Daily News | Crypto Resumes Capital Inflow, Financial Markets Awaiting Powell's Speech

2024-08-20, 04:25

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## Crypto Daily Digest: BTC spot ETFs had an inflow of $70 million, DOGS extended airdrop application deadline
According to Farside Investor data, the net inflow of US spot <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs was $70.6 million yesterday, achieving net inflows for three consecutive trading days. The main inflow comes from BlackRock IBIT of $92.4 million, and the main outflow is BITB of $25.7 million.

Yesterday, the spot <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF had a net outflow of $13.5 million, including a net outflow of $20.3 million for Grayscale ETH, a net inflow of $4.9 million for Grayscale ETH, and a net inflow of $1.9 million for ETHW.

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

According to the official statement of the Ton Chain Meme project DOGS, 6 million verified users have requested to deposit their DOGS directly into the trading platform and Telegram wallet.

DOGS has decided to add more withdrawal options and extend the application period to ensure that everyone has enough time. The updated schedule is:

· The deadline for applying to the trading platform and Telegram wallet will be extended until 2:00 am Beijing time on August 22;

· The service of applying for non-custodial wallets will be available from 16:00 Beijing time on August 23;

· TGE and listing will take place on August 23 at 20:00 Beijing time.

**VanEck executive: Persist in promoting <a href="/fr/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ETF plan, S-1 document still valid**

Despite Cboe Global Markets removing the 19b-4 file for the VanEck Solana ETF from its website, VanEck remains committed to advancing its Solana ETF plan.

Matthew Sigel, Head of Digital Asset Research at VanEck, confirmed that although the documents are no longer visible, VanEck's S-1 file is still valid. Cboe submitted an application to the SEC in July seeking to list Solana ETF on its exchange and requested the SEC to make a decision by March.

Sigel stated, “VanEck's belief that Solana (SOL) is similar to Bitcoin (BTC) and Ethereum (ETH) as a commodity rather than a security is determined by evolving legal perspectives. Courts and regulatory agencies have begun to recognize that certain cryptocurrencies may act as securities in the primary market, but behave more like commodities in the secondary market.”

**BRN analyst: Financial markets are waiting for Powell's speech, Bitcoin volatility may rise in the next few days**

According to The Block, BRN analyst Valentin Fournier stated that “as the market awaits further announcements from the Federal Reserve at the Jackson Hole Conference and the release of macroeconomic indicators, Bitcoin's volatility may rise in the next few days or week.”

Fournier mentioned that there was an increase in open interest contracts for Bitcoin futures prior to the Jackson Hole Conference. He added, “The increase in open interest contracts may be related to investors' expectations of potential profits, if the announcement is positive.”

According to Fournier, the broader financial market is cautiously waiting for Powell's speech at Jackson Hole on Friday, seeking clues about the Fed's possible decision at next month's policy meeting. He added, “Powell's speech may announce the Fed's first interest rate cut, and we still believe that the (Bitcoin) price will rise to $65,000 and $67,000 before a new decline occurs.”

## Market Trends
### Mainstream Coins
BTC: This morning, Bitcoin broke through the $60,000 mark, showing a strong upward trend. The inflow of funds into BTC ETF exceeded $70 million, further driving up the price. In addition, the sustained rise of US stocks and gold may bring some funds into the <a href="/fr/price" target="_blank" class="blog_inner_link">crypto market</a>, further supporting the price of Bitcoin. The subsequent trend requires close attention to the inflow of funds, especially those from traditional financial markets.

ETH: Ethereum is currently still consolidating below $2,700, touching the Bollinger Bands daily mid track. The ETH ETF is still in a net outflow state, indicating that the market is adopting a wait-and-see attitude towards Ethereum's short-term prospects. The future trend is still unclear, and further observation of market sentiment and capital <a href="/fr/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> is needed.

Altcoins: Overall, the Altcoin market has generally rebounded, but only about 5% of tokens have seen an increase of over 10%. It is worth noting that POPCAT, MOG, and TOKEN have performed outstandingly in the rebound market, indicating investors' interest in these tokens.

