin's relative weakness has led to a clear rotation of funds toward Ethereum, creating a distinct divergence in funding.

Odaily Planet Daily reports that recent data shows a modest rise in U.S. inflation in July. Coupled with Treasury Secretary Scott Bessant's comments that a 50 basis point rate cut is possible given recent weak employment data, the market is pricing in a near 100% probability of a September rate cut by the Federal Reserve. According to the CME Group's FedWatch tool, following the release of July CPI data and Bessant's comments, traders in the federal funds market on Wednesday projected a 100% probability of a 25 basis point rate cut at the Fed's September 16-17 meeting.

According to market news from Odaily Planet Daily: Canary registered the CANARY TRUMP COIN ETF in Delaware.

According to OnchainLens monitoring, a whale address deposited 3.36 million USDC into HyperLiquid and opened short positions in BTC (40x leverage), ETH (10x leverage) and SOL (20x leverage).

According to Odaily Planet Daily, investors are flocking to both Bitcoin and Ethereum as they approach all-time highs, with recent demand favoring the latter. As of Wednesday morning New York time, Bitcoin's price surpassed $120,600, still about 2% below its July peak. Ethereum, however, has broken out of its long period of underperformance and is now just 3% below its 2021 bull run record. According to data compiled by Coingecko, the rally led by Ethereum, the second-largest cryptocurrency, has pushed the total cryptocurrency market capitalization to a record high of $4.2 trillion.

According to Onchain Lens monitoring, a wallet associated with zguangsi.eth deposited 5054.5 ETH worth 23.6 million US dollars into Binance.