● Macro indicators and analysis: This week, focus on the US August non-farm payrolls report
According to Wu Blockchain, the annual rate of the US core PCE price index in July last week was 2.6%, lower than expected; this week, the focus is on the US non-farm payrolls report in August. The non-farm data in July was far below expectations, which has triggered the market to trade in recession and bet on the Fed to accelerate the pace of interest rate cuts. The US unemployment rate in August (20:30, UTC+8) and the seasonally adjusted non-farm payrolls in August (10,000 people) (20:30, UTC+8) will be announced on September 6.
● IMX, TAIKO, MODE and HFT will unlock over $71 million in tokens this week
According to Foresight News, according to Token Unlocks data, this week IMX, TAIKO and MODE will usher in a one-time large-scale token unlocking, with a total release value of more than 71 million US dollars. Immutable (IMX) will unlock 32.47 million tokens at 8:00 on September 6, worth about 44.17 million US dollars, accounting for 2.06% of the circulation. Taiko (TAIKO) will unlock 12 million tokens at 20:00 on September 5, worth about 19.32 million US dollars, accounting for 19.02% of the circulation. Mode (MODE) will unlock 500 million tokens at 8:00 on September 6, worth about 6.24 million US dollars, accounting for 38.46% of the circulation. Hashflow (HFT) will unlock 13.62 million tokens at 8:00 on September 7, worth about 1.95 million US dollars, accounting for 3.06% of the circulation.
● Analysis: On-chain indicators show Bitcoin approaching “favorable” buy levels
A popular Bitcoin indicator used by traders to measure miner selling activity is approaching a signal that Bitcoin could be a buying opportunity, a crypto analyst said.
CryptoQuant contributor Grizzly explained in an analysis on August 31 that the Puell Multiple indicator fluctuates between two key levels. If the historical pattern holds, when the index falls below 0.6, it may once again provide investors with a favorable buying opportunity. Grizzly explained that the range between 0.6 and 0.8 of the Puell Multiple indicator is called the "decision zone." Historical data shows that since 2014, when the index falls below 0.6, it usually indicates an ideal buying opportunity for Bitcoin. Traders often use the Puell Multiple to estimate the health of miner revenue. A high Puell Multiple may indicate low selling pressure, while a low Puell Multiple may indicate high selling pressure.
According to Bitbo data, the current Puell Multiple is 0.69. For comparison, when Bitcoin reached its all-time high of $73,679 on March 13, the Puell Multiple was 1.88. Moustache, an anonymous crypto analyst, told his 133,100 X followers that the Puell Multiple is signaling the best buying opportunity in two years. However, traders are debating how long Bitcoin will stay in this uncertain range. Anonymous crypto trader Rekt Capital believes that Bitcoin could "break out" of its reaccumulation range in late September, but is more likely to "consolidate" before October.
According to Cryptopolitan, a recent filing with the U.S. Securities and Exchange Commission (SEC) warned FTX Assets that the agency may oppose any attempt to use stablecoins or other digital assets to repay creditors.
The document mentions that “the agent may distribute stablecoins to creditors under the plan. Under the federal securities laws, the SEC will not express an opinion on the legality of the transactions outlined in the plan and reserves the right to question transactions involving crypto assets.”
According to Wu, Galaxy Research tweeted that since its launch, the trading volume of the Ethereum ETF has been significantly lower than that of the Bitcoin ETF, and much lower than the trading volume and market value ratio of ETH/BTC on centralized exchanges. This is due to a variety of factors, one of which is that major trading platforms have not yet provided leveraged trading services for the Ethereum ETF. In order to control the impact of some factors, such as the unavailability of leveraged trading, the trading of the two products in the first 25 days after launch can be compared. The results show that the ratio of Ethereum ETF trading volume to Bitcoin ETF trading volume continued to decline in the first 25 days.
According to Odaily Planet Daily, according to Trader T monitoring, in August 2024, the US Bitcoin spot ETF had a net outflow of US$94 million, including: - BlackRock IBIT increased its holdings by 14,531 BTC, with a net inflow of US$887 million, and currently holds 357,509 BTC; - Grayscale BTC had a net inflow of US$330 million, - WisdomTree BTCW had a net inflow of US$139 million; - Grayscale GBTC had a net outflow of US$910 million; - Most other ETFs experienced capital outflows in August.
● Tokenized US Treasury market grows 1872% to $2.07 billion
As of the end of August 2024, the total value of tokenized U.S. Treasuries, bonds, and cash equivalents has reached approximately $2.07 billion, according to Wu.com. The market has grown by more than 1,872% since January 1, 2023, jumping from $104.93 million to current levels. Blackrock and Franklin Templeton’s tokenized funds dominate the market, accounting for 44.95% of the market. In addition, more than $1.5 billion in tokens were minted on the Ethereum blockchain.