### Data Indicators
AHR999 Index: Today's AHR999 Index is 0.67, still far below the fixed investment index, indicating that the current price is a good range for fixed investment. For long-term investors, current market prices have high investment value.

Fear & Greed Index: The current Fear & Greed Index is 30, indicating that market sentiment has not rebounded with prices and is still relatively low. This may mean that the market has not completely shaken off its fear, and investors need to operate cautiously.

### Market Hotspots:
**Meme Coins:**
APU: Among the frog-type Meme coins, APU has risen nearly 15% in the past 24 hours. APU is a sad frog image, and some believe that APU is to Pepe what Shib is to Doge. Currently, the rise of APU may be driven by market interest and sentiment towards Meme coin.

Cat Meme Coins: POPCAT and MOG have risen nearly 20% in the past 24 hours. Especially POPCAT, which has recently shown the most outstanding performance, has become the leader in cat-related Meme coins. Other cat themed Meme coins such as MANEKI have also risen, but the increase is far less than POPCAT, demonstrating the market characteristic of strong players always being strong.

**RWA Sector: **
TOKEN has risen nearly 20% in the past 24 hours, indicating investors' interest in the RWA concept. Other RWA concept tokens such as RSR, PLOYX, ONDO, etc. have also risen, and the overall RWA sector has performed well. The current circulating market value of TOKEN is only $66 million, indicating that it still has significant growth potential.

## Macroeconomics: The three major stock indexes in the US stock market collectively closed higher, and interest rate cuts are imminent
The three major indexes of the US stock market collectively closed higher, with the S&P 500 index rising 0.97% to 5,608.25 points; The Dow Jones Industrial Average rose 0.58% to 40,896.53 points; The Nasdaq index rose 1.39% to 17,876.77 points.

Among the popular US stocks, Apple fell 0.07%, Nvidia rose 4.35%, Microsoft rose 0.73%, Google C rose 2.22%, Google A rose 2.28%, Amazon rose 0.66%, Meta rose 0.35%, TSMC rose 0.50%, Tesla rose 3.12%, and AMD rose 4.52%.

The pressure of yen liquidation has temporarily come to an end. At the end of July, due to the impact of the Bank of Japan's interest rate hike, the yen was liquidated, resulting in a significant decline in the Japanese and US stock markets. The Bank of Japan later stated that it would not raise policy interest rates when financial and capital markets were unstable, sending a dovish signal and calming market sentiment. The Japanese yen stabilized against the US dollar after a rapid rise. The selling pressure caused by the yen's liquidation has temporarily come to an end.

The inflation problem has been improved and interest rate cuts are imminent. For the inflation issue that the market is concerned about, we have seen a gradual improvement in price trends. The US Department of Labor released the Consumer Price Index (CPI) for July, with a year-on-year increase of 2.9%, lower than the previous value of 3.0% in June. After excluding volatile items such as food and fuel, the core CPI increased by 0.2% month on month, which is in line with expectations. The price inflation situation is roughly in line with expectations, with core commodities continuing to show negative growth. Among them, new cars, used cars, and clothing all continue to show significant negative growth compared to the previous period, which are the main support projects for anti inflation. Although the inflation rates of housing and car insurance have rebounded, the overall downward trend still exists, providing a basis for the Federal Reserve to cut interest rates.

According to CME's "FedWatch", the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 77%, and the probability of cutting interest rates by 50 basis points is 23%. The probability of the Federal Reserve reducing interest rates by 50 basis points cumulatively until November is 60.1%, the probability of reducing interest rates by 75 basis points cumulatively is 34.8%, and the probability of reducing interest rates by 100 basis points cumulatively is 5.0%.
### Conclusion
The overall market performance is improving, with Bitcoin breaking through the $60,000 mark, Ethereum consolidating below $2,700, and the altcoin market rebounding. Although market sentiment remains relatively low, the AHR999 index indicates that the current time is a good time for regular investment. Meme coin and RWA sectors have performed outstandingly, and investors can monitor the subsequent performance of these hot sectors.

Investors should remain cautious when operating, closely monitor market sentiment and capital flow, in order to adjust investment strategies in a timely manner.

<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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