Daily News | BTC Returned Above $64,000, Powell's Dove Speech Confirmed Interest Rate Cut

2024-08-26, 04:42

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## Crypto Daily Digest: SUI unlocked over $65 million at once, Telegram founder Durov arrested
According to Farside Investor data, the US <a href="/ar/price/<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin</a>-btc" target="_blank" class="blog_inner_<a href="/ar/price/link-ln" target="_blank" class="blog_inner_link">link</a>">Bitcoin</a> spot ETF had a net inflow of $65.06 million yesterday, of which BlackRock IBIT had a net inflow of $75.76 million; Fidelity FBTC had a net inflow of $9.2 million; Bitwise's BITB had a net outflow of $11.5 million; ARKB had a net inflow of $7.8 million; Grayscale GBTC had a net outflow of $28.4 million; Grayscale BTC had a net inflow of $4 million.

The US <a href="/ar/price/<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ethereum</a>-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF had a net outflow of $800,000 yesterday, of which Fidelity FETH had a net inflow of $14.3 million; VanEck's ETHV had a net inflow of $1 million; Grayscale ETHE had a net outflow of $19.8 million; Grayscale ETH had a net inflow of $3.7 million.

**TON Ecosystem Meme Coin Resistance Dog (REDO) Increases Over 130% in 24 Hours**

According to Gate.io market information, the TON ecosystem meme coin Resistance Dog (REDO) is currently priced at $0.7474, up 136% in 24 hours.

Previously, TON officially added the Resistance Dog logo, hand-drawn by Telegram's founder in 2018, to its profile picture. In addition, TON Foundation Chairman Steve Yun has replaced his Twitter avatar with the Resistance Dog logo. Today, some pages on Binance have updated their TON logo to the Resistance Dog pattern.

According to the TON Foundation, the hooded dog (also known as Resistance Dog) was originally drawn and named by Pavel Durov, the founder of Telegram and TON, in 2018. REDO has been the (unofficial) mascot of Telegram's "Resistance" censorship vision since then.

**This week's unlocking data summary: SUI will unlock tokens worth over $65 million at once**

According to Token Unlocks data, multiple projects such as OP, SUI, and <a href="/ar/price/<a href="/price/dydx-dydx" target="_blank" class="blog_inner_link">dydx</a>-dydx" target="_blank" class="blog_inner_link">DYDX</a> will receive a one-time large-scale unlocking of tokens next week. Among them:

Yield Guild Games will unlock 14.08 million YGGs worth approximately $6.76 million at 10:00 am (Beijing time) on August 27, accounting for 3.7% of the circulating supply;

SingularityNET will unlock 8.32 million AGIXs worth approximately $4.28 million at 8:00 am (Beijing time) on August 28, accounting for 1.58% of the circulating supply;

<a href="/ar/price/<a href="/price/optimism-op" target="_blank" class="blog_inner_link">optimism</a>-op" target="_blank" class="blog_inner_link">Optimism</a> will unlock 31.34 million OPs worth approximately $50.46 million at 8:00 am (Beijing time) on August 31, accounting for 2.64% of the circulating supply;

Echelon Prime will unlock 750,000 PRIMEs worth approximately $5.37 million at 8:00 am (Beijing time) on August 31, accounting for 1.68% of the circulating supply;

Dydx will unlock 8.33 million DYDXs at 8:00 am  (Beijing time) on September 1, worth approximately $9.75 million, accounting for 3.67% of the circulating supply;

Sui will unlock 64.19 million SUIs worth approximately $65.09 million at 8:00 am  (Beijing time) on September 1, accounting for 2.47% of the circulating supply;

Zetachain will unlock 53.89 million ZETAs worth approximately $33.05 million at 8:00 am  (Beijing time) on September 1, accounting for 15.71% of the circulating supply;

Ethena will unlock 14.89 million ENAs worth approximately $5.36 million at 3:00 pm  (Beijing time) on September 1, accounting for 0.82% of the circulating supply.

**Telegram responded to CEO arrest: Telegram complies with EU laws, audits comply with industry standards and continuously improves**

Telegram released a statement on its official X platform account in response to the CEO's arrest, stating:

1.Telegram complies with EU laws, including the Digital Services Act. Its audits comply with industry standards and are constantly improving.

2.Telegram's CEO Pavel Durov is not hiding and often travels in Europe.

