Daily News | Focus on Tonight's Employment Report, BTC Narrowly Held at $60,000

2024-10-04, 04:28

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## Crypto Daily Digest: BTC ETFs experienced net outflows of approximately $54 million, ETH ETFs had net outflows of nearly $3 million
According to Trader T monitoring, on October 3rd, the spot <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF had a net outflow of $54.03 million, and the <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF had a net outflow of $3.2 million.
 
**The probability of the Fed cutting interest rates by 25BP in November is 62.5%**

According to CME's "FedWatch", the probability of the Federal Reserve reducing interest rates by 25 basis points by November is 62.5%, and the probability of reducing interest rates by 50 basis points is 37.5%. The probability of a cumulative interest rate cut of 50 basis points by December is 44.5%, and the probability of a cumulative interest rate cut of 75 basis points is 44.7%; The probability of a cumulative interest rate cut of 100 basis points is 10.8%.
 
**Grayscale launched <a href="/id/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> Investment Fund**

Asset management company Grayscale Investments announced the launch of a new Aave governance token AAVE investment fund. This fund is only open to qualified investors and has added Grayscale's single asset crypto investment product line.
 
**Vitalik Buterin suggests that efforts can be made to increase bandwidth requirements and lower the minimum limit to 16 or 24 ETH**

Ethereum co-founder Vitalik Buterin stated in a post that perhaps developers should recognize that 32ETH is a higher threshold for stakers than bandwidth requirements, and may slightly increase the bandwidth requirements in exchange for lowering the minimum staking deposit limit to, for example, 16 or 24ETH. Once Ethereum completes the peerdas upgrade, the minimum deposit limit can also be reduced to 1 ETH.
 
**Documentary director Cullen Hoback claims HBO documentary will expose Bitcoin founder Satoshi**

Documentary director Cullen Hoback and HBO recently announced the premiere of their upcoming film "Money Electric: The Bitcoin Mystery" and hinted that the true identity of Bitcoin creator Satoshi Nakamoto may finally be revealed. He claimed in it that he had identified several authors of the QAnon conspiracy theory.
 
**Data: Over 3,700 accounts in South Korea hold cryptocurrency worth over $750,000**

According to reports, nearly 3759 people in South Korea have crypto accounts worth over 1 billion Korean won (approximately $750,000). Among them, about 185 people are investors aged between 20 and 29, and these young crypto investors hold a total of about 967.2 billion Korean won ($739 million), with an average of about 5.2 billion Korean won ($3.9 million) per person.

## Market Trends: BTC narrowly held at $60,000, market shifted from Sui to hype Aptos
### Market Hotspots
-The high-performance Layer1 public chain Sui ecosystem token ended its strong upward trend for a month last night and began to adjust downwards last night. Funds have turned to hype up the <a href="/id/price/aptos-apt" target="_blank" class="blog_inner_link">Aptos</a> sector, which is also a Move series. The circulating market value of this sector has increased by 6.69%, with Aptos (APT), Cellana Finance (CELL), and Thala (THL) experiencing 24-hour gains of 3.63%, 11.03%, and 18.74%, respectively.

-The privacy sector saw a slight increase, with leading players <a href="/id/price/monero-xmr" target="_blank" class="blog_inner_link">Monero</a> (XMR), Aleo (ALEO), and <a href="/id/price/dash-dash" target="_blank" class="blog_inner_link">Dash</a> (DASH) experiencing 24-hour gains of 4.6%, 6.9%, and 1.0%, respectively.

-Thanks to the launch of a dedicated investment fund by Grayscale, Aave (AAVE) has once again turned red and risen, with a 24-hour increase of 1.1%. Aave is the leading protocol in the DeFi lending arena. Since a new proposal in July this year considering activation fee conversion and repurchasing tokens from the public market, tokens have been highly sought after and the popularity has continued to this day.

### Mainstream Coins
-After 4 consecutive days of decline, BTC hit bottom and slightly rose yesterday, with significant support from the $60,000 integer level and 60 day moving average. Positive sentiment is gradually accumulating;

-ETH has been falling for 6 consecutive days, and the issuance of Eigenlayer coins and ETH spot ETFs have not effectively promoted the improvement of ETH prices. ETH/BTC has once again approached its previous low, showing a preference for BTC funds in the market under a cold sentiment;

-Bitcoin fell below $60,000 last night, and Altcoins followed suit, with Aptos, Base, and Ton chains rebounding first.

## Macroeconomics: The Fed is not in a hurry to significantly cut interest rates, focus on tonight's employment report
Federal Reserve official Goolsby said yesterday that the magnitude of interest rate cuts is not as important as a significant reduction to neutral rates in the next 12 months. Powell also holds a similar view, emphasizing cautious interest rate cuts, but the upcoming employment report will test his patience.

Specifically in the capital market, tensions and policy swings in the Middle East have intensified investor concerns. Yesterday, the three major US stock indices fell slightly, with the VIX volatility index breaking 20. Correspondingly, the US dollar index rose to a new high for three consecutive days, and gold and oil prices both rose.

Tonight's non-farm payroll data will be released, and the market generally expects a month on month increase of 150,000 people, with the unemployment rate stabilizing at around 4.2%.

Overall, market expectations are more aggressive than those of the Federal Reserve, believing that this will prompt the Fed to further adopt loose policies.

### Conclusion
Amid the tense situation in the Middle East and the uncertainty of the Federal Reserve's interest rate cut policy, investors' concerns have not eased yet, and safe haven assets such as gold are being sought after. The <a href="/id/price" target="_blank" class="blog_inner_link">crypto market</a> has undergone a certain degree of adjustment, with BTC slightly rising yesterday after four consecutive days of decline, and market sentiment beginning to brew a positive trend.

Despite Bitcoin's recent poor performance, setting a record for the worst October in nearly a decade, according to history, most of the October rally occurred after the 19th. Overall, the crypto market still faces short-term adjustments, but some hot sectors still have a certain wealth generating effect.

<div class="blog-details-info">
<div>Author:**Carl Y.**, 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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