Daily News | BTC Oscillated and Fell, Market Awaits Tonight's CPI Data

2024-09-11, 04:02

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## Crypto Daily Digest: BTC ETFs resumed net inflow of funds, market may hit bottom and rebound
According to Farside Investor data, the US <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF inflow was $117 million yesterday. Among them, the net inflow of Fidelity FBTC was $63.2 million, and the net inflow of Grayscale BTC was $41.1 million. BlackRock IBIT has no inflow or outflow of funds.

The US <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs had a net inflow of $11.4 million yesterday. Among them, Fidelity FETH had a net inflow of $7.1 million, while BlackRock ETHA had a net inflow of $4.3 million.

**K33 Research Report: Fund Rate Indicator Suggests Market to Bottom Out and Rebound in the Next Few Weeks**

K33 Research stated in a market report released on Tuesday that a reliable indicator suggests a significant rebound in the coming weeks and months. According to the report, the 30 day average funding rate for perpetual contracts has dropped to negative levels, which has only occurred six times since 2018.

K33 analysts Vetle Lunde and David Zimmerman wrote, "In the past, when monthly funding rates fell to negative values, it usually meant that the market had bottomed out." The report stated that after the indicator had previously turned negative, the average return over the next 90 days was 79%, while the median return over 90 days was 55%.

**Traders still expect the Federal Reserve to cut interest rates at least twice in the near future**

Traders in the US interest rate options market are still betting on at least one massive rate cut by the Federal Reserve this year, but they may not take action before the November 5th US presidential election. Most economists expect the Federal Reserve to cut interest rates by 25 basis points in September and to cut rates twice more this year.

Recent options activity related to secured overnight funding rates indicates that traders are increasingly positioning themselves for a roughly 150 basis point rate cut before the Federal Reserve's policy decision on January 29. This is the same as the current situation in the exchange market.

## Market Trends: Market fluctuated, lack of hotspots
### Mainstream Coins
BTC fell below $57,000, and the market trend is not very clear. The market is waiting for tonight's CPI data to be released;

ETH failed to break through the $2,400 mark and returned to around $2,350, with a significant narrowing of its amplitude;

The widespread decline of Altcoins and the lack of concentrated hotspots in the market;

In terms of data indicators, the AHR999 index is 0.6 today, not far from the bottom buying range; The Fear & Greed Index is 37, and panic continues to persist.

### Market Hotspots:
DeFi sector: The well-established DeFi project <a href="/price/aave-aave" target="_blank" class="blog_inner_link">AAVE</a> has surpassed $150, with a cumulative increase of over 25% in the past 3 days. From a news perspective, the launch of an Altcoin version of Aave by Trump's second son, coupled with today's debate among US presidential candidates, has injected some hot topics into the project.

RWA sector: OM rose more than 10%, and PENDLE also achieved a daily small break of 4 consecutive gains. The RWA sector is one of the fresher narratives in this round of market trends. Currently, the overall market value of the sector is relatively small, and it may be a sector worth monitoring by users.

## Macroeconomics: The US stock market is fluctuating, the stock market remains weak in September?
The three major indexes of the US stock market fluctuated, with the S&P 500 index rising 0.45% to 5495.52 points; The Dow Jones Industrial Average fell 0.23% to 40736.96 points; The Nasdaq index rose 0.84% to 17025.88 points. The benchmark 10-year Treasury yield is 3.65%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.59%.

Among the popular US stocks, Apple fell 0.36%, Microsoft rose 2.09%, Nvidia rose 1.53%, Amazon rose 2.37%, Google C rose 0.31%, Google A fell 0.03%, TSMC fell 0.18%, Tesla rose 4.58%, and AMD rose 3.40%.

Currently, the US stock market is facing multiple key issues. The important August CPI inflation index will be released on Wednesday local time, and the Federal Reserve will hold its September monetary policy meeting next week. Investors are also closely monitoring topics such as trade policy and taxation in today's US election debate.

The sentiment in the US stock market is cautious. Investors are closely monitoring concerns about a US recession and the possibility of an economic soft landing. With the cooling of the labor market, many market participants are concerned that the actions of the Federal Reserve may have fallen behind actual needs.

From a historical perspective, September was a month of weak performance for the US stock market. Investors remain cautious about the impact of seasonal factors on the stock market and the uncertainty surrounding the upcoming US presidential election on November 5.

### Conclusion
Overall, the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> is currently in a wait-and-see state, with relatively small price fluctuations for Bitcoin and Ethereum. Altcoins have generally declined, but some sectors such as DeFi and RWA have performed more prominently. In terms of macroeconomics, the upcoming release of the US August CPI data tonight may have a significant impact on the market, and investors should closely monitor it. In the short term, market sentiment tends to be cautious, and investors should reasonably control risks and avoid blindly chasing high prices.

<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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