最新报道：According to 4E, market focus is on the upcoming US employment data. Economists expect only 75,000 new non-farm payrolls in August, with the unemployment rate expected to rise to 4.3%, the highest since 2021. If the data falls short of expectations, the Federal Reserve may be forced to accelerate its easing pace at its September meeting, perhaps even cutting interest rates by 50 basis points. Santander Chief Economist Stanley stated bluntly, "The labor market is essentially frozen, and companies are pausing hiring and waiting." Against this backdrop, the market generally expects a rate cut of at least 25 basis points in September. In terms of on-chain activity, Bitmine received 48,225 ETH (approximately $208 million) from BitGo, while new wallets 0xAF8 and 0xC77 withdrew 12,692 and 18,404 ETH, respectively, totaling over $300 million in inflows. Continued institutional investment may support ETH's medium-term trend. On the regulatory front, the US SEC announced its new crypto regulatory agenda, proposing to relax some exemptions and streamline disclosure procedures. It also intends to allow some crypto assets to be listed on registered exchanges and ATSs, aiming to pave the way for digital assets to integrate into the existing system. On a macro level, Trump signed an executive order formally implementing the US-Japan trade agreement, imposing a 15% base tariff on most Japanese imports. Initial jobless claims in the US rose to 237,000, exceeding expectations and indicating intensifying employment pressures. In addition, Bitwise listed five crypto ETPs on the Swiss SIX exchange, covering BTC, ETH, SOL, XRP, and a multi-asset index, bringing its total number of local products to 10, further promoting institutional adoption. 4E reminds investors: Short-term market sentiment is driven by non-farm payrolls and expectations of interest rate cuts, and macro fluctuations may amplify price volatility. Supported by capital inflows and regulatory clarity, the medium- and long-term narratives for mainstream assets such as ETH remain resilient.