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Cryptocurrency daily summary:

• BTC ETFs had a net outflow of about $92 million, while ETH ETFs had a net inflow of nearly $20.3 million

According to Trader T monitoring data, the U.S. Bitcoin spot ETF had a net outflow of US$92.03 million yesterday, and the Ethereum spot ETF had a net inflow of US$20.35 million yesterday.

Bitcoin miners’ revenue fell to about $815 million in September, while Ethereum staking revenue fell to about $200 million

According to data from The Block Pro, Bitcoin miners’ revenue continued to fall in September, falling to $815.3 million, a 4.2% drop. In addition, Ethereum staking revenue also fell by 4% to $209.4 million. In addition, the Ethereum network destroyed a total of 26,874 ETH in September, equivalent to $68.2 million.

The probability of the Fed cutting interest rates by 25BP in November is 62.8%

According to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points by November is 62.8%, and the probability of cutting interest rates by 50 basis points is 37.2%. The probability of a cumulative rate cut of 50 basis points by December is 36.8%, and the probability of a cumulative rate cut of 75 basis points is 47.8%; the probability of a cumulative rate cut of 100 basis points is 15.7%.

US SEC appeals Ripple case ruling

According to The Block, the U.S. Securities and Exchange Commission (SEC) is appealing the U.S. Second Circuit Court of Appeals’ previous ruling on Web3 payment company Ripple. In addition, Ripple’s chief legal officer said that it is evaluating whether to file a counterclaim against the U.S. SEC.

Japan to review cryptocurrency regulations, expected to create conditions for the launch of cryptocurrency ETFs

Japan reportedly plans to evaluate the effectiveness of its cryptocurrency regulations, a review that will take place in the coming months and could pave the way for the country to launch a cryptocurrency exchange-traded fund (ETF).

Abu Dhabi proposes regulatory framework for fiat-referenced tokens and opens public consultation

Abu Dhabi’s financial regulator plans to regulate fiat reference tokens (FRTs) and has invited public feedback on the proposed regulatory framework. The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market has set a deadline of October 3, 2024, for comments on the proposal.

Market analysis: BTC's decline narrowed and stabilized at $60,000, and local hot spots appeared in the market

Market Hotspots:

-The high-performance Layer1 public chain token SUI continues to maintain its upward trend. This morning, the price of the coin exceeded US$2, with a 24-hour increase of nearly 9%. The circulating market value reached US$5.4 billion, and it is about to break through the US$5.7 billion market value of NEAR Protocol (NEAR), which is right in front.

-Yesterday, several exchanges including Gate.io launched DIA (DIA) perpetual contracts. DIA is a Web3 cross-chain, open source data and oracle platform. It recently launched Lumina, an oracle stack that supports Rollup. Next, it will launch a testnet and conduct a comprehensive mainnet deployment and network expansion.

-Benefiting from the spot listing on the Korean exchange, Wormhole (W) rose against the trend, with a 24-hour increase of 10% and a full circulation market value of US$3.488 billion. Wormhole is a solution that supports multi-chain communication. It has evolved into a general messaging protocol and is one of the three popular protocols in the chain abstraction track.

Market Trends:

-BTC has fallen for 4 consecutive days. The impact of the tension in the Middle East has temporarily subsided. Although it rose and fell yesterday, it has not turned bearish technically. The support of the 60,000 US dollar integer mark has emerged. Pay attention to the breakthrough signal after the accumulation of momentum;

-ETH has fallen for 5 consecutive days, with a 24-hour drop of 4.06%. Judging from the data such as the 22% drop in NFT transaction volume on the chain and the 4% drop in staking income in September, ETH's fundamentals have indeed not improved;

-As the decline of Bitcoin narrowed, altcoins saw a partial rise. Meme, Gambling, and SUI ecological sectors led the market. SUI, POPCAT, DOGS, DEGEN, MANTA, etc. were all favored by funds and saw gratifying increases.

Macroeconomics: Small non-farm data rebounds, crypto market is still in a state of adjustment

The crypto market has encountered multiple disturbances recently, and the tension in the Middle East has eased slightly, and its impact on the market is fading.

U.S. President Biden announced that he would impose sanctions on Iran, and Israel threatened to launch major retaliation against Iran, targeting its oil production facilities. This series of geopolitical risks led to a general sell-off of risk assets and a significant increase in market volatility.

However, as global central banks enter a cycle of interest rate cuts, the impact of such setbacks on the market will be relatively short-lived. The US ADP report released yesterday showed a rebound in the job market, with an increase in jobs in all industries except the information industry, and small non-farm data showing positive trends. After the opening of the US stock market, the S&P 500 and Nasdaq indexes fell slightly, and crypto stocks also fell.

However, Federal Reserve official Barkin said that the 0.5 percentage point rate cut in September was in line with the current economic environment, as the interest rate level was inconsistent with the downward trend in inflation and unemployment, which further affected market sentiment and the short-term performance of the cryptocurrency market.

Against the backdrop of a small rebound in non-farm payrolls data and the situation in the Middle East that has not yet subsided, the crypto market is still in a state of adjustment.

Summarize

Although BTC has fallen for four consecutive days, the impact of tensions in the Middle East has weakened, the $60,000 mark has played a supporting role, and the market is looking forward to a breakthrough signal.

Judging from multiple data, new whale addresses are hoarding BTC in large quantities. This rare hoarding behavior has little to do with ETF inflows. Although prices are still falling, this may be a temporary phenomenon and not a precursor to a long-term bear market.

In the coming months, Bitcoin is expected to benefit from events such as the Federal Reserve's interest rate cuts, the end of the US election season, and the return of funds to spot ETFs.