Daily News | BTC Led Market to Significant Rebound, FTM and PEOPLE Performed Outstandingly

2024-09-10, 04:54

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## Crypto Daily Digest: BTC dominance may peak, BlackRock IBIT rarely had outflows
According to Farside Investor data, there was a small inflow of $25 million into the US <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF yesterday. Among them, BlackRock IBIT had a net outflow of $8.99 million, Fidelity FBTC had a net inflow of $28 million, and Grayscale GBTC had a net outflow of $22.8 million.

Yesterday, the overall trading volume of the US spot <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF was extremely low, with an overall outflow of $5.2 million. Among them, the grayscale ETHE outflow was $22.6 million, and the Fidelity FETH net inflow was $7.6 million.

**Report: If Bitcoin's dominant position peaks, Altcoins will outperform BTC in the coming months**

Bitcoin fell 10.7% in the first week of September, continuing its downward trend since late August. However, this decline also pushed the price below the critical low of $56,711, which also appeared on May 1st and had previously triggered a rapid rebound. As expected, this sell-off has led to a decrease in leveraged positions, indicating that the market may be approaching a local bottom. It is worth noting that since August 27, the net outflow of Bitcoin ETFs has reached $706.1 million, while the cumulative spot trading volume difference shows a downward trend, indicating a large amount of spot selling.

On the contrary, the altcoin market has shown resilience. During last week's Bitcoin sell-off, the proportion of Bitcoin's market value (measuring its relative market value to the rest of the <a href="/th/price" target="_blank" class="blog_inner_link">crypto market</a>) decreased by 1.3%. In contrast, the market value of other cryptocurrencies (excluding the top 10 currencies) increased by 4.4%. It can be said that this change implies a possible shift in the market landscape, where investors are seeking value in altcoins rather than still flocking to Bitcoin during a downturn.

However, if Bitcoin's dominant position has indeed reached a local high point, we may see Altcoins perform better than Bitcoin in the coming months, which could lay the foundation for a bull market in the fourth quarter, provided that macroeconomic pressures have eased.

**Harris announced proposed policy stance list, without mentioning cryptocurrency**

The campaign website of US Vice President and Democratic presidential candidate Harris has released a list of proposed policy positions for her future presidential administration, including tax cuts for middle-class families and making rent more favorable, but there is no mention of crypto-related topics.

In his "Supporting American Innovation" related agenda, Harris will ensure the flourishing development of American industry and workers based on the progress made by this administration. Vice President Harris will continue to support the United States' leadership in semiconductor, clean energy, artificial intelligence, and other cutting-edge industries of the future.

**Citigroup strategist: Customer portfolio reflects bearish sentiment in the US stock market
**

Citigroup's strategists believe that the sell-off in the US stock market last week could lead to further declines in major stock indices. Strategist Chris Montagu et al. stated in a report to clients on Monday that a large number of long positions in the S&P 500 index have been liquidated, coupled with an increase in short positions in the Nasdaq 100 index, indicating a shift in risk appetite towards a more direct bearish trend.

They stated that hedge funds' de risk operations on the S&P 500 index resulted in total exposure being only half of the peak in mid July. Montagu wrote that the forced liquidation of long positions may intensify or accelerate selling in the short term, and if this trend continues, the newly added short positions on Friday are likely to drive tech focused indicators into net short positions.

## Market Trends: BTC led the market to a significant rebound, FTM performed well
### Mainstream Coins
BTC has rebounded significantly, reaching a peak of $58,000, and has now fallen back to around $57,000, still in a volatile market;

ETH rebounded with BTC, but the overall increase was relatively small, indicating a relatively weak price performance. The trading volume and inflow of ETH ETF are still relatively small;

Altcoins have generally risen, and Meme remains the best performing sector;

In terms of data indicators, the AHR999 index was 0.59 today, with a slight rebound in price accompanying the index; The Fear & Greed Index is 33, indicating a slight easing of panic, but market trading volume remains sluggish.

### Market Hotspots:
Public chain <a href="/th/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a>: FTM has become the best performing public chain token in the past 24 hours, rising over 15%. FTM has achieved three consecutive daily gains. From the news perspective, the Fantom testnet Sonic has been launched, and currently there is a high level of community participation in the testnet interaction. However, according to the official Discord channel, there will be no token airdrops for the testnet interaction. In August of this year, Fantom officially announced its name change to Sonic Labs and will adopt the new token S, with FTM exchanging S tokens 1:1.

Meme sector: PEOPLE, a concept of the US presidential election, rose more than 20% in 24 hours, becoming the mainstream Meme coin with the best increase. Tomorrow Beijing time, US presidential candidates Trump and Harris will have a televised debate, with the market betting in advance that the two candidates may mention crypto-related policies during the debate. The Meme coins POPCAT and MIGGLES in the cat sector have risen by over 15% in 24 hours. Currently, there is no cat related Meme coin with a market value exceeding $1 billion, and POPCAT's strong price performance may help it take the lead.

## Macroeconomics: The three major indexes of the US stock market have generally risen, and assets may have been fully included in the expectation of interest rate cuts
The three major US stock indices all rose over 1%, with the S&P 500 index rising 1.16% to 5471.05 points; The Dow Jones Industrial Average rose 1.20% to 40829.59 points; The Nasdaq index rose 1.16% to 16884.60 points.

The benchmark 10-year Treasury yield is 3.70%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.68%.

Among the popular US stocks, Apple rose 0.04%, Microsoft rose 1.00%, Nvidia rose 3.54%, Amazon rose 2.34%, Google C fell 1.70%, Google A fell 1.46%, Meta rose 0.90%, TSMC rose 3.85%, Tesla rose 2.63%, and AMD rose 2.83%.

Last week, under the influence of the last key employment data before the interest rate cut, the US stock market experienced a significant pullback, with the unemployment rate falling and the recovery of new jobs falling short of expectations. This means that employment has indeed slowed down, but it is not enough to confirm a recession. In terms of interest rate cuts, a 25BPS rate cut in September remains the benchmark scenario. After the release of non farm employment data, the market engaged in a fierce game of interest rate cuts in September, with the probability of a 50BPS rate cut rising to 50% at one point but eventually falling back to 30%. When a rate cut may be about to take effect, it is important to note that assets may have already been fully accounted for in the expectation of a rate cut, and the overall magnitude of the rate cut may also be limited.

### Conclusion
Overall, the crypto market has been active recently, but there is still a certain level of volatility risk. The trends of Bitcoin and Ethereum will continue to affect the overall sentiment and direction of the market. The strong performance of altcoins, especially the Meme sector, has injected vitality into the market, but investors need to remain cautious and avoid blindly chasing higher prices. Data indicators show that market sentiment has rebounded, but the fear and greed index is still at a low level, and we need to continue to pay attention to market dynamics and the impact of important macroeconomic events.

<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.
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