Daily News | BTC ETF Fund Inflows Slowed Down, AltSeason Still Needs to Wait for BTC Historical High

2024-11-01, 04:43

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## Crypto Daily Digest: BTC ETF inflows slowed down, market plummeted
According to Farside Investor data, yesterday US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs experienced a net inflow of $46 million, including a net inflow of $319 million from BlackRock IBIT, $75 million from Fidelity FBTC, and $94 million from Ark ARKB. Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF saw a small inflow of $13 million, including $50 million from BlackRock ETF and $36 million from Grayscale ETF. There was almost no inflow or outflow from other ETH ETFs.

**Bloomberg analyst: Satoshi Nakamoto's BTC holdings may be surpassed by US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs by the end of November**

Bloomberg senior ETF analyst Eric Balchunas posted on social media, 'We need to adjust our forecast because yesterday alone, the Bitcoin ETF bought over 12,000 Bitcoins and now holds 996,000 Bitcoins - there is a high chance of breaking through 1 million today (as yesterday's huge trading volume may be converted into large inflows tonight). Reaching Satoshi Nakamoto's level by the end of November is a promising goal.'.

After yesterday's huge influx of funds and the rise in Bitcoin prices, IBIT's asset management scale exceeded $30 billion, reaching a historic high. This milestone took only 293 days, setting a historical record. The previous record was JEPI, which took 1272 days; GLD took 1790 days. It's really unbelievable.”

**Viewpoint: If Trump wins the election, it may bring dividends to cryptocurrency, but risks also exist simultaneously**

Wealth management company Mirabaud Group has stated that if Trump wins the US presidential election on November 5th, cryptocurrencies may benefit from potentially relaxed regulations, but this also poses risks to consumers.

John Plassard stated in a report that the potential Trump administration may lift some of the regulatory crackdown measures of the Biden administration and launch initiatives such as a national strategic Bitcoin reserve, positioning the United States as a global leader in the crypto field.

Trump's loose regulatory approach may attract more investment and innovation into the crypto field. However, this has also raised concerns about the increased risk of fraud and insufficient consumer protection.

**Bitwise Chief Investment Officer: Regulatory clarity after US election is more important for Altcoins**

Bitwise Chief Investment Officer Matt Hougan said, "Whether it's Trump or Harris winning, the regulatory environment for Bitcoin is improving. This is positive news for Bitcoin, especially for other cryptocurrencies.

Of course, in the short term, the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> tends to favor Trump over Harris, but in reality, institutions are entering this field, adoption rates are rising, and ETF fund inflows are also underway.

I believe that regulatory clarity is actually more important for so-called altcoins, such as <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> and lower cap currencies, which are more susceptible to regulatory risks. Therefore, if Trump wins, I expect the rise of altcoins to be greater than that of Bitcoin. But regardless, I believe both will rise.

## Market Trends: SWAG's daily increase exceeded 100%, Altseason needs to wait for BTC's historical high
### Mainstream Coins
The bankruptcy concept tokens USTC and LUNC have risen and are currently recovering all their gains and starting to decline. On the news front, TerraForm Labs plans to destroy one-third of each token's holdings before November. This destruction plan was made after TerraForm Labs reached a $4.47 billion settlement agreement with the SEC, but the destruction status of the two tokens is currently unknown;

On the Ethereum chain, the meme coin SWAG saw a daily increase of over 100%. SWAG is a cult meme with good social media coverage. Previously, SWAG announced that through wormhole cross chain, users can use SOL to purchase SWAG tokens on the <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain, increasing the demand for SOL funds.

### Market Hotspots
BTC has been infinitely close to its historical high before and then retreated, currently falling below $69,000. It has been significantly affected by the sharp decline in the US stock market, and with the approaching US presidential election, the volatility of the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> has increased significantly. However, BTC ETFs have maintained a large net inflow, and the future market remains optimistic;

ETH has erased its gains from the past week in the past two days, falling below $2,500. Yesterday, BlackRock's ETHA saw a large inflow of $40 million, but it cannot conceal ETH's decline;

Altcoins are generally declining, and the Altseason still needs to wait for BTC to break through historical highs and market sentiment to be hot before it appears.

## Macro news: US stocks all closed down, with strong risk aversion among funds as the US election approaches
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 1.86% to 5,705.45 points; The Dow Jones Industrial Average fell 0.90% to 41,763.46 points; The Nasdaq index fell 2.76% to 18,095.15 points. The benchmark 10-year Treasury yield is 4.28%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.16%.

The three major indexes of the US stock market opened lower and fell lower, with both the S&P and Nasdaq recording their largest daily declines since September 4th. The unexpected acceleration of the Federal Reserve's most favored inflation indicator has suppressed expectations of a rate cut by the Fed, coupled with the conservative performance guidance in previous tech giants' financial reports, increasing uncertainty in the US stock reporting season and dragging down market sentiment.

In addition, as the US presidential election approaches, some market funds have started to seek safety. Wall Street analysts believe that the market needs to prepare for the uncertainty of the November US election, and investors need to guard against potential volatility risks.

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<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. All investments carry inherent risks; prudent decision-making is essential.
<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.
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