Daily News | BTC Retraced and Consolidated, BIGTIME Led the GameFi Sector to Rise Collectively

2024-10-23, 04:21

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## Crypto Daily Digest: BTC ETFs experienced a net outflow yesterday, and the GameFi sector generally rose
According to Farside Investor data, the US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs had a net outflow of $79.12 million yesterday. IBIT had a net inflow of $42.95 million and ARKB had a net outflow of $134.74 million. Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF had a net outflow of $20.82 million, and the Grayscale ETFs had a net outflow of $29.59 million.

**GameFi sector tokens generally rose, with BIGTIME experiencing a daily increase of over 29%**

According to Gate.io market information, the GameFi sector saw a general increase in tokens today, with BIGTIME experiencing a 29% daily increase and currently priced at $0.1845, SLP seeing a daily increase of 19.1% and currently priced at $0.003082, PIXEL seeing a daily increase of 18.7% and currently priced at $0.1865, and MAVIA seeing a daily increase of 9.1% and currently priced at $1.61.

**Two-year US Treasury yields climb, traders bet on a soft landing for the US economy**

According to statistics, since the Federal Reserve's first interest rate cut on September 18, 2020, the yield on two-year US Treasury bonds has risen by 34 basis points.

In history, under Greenspan's leadership, the Federal Reserve successfully cooled down the economy in 1995, but did not cause a recession, and similar increases in yields occurred at that time. In the interest rate cut cycle before 1989, the two-year Treasury yield dropped by an average of 15 basis points one month after the Federal Reserve began cutting interest rates.

Steven Zeng, interest rate strategist at Deutsche Bank, stated that the yield increase "reflects a reduced likelihood of economic recession risk." The data is quite strong. The Federal Reserve may slow down the pace of interest rate cuts. In addition, the latest rebound in yields indicates that the resilience of the US economy and the prosperity of financial markets have limited Federal Reserve Chairman Powell's choice to actively cut interest rates. Interest rate swap transactions show that traders expect the Federal Reserve to cut interest rates by 128 basis points before September 2025, compared to 195 basis points a month ago.

**Analyst: The listing of <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF options may increase market volatility**

According to The Block, the US Securities and Exchange Commission (SEC) has previously approved option trading and the listing of multiple spot <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. Multiple analysts predict that this measure will increase Bitcoin's market volatility.

Kbit CEO Ed Tolson stated that retail investors in the United States may use IBIT options to obtain asymmetric return structures. He pointed out that institutional market makers may need to buy when prices rise and sell when prices fall, which could amplify volatility.

Michael Harvey, the head of trading at Galaxy Digital, predicts that volatility will increase in the short term, but in the long run, institutional investors adopting income-generating strategies may reduce overall volatility. The SEC has set a limit of 25000 contracts for options positions, which Harvey believes may drive some institutions to switch to trading crypto-related stocks such as Coinbase or MicroStrategy.

## Market Trends: GOAT rose 200% on the 3rd, and the SCR performance of Layer2 project fell short of expectations
### Market Hotspots
The AI meme-leading token GOAT surged, achieving a 200% increase on the 3rd. While there are still doubts about how AI and Crypto can be combined, AI meme tokens are attracting market attention with their strong price performance. GOAT's current circulating market value is close to $500 million, which is already the ceiling for many meme coins not listed on mainstream exchanges.

The Scroll token SCR of Layer2 project has been launched, but its price performance did not meet expectations. Under the declining performance of ETH, the Layer2 sector has generally performed poorly in recent rounds of the market, with token releases and an increase in circulating market value, but prices have continued to decline.

The GameFi token sector has seen a widespread increase, with PIXEL, BIGTIME, YGG, and others experiencing significant gains. After half a year, there is usually a pull-in action for “play-to-earn” game-type tokens to meet the shipping needs of users and institutions participating in the project during the cycle. Generally speaking, the market is not sustainable.

### Mainstream Coins
BTC consolidated at around $67,000 and there was no significant drop in liquidity, indicating sufficient circulating funds in the market;

ETH showed a slight decline, falling for two consecutive days, and the performance of ETH ETF remains sluggish;

Altcoins are generally declining, and on-chain meme projects such as GOAT are performing well. The market is still waiting for the emergence of leading tokens.

## Macroeconomics: US stock market experienced slight fluctuations, with a high probability of the Fed cutting interest rates by 25 basis points in November
The three major indexes of the US stock market have fluctuated, with the S&P 500 index falling 0.05% to 5,851.20 points; The Dow Jones Industrial Average fell 0.02% to 42,924.89 points; The Nasdaq index rose 0.18% to 18,573.13 points. The benchmark 10-year Treasury yield is 4.20%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 4.03%.

According to CME's "FedWatch", the probability of the Federal Reserve cutting interest rates by 25 basis points by November is 91.1%, the probability of maintaining current interest rates unchanged is 8.9%, and the probability of cutting interest rates by 50 basis points is 0%. The probability of maintaining the current interest rate unchanged until December is 2.2%, the probability of reducing interest rates by 25 basis points cumulatively is 29.5%, the probability of reducing interest rates by 50 basis points cumulatively is 68.3%, and the probability of reducing interest rates by 75 basis points cumulatively is 0%.

<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.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.
</div>

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