Gate.io Blog Daily News | BTC Returns to $61,000, NEIROCTO Becomes the Most Eye-catching Token

Daily News | BTC Returns to $61,000, NEIROCTO Becomes the Most Eye-catching Token

18 September 12:06

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## Crypto Daily Digest: BTC ETFs saw large inflows, with a significantly increased probability of a 50 basis point interest rate cut in September
According to Farside Investor data, the net inflow of US <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $186 million yesterday. Among them, Fidelity FBTC received a net inflow of $56 million, Ark ARKB received a net inflow of $42 million, and Bitwise BITB received a net inflow of $45 million. BlackRock IBIT has no inflow or outflow of funds.

The US <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF experienced a $15 million outflow yesterday, with overall ETH ETF trading volume being relatively small. Among them, Grayscale ETHE had an outflow of $17.9 million, while BlackRock ETHA had no inflow or outflow of funds.

**Data: The number of CEX Bitcoin deposit addresses dropped to the lowest level in recent years, indicating a reduction in selling pressure**

According to a recent research report by CryptoQuant, the number of deposit addresses on the Bitcoin CEX platform has dropped to 132,100, the lowest level in many years. This indicator represents the number of addresses that send incoming transactions to the trading platform. Analysis shows that the lowest level in years indicates a decrease in the number of investors selling Bitcoin on spot trading platforms, which may indicate a reduction in selling pressure.

But CryptoQuant research director Julio Moreno also stated that when deposits on trading platforms decrease, it may not only indicate a decrease in people's interest in selling Bitcoin. This may also mean a decrease in overall demand for Bitcoin, as fewer traders deposit funds to bet on price increases.

**Eigenpie will conduct IDO on September 20**

Eigenpie posted on social media that its IDO will be held on Magpie Launchpad through the Arbitrum network. The snapshot will be taken between September 18 and 20 to determine the IDO quota allocation for vlMGP holders, MGPs, and vlMGP destroyers. IDO will start at 21:00 (Beijing time) on September 20 and end at 21:00 (Beijing time) on September 24. The allocation of shares in the private placement round is as follows:

·Eigenpie Points holders account for 70.59%
·VLMGP holders account for 20.59%
·MGP/vlMGP destroyers account for 8.82%

The private placement round will be completed within 24 hours, with an FDV of $3 million. The public round will last for 72 hours, with an FDV of $6 million, and the final price will be determined by dividing the total amount of committed funds in this round by the total number of tokens sold in this round. The total token share of IDO is 3,600,000 EGP, and the private equity token will be locked for 6 months and then linearly unlocked within 2 years. The public offering tokens will be unlocked 100% during TGE.

**The probability of the Fed cutting interest rates by 50 basis points this week is 63%**

According to CME's "FedWatch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 37.0%, and the probability of cutting interest rates by 50 basis points is 63.0%.

## Market Trends: BTC led the general rise of the market, while NEIROCTO standed out from the crowd
### Mainstream Coins
BTC returned to $61,000 early this morning and is currently consolidating around $60,000. BTC ETFs have resumed large inflows, and the Federal Reserve is about to cut interest rates;

ETH showed weak performance, with almost no price fluctuations during the day, still hovering around $2,300, and ETH ETFs continue to <a href="/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> out;

Altcoins have followed the market's general rebound, with outstanding performances from NEIROCTO, BIGTIME, FIGHT, and others;

In terms of data indicators, the AHR999 index was 0.65 today, indicating a significant rebound in BTC prices; The Fear & Greed Index is 45, and the market sentiment has improved after a general rise.

### Market Hotspots
Meme sector: NEIROCTO, FIGHT, BABYDOGE and others rose, with NEIROCTO becoming the star token leading the market with over 100% intraday gains. NEIROCTO is the first Neiro token deployed on the Ethereum blockchain, which received great attention from market funds this week and doubled its price within 24 hours. FIGHT is a meme coin related to the US presidential election concept. US presidential candidate Trump tweeted about FIGHT slogans, which stimulated FIGHT's rise. FIGHT's intraday increase once reached 400%, but it has now fallen sharply.

GameFi sector: BIGTIME, MAVIA, and others have surged, with BIGTIME becoming the best performing GameFi token with a 45% intraday increase. BIGTIME game has been online for one year and has been on the rise since its recent launch on a Korean trading platform. The BIGTIME project has been continuously updating game content and building a good community. And another rising game, Mavia, is a tower defense strategy game that was announced to be launched on the Web Ruby Marketplace yesterday. Users can trade in-game assets and will add MAVIA token trading functionality to the marketplace in November.

Social concept: UXLINK has surged by over 60%, with a current circulating market cap of $123 million, and UXLINK has increased by 500% compared to the beginning of the month. Uxlink is the <a href="/web3" target="_blank" class="blog_inner_link">web3</a> social platform infrastructure, and UXLink tokens can capture the value of the entire Uxlink ecosystem.

## Macroeconomics: S&P 500 hit new historical high, Federal Reserve to discuss interest rates early tomorrow morning
The three major indexes of the US stock market fluctuated, with the S&P 500 index rising 0.03% to 5634.58 points; The Dow Jones Industrial Average fell 0.04% to 41606.18 points; The Nasdaq index rose 0.20% to close at 17628.06 points. The benchmark 10-year Treasury yield is 3.65%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.59%.

This week, the world will start the "Super Central Bank Week", and the focus of financial markets will be on the interest rate decisions announced by the Federal Reserve and the Bank of Japan. In addition, central banks in multiple countries such as the UK, Brazil, Norway, and Indonesia will also release their latest interest rate resolutions. European Central Bank President Lagarde and several members will give speeches within the week. Renowned macro journalist Nick Timiraos, known as the "voice of the Federal Reserve," recently stated that the Fed will definitely cut interest rates this week, but it is still uncertain whether the magnitude of this rate cut will be a larger 50 basis points or the traditional 25 basis points.

### Conclusion
The overall sentiment in the current market has recovered, driven by macroeconomic positive news. Bitcoin and some Altcoins have shown strong performance, especially in the Meme and GameFi sectors where tokens have shown significant upward momentum. However, Ethereum and some assets are still showing weakness, and investors need to closely monitor market dynamics and policy changes, operate cautiously, and allocate assets reasonably.

<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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Daily News | BTC Returns to $61,000, NEIROCTO Becomes the Most Eye-catching Token

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