Daily News | Crypto Capital Inflows Reached A New High, Meitu Company Turned Losses Into Profits Due to Its Crypto Holdings, 3AC’s Founder Zhu Su Recommended Altcoins

2023-07-18, 03:52

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## Crypto Daily Digest: ETHCC officially opens; 3AC’s founder Zhu Su recommends Altcoins; Net inflow of crypto funds has reached a new high
The closely watched <a href="/ru/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Community Conference ETHCC 6 has officially opened in Paris, France.

The 4-day conference will hold multiple gatherings, group discussions, and parties. On the first day of EthCC, there will be 12 lectures covering various fields such as blockchain economics, DeFi, and security. Many project parties have released new versions and products during the conference.

For example, Lens Protocol, the Web3 social protocol, officially released its V2 version during the Ethereum Paris EthCC Conference, Mantle Network, the Ethereum Layer 2 solution, officially launched its main network alpha version during the conference, and <a href="/ru/price/gnosis-gno" target="_blank" class="blog_inner_link">Gnosis</a> Chain released Gnosis Pay, a decentralized payment network, and Gnosis Card, a self custodial debit card, during the ETHCC Conference.

Zhu Su, the founder of Three Arrows Capital, shared on social media platforms his noteworthy Altcoins during this cycle and gave reasons for recommendations, including in the fields of DeFi, DeFi/CeFi, and Memecoins.

Among them, DeFi fields include MKR (RWA on-chain yield), SNX (ui&ux enhanced update), COMP (continuous construction through bear markets), and AAVE (survival in multiple risk management experiments);

DeFi/CeFi fields: RLB (crypto on-chain casino), OX (crypto claims and trading platform Open Exchange native tokens);

Memecoins fields:  PEPE (next “Shib”).

Recently, well-known Chinese software company Meitu Group announced that it is expected to turn losses into profits in the first half of this year, recording a shareholder net profit of between RMB 220 million and RMB 265 million, compared to a net loss of about RMB 266 million in the same period last year.

The main reason for the expected turnaround is that as of June 30, 2023, the market price of cryptocurrency purchased was higher than that on December 31, 2022, so the impairment of cryptocurrency purchased was reversed by about RMB 185 million.

Since the purchase of cryptocurrency in March and April 2021, Meitu Group has not purchased or sold any cryptocurrency according to the cryptocurrency investment plan.

In terms of data, according to CoinShares' weekly report data, last week's net inflow of digital asset investment products was $137.4 million, with a cumulative inflow of $742 million over the past four weeks. This is the largest inflow since the fourth quarter of 2021.

Among them, the net inflow of <a href="/ru/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> investment products last week was $139.8 million, and the outflow of investment products shorting Bitcoin was $3.2 million, a net outflow for 12 consecutive weeks. The net outflow of Ethereum investment products was $1.6 million, making it the digital asset with the largest capital outflow this year.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1689658557BTC.png)
Yesterday, BTC broke the $30,210 support, continuing its consolidation with significant volatility, engaging in both long and short positions. This morning, it returned to the $30,200 neckline, with major support at $29,495. Unless breached, the next targets are $32,235 and $33,085. The top targets are $36,500 and $41,550.

### ETH
![](https://gimg2.gateimg.com/image/article/1689658586ETH.png)
ETH exhibits a bullish pattern with a daily timeframe head-and-shoulders bottom formation. It is holding steady at the critical support of $1,857. For conservative traders, it's best to wait for a breakout above the key resistance at $2,036 to initiate long positions. The mid-term target is around $2,358, and a breach of $2,036 would signal a shift to a bullish stance.

### XRP
![](https://gimg2.gateimg.com/image/article/1689658608XRP.png)
<a href="/ru/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> has continued its high-level consolidation after a significant bullish move. With a spot trading return of 102.20%, a continued short-term uptrend could target $1.0105, $1.3705, and $1.9755. Shrinking price and volume should be considered bearish signals.

### GT
![](https://gimg2.gateimg.com/image/article/1689658627GT.png)
GT is testing the $4.1882 level on the 4-hour chart, with a chance to break above the previous week's high at $4.4890 and reach the upper neckline at $4.6420. The medium-term support is $3.6040, while the major support is around the quarterly line. The long-term bullish targets are $28.56, $39.15, and $45.05.

## Macro: the market advocated for a US economic recession, investors waited for the interest rate hikes to land on the 27th
Last night, US stocks rose slightly, with the Dow Jones Index rising 0.2%, the S&P 500 Index rising 0.4%, and the Nasdaq Index rising 0.9%. US treasury bond bonds rose slightly. The yield of 10-year US treasury bond bonds fell by about 3 basis points to 3.805%, close to the middle of the intraday yield range of 3.77% -3.83%. The gold price remained unchanged, fluctuating around $1950. Despite the good CPI data released last week, investors still need to be fully bullish.

From the focus of the current market speculation, the U.S. Dollar Index has added new uncertainties. The market has started to hype about the weakness or even recession of the US economy. The Chief Economist of Goldman Sachs has lowered the probability of a US economic recession to 20%, stating that although the Federal Reserve is expected to raise its benchmark interest rate again next week, this may be the last in a series of interest rate hikes that began last year.

Citigroup strategist Chris Montagu and the team stated that investors seem to be preparing for a soft landing in the US economy, and the response triggered by recent economic data is evidence. After the quiet trading in early July, favorable data on the US economy over the past week triggered an increase in new long positions in the S&P 500 index.

The net inflow of Nasdaq-100 was flat, and both long and short positions increased. The S&P 500 index and the Nasdaq-100 returned to a higher level, but slightly lower than the June high. Although this is not a signal of selling, the position reflects the degree to which the market value is overvalued.

Allianz Chief Economic Advisor El-Erian stated that the idea that the US economy can avoid a recession is currently prevalent and there is no need to go against the trend. Everything we see, including CPI, PPI, and banking news, is about a soft landing.

When Wall Street began advocating for the risk of recession, US Treasury Secretary Janet Yellen stated that the United States had made good progress in reducing inflation and did not expect the economy to fall into a recession.

This week, the Federal Reserve has entered a period of silence, and there will not be too much volatility in the market. At the macro level, we will have to wait for more information to seep out after the interest rate hike on July 27, and then we can judge whether there is still a rate hike.

<div class="blog-details-info">
<div>Author:**Byron B.**, 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>