Daily Market Brief 2024/08/12 12:05 UTC+8

Analyst Views

“In this cycle, BTC and ETH have structural support due to the launch of ETFs. Only after BTC and ETH break through $70,000 and $4,000 respectively, will the altcoin market return. SOL will also climb above $250 by then, but due to the difference in market share, the impact of SOL's pull-up on the overall market is far less strong than that of BTC and ETH. At the end of the year, with the increase in US dollar liquidity, the prices of BTC and ETH may rise further, which will lay a solid foundation for the return of the altcoin market.” - Arthur Hayes, co-founder @BitMEX

“A ‘death cross’ has formed between the 50-day and 200-day moving averages, two important moving averages, suggesting that the cryptocurrency market could fall further despite a brief rebound.” - Sergei Gorev, Risk Manager @YouHodler

"This week, Bitcoin faces warnings of another price drop as the moving averages form a so-called "death cross". Yet other market indicators call for a sustained rally. If NVT GC rises above 2.2 points, it would suggest that the short-term price trend is overheated and we are in a local top area." - CryptoQuant

Market Hotspots

  • Yesterday, the US Bitcoin spot ETF had a net inflow of US$28 million.

  • Yesterday, the US Ethereum spot ETF had a net inflow of US$4.9 million.

  • In the past nine hours, the two addresses of 21Shares have recharged a total of 6,208 ETH to Coinbase, worth US$16.52 million, with an average recharge price of US$2,662.

  • BlockTower Capital is suspected to have sold 9,232 ETH ($24.8 million) through FalconX, Cumberland, Wintermute, and B2C2 Group a few hours ago.

  • Elon Musk's live interview with Trump discussed topics such as inflation, immigration, and elections, but did not mention cryptocurrency or Bitcoin.

  • Today's largest BTC option transaction was a user who sold a $40,000 year-end put option and bought a $55,000 put option, totaling 300 BTC, paying a premium of $1.283 million.

Investment and Financing Information

  • Liquidity protocol Ion Protocol completes $4.8 million in financing, with participation from Gumi Capital Cryptos and others

Regulatory developments

  • The U.S. SEC sent letters to venture capital funds such as a16z and USV regarding Uniswap issues.

#BTC #ETF #ETH