Daily Market Brief 2024/08/13 12:00 UTC+8
Analyst Views
“After several months of relatively heavy distribution pressure, Bitcoin holder behavior appears to have shifted back toward HODL and accumulation. Over 374,000 BTC have moved into LTH (Long Term Hold) status in the past 3 months.” - Glassnode
“Whether the SOL ETF gets passed next year depends on a change in administration. Gensler isn’t staying, and the administration isn’t going to pick Gensler 2.0, but if the Republicans take over, anything is possible, especially since Trump has been building some kind of relationship with these guys and getting some kind of breakthrough.” - Eric Balchunas, ETF Analyst @Bloomberg
“BTC markets are showing signs of seller dominance and we expect another short-term drop in the price of Bitcoin, possibly around $5,000. The 14-day RSI is no longer oversold, which means there may be further room for the market to fall, consistent with the recent dominance of sellers in the $60,000 range.” - Alex Kuptsikevich, Senior Market Analyst @FxPro
Market Hotspots
Yesterday, the US Bitcoin spot ETF had a net inflow of US$39 million.
Yesterday, the US Ethereum spot ETF had a net inflow of US$25 million.
Tether Treasury minted an additional 1 billion USDT on the Ethereum chain.
Grayscale launches the MKR trust fund Grayscale MakerDAO Trust.
Repayment of Mt. Gox creditors may be nearing completion.
Investment and Financing Information
Tether makes $3 million strategic investment in remittance and financial management platform Kem.
Essential completes $11 million Series A funding round led by Archetype and launches Pre-Alpha Devnet.
Regulatory developments
The Hong Kong Monetary Authority and Cyberport launched the GenA.I. Sandbox to promote the application of artificial intelligence in the financial industry.
