Gate.io Блог Daily News | BTC ETFs Saw Significant Outflows, DOGS Showed Strongest Performance in Market Decline

Daily News | BTC ETFs Saw Significant Outflows, DOGS Showed Strongest Performance in Market Decline

28 August 13:31

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![](https://gimg2.gateimg.com/image/article/172482293028.png)
## Crypto Daily Digest: BTC ETFs saw significant outflows, Maker launched governance token SKY
According to Farside Investor data, there was a net outflow of $127.05 million from US spot <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs yesterday, ending the previous eight consecutive trading days of net inflows. Yesterday, ARKB had a net outflow of $102 million, GBTC had a net outflow of $18.3 million, and BITB had a net outflow of $6.8 million.

Yesterday, there was a net outflow of $3.44 million from the US spot <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs, with no inflow/outflow from BlackRock ETHA, a net outflow of $9.18 million from Grayscale ETHE, and a net inflow of $3.88 million from Fidelity FETH. Bitwise ETHW had a net inflow of $1.86 million.

**Analyst: Bitcoin may reach $150,000 by the end of 2024**

Jamie Coutts, Chief Crypto Analyst at Real Vision, stated that "unless there is a fundamental change," the price trend of Bitcoin is still expected to enter a "crazy season," also known as the "banana zone." This term was coined by Real Vision founder Raoul Pal to refer to a debt refinancing cycle driven by macroeconomic forces that affects all asset prices, but crypto performance is particularly outstanding.

Coutts pointed out that in the first two bull market cycles, Bitcoin reached new historical highs within 365 days after the peak of the local US dollar index. He suggested that if Bitcoin follows the previous bull market pattern, its price may rise more than 100% from its current level and reach $150,000 by the end of 2024.

**CoinGecko report: PolitiFi sector token outperforms Meme coin this year**

Cryptocurrency data aggregation platform CoinGecko has released a report stating that from January 1 to August 25, 2024, the PolitiFi (Meme related to US election figures) token category rose 782.4%, outperforming the broad Meme coin category, which rose 90.2% during the same period.

Although PolitiFi tokens have performed better than Meme tokens, they are still far behind the latter. As of August 25, the PolitiFi sector has a market share of 1.5% in the Meme coin category, with a market value of $680.8 million, while the market value of Meme coin is $45.6 billion.

**Maker brand rebranded as Sky Protocol and will launch native governance token SKY**

On August 27, according to Cointelegraph, the Maker protocol officially changed its name to Sky and announced the names of its upgraded stablecoin and native governance token, aiming to make decentralized finance (DeFi) more accessible to the public. As part of the renaming, Maker has renamed the world's largest decentralized stablecoin, Dai (DAI), to USDS.

The protocol also introduces the Sky (SKY) native governance token for a wider Sky ecosystem, as an upgraded version of the Maker (MKR) token. MakerDAO co-founder Rune Christensen stated that this renaming is a step towards welcoming the 'next evolution of DeFi'. MKR holders can upgrade their MKR to SKY, and SKY can also be converted back to MKR. Upgrading is optional. Users can exchange 24,000 SKYs for each MKR during the upgrade process.

## Market Trends: The market plummeted, and there are no hot spots for Altcoins
### Mainstream Coins
BTC fell sharply to around $58,000 yesterday, and after two consecutive days of inflows exceeding $200 million, BTC ETF experienced a large outflow yesterday. There is no other explanation for the market trend, and generally speaking, the market is ahead of the news;

ETH's performance remains weak, falling below $2,400 at one point. The trading volume of ETH ETF is weak and there has been little positive capital inflow since its launch;

Altcoins have generally fallen sharply, and the market is quiet.

### Data Indicators
The AHR999 index is 0.65 today, and the current price is still suitable for BTC long-term investors to invest. The Fear & Greed Index is 30, indicating that market sentiment has returned to the stage of fear. This usually means that there may be some opportunities for the market to buy at the bottom, but caution should also be exercised.

### Market Hotspots:
Ton Ecosystem: TON continues to plummet, and news of Durov's arrest is still fermenting. Many celebrities, including Musk, have called for the rescue of Durov, and many Durov concept tokens have emerged on the market, but they have all performed poorly. After the launch of DOGS, the price remained around $0.00125. Despite the overall market downturn, the price remained firm, and the current circulating market cap of DOGS is about $650 million. This demonstrates the relative stability of DOGS in the current market environment, which is worth investors' attention.

## Macroeconomics: Three major US stock indices rise slightly, while US bond yields continue to decline
The three major indexes of the US stock market collectively closed higher, with the S&P 500 index rising 0.16% to 5,625.80 points; The Dow Jones Industrial Average rose 0.02% to 41,250.50 points; The Nasdaq index rose 0.16% to 17,754.82 points. In addition, the benchmark 10-year Treasury yield is 3.83%, and the 2-year Treasury yield, which is most sensitive to the Fed's policy rate, is 3.83%.

After Federal Reserve Chairman Powell released the strongest call to cut interest rates so far, it seems that the rate cut is already set in stone. According to CME's "FedWatch", the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 66%, and the probability of cutting interest rates by 50 basis points is 34%.

### Conclusion
The current market shows a clear sense of fear, with prices of major cryptocurrencies and Altcoins generally falling. However, individual assets such as BTC and DOGS exhibit a certain degree of resistance to decline under specific circumstances, which is worth focusing on for long-term investors. The changes in the macroeconomic environment, such as the possible interest rate cuts by the Federal Reserve, may also bring new opportunities to the <a href="/uk/price" target="_blank" class="blog_inner_link">crypto market</a>.

Investors need to remain cautious in the current market environment, monitor market sentiment and macroeconomic dynamics, and adjust their investment strategies in a timely manner. For long-term investors, the current price level and market sentiment may provide some investment opportunities, but caution should still be exercised to avoid excessive risk exposure.

<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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