3.The statement that “a certain platform or platform owner should be held responsible for abuse on the platform” is absurd.

4.Nearly one billion users worldwide use Telegram as a means of communication and an important source of information.

5.The team is waiting for a quick resolution to this situation.

## Market Trends: BTC ETFs saw large inflows again, the overall market improved
### Mainstream Coins
BTC rebounded significantly over the weekend, returning to above $64,000. Last Friday, BTC ETF saw a significant inflow of $250 million, driving BTC to break through the volatile range and show strong performance. This indicates that the market's demand and confidence in BTC are increasing, especially driven by the inflow of ETF funds.

ETH continues to fluctuate around $2,700. Compared to BTC, ETH's performance is relatively weak, with the ETH/BTC ratio weakening. At the same time, ETH ETFs have also experienced slight outflows, resulting in lower trading volumes. This may reflect a greater <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> of funds towards Bitcoin, while Ethereum lacks a clear catalyst.

Altcoins generally followed the market's rise over the weekend, especially in the Meme sector, where their performance was particularly outstanding. The strong rebound of the Meme sector indicates that investors' preference for high-risk, high-return assets still exists.

### Data Indicators
AHR999 Index: Today, the AHR999 Index is 0.77, which has risen significantly from its low point. This indicates that the overall market heat has rebounded and investor sentiment is becoming more optimistic.

Fear & Greed Index: Currently at 55, market sentiment has shifted from fear to a neutral bias towards greed. This is consistent with the upward trend of the market, indicating that market sentiment is improving.

### Market Hotspots:
**Meme sector: Meme coins such as CAT, PEW, and MANEKI performed strongly over the weekend.**

CAT: As a relevant coin of the well-established dog-themed Meme coin FLOKI, it currently has a market value of $180 million and performs steadily.
  
PEW: This coin rose more than 100% over the weekend, with a current circulating market value of $2.8 million, approximately 3% of its historical high. The strong rebound of PEW shows the market's short-term interest in high-risk assets.
  
**Ton Ecosystem: TON and its ecosystem tokens performed poorly over the weekend, with prices plummeting significantly.**

TON: The news of Telegram founder Durov's arrest affected TON, which fell nearly 30% at one point. The price has rebounded but remains below $5.7.
  
DOGS: As the hottest Meme project in the Ton ecosystem recently, trading will begin at 8 pm (Beijing time) tonight. With the gradual receipt of DOGS recharge, the current hanging unit price has dropped by more than 50% compared to the pre trading price, indicating a lack of short-term confidence in the project in the market.
  
## Macroeconomics: Three major US stock indices close higher, Powell confirms interest rate cut
The three major US stock indices all rose over 1%, with the S&P 500 index rising 1.15% to 5,634.61 points, the Dow Jones Industrial Average rising 1.14% to 41,175.08 points, and the Nasdaq index rising 1.47% to 17,877.79 points.

Last week, the Dow Jones Index rose 1.27%, the Nasdaq Index rose 1.40%, and the S&P 500 Index rose 1.45%.

Federal Reserve Chairman Powell released a clear signal of interest rate cuts at the Jackson Hole meeting, and a rate cut in September is a foregone conclusion. Powell emphasized that the downward risk of employment has increased, and the time for policy adjustment has come. The Federal Reserve will do its utmost to support the labor market. However, he did not express any views on the magnitude and speed of the interest rate cut, leaving room for further actions. The benchmark scenario is still that the Federal Reserve will cut interest rates by 25 basis points in September. If non farm payroll data unexpectedly weakens again, it may also cut interest rates by 50 basis points. The market responded positively to Powell's early announcement of interest rate cuts, as it addressed concerns about the Fed falling behind the curve. Wall Street believes that if the labor market weakens, the Federal Reserve will not hesitate to take action.

### Conclusion
Overall, Bitcoin has performed strongly, driven by the inflow of ETF funds, which has pushed the market up. Ethereum and Altcoins have relatively lagged behind, but the Meme sector remains a bright spot in the market. Regarding macroeconomics, the Federal Reserve's expectation of interest rate cuts has provided a favorable external environment for the market. However, the negative news from the TON ecosystem reminds investors to remain cautious when participating in high-risk assets. In the coming week, investors should closely monitor changes in macroeconomic policies and market sentiment indicators to adjust their investment strategies in a timely manner.

<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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