最新报道：According to Binance.com, the Fear & Greed Index ended its 15-day greed streak just as ETF inflows hit a new high. Amid the institutional investor frenzy, on-chain indicators suggest waning retail participation, raising questions about who is truly driving the rally. According to a report released by Binance Research on August 1st, cryptocurrency spot ETFs continued to attract significant inflows into late July, even as activity on native exchanges slowed and sentiment indicators weakened. While spot Bitcoin (BTC) ETFs saw a 50% year-over-year increase in trading volume, Ethereum (ETH) funds posted their strongest monthly gains in three years, with net inflows for 19 consecutive days. However, despite strong institutional momentum, the broader cryptocurrency market showed signs of cooling: CoinMarketCap's Fear & Greed Index fell below 65 for the first time in over two weeks, ending one of the longest greed streaks of the past two years, according to Binance researchers. The report indicates that this week's push toward $4 trillion in the cryptocurrency market revealed a clear divergence beneath the surface. While institutional investors doubled down through Bitcoin ETFs and Ethereum spot products, retail traders quietly retreated, with on-chain activity at just 70% of December's levels. The growing imbalance between Wall Street's enthusiasm and Main Street's hesitation raises fundamental questions about who truly dominates this market. Early week optimism came from predictable sources, including another round of strong tech earnings and a surprisingly progressive White House report on cryptocurrency policy. Meta's $30 billion investment in AI infrastructure helped propel the S&P 500 to a new high, while Ethereum, benefiting from its ETF performance and favorable stablecoin regulations, achieved an 11.5% weekly gain, outperforming Bitcoin's more modest performance. Total cryptocurrency market capitalization increased by $130 billion to $3.95 trillion, but the gains felt increasingly narrow, concentrated in assets favored by institutional investors rather than the broader digital asset space. Binance researchers indicate that cracks are beginning to appear in market sentiment as the Crypto Fear & Greed Index ends its 15-day bullish reading. The reversal comes amid growing macro uncertainty, with concerns lingering about Federal Reserve Chairman Powell's warnings about persistent inflation, looming trade tariffs, and August, which has historically produced weak returns for stocks and Bitcoin. According to the report, the coming weeks will test whether the institutional-led rally can be sustained without broader participation. Key factors to watch include the return of retail traders, the performance of ETFs, and whether macroeconomic conditions allow risk assets to maintain their upward trajectory.