1. Large amount of tokens unlocked this week
In the next 7 days, large single unlocks (unlocked amount greater than 5 million US dollars) include ENA SUI IMX ZETA NEON ADA DYDX MAV MODE, etc., and large linear unlocks (single-day unlocked amount greater than 1 million US dollars) in the next 7 days include SOL WLD TAO AVAX SEI NEAR DOT DOGE BEAM FIL, etc. The total unlocked value exceeds 735 million US dollars.
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2. QCP: Bitcoin is expected to benefit from a stock market correction
QCP analysis points out that at the end of the third quarter, Bitcoin and the stock market performed better than expected. Bitcoin rose 7% in September, one of the strongest September performances in history, while the S&P 500 rose 5.1% in the third quarter. Global risk appetite remains strong, especially China's largest real estate support plan in recent years, which has led to a 9% increase in China's CSI 300 Index. As global monetary easing policies continue, Bitcoin is expected to benefit from stock market corrections.
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3. Ethereum Foundation sold 100 ETH today, and sold a total of 1,250 ETH in September
The Ethereum Foundation address sold 100 ETH today through CoWSwap in exchange for 262,474 DAI. As of 2024, the Ethereum Foundation has sold 3,766 ETH in exchange for about 10.46 million DAI, with an average selling price of $2,777 per ETH. In September alone, the Foundation has sold 1,250 ETH, worth about $3.06 million.
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4. Japan’s cryptocurrency review may provide an opportunity to reduce taxes and launch a dedicated ETF
Japan is about to begin a review of the country's cryptocurrency rules, which could lead to tax cuts for crypto businesses and the launch of new investment products such as cryptocurrency ETFs. The Financial Services Agency will assess the adequacy of the current approach to regulating cryptocurrencies under the Payments Act in the coming months and consider whether to include cryptocurrencies in the Investment Act. The industry seeks to cut the tax on digital asset gains to 20%.
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5. If the FTX restructuring plan is approved, debtors with claims less than $50,000 may begin to receive compensation by the end of 2024
According to the latest FTX bankruptcy filing, the next court hearing to confirm the reorganization plan will be held on October 7, 2024. If the plan is approved, creditors with claims of less than $50,000 may begin to receive compensation at the end of 2024. Creditors with large claims may have to wait until the first or second quarter of 2025 to receive compensation. Some creditors have requested compensation in crypto assets rather than cash, so the plan faces some opposition.
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6. Taiwan Financial Supervisory Commission announced that professional investors can invest in foreign virtual asset ETFs through re-entrustment
The Taiwan Financial Supervisory Commission announced that professional investors can invest in foreign virtual asset ETFs through re-entrustment. Professional investors include professional institutional investors, high net worth investment legal persons, high asset clients, legal persons or funds that are professional investors, and natural persons that are professional investors. Except for the entrusting party who is a professional institutional investor, the entrusting party shall sign a risk warning before the first purchase, and the securities dealer may accept the entrustment.
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7. Wu said this week's macro indicators and analysis: US non-farm payrolls report
summary
Last week, the U.S. second quarter GDP was slightly higher than expected, and PCE was in line with expectations. Federal Reserve officials generally expected another 50 basis point rate cut this year. This week, the focus will be on the U.S. unemployment rate in September and non-farm payrolls data.
Last week review
The final annualized quarterly growth rate of U.S. real GDP in the second quarter was 3%, slightly higher than the expected 2.9%. The previously announced revised value was 3% and the initial value was 2.8%.
The final annualized quarterly rate of the U.S. PCE price index in the second quarter was 2.5%, the same as previously estimated; the final annualized quarterly rate of the core PCE price index was 2.8%, the same as expected and the previously announced revised value, and the initial value was 2.9%.
The U.S. core PCE price index was 2.7% year-on-year in August, in line with expectations of 2.70%.
The Reserve Bank of Australia kept its hawkish stance unchanged for the seventh consecutive time.
The Swedish central bank cut its benchmark interest rate by 25 basis points to 3.25%, in line with market expectations.
The minutes of the Bank of Japan's July monetary policy meeting showed huge differences among the committee, and the Bank of Japan's interest rate hike process may continue to be hindered.
The number of initial jobless claims in the United States for the week ending September 21 was 218,000, and the previous value was revised from 219,000 to 222,000.
Goolsby: More rate cuts are likely to be needed over the next year, and interest rates will need to fall significantly. The unemployment rate is trending upward but remains low.
Bostic: The 50 basis point rate cut at this meeting does not "lock in" the pace of future rate cuts. The unemployment rate is not expected to rise significantly further.
Kashkari: I expect the Fed to take smaller rate cuts in the future, with two more rate cuts this year, each by 25 basis points.
This week's key events & indicators
September 30
China September official/Caixin manufacturing PMI
2024 FOMC voting member and Atlanta Fed President Bostic speaks on the economic outlook (20:00)
October 01
Federal Reserve Chairman Powell delivered a speech at the National Association for Business Economics (01:00)
The Bank of Japan released a summary of the opinions of the board members of the September monetary policy meeting (07:50)
US September ISM Manufacturing PMI (22:00)
October 02
U.S. ADP employment in September (10,000 people) (20:15)
October 03
Number of initial jobless claims in the United States for the week ending September 28 (10,000 people) (20:30)
October 04
U.S. unemployment rate in September (20:30)
U.S. September seasonally adjusted non-farm payrolls (10,000 people) (20:30)
