Daily News | BTC Oscillates Widely and Awaits Direction Selection, Ton Chain Meme Coin DOGS Becomes MarketStar

2024-08-21, 04:30

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## Crypto Daily Digest: BTC ETFs saw net inflows for 4 consecutive days, with the total market cap of stablecoins reaching a new high
According to Farside Investor data, the net inflow of US spot <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs was $87.6 million yesterday, achieving net inflows for four consecutive trading days. Among them, IBIT had a net inflow of $54.99 million, ARKB had a net inflow of $51.9 million, and GBTC had a net outflow of $12.8 million.

Yesterday, the spot <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF had a net outflow of $6.7 million, including a net outflow of $36.99 million from Grayscale ETF and a net inflow of $26.5 million from the BlackRock ETFs.

**Meme project DOGS once again announced extension of airdrop application deadline**

DOGS officials have stated that over 8 million verified users have requested to deposit their DOGS directly into the trading platform and Telegram wallet.

DOGS has decided to adjust the TGE date again, and the updated schedule is as follows:

· The deadline for applying to the trading platform and Telegram wallet will be extended until 24:00 Beijing time on August 23;

·The service of applying for non-custodial wallets will be available from 16:00 Beijing time on August 26;

· TGE and listing will take place on August 26 at 20:00 Beijing time.

**The total market cap of stablecoins has reached a new high**

According to Lookonchain monitoring, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Treasury minted 3 billion USDT in just one week. On-chain data shows that since August 5th, 3.22 billion USDTs have flowed into CEX from the Tether Treasury.

CryptoQuant posted on social media that the total market value of stablecoins has reached a historic high of $165 billion. This growth typically indicates an increase in the prices of Bitcoin and cryptocurrencies.

**Analyst: <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ETFs unlikely to be approved in the United States, only hoping for Trump's victory
**

Bloomberg senior ETF analyst Eric Balchunas stated in an article on X that unless there is a change in the leadership of the US government, the likelihood of SolanaETF being approved is extremely slim.

Balchunas also added, “The chances of approval in 2024 are almost zero, and if Harris wins, the chances in 2025 may also be close to zero. My only hope is for Trump to win.”

Previously, sources revealed that the US SEC rejected two Solana spot ETF19b-4 applications submitted by CboeBZX. Therefore, these applications have been withdrawn from the Cboe website. Some speculate that the SEC rejected these applications even before formal review, due to regulatory concerns about Solana being classified as a security.

## Market Trends: BTC waiting to choose direction, DOGS becoming the biggest highlight of today's market
### Mainstream Coins
BTC fluctuates widely within the price range of $58,000 to $61,000. Technically speaking, the next few days will be a critical period for Bitcoin to choose its price direction. If Bitcoin can break through the resistance level of $61,000, it may usher in a new round of upward trend; On the contrary, if it falls below the support level of $58,000, it may further decline.

ETH is consolidating around $2,600. In the past week, the volatility of ETH has significantly decreased, and on the daily chart, ETH has been rejected after touching the middle band of the Bollinger Bands. It is worth noting that the ETH ETF saw an outflow of over $35 million yesterday, indicating a lack of confidence in ETH in the short term and an unfavorable trend.

Altcoins: The Altcoin market is generally declining, but DOGS has become the biggest highlight of today's market. Other Altcoins have shown relatively weak performance against the backdrop of market volatility.

### Data Indicators
AHR999 Index: Today's AHR999 Index is 0.65, indicating that the current price is still a good range for regular investment. The AHR999 index is at a low level, usually seen as a buy signal, and investors can consider building positions in batches within this range.

Fear & Greed Index: The current Fear Greed Index is 26, indicating that the market sentiment is in a state of "fear". This sluggish sentiment is expected to continue, and investors should remain cautious and avoid making impulsive investment decisions when market sentiment is low.

### Macroeconomics
The three major indexes of the US stock market collectively closed down, as expectations of the Federal Reserve's interest rate cuts continue to rise. Investors are generally waiting for Federal Reserve Chairman Powell's speech on Friday evening to obtain more clues about future monetary policy. The risk asset market exhibits significant volatility in this uncertainty, and the <a href="/price" target="_blank" class="blog_inner_<a href="/price/link-ln" target="_blank" class="blog_inner_link">link</a>"><a href="/price" target="_blank" class="blog_inner_link"><a href="/price" target="_blank" class="blog_inner_link"><a href="/price" target="_blank" class="blog_inner_link">crypto market</a></a></a></a> is no exception.

### Market Hotspots:
Ton Chain Meme DOGS: DOGS has become the focus of today's market. This morning, the price of DOGS broke through $0.003 in pre-market trading on Gate.io, and is now quoted at $0.0026, with a 24-hour increase of over 60%. The total amount of DOGS is 550 billion coins, with an estimated market value of over $1.4 billion based on current values, which will place it in the top 50 of all cryptocurrencies.

DOGS has over 40 million coin holding addresses, but it still needs to be observed how many <a href="/price/view/new-cryptocurrencies" target="_blank" class="blog_inner_link">new crypto</a> users can be converted. Although DOGS has performed well, investors should be aware of its high volatility and potential risks.

## Macroeconomics: The three major stock indexes in the US stock market collectively closed down, and the Jackson Hole annual meeting is approaching
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 0.20% to 5,597.12 points; The Dow Jones Industrial Average fell 0.15% to 40,834.97 points; The Nasdaq index fell 0.33% to 17,816.94 points.

Among the popular US stocks, Apple rose 0.28%, Microsoft rose 0.78%, Nvidia fell 2.12%, Google C rose 0.33%, Google A rose 0.31%, Amazon rose 0.37%, Meta fell 0.48%, TSMC fell 1.89%, Tesla fell 0.73%, and AMD rose 0.72%.

Thursday is the annual Jackson Hole conference, and since the 2010 Jackson Hole conference, the stock market has shown an average return of 0.9%. Excluding 2022, the average return is 1.6%, and the average return for the five days after the conference is 0.7%. Excluding the average performance of 1.1% in 2022. If calculated based on 2017, except for 2022, the stock market has had positive returns during every Jackson Hole conference.

### Conclusion
Currently, Bitcoin and Ethereum are in critical price ranges, and the trend in the coming days will guide the market. The overall performance of the Altcoin market is weak, but DOGS has emerged as a new force and performed outstandingly. The AHR999 index and the Fear & Greed index indicate that the current market sentiment is sluggish, but there are still opportunities for fixed investment. In terms of macroeconomics, the policy direction of the Federal Reserve will have a significant impact on the market, and investors should closely monitor Powell's speech.

In this context, investors should remain cautious, allocate assets reasonably, and avoid making impulsive decisions in market fluctuations. Meanwhile, for hot projects such as DOGS, although they perform strongly in the short term, attention should be paid to their long-term development potential and risks.

<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>