Daily News | BTC Oscillates Narrowly, Key Period for the Market in the Next Few Days

2024-08-23, 05:08

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## Crypto Daily Digest: BTC ETFs saw net inflows for several consecutive days, while ETH ETFs underperformed expectations
According to Farside Investor data, the US <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF had a net inflow of $65.06 million yesterday, of which BlackRock IBIT had a net inflow of $75.76 million; Fidelity FBTC had a net inflow of $9.2 million; Bitwise's BITB had a net outflow of $11.5 million; ARKB had a net inflow of $7.8 million; Grayscale GBTC had a net outflow of $28.4 million; Grayscale BTC had a net inflow of $4 million.

The US <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF had a net outflow of $800,000 yesterday, including a net inflow of $14.3 million from Fidelity FETH; VanEck's ETHV had a net inflow of $1 million; Grayscale ETHE had a net outflow of $19.8 million; Grayscale ETH had a net inflow of $3.7 million.

**Since the listing of the Grayscale Ethereum spot ETFs, 30.4% has flowed out, and it is expected to <a href="/vi/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> out 50% in 66 days**

According to Trader T data, in the 22 trading days since the listing of the Grayscale Ethereum Spot ETF (ETHE), 30.4% has flowed out. Based on current rates, it is estimated that 50% will flow out in 66 days (until October 21).

**The market is too optimistic about the pricing of interest rate cuts, and it is possible that only a 50 basis point rate cut will be implemented this year**

Analysts said that the minutes of the FOMC meeting in July were too dovish, clearly stating that the Federal Reserve would cut interest rates in September, which was the most information Powell could reveal in his Jackson Hole speech on Friday. This will make traders overly optimistic that there will be four interest rate cuts before the end of the year, while the Federal Reserve may only cut rates two to three times. We can see that the swap market is pricing for a rate cut of about 95 basis points by the Federal Reserve before December, implying that the Fed will cut rates in each of its remaining three meetings this year, and suggesting that one of them will be a significant rate cut. If you pay attention to the discussion of the Fed officials, you will find that this is an extremely optimistic view. The Federal Reserve is more likely to skip the November meeting to gain consensus on a rate cut, so it may ultimately only cut interest rates by 50 basis points this year.

**Founder of SkyBridge Capital: Bitcoin is still in its early stages and is not yet a “value storage” asset**

Anthony Scaramucci, founder and executive partner of SkyBridge Capital, was interviewed by CNBC's "Squawk Box" and shared his views on Bitcoin and cryptocurrency.

Scaramucci is optimistic about the future of Bitcoin, especially in the second half of 2024. He stated that the 'oversupply' seems to be coming to an end, interpreting it as a positive signal for the price trend of Bitcoin.

Scaramucci reiterated his belief that Bitcoin is still in its early stages and is a technology rather than a store of value. He stated that with the emergence of over 1 billion wallets, Bitcoin may eventually be seen as a means of storing value.

## Market Trends: BTC experienced narrow fluctuations, while Cat Coin showed impressive gains
**Mainstream Coins:**
From yesterday evening until today, BTC has been fluctuating narrowly within the range of $60,000 to $61,000. It is worth noting that BTC ETF funds have been flowing in for several consecutive days, indicating that the market demand for Bitcoin is still increasing. However, the trend in the coming days will be crucial, and investors need to closely monitor whether there are signs of a breakthrough or correction.

ETH also oscillated narrowly below $2,700. Unlike Bitcoin, the inflow of funds into ETH ETFs has not increased significantly, and their performance is relatively weak. Ethereum investors need to pay attention to whether it can break through this key resistance level in the short term to determine its future trend.

The overall trend of Altcoins has followed the general rise of the market, but the increase is limited. Of note are cat themed Meme coins (such as POPCAT, CAT, MANEKI), which have shown impressive performance and become market hotspots.

### Data Indicators:
AHR999 Index: Today's AHR999 Index is 0.68, indicating that the current price is still suitable for regular investment.

Fear & Greed Index: Today's Fear & Greed Index is 34, and market sentiment remains low, with investor sentiment leaning towards fear.

### Macroeconomics:
US stock market: US stocks collectively closed lower, with the S&P 500 index hitting an 8-month low. The risk asset market is currently waiting for Federal Reserve Chairman Powell's speech at Jackson Hole tonight. The outside world generally expects that the Federal Reserve may release a signal of policy shift, and the performance of the job market will be one of the important reasons.

### Market Hotspots:
Meme section: Cat themed Meme coins have become the best performing category. POPCAT, CAT, MANEKI and other currencies are leading the market in performance. Yesterday, a leading trading platform announced the launch of POPCAT perpetual contracts, which stimulated the price of POPCAT. POPCAT is expected to become the first cat themed Meme coin with a market value exceeding $1 billion. CAT is a spin off of FLOKI, with 18.5% of the tokens airdropped to FLOKI holders.

Social sector: CHAT surged 30%, rising for 4 consecutive days, with a nearly 100% increase in the past 4 days. CHAT is a project token of <a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s on chain social protocol Solchat, with a current circulating market value of only $10 million, while CHAT's highest circulating market value in history has reached over $180 million. Whether the current uptrend of CHAT is a oversold rebound or a trend reversal still needs time to verify.

## Macroeconomics: The three major US stock indexes closed lower, and Powell may pour cold water on a significant interest rate cut
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 0.89% to 5,570.64 points; The Dow Jones Industrial Average fell 0.43% to 40,712.78 points; The Nasdaq index fell 1.67% to 17,619.35 points.

Among the popular US stocks, Apple fell 0.83%, Microsoft fell 2.03%, Nvidia fell 3.70%, Google C fell 1.28%, Google A fell 1.24%, Amazon fell 2.21%, Meta fell 0.60%, TSMC fell 2.85%, Tesla fell 5.65%, and AMD fell 3.87%.

On Thursday, the US stock market closed lower. In terms of economic data, the US Department of Labor reported that the number of first-time jobless claims in the US increased by 4,000 for the week ending August 17, bringing the total to 232,000. As of the week ending August 10, the number of people continuously applying for unemployment benefits slightly increased to 1.86 million. The increase in this number indicates that it is becoming more difficult for the unemployed to find employment. The report shows that the number of first-time jobless claims in the United States last week has hardly increased, indicating that the labor market is gradually slowing down.

The yield of US treasury bonds climbed, and Wall Street traders bet that Powell would pour cold water on the expectation of sharp interest rate cuts on Friday, either in terms of the number and extent of interest rate cuts. Anyway, Powell will "keep people guessing" until the last moment of the interest meeting in September. Let you guess for yourself, and then build up your psychological preparation. Don't panic at that time.

### Conclusion
The market is at a critical juncture, and the trends of BTC and ETH will have a significant impact on overall market sentiment in the coming days. Although some coins in the Meme and Social sectors have performed well, the overall market sentiment remains sluggish. Investors should remain cautious and closely monitor macroeconomic trends and market hotspots in order to adjust their investment strategies in a timely manner.

<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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