Daily News | BTC Whales Increased Holdings Significantly, Expectation of the Fed Cutting Interest Rates by 50 Basis Points Declined

2024-10-09, 04:48

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## Crypto Daily Digest: BTC whales increased holdings significantly, and senior officials of the Federal Reserve voice caution in cutting interest rates
According to Farside Investor data, yesterday's net outflow from US <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $18.58 million, IBIT had a net inflow of $39.65 million, Grayscale GBTC had a net outflow of $9.41 million, and Fidelity FBTC had a net outflow of $48.82 million.

Yesterday, the US <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF had a net outflow of $8.19 million. Fidelity FETH had an outflow of $3.65 million, Bitwise ETHW had an outflow of $4.54 million, and BlackRock ETHA had no inflow or outflow of funds.

**Federal Reserve officials speak out intensively: interest rate cuts should be cautious and rely on data**

At the beginning of this week, senior Federal Reserve officials issued a series of statements regarding the path of interest rate cuts. Among them, Collins, the chairman of the Boston Fed and a member of the 2025 FOMC, stated that policymakers should adopt a cautious and data-dependent approach when lowering interest rates to help maintain the strong momentum of the US economy.

In addition, the 2024 FOMC vote committee and Atlanta Fed Chairman Bostic stated that the Federal Reserve must balance various competing risks when considering the pace of further interest rate cuts in the coming months.

Another senior official and Vice Chairman of the Federal Reserve, Jefferson, stated that the risks facing the Fed's employment and inflation targets are almost equal. When considering additional adjustments to the target range of federal funds, he will evaluate the new economic data and risk balance, and make decisions based on the situation at each meeting.

**Bitcoin miners' income dropped for third consecutive month in September**

In September, the overall revenue of listed crypto mining companies declined for the third consecutive month, while the internet's difficulty increased, making the situation even more difficult. According to a report by JPMorgan, the Bitcoin network's hash rate increased monthly in the second quarter, reaching 643 EH/s in September, a 2% increase from August. At the same time, miners' income per EH/s decreased by 6% monthly, averaging $42,100.

According to market capitalization, Bitcoin's value increased by about 7% in September, recovering most of the decline in August. The total market value of 14 US-listed Bitcoin miners tracked by JPMorgan Chase increased by 4% in September, reaching $21 billion.

**Holding over 10,000 BTC wallets has significantly increased since early March, providing strong support for the market**

CryptoQuant analyst BlitzzTrading stated in a post that "historical data shows that the price of Bitcoin has never been lower than the average cost of holding over 10,000 BTC wallets. Even during bear markets, the average cost of such wallets has provided support.

Since March 3, we have observed that wallet accounts holding over 10,000 BTC have made significant purchases, with an average cost of $39,874. Even if we enter a bear market, the level of $39,874 can serve as a good support level.”

## Market Trends: NEIROCTO rose against the trend, Scroll is about to go online
### Market Hotspots
The prices of NEIROCTO, TURBO, BABYDOGE, and other cryptocurrencies in the Meme sector have risen. NEIROCTO is a new currency in this round of market trends, often leading the overall market increase and serving as a leading token that drives market sentiment;

The trending Layer2 project Scroll is about to launch on the mainnet, with an off-site valuation of approximately $1 billion. The official airdrop snapshot released by Scroll is on October 19th, and users who participate in interactions before this date still have a chance to receive airdrops.

After a sharp drop, <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s meme coin Moodeng rebounded and continued to hit a new historical high. It has now been launched on Gate.io.

### Mainstream Coins
BTC is still in a volatile range, and the trend of inflow and outflow of BTC ETF in recent days is not obvious. The market is waiting for new stimulation;

ETH slightly increased, still constrained by the $2,500 mark, and yesterday's ETH ETF still experienced outflows;

Altcoins generally declined, while NEIROCTO has risen against the trend and become a leading token in the market.

## Macroeconomics: US stocks collectively closed higher, with Dalio stating that the Fed will not significantly cut interest rates
The three major US stock indices collectively closed higher, with the S&P 500 index rising 0.97% to 5,751.13 points; The Dow Jones Industrial Average rose 0.30% to 42,080.37 points; The Nasdaq index rose 1.45% to 18,182.92 points. The benchmark 10-year Treasury yield is 4.04%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 3.98%.

Collins of the Federal Reserve expressed increasing confidence that the inflation rate will return to 2% in a timely manner. The inflation rate in the United States is expected to decrease to 2% against the backdrop of a healthy job market. The current data shows the overall health of the US job market. As for interest rate cuts, a cautious and data-driven approach is appropriate. We need to focus on maintaining a good state of the US economy. There is a risk of the US economy experiencing a downturn beyond what is necessary.

Ray Dalio, founder of Bridgewater Fund, does not believe that the Federal Reserve will significantly lower the benchmark interest rate after cutting interest rates by 0.5 percentage points last month. The economy is currently in a relatively good state of balance, "the founder of Bridgewater Fund said at the Greenwich Economic Forum on Tuesday. The Federal Reserve cut interest rates for the first time in four years last month, but the subsequent strong employment report opened up space for decision-makers to slow down their pace of action. In extensive interviews, Dalio also talked about the policies of US presidential candidates Donald Trump and Kamala Harris, and expressed concerns about the bond market. Dalio pointed out that the supply and demand of the US treasury bond market is unusual. He said that the proportion of US treasury bond bonds in the investment portfolio of institutional investors is very high, and there is a sense of over-matching. Dalio also said that geopolitical uncertainty is also one of the problems facing the US treasury bond bond market.

### Conclusion
The recent narrow consolidation of Bitcoin and Ethereum indicates cautious market sentiment. Federal Reserve officials mentioned that interest rate cuts rely on data, indicating that future policies will be more cautious and may affect the <a href="/id/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> of funds in the <a href="/id/price" target="_blank" class="blog_inner_link">crypto market</a>. Meanwhile, despite the continuous decline in Bitcoin miners' income, wallets holding over 10000 BTC have significantly increased their holdings, which may support the price. Emerging meme coins, such as NEIROCTO, have performed strongly in the market, reflecting investors' risk appetite. With the upcoming launch of projects such as Scroll, the market may experience new stimulation in the short term, but the overall market is still fluctuating and waiting for direction.

<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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