As of September 7, 2025, the total market value of cryptocurrencies is $3.85 trillion (daily +1.84%), but the market shows structural differentiation: BTC ($110,566) and ETH ($4,296) both fell by 0.2%, while the market share of altcoins rose to 29.4%, indicating obvious signs of capital rotation. BTC's market share of 57.1% remains dominant, but ETH's market share has dropped to 13.5%, continuing to face pressure.

The liquidation amount of $126 million (with longs accounting for 59%) shows that the risk of leveraged trading still exists, but has significantly eased compared to earlier periods. Market sentiment is neutral to cautious (greed index 40), and the altcoin season index of 56 suggests a potential rebound in the activity of the altcoin sector. ETF funds continue to flow out (with net outflows of $160 million and $447 million for BTC/ETH respectively), and institutional allocation momentum is insufficient, especially as ETH faces significant selling pressure.

The macro environment is marginally tightening: the dollar index is fluctuating at a high of 97.73, and the Federal Reserve's interest rate remains at 4.25%-4.50%, limiting the expansion of risk asset valuations. The scale of stablecoins ($240.7 billion) is stagnant, and there is a lack of incremental liquidity, but gold has reached a new high ($3,586/ounce) and the Nasdaq has risen, reflecting a coexistence of risk aversion and technological preference in traditional markets.

In the short term, the market needs to observe whether funds can rotate from BTC to altcoins, but under the constraints of macro liquidity, the sustainability of the rebound is questionable. It is recommended to cautiously control leverage and focus on structural opportunities.