Daily News | BTC Fell Slightly in a Horizontal Trend, Has the Altcoin Season Arrived?

2024-09-30, 04:45

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## Crypto Daily Digest: BTC ETFs had a net inflow of nearly $500 million, ETH ETFs experienced net inflows for two consecutive days
According to Farside Investor data, the US <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF had a net inflow of $494 million yesterday. BlackRock IBIT had a net inflow of $110 million, Ark ARKB had a net inflow of $203 million, and Fidelity FBTC had a net inflow of $123 million.

Last Friday, the net inflow of <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs in the United States was $58.7 million, including $11.5 million from BlackRock ETHA and $42.5 million from Fidelity FETH.

**SUI, OP and other tokens will receive a one-time large-scale unlocking, worth nearly $300 million**

According to Token Unlocks data, SUI, OP, IMX and other tokens will receive significant unlocking next week, with a total value of $295.7 million. Among them:

<a href="/fr/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> (OP) unlocked approximately 31.34 million tokens at 8:00 am Beijing time on September 30, with a ratio of 2.50% to the current <a href="/fr/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> and a value of approximately $60 million;

Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 am Beijing time on October 1, with a ratio of 2.40% to the current <a href="/fr/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> and a value of approximately $112 million;

ZetaChain (ZETA) will unlock approximately 53.89 million tokens at 8am Beijing time on October 1, with a ratio of 13.43% to the current flow and a value of approximately $38.66 million;

Immutable (IMX) will unlock approximately 32.47 million tokens at 8am Beijing time on October 4, with a ratio of 2.02% to the current flow and a value of approximately $59 million.

**Sonic Labs launched 200 million S airdrop points campaign**

Sonic Labs (formerly <a href="/fr/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a>) announced that users can start earning approximately 200 million S-airdrop points through Sonic Arcade this week.

**If <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> falls below $64,000, the cumulative liquidation strength of mainstream CEX orders will reach 445 million**

According to Coinglass data, if Bitcoin falls below $64,000, the cumulative liquidation strength of mainstream CEX orders will reach 445 million; On the contrary, if Bitcoin breaks through $66,000, the cumulative liquidation strength of mainstream CEX short orders will reach 477 million.

The liquidation chart shows to what extent the target price will be affected when it reaches a certain position. A higher 'liquidation column' indicates that the price will have a stronger reaction due to the wave of liquidity once it arrives.

## Market Trends: SUI hit a historic high before falling, Moodeng hit peak and fell
### Mainstream Coins
The new public chain SUI rose strongly and broke through $1.85, reaching a historical high before falling back. This week, SUI unlocked more than $100 million worth of tokens, and funds pulled in before the large-scale unlocking of SUI to improve token liquidity. Sui ecosystem projects such as Cetus and Blub have surged, and SUI is the leader in this round of market rebound;

The trending meme project on the chain, Hippo Moodeng, peaked and fell, with its highest market value reaching $300 million at one point. $300 million is the ultimate destination for most on-chain meme projects, and it is difficult to continue breaking through higher market value ranges without expectations;

Bankruptcy concept tokens such as FTT, LUNC, LUNA, etc. have surged, and FTX will compensate users $16 billion in the fourth quarter. It is expected that a significant portion of the funds will re-enter the <a href="/fr/price" target="_blank" class="blog_inner_link">crypto market</a>.

### Market Hotspots
BTC is fluctuating horizontally at a high level, approaching the monthly closing line, and the market may have significant fluctuations. Please be aware of the risks;

ETH hardly fluctuated above $2,600, and the ETH ETFs resumed positive capital inflows in recent business days. However, the price performance of ETH remains sluggish, and the market is more enthusiastic about speculating on <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> killers such as SUI and SEI;

Altcoins generally rose, with SUI, POPCAT, ALT and other indicators showing impressive performance.

## Macroeconomics: The three major indexes of the US stock market fluctuated, and foreign investors increased their purchases of Chinese assets
The three major indexes of the US stock market have fluctuated, with the S&P 500 index falling 0.13% to 5,738.17 points; The Dow Jones Industrial Average rose 0.33% to 42,313.00 points; The Nasdaq index fell 0.39% to 18,119.59 points. Last week, the Dow Jones Index rose 0.59% in a week, the Nasdaq Index rose 0.95% in a week, and the S&P 500 Index rose 0.62% in a week. The benchmark 10-year Treasury yield is 3.75%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.55%.

The positive impact of the Federal Reserve's loose cycle continues, with all three major US stock indices recording gains for the third consecutive week, and the S&P 500 index and Dow Jones Industrial Average hitting new historical highs.

Looking ahead to this week, the so-called "small non-farm payroll" ADP employment in the United States will be released on Wednesday, while the more heavyweight September non farm payroll data is scheduled to be released on Friday. And a large number of Fed members, including Fed Chairman Powell, will speak out publicly. These will provide more clues to the market's monetary policy movements.

### Conclusion
Last Friday, the net inflow of Bitcoin spot ETFs was nearly $494 million, and the Ethereum spot ETFs also reported a net inflow of $58.7 million. In addition, tokens such as SUI and OP will be unlocked in the coming days, with a total value of approximately $295.7 million. Overall, the volatility of the <a href="/fr/price" target="_blank" class="blog_inner_link">crypto market</a> remains high, with Bitcoin and Ethereum performing differently.

Looking ahead, the release of the US ADP employment report and non-farm payroll data may affect market sentiment and trading decisions. If Bitcoin remains above key support levels, we may see a renewed focus on small currencies such as SUI and OP, especially as they are about to be unlocked. However, if Bitcoin fails to maintain above $64,000, it may face significant downward pressure.

<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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