Daily News | BTC ETFs Inflowed Over $550 Million in a Single Day, and Altcoins in the Market Generally Rose

2024-10-15, 04:42

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## Crypto Daily Digest: BTC ETFs experienced net inflows of $550 million in a single day, Sui responded to selling allegations
According to Farside Investor data, yesterday's net inflow into US spot <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs was $551 million, including $79 million from BlackRock IBIT, $239 million from Fidelity FBTC, $69.8 million from ARKB, and $100 million from Bitwise BITB.

Yesterday, the overall inflow and outflow of funds in the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs were relatively small, only at millions of dollars. Compared to the trading volume and capital inflow of BTC ETFs, the performance of ETH ETFs has fallen far short of expectations.

**The total market cap of the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> rebounded and exceeded $2.4 trillion**

According to CoinGecko data, the total market cap of cryptocurrencies has rebounded and exceeded $2.4 trillion, now reporting $2.403 trillion, with a 24-hour increase of 3.8%. BTC returned above $66,000 early this morning, and ETH rose above $2,600, indicating a general increase in the overall <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a>. The community believes that the knockoff season has arrived.

**Sui Foundation responded to insider allegations of selling $400 million in tokens: there has been no preemptive selling or violation of lock-up plans**

The Sui Foundation, in response to allegations that "Sui insiders sold $400 million worth of tokens during the uptrend," stated that the Sui Foundation hopes to respond to this person directly:

No insiders, including employees of the foundation or Mysten Labs (including the founder of Mysten Labs) and investors in ML, have sold tokens worth $400 million during the uptrend, either individually or in combination. Insiders did not engage in any preemptive selling or violate lock-up and circulation supply plans.

Although the poster did not provide a wallet address, the Sui Foundation believes that the potential wallet owner is an infrastructure partner who owns tokens and follows a lock-up plan. All token lock-ups are carried out by qualified custodians and continuously monitored by the Sui Foundation, and this partner's operations are compliant.

**Analyst: BTC selling pressure eased, but the market remains in a passive state**

The analysis report points out that <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> experienced a significant pullback last week, driven by a large sell-off in spot prices, falling more than 11% from its high of $66,587 at the end of September to its low of $58,943 on October 10. However, the selling pressure eased somewhat, and BTC quickly rebounded. On-chain indicators highlight the importance of the actual price of Bitcoin short-term holders (currently close to $63,000) as a key resistance level. Breaking through this level may indicate further bullish momentum, while failure to break through this level may lead to retesting lower support levels, possibly close to $59,000 or even $55,000.

However, the report also believes that the market is still passive, and future trends may depend on whether Bitcoin can decisively surpass the realization price of short-term holders. Before this, traders should anticipate a potential pullback and be prepared for a stronger rebound from lower levels, as the market has potential resilience. In addition, due to program delays, the trustee of Mt. Gox has extended the repayment deadline for creditors to October 31, 2025. This extension has eased market concerns about a possible sell-off of Bitcoin, as many people are worried that creditors may liquidate some of the 44,900 BTC that will soon be distributed, which could put pressure on Bitcoin prices.

## Market Trends: BOME surged by over 30%, REEF surged and fell back
### Market Hotspots
The Meme sector saw a collective surge in BOME, MANKEI, TURBO, and other currencies, with all circulating currencies being more favored by market speculation funds. TURBO is the toad token of the AI concept; MANEKI is a meme coin featuring the image of a financial cat on the <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain. Influenced by POPCAT's market cap exceeding $1 billion, MANEKI has gradually rebounded from the downward trend;

The increase in SOL has driven the rise of <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem projects such as JTO and RAY. The meme project on the Solana chain is actively traded, with fast transaction speed and low transaction fees, making it more popular in the market;

REEF surged 40% within the day, then rose and fell back. REEF is similar to the demon currency TRB in October 2023, which continues to rise and push short, with contract rates remaining high.

### Mainstream Coins
BTC broke through the volatile range and returned above $66,000. Yesterday, BTC ETF saw a daily inflow of over $500 million, recording the largest daily inflow in nearly March;

EHT followed the rise and broke through $2,600, an overall increase slightly smaller than other public chain tokens in the market. ETH ETFs did not receive large inflows like BTC ETFs;

Altcoins generally rose, and early strong currencies such as REEF and POPCAT entered the adjustment range first, indicating the arrival of the Altcoin season.

## Macroeconomics: The three major US stock indices collectively closed higher, with the S&P 500 and Dow Jones Industrial Average reaching new historical highs
The three major indexes of the US stock market collectively closed higher, with the Nasdaq up 0.87%, the S&P 500 index up 0.77%, and the Dow Jones Industrial Average up 0.47%. Among them, the S&P 500 index and Dow Jones Industrial Average hit new historical highs, while the Nasdaq reached a new high in about three months. Most large tech stocks have risen, with Nvidia rising over 2% to reach a historic closing high; Apple and Google rose over 1%, while Microsoft, Tesla, and Meta saw slight increases; Netflix fell over 1%, while Amazon experienced a slight decline. Trump concept stocks significantly increased, with Trump Media Technology Group rising over 18%.

Early this morning, Beijing time, Federal Reserve Governor Waller gave the latest opinion on upcoming interest rate cut expectations at a Stanford University meeting. He believes that future interest rate cuts need to be "more cautious," implying that the magnitude of future interest rate cuts will be smaller than the significant rate cut in September.

Waller cited recent reports on employment, inflation, GDP, and income, pointing out that the economy may not have slowed down as expected, and is much stronger than previously thought, with little sign of a significant slowdown in economic activity. He said the current economic data allows the Federal Reserve to cut interest rates at an "appropriate pace" until a neutral rate is achieved.

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<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.
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