Daily News | BTC Consolidated at High Levels, AI Sector Collectively Surged

2024-09-24, 04:16

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## BTC ETFs saw small inflows, TIA completed $100 million in financing
According to Farside Investor data, there was a net inflow of $4.53 million into US spot <a href="/vi/price/<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin</a>-btc" target="_blank" class="blog_inner_<a href="/vi/price/link-ln" target="_blank" class="blog_inner_link">link</a>">Bitcoin</a> ETFs yesterday, including a net inflow of $24.9 million from Fidelity FBTC and a net outflow of $40.3 million from Grayscale GBTC.

Yesterday, the US <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs had a net outflow of $79 million, all outflows from gray-level ETFs.

**Celestia Foundation raised $100 million, led by Bain Capital Crypto**

The foundation of Celestia, a modular blockchain network, announced the completion of a $100 million financing round led by Bain Capital Crypto, with participation from Syncrace Capital, 1kx, Robot Ventures, Placeholder, and others, bringing the total financing amount of the project to $155 million.

Celestia Mainnet Beta will be launched in October 2023, providing specialized modular consensus and data networks. Since its launch, an early ecosystem has formed, with developers deploying the first 20 Rollup chains, and Celestia data blob recently accounting for over half of Rollup's total data releases.

**Citi Report: Family Office's Investment in Cryptocurrency Doubles YoY**

According to Citibank's "2024 Global Family Office Survey Report," the number of family offices optimistic about cryptocurrency has doubled from 8% last year to 17% this year, and direct investment remains their most favored investment method.

The report points out that family offices' interest in digital assets is still growing from a relatively low foundation. Whether the asset management scale of a large family office exceeds $500 million or a small family office is less than $500 million, the level of interest in digital assets is similar, and direct crypto investment and crypto-related investment funds are their preferred directions.

Large family offices show greater interest in tokenized real-world assets (RWAs) than small family offices. 11% of large family offices hold crypto exposure, while the proportion for small family offices is only 3%. On the other hand, small family offices have a greater demand for derivatives, with 8% holding exposure to these products, compared to 3% for large family offices.

The Asia Pacific region is leading in adopting digital assets, with 37% of family offices investing or interested in investing in digital assets. One in every 20 regional family offices reports that digital assets account for over 10% of investable assets. Meanwhile, family offices in Latin America have the lowest interest, with 83% not prioritizing the allocation of digital assets.

**Viewpoint: Short selling publicly unlocked tokens on a large scale is not a good time**

Crypto KOL Sisyphus posted, “The problem is shorting those large-scale, already publicly available token unlocks, and the team can decide at the last minute to relock the token (I remember this happened on <a href="/vi/price/dydx-dydx" target="_blank" class="blog_inner_link">dydx</a>). It is not recommended to do so. Although the price will fall in the long run, in the short term, the team has many ways to manipulate the price through the <a href="/vi/price" target="_blank" class="blog_inner_link">crypto market</a>. I don't think publicly available large-scale unlocks are a good time to short cryptocurrency because market manipulation is legal in this industry.”

## Market Trends: TIA surges before unlocking, NEIROCTO becomes market leader meme
### Mainstream Coins
The modular blockchain TIA rose 30%, but was suppressed by the middle of the Bollinger Bands weekly line and fell back to $6.41 after approaching $7. According to community sources, the TIA Foundation is offering half price OTC tokens worth $100 million to venture capital firms. TIA will usher in a large unlocking next month, and it is suspected that pre unlocking will increase liquidity by pulling stocks in advance;

The NEIROCTO of the Meme sector surged more than 50% during the day, but fell sharply after rising to $0.00138 this morning. The current price is $0.00117, and the intraday increase has narrowed to 33%. NEIROCTO has only increased by nearly 400% in just one week, which is currently a normal price correction.

The on-chain meme project Terminus has surged. Terminus is Musk's concept of a Mars City meme token that has risen 2,000 times this week. With the celebrity effect and market recovery, on-chain meme coins are receiving more attention from funds.

The AI sectors such as TAO, ARKM, AR, and AI surged, and the concept of AI remains one of the hottest sectors in the market.

### Market Hotspots
BTC experienced a slight decline, while BTC ETFs saw a small outflow and are still in the consolidation range after the interest rate cut. Some market views suggest that there may be an opportunity for cryptocurrency to enter a golden pit after the interest rate cut;

ETH surged 6% yesterday, with small inflows into the ETH ETF. Currently, it is consolidating at a high of $2,600, and there are no objective conditions for ETH to emerge from an independent market trend;

Altcoins have generally risen, with REEF increasing nearly tenfold within the month and POPCAT breaking through historical highs at one point;

## Macroeconomics: US stocks collectively close higher, with a probability of over 50% for the Fed to cut interest rates by 50 basis points in November
The three major indexes of the US stock market collectively closed higher, with the S&P 500 index rising 0.28% to 5718.57 points; The Dow Jones Industrial Average rose 0.15% to 42124.65 points; The Nasdaq index rose 0.14% to 17974.27 points. The benchmark 10-year Treasury yield is 3.75%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.57%.

According to CME, the probability of the Federal Reserve cutting interest rates by 25 basis points by November is 45.2%, and the probability of cutting interest rates by 50 basis points is 54.8%. The probability of a cumulative interest rate cut of 50 basis points by December is 23.4%, and the probability of a cumulative interest rate cut of 75 basis points is 50.2%; The probability of a cumulative interest rate cut of 100 basis points is 26.5%.

### Conclusion
The overall market sentiment still leans towards caution. BTC may continue to fluctuate within the consolidation range in the short term, while ETH requires more market driving force to break through its current high. TIA's early buying behavior before unlocking may cause price fluctuations after unlocking, and investors need to remain vigilant. The rapid rise and pullback of NEIROCTO demonstrate the market's short-term speculative enthusiasm for the meme token, but attention should also be paid to the risk of pullback.

The AI and meme sectors will continue to be market hotspots, and it is expected that these sectors will continue to attract capital inflows in the short term.

In the crypto market, teams and large players have the ability to manipulate prices through market manipulation, and investors need to be cautious when dealing with public large-scale token unlocking events. The Federal Reserve's interest rate cut policy and changes in the global economic environment will continue to have an impact on the crypto market, and investors need to closely monitor macroeconomic indicators.

<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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