Daily News | BTC ETFs Continue Large Net Inflows, MEW Market Cap Exceeded $1 Billion

2024-10-25, 04:45

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## Crypto Daily Digest: BTC ETFs continue to see large net inflows, with Bitcoin whale holdings reaching a historic high
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 $187.54 million yesterday. BlackRock IBIT had a net inflow of $164 million. Yesterday, US <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs experienced a small net inflow of $1.26 million.

**Standard Chartered Bank analyst: If Trump wins, Bitcoin will rise to $125,000 by the end of the year**

According to Cointelegraph, Standard Chartered Bank analyst Geoff Kendrick predicts that if Trump wins the election, the value of Bitcoin could reach $125,000 by the end of this year.

Kendrick expects BTC to reach around $73,000 on November 5th (election day). If former Republican President Donald Trump wins the election, according to option information, Kendrick believes that BTC will rise about 4% when the results are announced and will rise another 10% in the coming days.

Kendrick stated that if current Vice President Kamala Harris is elected president, the price of Bitcoin will decline for a period of time, but it will also reach around $75,000 by the end of the year.

**Bitcoin whale holdings hit a historic high**

According to Cryptoquant data, Bitcoin Whales currently hold approximately 670,000 bitcoins, the highest value ever recorded. Undoubtedly, this is an optimistic long-term signal.

From the chart, it can be seen that when whale holdings are at a high level, Bitcoin often exhibits a sideways or locally mild downward trend. This accumulation stage can be described as the calm before a medium to long term storm.

The true growth wave of Bitcoin began with whales gradually reducing their holdings until the percentage change in holdings became negative. Finally, if the historical high of Bitcoin is not updated between the US presidential election and November 28th (+/-21 days), it will indicate that there are serious issues with the current bull market cycle and things will become very bad.

**Analyst: The decline of the US dollar is due to the increasing possibility of the Fed's November interest rate cut**

XTB analyst Brooks said that the decline in the US dollar is due to the fact that the Federal Reserve seems more likely to cut interest rates in November, while the possibility of keeping interest rates unchanged is smaller. According to LSEG Refinitiv data, the US money market shows that the likelihood of the Federal Reserve not cutting interest rates in November is only 5%, lower than the previous 12%.

Meanwhile, opinion polls show that the competition for the November US presidential election is very fierce. She said that the lack of clear election results would dampen sentiment, drag down economic growth, and potentially lead to more interest rate cuts.

## Market Trends: MEW market cap exceeded $1 billion, GOAT continues to soar
### Market Hotspots
AI meme leader GOAT continues to soar, with a market cap approaching $700 million. GOAT has repeatedly inserted and rebounded in this position, with exceptionally strong price performance. However, as usual, $700 million is the ceiling for on-chain meme coins that have not yet been launched on mainstream trading platforms. To break through $1 billion, other catalysts are needed;

SAFE surged more than 80% within the day, with a circulating market cap of $680 million. On the surface of the news, Safe Wallet announced yesterday that it supports multi-chain deployment;

MEW, a cat-themed meme coin, rose nearly 30% in 24 hours, and its market cap once exceeded $1 billion, becoming the second cat themed meme coin after POPCAT to surpass $1 billion in market cap. The Money Cat meme coin MANEKI has risen, with a current circulating market cap of only $70 million.

### Mainstream Coins
BTC rose slightly, returning to above $68,000, and BTC ETF is still experiencing positive capital inflows, with a relatively optimistic market sentiment;

ETH once fell below the $2,500 mark, as the overall performance of ETH has been sluggish due to the low inflow of funds into ETH ETFs;

Altcoins generally experienced a pullback, with SOL and <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain projects showing strong performance.

## Macroeconomics: US stocks fluctuated, with a 96.3% probability of the Federal Reserve cutting interest rates in November
The three major indexes of the US stock market fluctuated, with the S&P 500 index rising 0.21% to 5,809.86 points; The Dow Jones Industrial Average fell 0.33% to 42,374.36 points; The Nasdaq index rose 0.76% to 18,415.49 points. The benchmark 10-year Treasury yield is 4.21%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.07%.

Currently, the market is still focused on the release of company financial reports. So far, over 32% of companies in the S&P 500 index have announced their third quarter results. According to FactSet statistics, 76% of these companies have exceeded analysts' expectations in terms of performance. Despite the continuous big news of the earnings season, the overall US stock market is still in a narrow range of fluctuations.

Wall Street analysts point out that considering the variables of the Federal Reserve's interest rate cuts, the volatility of US bonds, and the approaching US election, the overall US stock market is in a state of lack of direction, with only a few stocks experiencing significant increases or decreases due to the impact of the earnings season. In his latest speech, Hammack, the chairman of the Cleveland Fed and a member of the 2024 FOMC voting committee, stated that US inflation has slowed down but has not yet reached the 2% target. The Federal Reserve has not stated that its mission in inflation has been completed, and geopolitical events may lead to a reversal of inflation.

In terms of the US election, global asset management giant BlackRock has issued a warning that the market underestimates the risk of a deadlock in the US election results. Under the dominance of the "Trump deal" and "no economic landing," the US stock market is still close to historical highs, while the US bond market has sparked a wave of selling comparable in severity to that of 1995. Analysis suggests that the rise in US Treasury yields is partly driven by Trump's high tariff proposals, which may exacerbate inflationary pressures.

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<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.
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