According to PANews, at 9:25 a.m. on August 6, BNB rebounded to above $488, and is now trading at $488.5 per coin, up 5.71% on the day. SOL rebounded to above $140, and is now trading at $140.25 per coin, up 7.35% on the day.
● BlackRock, MicroStrategy, Grayscale and Fidelity did not sell Bitcoin during the market decline
According to Foresight News, Arkham data shows that BlackRock, MicroStrategy, Grayscale and Fidelity did not sell Bitcoin during the market decline.
● The market is betting that the Fed and the ECB will cut interest rates significantly
Money markets have increased bets on the Federal Reserve easing monetary policy more than policymakers expected, according to Jinshi Data. Traders see a 60% chance that the Fed and the European Central Bank will each cut rates by 50 basis points in September. Meanwhile, the chances of a 25 basis point cut by the Bank of England are also rising. These bets are likely to persist, increasing safe-haven buying of bonds.
● QCP Capital: The crypto market storm caused BTC and ETH to plummet, and volatility surged
According to Wu, QCP Capital pointed out that on August 5, 2024, the crypto market was hit by a storm, with BTC and ETH falling to lows of 49,000 and 2,116 respectively. The massive ETH sell-off by Jump Trading and Paradigm VC, and the surge in the front-end ETH implied volatility to 120%, may be the direct cause of the decline. Due to poor US unemployment data last Friday, the deterioration of the macro economy and the intensification of global risk aversion, market volatility has increased sharply. Despite this, the forward basis and financing rates remain stable.
● Digital asset investment products saw $528 million of capital outflow for the first time in 4 weeks
According to BlockBeats, on August 5, CoinShares' latest weekly report showed that digital asset investment products had their first outflow of funds in 4 weeks, totaling $528 million. This was mainly due to the response to the US recession, geopolitical concerns and general market liquidation. Bitcoin outflows totaled $400 million, the first outflow after 5 weeks of inflows. Ethereum outflows totaled $146 million, bringing the total net outflow since the launch of US ETFs to $430 million. Short Bitcoin products had a significant inflow of $1.8 million for the first time since June. Although the newly launched US ETFs had an inflow of $430 million last week, it was offset by the outflow of $603 million from the Grayscale Trust. European ETPs also saw small outflows. Blockchain stocks continued to see outflows, with outflows of $18 million last week.
● Capula Management, Europe’s fourth largest hedge fund, has $500 million in Bitcoin ETF assets
According to ChainCatcher, Capula Management, Europe’s fourth-largest hedge fund, reports having $500 million in Bitcoin ETF assets.
● Binance Labs Fund announces the second batch of projects to be incubated in the seventh season
According to Odaily Planet Daily, Binance Labs Fund published an article on the X platform to announce the second batch of projects in the seventh season, including: - Aarc: A modular protocol that simplifies chain abstraction for dApps. - FluxLayer: A full-chain intent liquidity layer powered by EigenLayer. - TonTon Games: A project exploring the Telegram Gaming ecosystem.
Richard Teng, CEO of Binance, said on the X platform: "The recent sharp drop in cryptocurrency and stock prices is affected by macroeconomic factors. We do not believe this is a sign of a long-term negative trend. With the potential interest rate cuts by the Federal Reserve and geopolitical turmoil, the possibility of market volatility remains high. Remind everyone to always do their own research and stay informed of the latest situation and continue to build."
According to BlockBeats, on August 5, South Korea stated that the stock market decline was "excessive" and that it would closely monitor the foreign exchange and stock markets and would quickly take market stabilization measures if necessary.
● Thai Finance Minister plans to expand government equity fund to support stock market by October
According to Odaily Planet Daily, the Thai Finance Minister said that the stock market decline was driven by external factors and should be supported by government measures. The government equity fund will be expanded by October to support the stock market.
