Gate.io Blog Daily News | BTC White Paper Has Been Published for 16 Years, BTC ETFs Saw A Daily Inflow of Nearly $900 Million Again

Daily News | BTC White Paper Has Been Published for 16 Years, BTC ETFs Saw A Daily Inflow of Nearly $900 Million Again

31 October 12:30

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## Crypto Daily Digest: The Bitcoin white paper has been published for 16 years, BTC ETFs saw daily inflow of nearly $900 million
According to Farside Investor data, the net inflow of US <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $892 million yesterday. BlackRock IBIT had a net inflow of $871 million yesterday. Yesterday, the US <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs saw a small inflow of millions of dollars.

**The Bitcoin white paper has been published for 16 years**

It has been 16 years since Satoshi Nakamoto released the Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Cash System" on the P2P Foundation website.

The Bitcoin network was officially launched on January 3, 2009, with an initial transaction price of $0.0008. Nowadays, Bitcoin has gradually appreciated by over 90 million times since its launch. According to Gate.io market data, the current price of Bitcoin is $72,309, with a total market cap of $1.43 trillion.

**The Bitcoin holdings of the US spot Bitcoin ETFs exceeded 1 million**

According to Trader T monitoring, the BlackRock Bitcoin ETFs set a new high in self launched inflows, reaching $875 million, resulting in over 1 million Bitcoin holdings in US spot Bitcoin ETFs. According to Bloomberg Terminal, BlackRock IBIT had a net inflow of $875 million yesterday, reaching a historic high.

**CICC: The US economy is heading towards a soft landing, and the Fed does not need to significantly cut interest rates for now**

According to the CICC Research Report, the actual GDP of the United States in the third quarter of 2024 is at an annualized rate of 2.8%, slightly lower than the market expectation of 3.0%, and slightly lower than the 3.0% in the second quarter, but still a bright answer. Looking at the sub items, strong personal consumption expenditure, expansion of enterprise equipment investment, and acceleration of exports and government spending indicate that the US economy is still growing healthily. Relatively weaker are real estate investment and construction investment, indicating that high interest rates are still exerting a restraining effect.

In addition, the further decline in inflation in the third quarter means that the US economy is heading towards a soft landing. We believe that the Federal Reserve does not need to significantly cut interest rates for now. It is expected to cut interest rates by 25 basis points next week, and whether to skip the rate cut in December will depend on the progress of inflation.

## Market Trends: Gate launched Pumpfun pre-market trading, TIA dropped sharply after unlocking massive coins
### Market Hotspots
Gate launched Pumpfun for pre-market trading yesterday. Pumpfun is a meme launchpad on the <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain that has created well-known tokens such as BILLY, MICHI, and MC in the past six months;

The modular blockchain TIA experienced a significant drop, as it unlocked tokens worth $1 billion at 8 pm yesterday. Short term market selling pressure has increased, indicating a normal unlocking decline. TIA may not have a strong upward trend in the short term;

ETH has been rising for 5 consecutive days, but the overall increase is only 10%. The community believes that ETH has become a doomsday tank in the cyclical market, and the market may soon experience a short-term decline because the inflow of ETH ETF funds has been sluggish, and ETH has not received more attention from funds. Currently, only on exchange fund purchases are being made.

### Mainstream Coins
BTC is trading sideways at a high level, and after two weeks of significant inflows, BTC ETFs have temporarily slowed down capital inflows. However, with expectations of a Fed interest rate cut and news of a possible victory for crypto friendly US President Trump, the outlook for the future remains optimistic;

ETH briefly broke through $2,700 before falling back, and the sluggish performance of ETH ETFs is also reflected in the price of ETH;

Altcoins are generally declining, and the market lacks leading tokens that can lead the market in the short term. After BTC breaks through a new high, Altcoins may have a collective upward trend.

## Macro news: US stocks all close down, 2-year US Treasury yields slightly climb
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 0.33% to 5,813.67 points; The Dow Jones Industrial Average fell 0.22% to 42,141.54 points; The Nasdaq index fell 0.56% to 18,607.93 points. The benchmark 10-year Treasury yield is 4.29%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.15%.

In terms of economic data, on October 30, ADP Research Institute, in collaboration with Stanford Digital Economy Lab, released data showing that ADP employment in the United States changed by 233,000 people in October, exceeding the forecast of 111,000 people by almost all economists surveyed by the media, and the previous value was 143,000 people. In addition, the annualized quarterly rate of GDP in the third quarter of the United States recorded 2.8%, lower than the market expectation of 3%, and this is also the first time since the third quarter of 2023 that this indicator has fallen below market expectations.

The strong performance of the labor market and the continued cooling of inflation are still higher than expected. Some analysts believe that this may lead Federal Reserve officials to choose less aggressive interest rate cuts. After the data was released, most markets expected the Federal Reserve to cut interest rates by 25 basis points in November.

<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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