Daily News | BTC ETFs Continued to Experience Large Inflows, DOGS Failed to Stimulate the Performance of Altcoins

2024-08-27, 03:37

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## Crypto Daily Digest: BTC ETFs continued to experience large inflows, while DOGS prices perform average
According to Farside Investor data, the US <a href="/es/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs had a net inflow of $202.6 million yesterday, achieving net inflows for 8 consecutive trading days. The total inflow over the past 8 trading days reached $753 million, with the main inflows being BlackRock IBIT's net inflow of $224.16 million and Fidelity FBTC's net outflow of $8.3 million.

Yesterday, the US <a href="/es/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF had a net outflow of $13.2 million, including a net outflow of $2.7 million from Fidelity FETH, $1 million from Franklin EZET, and $9.5 million from Grayscale ETHE.

**DOGS trading volume exceeds $80 million**

According to Gate.io data, since the launch of DOGS on Gate.io, the total trading volume has reached $82.37 million, and the market cap is temporarily reported to be $677 million. DOGS is a Telegram spirit meme coin, inspired by the mascot Spotty created by Pavel Durov, the founder of TON. The project team conducted airdrops targeting telegraph users in a sunny manner, with a total circulation of 550 billion pieces. The iconic image of the DOGS project is a black and white dog named Spotty.

**Federal Reserve Daley: The time for interest rate cuts has come**

San Francisco Fed President Daley said she believes it is appropriate for the Fed to start cutting interest rates. Daley said in an interview on Monday, “The labor market has achieved complete balance. The time has come to adjust policies.”

This viewpoint echoes the remarks made by Federal Reserve Chairman Powell last week, who stated at the Jackson Hole Conference that he is confident that inflation is returning to the path of 2% and also stated that "the time for policy adjustment has come". Daley emphasized that the Federal Reserve must lower the inflation rate to its target of 2%, but she and her colleagues will also work to prevent restrictive policies from harming the labor market.

**Over the past month, the daily trading volume of the Ethereum network decreased by approximately 55% compared to the 7-day moving average
**

According to data from The Block, the 7-day moving average of daily trading volume on the Ethereum network has decreased by approximately 55% over the past month, from $6.56 billion on July 26th to $2.9 billion today.

The monthly trading volume of Ethereum in July was $134.71 billion, while the trading volume in August is currently only $91.46 billion, with 5 days left until the end of this month.

**[Gate.io](http://Gate.io "Gate.io") announces Official Sleeve Partnership with Inter Milan**

Starting from the 2024/25 season, [Gate.io](http://Gate.io "Gate.io") will become the Official Sleeve Partner for Inter Milan, which will see its logo on the sleeves of the playing kits for both Men’s and Women’s teams, in addition to the Club’s U20 teams.

## Market Trends: BTC is in a consolidation stage, Altcoins generally decline
### Mainstream Coins
BTC experienced a slight correction after breaking through $64,000 yesterday, and is currently consolidating above $63,000. There is no significant inflow of funds into BTC ETFs, and the overall market is in a consolidation stage;

ETH is still fluctuating around $2,700, and its performance in this round of rebound is relatively weak. The selling pressure from the Ethereum Foundation has affected market sentiment;

The general decline in Altcoins and the average increase in DOGS online did not stimulate market sentiment.

### Data Indicators
Today, the AHR999 index is 0.73, and the current price is still suitable for long-term BTC investors to invest; The Fear & Greed Index is 48, indicating a relatively rational market sentiment.

### Market Hotspots:
DOGS: The Ton Ecosystem Meme project DOGS was launched on various trading platforms at 20:00 (Beijing time) yesterday, with a current price of $0.0013 and a circulating market cap of approximately $600 million. The launch of DOGS has attracted funds from other meme projects on Ton Chain, but NOT has plummeted by over 15%.

In the first two weeks of the market, leading tokens such as RARE and SUN experienced a significant drop. The RARE short squeeze has temporarily ended, and some believe that the funds behind RARE may be related to the funds that operated TRB for several months last year. Due to Justin Sun's shipment, the market's rise is weak and there is no buying demand below, so a sharp decline is an inevitable result.

## Macroeconomics: The US stock market is experiencing mixed ups and downs, Dow Jones Industrial Average hits new historical high
The three major indexes of the US stock market have fluctuated, with the S&P 500 index falling 0.32% to 5,616.84 points; The Dow Jones Industrial Average rose 0.16% to 41,240.52 points; The Nasdaq index fell 0.85% to 17,725.77 points.

Among the popular US stocks, Apple rose 0.15%, Nvidia fell 2.25%, Microsoft fell 0.79%, Google C rose 0.30%, Google A rose 0.33%, Amazon fell 0.87%, Meta fell 1.30%, TSMC fell 1.27%, Tesla fell 3.23%, and AMD fell 3.22%.

Federal Reserve Chairman Powell recently stated at the Jackson Hole Global Central Bank Annual Meeting that the critical moment for interest rate cuts has arrived, and the timing and speed of the cuts will depend on the upcoming economic data, the constantly changing outlook, and the balance of risks. Analysis suggests that the main reasons why the Federal Reserve is preparing to adjust its monetary policy are the decrease in inflation pressure in the United States and the weakness of the job market.

Reuters reported that even if the Federal Reserve starts cutting interest rates, the high borrowing costs caused by high interest rates will continue to drag down the development of the US economy for some time. At the same time, the future direction of the Federal Reserve's monetary policy also brings great uncertainty to the global financial market and economic development.

### Conclusion
Overall, the current <a href="/es/price" target="_blank" class="blog_inner_link">crypto market</a> is in a consolidation phase, with BTC and ETH showing relatively stable performance, but Altcoins are generally declining, indicating a more rational market sentiment. The macroeconomic uncertainty, especially the expectation of interest rate cuts by the Federal Reserve, will continue to have an impact on the market. For long-term investors, the current price level is still suitable for fixed investment, but attention should be paid to the short-term risks brought by market fluctuations. Investors should remain cautious at this stage, closely monitor market trends and macroeconomic data, allocate assets reasonably, and avoid excessive speculation.

<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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