Daily Summary:

  • BTC ETF continues to see large inflows

  • DOGS price performance is average

According to Farside Investor data, the US Bitcoin spot ETF had a net inflow of US$202.6 million yesterday, achieving net inflows for eight consecutive trading days. The total inflow in the past eight trading days reached US$753 million, of which the main inflows were BlackRock IBIT with a net inflow of US$224.16 million and Fidelity FBTC with a net outflow of US$8.3 million.

Yesterday, the U.S. Ethereum spot ETF had a net outflow of US$13.2 million, of which Fidelity FETH had a net outflow of US$2.7 million, Franklin's EZET had a net outflow of US$1 million, and Grayscale ETHE had a net outflow of US$9.5 million.

DOGS trading volume exceeds $80 million

According to Gate.io data, since DOGS was launched on Gate.io, the total transaction volume has reached 82.37 million US dollars, and the market value is temporarily reported at 677 million US dollars. DOGS is a meme coin with the spirit of Telegram, and its image is inspired by the mascot Spotty created by Pavel Durov, the founder of TON. The project party airdropped to Telegram users in the form of sunshine, with a total issuance of 550 billion. The iconic image of the DOGS project is a black and white dog named Spotty.

Fed's Daly: Time has come to cut interest rates

San Francisco Fed President Mary Daly said she believes it is appropriate for the Fed to start cutting interest rates. "The labor market is completely balanced. The time has come to adjust policy," Daly said in an interview on Monday.

This view echoes the remarks made by Fed Chairman Powell last week, who said at the Jackson Hole Symposium last week that he was confident that inflation was on the path back to 2%, and also said that "the time has come to adjust policy." Daly stressed that the Fed must get inflation down to its 2% target, but she and her colleagues will also work to prevent restrictive policies from harming the labor market.

The 7-day moving average of daily Ethereum network transactions has dropped by about 55% in the past month.

According to data from The Block, the seven-day moving average of daily transaction volume on the Ethereum network has fallen by about 55% over the past month, from $6.56 billion on July 26 to $2.9 billion today.

Ethereum’s monthly transaction volume for July was $134.71 billion, while August’s transaction volume is currently only $91.46 billion, with 5 days left in the month.

Gate.io Announced as Official Jersey Sleeve Partner of Inter Milan

Starting from the 2024/25 season, Gate.io will become Inter Milan's official jersey sleeve sponsor, and its logo will appear on the sleeves of the club's men's and women's first teams as well as the U20 youth team's game jerseys.

Market analysis: BTC consolidates, altcoins generally fall

Market Trends

-BTC slightly pulled back after breaking through $64,000 yesterday and is currently consolidating above $63,000. There is no obvious inflow of funds into the BTC ETF, and the overall market is in a consolidation phase;

-ETH is still fluctuating around $2,700. ETH performed relatively weakly in this round of rebound, and the selling pressure from the Ethereum Foundation affected market sentiment;

- Altcoins generally fell, and DOGS had a modest increase after its launch, which did not stimulate market sentiment.

Data indicators

Today's AHR999 index is 0.73, and the current price is still suitable for BTC long-termists to invest; the fear and greed index is 48, and market sentiment is relatively rational.

Market Hotspots

1.DOGS: The Ton Ecological Meme Project DOGS was launched on major trading platforms at 20:00 yesterday, and is currently priced at $0.0013, with a circulating market value of approximately $600 million. The launch of DOGS attracted funds from other meme projects on the Ton chain, and NOT plummeted by more than 15%.

2. In the first two weeks of the market, the leading tokens RARE and SUN plummeted. The RARE short squeeze has temporarily ended. Some people believe that the funds behind RARE may be related to the funds that operated TRB for several months last year. Due to Sun Yuchen's shipment, the market was weak in rising and there was no buying below, so a sharp drop was an inevitable result.

Macroeconomics: US stocks rose and fell, and the Dow Jones hit a new record high

The three major U.S. stock indexes fluctuated, with the S&P 500 index down 0.32% to 5,616.84 points; the Dow Jones Industrial Average up 0.16% to 41,240.52 points; and the Nasdaq index down 0.85% to 17,725.77 points.

Among the popular US stocks, Apple rose 0.15%, Nvidia fell 2.25%, Microsoft fell 0.79%, Google C rose 0.30%, Google A rose 0.33%, Amazon fell 0.87%, Meta fell 1.30%, TSMC fell 1.27%, Tesla fell 3.23%, and AMD fell 3.22%.

Fed Chairman Powell said at the Jackson Hole Global Central Bank Annual Meeting that the critical moment for rate cuts has arrived, and the timing and speed of rate cuts will depend on the upcoming economic data, the changing outlook and the balance of risks. Analysts believe that the decline in US inflation pressure and the weak job market are the main reasons why the Fed is ready to adjust its monetary policy.

Reuters said that even if the Fed starts to cut interest rates, the high borrowing costs caused by high interest rates will continue for some time, continuing to drag down the US economy. At the same time, the Fed's subsequent monetary policy direction also brings great uncertainty to global financial markets and economic development.

Summarize

Overall, the current cryptocurrency market is in a consolidation phase. BTC and ETH are performing relatively stable, but altcoins are generally falling, and market sentiment is relatively rational. Macroeconomic uncertainties, especially the Fed's interest rate cut expectations, will continue to have an impact on the market. For long-termists, the current price level is still suitable for fixed investment, but it is necessary to pay attention to the short-term risks brought by market fluctuations. Investors should remain cautious at this stage, pay close attention to market trends and macroeconomic data, allocate assets reasonably, and avoid excessive speculation.