On August 22, the minutes of the Federal Reserve meeting showed that "the vast majority of members" believed that a rate cut in September might be appropriate, and that easing monetary policy too late or too little could excessively weaken economic activity or employment. The dollar index fell below 101 to 100.92 points, and Capital Economics expects the dollar index DXY to fall to 98 by the end of 2025.

Back to the topic:

U.S. Senator Cynthia Lummis said the window for crypto legislation in 2024 is shrinking, but it is still possible to pass some bills this year. Senator Scott said he hopes to set up a subcommittee focused on digital assets to make the conversation clearer, hold more hearings on the banking industry, get things done faster, and go further and faster in a shorter time. FTX and its affiliated debtors announced that the reorganization plan submitted to the U.S. Bankruptcy Court for the District of Delaware has received overwhelming initial support from all categories of creditors. Unofficial voting reports show that more than 95% of voting creditors voted in favor of the plan, accounting for 99% of the value of the voting claims. FTX CEO and Chief Restructuring Officer John J.Ray III said: The plan stipulates that 100% of the bankruptcy claim amount and interest will be returned to non-government creditors. FTX will submit the final voting results to the U.S. District Court for the District of Delaware Bankruptcy Court before the confirmation hearing scheduled to begin on October 7, 2024. The total amount of ETH has increased by 228,000 ETH in the past four and a half months, worth $602 million, with an average daily inflation of 1,652 ETH. Due to the reduced on-chain activity, ETH Gas has been below 2 Gwei for a long time since early April this year. Low Gas means that the output of ETH will be greater than the destruction and in a state of inflation. According to Coinglass data, if BTC breaks through $62,000, the cumulative short order liquidation intensity of mainstream CEX will reach 795 million; if it falls below $59,000, the cumulative long order liquidation intensity of mainstream CEX will reach 786 million. Mark Gordon, governor of Wyoming, said that the state plans to issue a stablecoin pegged to the US dollar in 2025, and the state is currently working to support stablecoins through US Treasury bonds and repurchase agreements. BlockBeats information, BTC's volatility has exceeded the level in March (when BTC hit a record high) and continues to rise. Traders believe that this may be the catalyst needed for BTC to finally break out of the consolidation phase. But to trigger a rebound, it must first remain above $61,000 and successfully retest the $62,000 level, a level it has not reached since August 9. Bitwise CIO Matt Hougan said that BTC ETFs are being adopted by institutional investors faster than any other ETF in history. Since its launch in January, BTC spot ETFs have had a net inflow of $17.5 billion. The previous record holder, Nasdaq 100 QQQ, only had a net inflow of about $5 billion in the first year.

The 10 fastest-growing new ETFs in history, after two quarters of listing, have far less institutional adoption and institutional holdings than the BTC spot ETF. (BTC ETF has 1,100 institutions, and most of the others are only in the double digits) On August 21, according to Trader T data, the US spot BTC ETF had a net inflow of $39.3 million. The ETH spot ETF had a net outflow of $17.97 million, of which Grayscale ETHE had a net outflow of $31.14 million. SoSoValue data shows that BlackRock's ETHA has accumulated a net inflow of more than $1 billion, becoming the first institution among the 11 issuers to reach this milestone. Currently, the overall cumulative net outflow of ETH spot ETFs exceeds $440 million. On August 22, the minutes of the Fed meeting showed that "the vast majority of members" believed that a rate cut in September might be appropriate, that the upside risk of inflation had been reduced, that almost all members believed that the decline in inflation would continue, and that the downside risk of employment was considered to have increased. Many participants pointed out that easing monetary policy too late or too little could excessively weaken economic activity or employment; several of them were even willing to reduce borrowing costs immediately; and that unchanged interest rates would mean that monetary policy would increase the drag on economic activity. After the release of the Fed minutes, BTC rebounded to $60,000 again. The US dollar index fell below 101 to 100.92 points, and Capital Economics expects the US dollar index DXY to fall to 98 by the end of 2025. Citigroup said that in the next 6 to 12 months, the funds flowing into gold ETFs will "significantly" expand, and the volatility that the Fed's rate cuts and the risk of recession may increase will boost demand. CryptoQuant CEO Ki Young Ju released data saying that in the last BTC halving cycle, the bull market began in the fourth quarter, and the whales will not let the fourth quarter be dull. CryptoQuant data shows that long-term holders (addresses that have held for more than six months) continue to accumulate BTC at record levels, with their total balance hitting a monthly high of 391,000 BTC this week. On Thursday, the Fed's meeting minutes were very dovish, and Powell's attendance at the Jackson Hole Central Bank Annual Meeting on Friday is also expected to be significantly dovish, paving the way for a rate cut in September. I won't write much today, and I hope that with the Fed's shift, the currency market will recover smoothly. #MtGox钱包动态 #美联储何时降息？ #美国CPI数据连续第4个月回落