Daily Market Brief 2024/07/29 12:00 UTC+8

Analyst Views

“Expect Bitcoin to hit new highs eventually, but may need a ‘macro’ boost, such as an expected rate cut from the Fed or another dose of lower inflation. Traders must keep watching as Bitcoin price nears the top of its range. The Fed rate decision on August 1 and the CPI report on August 14 will be critical.” - 10x Research

“By 2050, BTC is expected to solidify its position as the primary international medium of exchange and eventually become one of the world’s reserve currencies. By then, the potential price of each BTC will be $2.9 million, with a total market value of $61 trillion; the total value of Bitcoin L2 could be $7.6 trillion, or about 12% of BTC’s total value.” - VanEck

"While Fed officials are unlikely to cut rates next week, developments in inflation and the labor market should lead officials to signal a rate cut at their September meeting." - Nick Timiraos

Market Hotspots

  • Last week, Bitcoin spot ETFs saw a net inflow of US$535 million.

  • Nine Ethereum spot ETFs saw a combined outflow of $179 million in the three trading days last week.

  • A user purchased a $74,000 BTC call option on August 9 (next Friday), totaling 300 BTC, and paid a premium of $318,200.

  • According to the 7-day simple moving average (SMA), Bitcoin’s total computing power hit a new high of 677 EH/s.

  • Bitcoin’s weighted sentiment index has risen to its highest level since March 2023.

#BTC