Daily Summary: BTC ETF outflows exceed nearly $700 million in a single day, MicroStrategy further acquires 55,500 BTC

According to Farside Investor data, the net outflow of US SpotBTCETF was $684 million last Friday. Among them, Fidelity FBTC had a net outflow of $134 million, Bitwise BITB had a net outflow of $280.7 million, Grayscale GBTC had a net outflow of $158.2 million, and BlackRock data has not been updated yet.

Yesterday, the US ETH Spot ETF saw a small inflow of $2.9 million. Among them, Fidelity's FETH saw an inflow of $4.4 million, Bitwise ETHW saw an inflow of $8.7 million, Grayscale ETHE saw an outflow of $7.6 million, and BlackRock's ETHA data has not been updated yet.

Wintermute Analyst: Funds are shifting from BTC to Ethereum, and the Derivatives market indicates that investors expect Ethereum to pump further.

According to The Block, Wintermute analysts say that funds are moving from BTC to ETH, and the derivatives market indicates that investors expect Ethereum to pump further. Over the weekend, the number of unclosed position contracts for Ether increased significantly, while implied volatility also rose, and the demand for bullish options also increased significantly, indicating that the confidence of derivatives traders is growing. Analysts say that the characteristic of the shift from BTC to ETH is that the implied volatility of ETH has risen sharply, and the bearish bullish deviation has reached the highest level in 12 months, indicating that investors have a strong preference for upward risk.

According to Wintermute analysts, traders are actively pushing the market higher by buying on the upside. In its weekly Cryptocurrency market update, Wintermute analysts pointed out, "In the past few trading days, funds have flowed into Ethereum, as the unclosed position contracts on weekend trading platforms have pushed to historic highs."

MicroStrategy increased its holdings of 55,500 BTC by approximately $5.4 billion.

MicroStrategy founder Michael Saylor posted on social media that MicroStrategy has acquired approximately 55,500 BTC at an average price of about $97,862, with a total value of about $5.4 billion.

As of November 24, 2024, MicroStrategy holds 386,700 BTC with a total acquisition cost of approximately $21.9 billion and an average purchase price of approximately $56,761.

Last week, the net inflow of digital asset investment products reached 31.3 billion US dollars, hitting a new historical high

According to the latest weekly report data from Coinshares, the inflow of digital asset investment products last week reached a record high, totaling $31.3 billion, bringing the total inflow for the year to a record $37 billion so far.

The $3.2 billion funds flowing into the United States were offset by outflows of $40 million, $84 million, and $17 million from Germany, Sweden, and Switzerland, respectively. These countries saw recent price highs as an opportunity to take profits rather than increase positions. Market sentiment in Australia, Canada, and Hong Kong is more positive, with inflows of $9 million, $31 million, and $30 million, respectively.

The inflow of funds for BTC is 3 billion dollars, and the inflow of Solana exceeds Ethereum, which are 16 million dollars and 2.8 million dollars respectively. However, the data from the beginning of the year until now shows that Solana is far behind Ethereum. The inflows of AltCoin XRP, Litecoin, and Chainlink are also 15 million dollars, 4.1 million dollars, and 1.3 million dollars respectively.

Market Analysis: ETH performs strongly, Layer2 zone collectively pumps

Market Hotspots

Alts leading Ether showing strength, driving the Ether ecosystem including ENS, LDO, SSV to pump. ENS is the domain name protocol of Ether, which has been promoted and favored by Vitalik multiple times; LDO is the largest stake protocol on the Ether chain, with a total TVL exceeding 33 billion US dollars. The pump of ETH may first benefit LDO, with LDO's current circulating Market Cap of 1.5 billion US dollars, ranking 67th in the overall market.

With ETH showing strength, Layer2 zone collectively pumped, BLAST, BOBA, ARB, OP and others surged more than 10% in the past 24 hours. Layer2 zone has been performing poorly over the past year, but market funds may begin to speculate on Layer2 with ETH showing strength.

Market Trend

BTC has made a slight adjustment. It fell below $93,000 in the morning today, but has rebounded to above $94,500. Yesterday, a large amount of funds, over $680 million, flowed out of the US Spot ETF. The future market situation still needs to be observed based on the inflow and outflow of funds in the ETF over the next few days;

ETH has performed relatively strongly, breaking through the $3,500 mark at one point during the day, and remaining strong even as the overall market declines, still maintaining above $3,450. The ETH/BTC Exchange Rate has hit a bottom and rebounded.

Alts are fluctuating, Ethereum Layer2 zone is collectively pumping, MEME coin zone is entering the adjustment range.

Macro News: US stocks closed higher collectively, and the yield of 2-year US Treasury bonds fell sharply.

The three major U.S. stock indexes collectively rose, with the S&P 500 rising 0.30% to 5987.37 points; the Dow Jones rose 0.99% to 44736.57 points; and the Nasdaq rose 0.27% to 19054.84 points. The benchmark 10-year U.S. Treasury yield is 4.27%, while the 2-year U.S. Treasury yield, which is most sensitive to the Federal Reserve's interest rate policy, is 4.21%.

The prospect of the Fed's Interest Rate has once again become the focus. Investors will follow the October Personal Consumption Expenditures (PCE) Price Index, which is the Fed's preferred inflation indicator. The minutes of the Fed's most recent policy meeting will also be released before Thanksgiving. The market is following the composition of President-elect Trump's administration and its potential impact on the U.S. economy.

Federal Reserve's Kashkari said it would be a reasonable consideration to cut rates in December. The neutral Interest Rate may be higher and policy restrictions will not be so strict. Geopolitical risks are the primary consideration for economic prospects. No comment on the Treasury nominee. The government needs to put the US on a sustainable fiscal path.

Author: Icing, Gate.io Researcher This article represents only the author's point of view and does not constitute any trading recommendation. Investment carries risks, and decisions should be made cautiously. This content is original and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibilities will be pursued.