Daily Digest: BTC White Paper turns 16, BTC ETF sees nearly $900 million inflow in a single day,

According to Farside Investor data, the net inflow of BTCSpot ETF in the United States was $892 million yesterday, with BlackRock IBIT seeing a net inflow of $871 million. The ETHSpot ETF in the United States saw a small inflow of millions of dollars yesterday.

Today in History: BTC White Paper has been published for 16 years

It has been 16 years since Satoshi Nakamoto published the BTC White Paper 'BTC: A Peer-to-Peer Electronic Cash System' on the P2P foundation website.

The BTC network was officially launched on January 3, 2009, with an initial trading price of $0.0008. Today, since its launch, BTC has appreciated by over 90 million times. According to gate market data, the current BTC price is $72309, with a total market capitalization of 14.3 trillion dollars.

The BTC holdings of the US SpotBTCETF exceed 1 million.

According to Trader T monitoring, the inflow of BlackRock BTC ETF reached a new high since its launch, reaching 8.75 billion US dollars, leading to the BTC holdings of the US SpotBTC ETF exceeding 1 million coins. According to Bloomberg terminal, BlackRock IBIT net inflows reached a record high of 8.75 billion US dollars yesterday.

Zhongjin: The US economy is heading towards a soft landing, and the Federal Reserve does not currently need to make significant interest rate cuts.

The Zhongjin research report stated that the actual GDP for the third quarter of 2024 in the United States rose by an annualized rate of 2.8% from the previous quarter, slightly lower than the market's expectation of 3.0%, and also a slight decrease from the 3.0% in the second quarter, but still a bright spot. Specifically, strong personal consumption expenditure, expansion of corporate equipment investment, acceleration of exports and government spending indicate that the US economy is still healthy. Relatively weak areas include real estate investment and construction investment, indicating that high interest rates are still having a restraining effect.

In addition, the third-quarter inflation further fell, indicating that the US economy is heading towards a soft landing. We believe that the Fed does not need to cut interest rates significantly for the time being, and we expect a 25 basis point rate cut next week. Whether to skip the rate cut in December will depend on the progress of inflation.

Market Analysis: Pumpfun launched pre-market trading on gate, big dump after TIA unlocked a huge amount

Market Hot Topics

gate launched Pumpfun pre-market trading yesterday, pumpfun is a Solana on-chain meme launch platform, creating well-known Tokens such as BILLY, MICHI, MC in the past six months;

modular blockchain TIA plummeted. At 8 o'clock yesterday evening, TIA unlocked tokens worth $1 billion, causing increased selling pressure in the short term. This is a normal decline after unlocking, and it is expected that TIA will not have a strong pump trend in the short term.

ETH has been pumping for 5 consecutive days, but the overall increase is only 10%. Community opinions believe that ETH has become the ETC within the cyclical market, and the market may soon experience a short-term decline because the ETF funds flowing into ETH have been sluggish. ETH has not gained more funds to follow, and currently only internal funds are buying in.

Market Trend

BTC is at a high Sideways, and after two weeks of significant inflows into BTC ETF, the inflow of funds has temporarily slowed down. However, the market remains optimistic, supported by the expectation of a rate cut by the Federal Reserve and the possibility of a friendly US president who supports encryption, Trump, winning.

ETH briefly broke through $2,700 and then fell back, with the lackluster performance of ETH ETF also reflected in the price of ETH;

AltCoins are generally falling, and the market lacks a leadingToken to lead the market in the short term. AltCoins may only show a collective pump after BTC breaks new highs.

Macro News: US stocks closed lower across the board, with a slight increase in the 2-year US Treasury yield

The three major US stock indexes fell collectively, with the S&P 500 falling 0.33% to 5,813.67 points; the Dow Jones Index fell 0.22% to 42,141.54 points; and the Nasdaq Index fell 0.56% to 18,607.93 points. The benchmark 10-year US Treasury yield was 4.29%, and the 2-year US Treasury yield, which is most sensitive to the Federal Reserve's interest rate policy, was 4.15%.

On the economic data front, on October 30, ADP Research Institute and the Stanford Digital Economy Laboratory released data showing that the US ADP employment change in October was 233,000, which exceeded the predicted value of almost all media economists surveyed, which was 111,000, and the previous value was 143,000. In addition, the annualized quarterly rate of US GDP in the third quarter was recorded at 2.8%, which was lower than the market expectation of 3%, and this was also the first time that the indicator was lower than the market expectation since the third quarter of 2023.

The labor market is performing strongly, and inflation continues to cool, but it is still higher than expected. Some analysts believe that this may lead Fed officials to choose a less aggressive rate cut. After the data was released, the market mostly expected the Fed to cut rates by 25 basis points in November.

Author: Icing This article represents the author's views and does not constitute any trading advice. This article is original and owned by Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.