Daily news| Bitcoin Stabilizes at $63,000 with ETF Inflows Reaching $450 Million

2024-10-01, 03:36

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##Daily news: BTC ETF Sees $450 Million Net Inflow; ETH ETF Receives $25.95 Million
According to data from Lookonchain, on September 30, ten <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs experienced a net inflow of 7,111 BTC, valued at approximately $453.42 million, bringing their total holdings to 50,684 BTC, which is about $3.23 billion. In addition, nine <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs recorded a net inflow of 9,927 ETH, worth around $25.95 million, with total holdings now at 161,500 ETH, approximately $422.16 million.

###Liquidations Exceed $231 Million in the Past 24 Hours, Mainly Long Positions
Data from Coinglass reports that over the last 24 hours, the total liquidations across the market reached $231 million. Of this amount, about $198 million came from liquidations of long positions, while short positions accounted for approximately $33.35 million.

###Fed's Probability of Cutting Rates in November Rises to 62.9%
According to CME's FedWatch Tool, the likelihood of the Federal Reserve reducing interest rates by 25 basis points in November has increased to 62.9%. The probability of a 50 basis point cut stands at 37.1%. By December, the chances of a cumulative 50 basis point cut are estimated at 36.7%, while the likelihood of a 75 basis point reduction is 47.9%. The probability of a total cut of 100 basis points is at 15.5%.

###Ethereum Foundation Sells Over $10 Million in ETH This Year
So far in 2024, the Ethereum Foundation has directly sold 3,766 ETH through CoWSwap, receiving 10.46 million DAI in return, with an average selling price of $2,777 per ETH. Notably, in September alone, the Foundation sold 1,250 ETH, amounting to approximately $3.06 million.

##Market Analysis: Bitcoin Holds Support at $63,000; Sui Ecosystem Tokens Show Strong Performance
###Market hot spots:
-Sui Sector: Sui Network has emerged as a high-performance Layer 1 blockchain during this bull market, becoming the standout Layer 1 token in September. Its ecosystem DApps and MEME tokens have also seen a significant upward trend, with a nearly 24-hour increase of 3.53%.

-Political Meme Sector: Market speculation surrounding the upcoming U.S. presidential election at the end of this year continues unabated. This sector has experienced a notable 24-hour increase of 23.71%, with MAGA, FIGHT, and DMAGA tokens rising by 3.06%, 22.13%, and 27.57%, respectively.

-Ethereum Re-staking Protocol Eigenlayer (EIGEN): Eigenlayer has launched on major exchanges, including Gate.io, today. It is currently one of the most talked-about new listings and is worth following closely.

###General Trends:
-Bitcoin (BTC): The daily chart shows that BTC is facing resistance at the descending trend line and has temporarily stabilized around $63,000. The funding rate is close to zero, indicating that the market is not overly leveraged and still has potential for upward movement.

-Ethereum (ETH): ETH has shown relative strength against declines. Recently, spot ETFs have started to see inflows, and ETH's performance has gradually outpaced BTC, suggesting the possibility of an altcoin season.

-Altcoins: While many altcoins are experiencing a general pullback, tokens such as SUI, FTM, SEI, and CFX are leading the gains despite the trend. The MEME sector has seen a slight increase of 0.9%.

##Macro: Federal Reserve May Cut Rates Twice More This Year, Totaling 50 Basis Points; U.S. Stocks Rise
Federal Reserve Chair Jerome Powell stated on Monday that the current economic conditions are setting the stage for a decline in inflation, and that policy will return to a neutral stance, with decisions made based on upcoming meetings.

He anticipates an additional 50 basis points cut this year but emphasized that there is no rush to act quickly. The market reacted to this news, adjusting expectations for a smaller rate cut in November.

Additionally, there are differing opinions within the Federal Reserve regarding rate cuts. The President of the Atlanta Fed favors a gradual reduction, while the Chicago Fed President advocates for significant and multiple cuts.

Despite the uncertainty surrounding rate cut expectations, U.S. stock markets closed higher, with popular tech stocks rising, reflecting <a href="/price/optimism-op" target="_blank" class="blog_inner_link">optimism</a> in the technology sector.

##Summary
Despite adjustments in the market's expectations for interest rate cuts, Bitcoin did not rise in tandem with U.S. stocks last night; instead, it experienced a slight decline, highlighting the complex dynamics within the <a href="/price" target="_blank" class="blog_inner_link">cryptocurrency market</a>.

On the technical front, after continuing an upward trend last week, Bitcoin opened lower this week, facing resistance at the descending trend line. However, if the bullish flag formation is broken in the long term, there could be significant upward potential. The recent price increase in Bitcoin has been partly driven by rising demand for spot ETFs, while the futures market does not show signs of overheating, indicating that there is still potential for further upward movement.

Looking ahead, a series of U.S. economic data will be released this week, which may clarify interest rate policies and significantly impact short-term <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a> fluctuations. However, the overall cryptocurrency ecosystem remains relatively active, with the passive effect of following Bitcoin's downward trend gradually fading. Investors may also want to explore opportunities in sectors such as Sui and MEME.
 
<div class="blog-details-info">
<div>Author:** Carl Y.**, Gate.io Researcher
<div>Translator: Sally
<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>