Daily News | BTC Oscillated and Fell, Market Awaits Tonight's CPI Data

2024-10-10, 04:28

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## Crypto Daily Digest: BTC ETFs experienced net outflows again, Swell opened airdrop query
According to Farside Investor data, the net outflow from US spot <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs yesterday was $30.56 million, with $13.91 million from IBIT and $44.47 million from ARKB.

Yesterday, the net inflow/outflow from the US spot <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs was 0.

**After the minutes of the Fed meeting, the probability of a 25 basis point rate cut in November has dropped to 78%**

After the minutes of the Federal Reserve meeting, according to CME's "FedWatch" data, the probability of the Fed cutting interest rates by 25 basis points in November is 78%, and the probability of keeping interest rates unchanged at 4.75% -5.00% has risen to 22%.

**Meme coins generally fell back after a significant increase in the early stage, while MOODENG fell by over 20%**

According to on chain market data, previously rising meme coins have generally fallen back, with <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s MOODENG experiencing a daily drop of 22.6%, <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s MOODENG experiencing a daily drop of 19.5%, Harry PotterObamaSonic10Inu experiencing a daily drop of 18.1%, and Sui's meme coin BLUB experiencing a daily drop of 13.5%.

**Swell opened the airdrop query, 7,500 addresses have been identified as witch addresses**

Swell, a liquidity re-staking platform, has opened the airdrop query. The total supply of SWELL tokens is 10 billion, of which 8.5% (850 million) will be used for Voyage airdrops.

When the claim is open, 700 million SWELs will be linearly distributed based on the accumulated White Pearls of each Voyager. Additionally, 1.5% will be allocated to users who participated in staking based on loyalty reward methods. Currently, 7500 wallet addresses have been identified as witch addresses (totaling over 7.3 million Pearls).

The official statement states that the SWELL token has purposes such as paying gas fees, governing Swell DAO, and restaking to ensure the security of Swell L2 applications and infrastructure.

## Market Trends: BTC fell back below the weekly Bollinger Bands, while Altcoins generally declined
### Market Hotspots
The fan token CHZ has risen, and the official announcement is that they will airdrop the meme coin PEPPER to CHZ holders. Despite the stimulation of news, CHZ's contract funding rates are high and there are many short sellers. Currently, there is market divergence in CHZ's price;

The prices of NEIROCTO and BABYDOGE in the Meme sector rose, with NEIROCTO being the leading token in market sentiment;

PROS surged, and there are rumors in the community that early investment firm Animoca Brands has increased its holdings.

### Mainstream Coins
BTC fluctuated and fell, currently trading at $60,650, falling back below the weekly Bollinger Bands. Short term market adjustments are inevitable;

ETH fell back below $2,400, and on the news front, PlusToken's previously seized 1.3 billion ETH began to reduce holdings, which may be the main reason for the poor performance of the ETH market;

Altcoins are generally declining, and the market is waiting for the release of CPI data.

## Macroeconomics: US stocks collectively rose, S&P 500 hit intraday record high
The three major US stock indices collectively closed higher, with the S&P 500 index rising 0.71% to 5,792.04 points; The Dow Jones Industrial Average rose 1.03% to 42,512.00 points; The Nasdaq index rose 0.60% to 18,291.62 points. The benchmark 10-year Treasury yield is 4.06%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.99%.

The Federal Reserve's Daley expressed, “We fully support a 50 basis point rate cut in September and are confident in the path to achieving the 2% inflation target and have achieved full employment.” The Federal Reserve will cut interest rates 1-2 times in the remaining time of this year; Stable policy interest rates and rising real interest rates. Furthermore, the Fed will focus on data, monitor the labor market and inflation, and adjust interest rates as needed; The magnitude of the September interest rate cut does not necessarily mean the speed or magnitude of future interest rate cuts.

### Conclusion
The recent narrow consolidation of <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and Ethereum indicates cautious market sentiment. Federal Reserve officials mentioned that interest rate cuts rely on data, indicating that future policies will be more cautious and may impact the <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> of funds in the <a href="/ar/price" target="_blank" class="blog_inner_link">crypto market</a>. Meanwhile, despite the continuous decline in Bitcoin miners' income, wallets holding over 10,000 BTC have significantly increased their holdings, which may provide support for the price. In the market, emerging meme coins such as NEIROCTO have performed strongly, reflecting investors' risk appetite. With the upcoming launch of projects such as Scroll, the market may experience new stimulation in the short term, but the overall market is still fluctuating and waiting for direction.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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