Daily Summary: BTC ETF inflows exceeded $100 million, ETH ETF rare inflows exceeded $60 million

According to Farside Investor data, yesterday's US BTCSpot ETF net inflow was $135.26 million. Among them, BlackRock IBIT saw an inflow of $98.2 million, and Fidelity FBTC had a net inflow of $16.8 million.

Yesterday, the US ETHA Spot ETF saw a net inflow of 62.43 million US dollars, with BlackRock's ETHA seeing an inflow of 59.17 million US dollars.

Accused by SEC, TRU drops more than 5% in a short time

Affected by the news of 'TrustToken and TrueCoin, operators of the stablecoin TUSD, being accused by the United States Securities and Exchange Commission of deceiving investors in the stablecoin investment plan,' TRU fell more than 5% in the short term, temporarily trading at $0.0975. The United States Securities and Exchange Commission stated that 99% of TUSD reserves were invested in 'speculative offshore funds'.

MicroStrategy's stock price has pumped 119% so far this year, while BlackRock IBIT has only pumped 35% in the same period.

The launch of the US BTC ETF on January 11 this year has become one of the most important financial events. According to Farside's data, these ETFs (including the BlackRock iShares BTC Trust Fund (IBIT)) have attracted a total net inflow of $17.7 billion since their launch.

For some, IBIT has become a competitor to MicroStrategy (MSTR), which is known for its large amount of BTC holdings and dual business model. Led by Chairman Michael Saylor, MicroStrategy currently holds 252,220 BTC, worth approximately $16 billion. As of now, MicroStrategy's stock has pumped 119%, while IBIT has pumped 35%, showing a performance difference of over three times.

As an ETF, the expense ratio of BlackRock's BTC Trust is 0.25%, while MicroStrategy does not charge shareholders such fees. MicroStrategy benefits from the revenue generated by its analytics business, providing financial stability beyond its BTC holdings. MSTR has the ability to raise funds through debt and stock issuance, while IBIT relies on direct investor inflows.

Jupiter proposes to handle over 215 million undistributed JUP Tokens

Jupiter Co-creation Meow has released a draft proposal to handle 215 million undistributed JUP Tokens. These tokens are from the Jupuary Airdrop earlier this year that were not claimed or redistributed. The proposal presents three options:

1. Use Token for the future one-year active stake reward (ASR) plan;

2. Destroy these Tokens;

3. Return the Token to the community's Multi-signature Wallet.

According to the draft, the Jupiter team "strongly" recommends the first option, believing that the ASR plan has been significantly effective in promoting community participation and DAO voting. In the past two quarters, a total of 361M JUP has been staked, with over 585,000 Addresses participating, and the average participation in each vote reaching 280M JUP. If option one is adopted, 50M JUP will be distributed to voters every quarter for four consecutive quarters.

Market Analysis: POPCAT hits a new all-time high, SUI performs strongly

Market Hotspots

The new public chain projects SUI, SEI, etc. have surged. After a large unlock in early September, a large amount of OTC was given to investment institutions, and the recent price performance has been strong, approaching historical highs. Currently, the Market Cap has entered the top 20. In addition, Sui has initiated the pre-sale of game consoles, grayscale SUI trust, and other news to stimulate the price performance of SUI.

Solana blockchain project collectively pumps, SOL, WIF, POPCAT, FIDA, and more have performed well. On-chain cat meme project POPCAT on Solana broke $1.05, hitting a new all-time high; after two months of consolidation, dog meme coin WIF also re-breaks $2 today, pumping nearly 100% compared to August.

Other ENA, ALT, SAGA, etc. experienced a significant pump, and the star AltCoin, after experiencing a 90% decline, rebounded sharply, and the future market situation needs to be observed.

Market Trend

BTC is consolidating sideways at a high level, and the resumption of positive capital inflows into BTC ETFs has boosted confidence in BTC's price to some extent due to the improvement in the macro environment;

ETH is oscillating between $2600 and $2700, waiting for the market to break through before it can have its own independent trend;

Alts are generally pumping, and many alts have doubled in price from the bottom. POPCAT, SUI, etc. have broken through or approached historical highs;

Macro economy: U.S. stocks closed higher as the market has mixed views on the economic outlook.

The three major U.S. stock indexes collectively rose, with the S&P 500 rising 0.25% to 5732.93 points; the Dow Jones Industrial Average rising 0.20% to 42208.22 points; and the Nasdaq Composite rising 0.56% to 18074.52 points. The 10-year Treasury yield for Benchmark is 3.74%, and the 2-year Treasury yield, which is most sensitive to the Interest Rate policy of the Federal Reserve, is 3.49%.

According to the Position data of US stocks, since the decision made by the Federal Reserve last week, the market has started to prepare for the Intrerest Rate on November 7th. The number of outstanding contracts for two-year US Treasury futures has increased significantly, with about 4.4 million contracts due in December 2024. The futures bets related to secured overnight financing Intrerest Rate (SOFR) in December have also risen significantly. However, due to different signals from multiple policymakers regarding the November meeting, traders have not made large bets in one direction.

There are divergent views among Federal Reserve officials on the economic outlook and policy path. Some officials believe that the current economic situation requires a more proactive adjustment in monetary policy to address potential downside risks to the economy, while others are concerned that overly accommodative policies could trigger an inflation rebound. Federal Reserve Board member Bowman was the only dissenting vote when the Fed decided to cut the target interest rate by 50 basis points on September 18th, leaning towards a smaller cut of 25 basis points. His focus is primarily on the inflation-fighting aspect of the Fed's dual mandate, which sets him apart from many officials who are more concentrated on the development of the US labor market.

Summary

The overall market sentiment remains cautious. In the short term, BTC may continue to fluctuate within a consolidation range, while ETH needs more market momentum to break through the current high. The pre-unlocking pump behavior of TIA may cause price fluctuations after unlocking, and investors need to remain vigilant. The rapid pump and pullback of NEIROCTO demonstrate the market's short-term speculative enthusiasm for meme tokens, but also pay attention to the risk of pullback.

AI and MEME zone will continue to be market hotspots, and it is expected that these zones will continue to attract capital inflows in the short term.

In the encryption market, teams and large investors have the ability to influence prices through market manipulation. Investors need to be cautious in dealing with public large-scale Token unlocking events. The Fed's interest rate cuts and global economic environment changes will continue to affect the encryption market, and investors need to closely follow macroeconomic indicators.

Author: Icing This article only represents the author's opinion and does not constitute any trading advice. This content is original and the copyright belongs to Gate.io. If you need to reproduce, please indicate the author and source, otherwise legal responsibility will be pursued.