Daily News | BTC ETFs Had Outflows of Nearly $300 Million, with the Overall Market Falling

2024-09-04, 04:43

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## Crypto Daily Digest: August Ethereum on-chain clearing amount was huge, and Hayes is bearish in the short term
According to Farside Investor data, there was a net outflow of $287 million from US spot <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs yesterday, the largest single day ETF outflow since May 1. Among them, FBTC had a net outflow of $162 million, GBTC had a net outflow of $50.4 million, and BlackRock IBIT had no inflow or outflow of funds.

Yesterday, the US spot <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF had a net outflow of $47 million, of which the Grayscale ETF had a net outflow of $52 million.

**August Ethereum on-chain clearing amount hits second highest in history**

The total settlement amount of the Ethereum on-chain lending market in August reached $436 million, with <a href="/vi/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> accounting for $289 million, or approximately 66% of the total settlement amount. This is the second highest monthly settlement amount in the Ethereum on-chain lending market in history, only lower than May 2021 when the settlement amount was approximately $671 million. The reasons for these abnormally high on-chain loan settlements are obvious: the price of ETH fell by 22% month on month in August, and even dropped by 35% month on month at its lowest point.

**Arthur Hayes: Short term bearish, but will not <a href="/vi/crypto/sell" target="_blank" class="blog_inner_link">sell cryptocurrency</a> as a result**
In his latest blog post, crypto community KOL Arthur Hayes delves into the profound impact of current Federal Reserve policies and fiscal environment on the market.

Hayes emphasized that the current policy uncertainty of the Federal Reserve has a particularly significant impact on the <a href="/vi/price" target="_blank" class="blog_inner_link">crypto market</a>. He pointed out that the price of Bitcoin has become one of the most sensitive indicators of the liquidity situation of the US dollar. Between the Federal Reserve's interest rate policy and the Treasury's liquidity operations, the price fluctuations of cryptocurrencies such as Bitcoin demonstrate a deep linkage with traditional financial markets. Hayes believes that if interest rates rise again and market liquidity tightens, Bitcoin and other cryptocurrencies may face a new round of price corrections.

Hayes said, “My shift in perspective has kept my hand hovering over the buy button. I won't sell cryptocurrency because of short-term bearish sentiment. As I explained, my bearish sentiment is only temporary.”

## Market Trends: The market experienced a widespread decline, with BTC ETF outflows of nearly $300 million
### Mainstream Coins
BTC plummeted to around $55,500, and it is worth noting that BTC ETF experienced a large outflow of nearly $300 million yesterday, the largest outflow since May 1st, indicating institutional investors' concerns about the market outlook.

ETH prices also showed weakness, falling below $2,400; ETH ETFs have also experienced significant outflows of funds, further exacerbating the market's sluggish sentiment.

In addition to mainstream cryptocurrencies, the Altcoin market has not been spared, experiencing a significant decline and overall low investor sentiment.

### Data Indicators
Today, the AHR999 index is 0.6, which is very close to the bottom price. This indicator indicates that the market may be about to bottom out and rebound, but we need to wait.

Today's Fear & Greed Index is 27, indicating that market sentiment remains in a state of fear. Investors generally hold a pessimistic attitude towards the market outlook and have a strong risk aversion sentiment.

### Market Hotspots:
Ton Ecosystem: Following Hamster Kombat's announcement of a token airdrop on September 26th, another project on the Ton chain, Catizen, also hinted at its own token airdrop in late September. Previously, Catizen had received funding from top investment institutions.

Layer2 sector: The tokens in Layer2 sector have generally fallen, as the popular Layer2 project Scroll is suspected to be about to issue tokens and will airdrop to users. At present, the market value sentiment is sluggish, and it seems that the narrative of Layer2 is no longer being paid for.

## Macroeconomics: US stock market falls across the board, Nvidia under subpoena investigation by US Department of Justice
The three major US stock indexes all fell more than 1%, with the S&P 500 index falling 2.12% to 5528.93 points; The Dow Jones Industrial Average fell 1.51% to 40936.93 points; The Nasdaq index fell 3.26% to 17136.30 points. In addition, the benchmark 10-year Treasury yield is 3.84%, and the 2-year Treasury yield, which is most sensitive to the Fed's policy rate, is 3.88%.

Among the popular US stocks, Apple fell 2.72%, Microsoft fell 1.85%, Nvidia fell 9.53%, Google C fell 3.94%, Google A fell 3.69%, Amazon fell 1.26%, Meta fell 1.83%, TSMC fell 6.57%, Tesla fell 1.64%, and AMD fell 7.82%.

The sharp decline in Nvidia's stock price is not an isolated event, but a concentrated outbreak of market concerns amidst the global economic slowdown. Recently, weak manufacturing data in the United States has led to five consecutive months of contraction, exacerbating investors' concerns about the economic outlook. The volatility index, known as the "Wall Street Panic Index," rose from 15.6 to 20.7, reaching its highest level in three weeks, reflecting the market's strong expectations for future volatility.

In addition, the reaction of the US government bond market further confirms the cautious sentiment of the market. The yield of benchmark 10-year US treasury bond fell 0.06 percentage points to 3.84%, while the yield of policy sensitive two-year US treasury bond fell 0.04 percentage points to 3.88%. These changes indicate that investors are seeking safer investment channels driven by risk aversion.

### Conclusion
The overall market performance is currently sluggish, with mainstream cryptocurrencies such as BTC and ETH experiencing significant declines, and the Altcoin market is also not immune. From the perspective of data indicators, the AHR999 index is close to bottom fishing prices, and the Fear & Greed Index shows that market sentiment is still in a state of fear. Nevertheless, the airdrop activities of Ton ecosystem and Layer2 sector still bring some attention to the market, but whether the market can rebound in the short term still needs further observation.

Investors should remain cautious in the current market environment, closely monitor market dynamics and data indicators, and adjust their investment strategies reasonably to cope with possible market fluctuations.

<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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