Daily News | Market Fluctuated Widely, SUI Led Mainstream Altcoins

2024-09-09, 04:13

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## Crypto Daily Digest: This week may mark a critical moment in the market, Fractal Bitcoin launched its mainnet
According to Farside Investor data, the US <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs had a net outflow of $170 million last Friday. Among them, the net outflow of Fidelity FBTC was $85 million, and the net outflow of Grayscale GBTC was $53 million. BlackRock IBIT has no inflow/outflow of funds.

Last Friday, the overall trading volume of the US spot <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs was extremely low, with an overall outflow of $6 million. Among them, the grayscale ETHE outflow was $10.7 million, and the BlackRock ETHA inflow was $4.7 million.

## Analysis: The price structure of Bitcoin this year is similar to that of 2019, and this week may usher in a critical moment in the market
Julien Bittel, Head of Macro Research at Global Macro Investor, a financial consulting publication, stated in an article on X, “the price structure of Bitcoin this year is starting to look astonishingly similar to 2019. Bitcoin has been in a consolidation phase, and interestingly, just like in 2019, this consolidation has lasted for 175 days (so far).

We are now approaching a critical moment where significant developments may occur, and next week will be highly noteworthy. When we reach this potential turning point, everyone is focusing on Bitcoin's reaction - is it following the _script_ of 2019 or will there be a deviation? Let's wait and see. If the current market trend remains unchanged, we may see some significant upward momentum.”

**US Ethereum spot ETFs cumulative net outflow of $568.5 million**

According to Farside Investors data, the US Ethereum spot ETF accumulated a net outflow of $568.5 million since its launch, including a net outflow of $2.6713 billion from Grayscale ETF, a net inflow of $1.0173 billion from BlackRock ETF, and a net inflow of $397.8 million from Fidelity FETH.

Since its launch, the US Bitcoin spot ETFs accumulated a net inflow of $16.897 billion, including a net outflow of $20.012 billion from Grayscale GBTC, $20.917 billion from BlackRock IBIT, and $9.424 billion from Fidelity FBTC.

**Fractal Bitcoin announced FB token economics, with community allocation accounting for 80%**

The Bitcoin scalability solution, Fractal Bitcoin, has launched its mainnet. The total supply of FB tokens is 210 million, with a specific allocation of 50% for Proof of Work (PoW) mining, 15% for ecosystem treasury, 10% for community grants, 5% for pre-sales, 5% for advisors, and 15% for core contributors.

The allocation limit for ecosystem treasury and community grants is 10% of the total annual allocation, divided over 10 years. The upper limit of consultant allocation is 20% of the total annual allocation, divided into 5 years. This approach aims to provide long-term support and sustainability for the Fractal ecosystem.

## Market Trends: BTC fluctuated widely, SUI led mainstream Altcoins
### Mainstream Coins
After experiencing a significant decline on Friday, Bitcoin (BTC) experienced a rebound this morning. However, overall, BTC is still in a volatile trend. The market generally believes that the Fed's decision to cut interest rates in mid September will be a key factor driving a more pronounced trend.

Ethereum (ETH) is also experiencing narrow fluctuations, currently fluctuating between $2,150 and $2,350. Since the launch of ETH ETF one and a half months ago, the total outflow of funds has been about $570 million, which is also one of the reasons for ETH's poor performance.

The Altcoin market generally rebounded today, but there were no apparent market hotspots.

In terms of data indicators, today's AHR999 index is 0.54, getting closer and closer to the bottom buying range; The Fear & Greed Index is 26, and the market remains in a state of panic.

### Market Hotspots:
**Public Chain Sui**
SUI experienced three consecutive days of gains this week, becoming the best performing mainstream Altcoin over the weekend. From the perspective of the news, Sui has already started pre-sales of game consoles, which are similar to <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s Saga phone, and may conduct token airdrops to game console holders in the future. It is worth noting that SUI did not experience a significant drop after unlocking tokens worth $60 million on September 1, and this selling pressure may have been absorbed by institutional over-the-counter trading.
  
**BTC Ecosystem**
During the rebound process after experiencing a major drop, Bitcoin's market share has decreased. In addition, the Bitcoin expansion plan Fractal Bitcoin has announced the launch of the mainnet, with a total supply of 210 million FB tokens, allocated as follows: Proof of Work (PoW) mining 50%, ecosystem treasury 15%, community grants 10%, pre-sales 5%, advisors 5%, and core contributors 15%.
  
### Data Indicators
AHR999 Index: Today's reading is 0.54, indicating that the market is getting closer to the bottom buying range, and investors can start paying attention to potential buying opportunities.

Fear & Greed Index: Today at 26, the market is still in a state of panic, which is often seen as a buying signal for contrarian investors.

## Macroeconomics: Last Friday, the US stock market fell sharply, and employment data affected interest rate cuts
Last Friday, all three major US stock indexes fell more than 1%, with the S&P 500 index falling 1.73% to 5,408.42 points; The Dow Jones Industrial Average fell 1.01% to 40,345.41 points; The Nasdaq index fell 2.55% to 16,690.83 points.

The benchmark 10-year Treasury yield is 3.72%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.66%.

Among the popular US stocks, Apple fell 0.70%, Microsoft fell 1.64%, Nvidia fell 4.09%, Google C fell 4.08%, Google A fell 4.02%, Amazon fell 3.65%, Meta fell 3.21%, TSMC fell 4.20%, Tesla fell 8.45%, and AMD fell 3.65%.

After the release of the most important employment data before the September interest rate hike last Friday, the US stock market reacted with a first rise and then a sharp decline, mainly because the Federal Reserve has not yet clarified whether to cut interest rates by 50 basis points or 25 basis points in September, which has disappointed the market. After the release of employment data, the probability of a 50 basis point rate cut is expected to rise to 65%, but with the speeches of Federal Reserve officials, the probability of a 25 basis point rate cut has risen back to 70%.

The market focus has shifted from inflation to growth, which means that the economic data to be released later will no longer be bad news favorable to the stock market, but both good and bad consumption have the opportunity to turn into bad news. The data is too good, delaying the interest rate cut; If the data is too weak, we are afraid of economic recession.

Conclusion
Although BTC and ETH are still in a volatile range, there are also highlights in the market, such as Sui's strong performance and the mainnet launch of Fractal Bitcoin. As the Federal Reserve's decision to cut interest rates in mid September approaches, the market may experience a more pronounced trend. Investors should closely monitor market dynamics, especially key data indicators and policy changes, in order to make more informed investment decisions.

<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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