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The cryptocurrency failed to break above the $1.1 trillion market cap resistance that has held up for the past 54 days. With Bitcoin (BTC) down 2.5% and Ether (ETH) down 1% over the past 7 days, the two leading coins have hampered the market, but a handful of altcoins are showing strong rallies.

The total market capitalization of the cryptocurrency market fell 1% to $1.07 trillion between July 29 and August 5.market is negative Affected The U.S. Securities and Exchange Commission (SEC) is investigating every U.S. cryptocurrency exchange after regulators accused a former Coinbase employee of insider trading, reports Aug. 4 said.

The total market capitalization of cryptocurrencies, in billions of dollars. Source: TradingView

While the two leading crypto assets were unable to post weekly gains, traders’ appetite for altcoins was unaffected. Investors are positively impacted by Coinbase Exchange’s partnership with BlackRock, the world’s largest financial asset manager, responsible for investments worth $10 trillion.

Coinbase Prime, a service to BlackRock clients, is an institutional trading solution that provides trading, custody, financing and staking for over 300 digital assets. Thus, comparing winners and losers among the top 80 coins provides skewed results, with 10 of them up 12% or more in the past 7 days:

Weekly winners and losers in the top 80 coins.Source: Economics

After Instagram, FLOW is up 48% Announce The Flow blockchain is supported through Dapper Wallet. The social network controlled by Meta (formerly Facebook) is expanding non-fungible token integration.

Filecoin (FIL) up 38% The following August 2nd v16 Skyr upgrade, hardening the protocol to avoid bugs.

VeChain (VET) rose 16.5% after some news sources falsely announced a partnership with Amazon Web Services (AWS).VeChain Foundation explain AWS references were first cited in the May 9 case study.

Tether premium deteriorates slightly

The OKX Tether (USDT) premium is a good measure of demand from retail cryptocurrency traders in China. It measures the difference between Chinese peer-to-peer transactions and the U.S. dollar.

Excessive buying demand tends to stress indicators above 100% of fair value, and during bearish markets, Tether’s market quotes are flooded, resulting in discounts of 4% or more.

Tether (USDT) peer-to-peer with USD/CNY. Source: OKX

Currently, Tether’s premium is 98.4%, its lowest level since June 10. While a far cry from retail panic selling, the indicator has shown a modest deterioration over the past week.

However, weak retail demand is not a cause for concern, as it partly reflects a 69% year-to-date decline in the total cryptocurrency market capitalization.

Futures market sentiment is mixed

Perpetual contracts, also known as inverse swaps, have embedded rates that are typically charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that bulls (buyers) need more leverage. However, when the shorts (sellers) need additional leverage, the opposite happens, causing the funding rate to go negative.

Accumulated perpetual contract financing rates on August 5. Source: Coinglass

As mentioned above, the cumulative 7-day funding rate is either slightly positive or neutral for the largest cryptocurrencies by open interest. These data indicate a balance of demand between leveraged longs (buyers) and shorts (sellers).

Given the lack of demand for Tether in Asia and a mixed premium for perpetual contracts, traders lacked confidence as the total cryptocurrency capitalization struggled against resistance at $1.1 trillion. So, for now, bears appear to have the upper hand, given the uncertainty created by the SEC charges against a former Coinbase manager.

The views and opinions expressed here represent only author Does not necessarily reflect Cointelegraph’s views. Every investment and trading action involves risk. You should do your own research when making a decision.