Daily Summary:
SUI unlocks over $65 million at one time
Telegram founder Durov arrested
According to Farside Investor data, U.S. Bitcoin spot ETFs had a net inflow of US$65.06 million yesterday, of which BlackRock IBIT had a net inflow of US$75.76 million; Fidelity FBTC had a net inflow of US$9.2 million; Bitwise's BITB had a net outflow of US$11.5 million; ARKB had a net inflow of US$7.8 million; Grayscale GBTC had a net outflow of US$28.4 million; and Grayscale BTC had a net inflow of US$4 million.
The U.S. Ethereum spot ETF had a net outflow of $800,000 yesterday, of which: Fidelity FETH had a net inflow of $14.3 million; VanEck's ETHV had a net inflow of $1 million; Grayscale ETHE had a net outflow of $19.8 million; Grayscale ETH had a net inflow of $3.7 million.
TON ecosystem meme coin Resistance Dog (REDO) rose by more than 130% in 24 hours
According to Gate.io market information, the TON ecosystem meme coin Resistance Dog (REDO) is currently priced at US$0.7474, with a 24-hour increase of 136%.
Earlier news, TON’s official Twitter account added the Resistance Dog logo hand-painted by Telegram’s founder in 2018 to its profile picture. In addition, Steve Yun, chairman of the TON Foundation, has changed his Twitter profile picture to the Resistance Dog logo. Today, some pages on Binance show that the TON logo has also been updated to the Resistance Dog pattern.
According to the TON Foundation, the hoodie-wearing dog (also known as the Resistance Dog) was originally hand-drawn and named by Telegram and TON founder Pavel Durov in 2018, and REDO has been the (un)official mascot of Telegram's "resistance" vision of censorship since then.
This week’s unlocking data summary: SUI will unlock over $65 million worth of tokens at one time
According to Token Unlocks data, OP, SUI, DYDX and other projects will have a one-time large-scale token unlock next week, including:
Yield Guild Games will unlock 14.08 million YGG at 10:00 on August 27, worth approximately $6.76 million, accounting for 3.7% of the circulating supply;
SingularityNET will unlock 8.32 million AGIX at 8:00 on August 28, worth approximately $4.28 million, accounting for 1.58% of the circulating supply;
Optimism will unlock 31.34 million OP at 8:00 on August 31, worth approximately $50.46 million, accounting for 2.64% of the circulating supply;
Echelon Prime will unlock 750,000 PRIME at 8:00 on August 31, worth approximately $5.37 million, accounting for 1.68% of the circulating supply;
dydx will unlock 8.33 million DYDX at 8:00 on September 1, worth approximately $9.75 million, accounting for 3.67% of the circulating supply;
Sui will unlock 64.19 million SUI at 8:00 on September 1, worth about 65.09 million US dollars, accounting for 2.47% of the circulating supply;
Zetachain will unlock 53.89 million ZETA at 8:00 on September 1, worth approximately $33.05 million, accounting for 15.71% of the circulating supply;
Ethena will unlock 14.89 million ENA at 15:00 on September 1, worth approximately US$5.36 million, accounting for 0.82% of the circulating supply.
Telegram responds to CEO's arrest: Telegram complies with EU law, audits meet industry standards and continues to improve
Telegram responded to the CEO’s arrest by issuing a statement on its official X platform account, stating:
1. Telegram complies with EU law, including the Digital Services Act - its audit meets industry standards and is constantly improving.
2. Telegram CEO Pavel Durov is not hiding and travels frequently in Europe.
3. It is absurd to claim that a platform or platform owner should be held responsible for abuse on the platform.
4. Nearly one billion users around the world use Telegram as a means of communication and an important source of information.
5. The team is awaiting a prompt resolution to this situation.
Market analysis: BTC ETF sees large inflows again, and the overall market improves
Market Trends
-BTC rebounded sharply over the weekend and returned to above $64,000. Last Friday, a large inflow of $250 million into BTC ETFs pushed BTC out of the range of fluctuations and showed strong momentum. This shows that the market demand and confidence in BTC are increasing, especially driven by the inflow of ETF funds.
-ETH continues to fluctuate around $2,700. Compared with BTC, ETH's performance is relatively weak, and the ETH/BTC ratio continues to weaken. At the same time, ETH ETF also has a small outflow and small trading volume. This may reflect that more funds are flowing into Bitcoin, while Ethereum temporarily lacks obvious catalysts.
- Altcoins generally followed the market's rise over the weekend, especially the Meme sector, which performed particularly well. The strong rebound in the Meme sector shows that investors' preference for high-risk, high-return assets still exists.
Data indicators
-AHR999 Index: Today's AHR999 Index is 0.77, which has risen sharply from the lower point. This shows that the overall market heat has recovered and investor sentiment is optimistic.
-Fear and Greed Index: Currently at 55, it shows that market sentiment has shifted from fear to neutral to greedy. This is consistent with the upward trend of the market, indicating that market sentiment is improving.
Market Hotspots
1. Meme sector: Meme coins such as CAT, PEW, and MANEKI performed strongly over the weekend.
-CAT: As a spin-off of the old dog-like meme coin FLOKI, it currently has a market value of 180 million US dollars and performs steadily.
-PEW: Up more than 100% over the weekend, the current market capitalization is $2.8 million, about 3% of the all-time high. PEW's strong rebound shows the market's short-term interest in high-risk assets.
2.Ton Ecosystem: TON and its ecological tokens performed poorly over the weekend, with prices falling sharply.
-TON: Affected by the news of the arrest of Telegram founder Durov, TON once plummeted by nearly 30%. The current price has rebounded but still remains below US$5.7.
-DOGS: As the hottest meme project in the Ton ecosystem recently, it will start trading at 8 o'clock tonight. As DOGS deposits continue to arrive, the current order price has fallen by more than 50% compared with the pre-market trading price, indicating that the market lacks short-term confidence in the project.
Macroeconomics: The three major U.S. stock indexes closed higher, Powell confirmed the interest rate cut
The three major U.S. stock indexes all rose by more than 1%, with the S&P 500 index up 1.15% to 5,634.61 points; the Dow Jones Industrial Average up 1.14% to 41,175.08 points; and the Nasdaq index up 1.47% to 17,877.79 points.
Last week, the Dow Jones Industrial Average rose 1.27%, the Nasdaq rose 1.40%, and the S&P 500 rose 1.45%.
Fed Chairman Powell released a clear signal of interest rate cuts at the Jackson Hole meeting, and a rate cut in September is a foregone conclusion. Powell stressed that the downside risks of employment have increased, the time for policy adjustment has come, and the Fed will do its utmost to support the labor market. However, he did not express any views on the magnitude and speed of the rate cut, which leaves room for subsequent operations. The baseline scenario is still that the Fed will cut interest rates by 25 basis points in September, and if the non-agricultural data is unexpectedly weak again, it may also cut interest rates by 50 basis points. The market reacted positively to Powell's early announcement of a rate cut because it responded to people's concerns that the Fed is "behind the curve". Wall Street believes that if the labor market continues to be weak, the Fed will not hesitate to act.
Summarize
Overall, Bitcoin performed strongly driven by ETF inflows, driving the overall market up. Ethereum and altcoins lagged behind, but the Meme sector remained a bright spot in the market. In terms of macroeconomics, the Fed's interest rate cut expectations provided a positive external environment for the market. However, negative news about the TON ecosystem reminded investors to be cautious when participating in high-risk assets. In the coming week, investors should pay close attention to changes in macroeconomic policies and market sentiment indicators in order to adjust their investment strategies in a timely manner.
