Daily Report | Today Bitcoin fell below $49,000, Ethereum fell below $2,100; Jump Trading sold off crypto assets; Harris team's meeting with the crypto industry has been postponed
August 5th News OverviewOrganizer: Fairy, ChainCatcher
Important News:
- Forbes Reporter: Harris Team's Meeting with Crypto Industry Scheduled for Today Postponed
- Data: 6 Hong Kong Virtual Asset ETFs' Trading Volume Exceeds 240 Million HKD Today
- U.S. Blockchain Concept Stocks Generally Decline Before Market Open, MicroStrategy (MSTR.O) Drops Over 17%
- BitMEX Co-founder: A "Big Player" Has Fallen and Sold All Crypto Assets
- Data: Vitalik Sold 17.1 Billion Meme Coins Neiro, Neiro Plummeted 60%
- Data: Over 1 Billion USD Liquidated in Crypto Market in the Last 24 Hours
"What Important Events Happened in the Last 24 Hours"
CoinShares: Last Week's Net Outflow of Digital Asset Investment Products Reached 528 Million USD
According to CoinShares' latest weekly report, digital asset investment products experienced a net outflow of 528 million USD for the first time in four weeks. This was mainly a reaction to concerns about a U.S. economic recession, geopolitical worries, and widespread market liquidations.
The total outflow for Bitcoin was 400 million USD, marking the first outflow after five weeks of inflows. The total outflow for Ethereum was 146 million USD, bringing the net outflow since the launch of U.S. ETFs to 430 million USD. Last week, the total trading volume of ETPs was 14.8 billion USD, accounting for 25% of the total market, below the average level. The price correction on Friday led to a decrease of 10 billion USD in total assets under management for ETPs.
Regionally, the major outflows were concentrated in the U.S., reaching 531 million USD, with Germany and Hong Kong seeing outflows of 12 million USD and 27 million USD, respectively. Canada and Switzerland saw inflows of 17 million USD and 28 million USD, respectively.
Data: 6 Hong Kong Virtual Asset ETFs' Trading Volume Exceeds 240 Million HKD Today
According to Hong Kong stock market data, affected by the sharp decline in the crypto market, the trading volume of 6 Hong Kong virtual asset ETFs reached 240.36 million HKD by the close.
Among them:
The trading volume of Huaxia Bitcoin ETF (3042.HK) was 147 million HKD;
The trading volume of Huaxia Ethereum ETF (3046.HK) was 16.63 million HKD;
The trading volume of Harvest Bitcoin ETF (3439.HK) was 26.23 million HKD;
The trading volume of Harvest Ethereum ETF (3179.HK) was 6.7 million HKD;
The trading volume of Bosera HashKey Bitcoin ETF (3008.HK) was 30.33 million HKD;
The trading volume of Bosera HashKey Ethereum ETF (3009.HK) was 13.12 million HKD.
U.S. Blockchain Concept Stocks Generally Decline Before Market Open, MicroStrategy (MSTR.O) Drops Over 17%
U.S. blockchain concept stocks generally declined before the market opened, including:
- Coinbase (COIN.O) down over 14%;
- MicroStrategy (MSTR.O) down 17.90%;
- Block (SQ.O) down 6.21%;
- Marathon Digital (MARA.O) down over 14%;
- Riot Platforms (RIOT.O) down 11.09%.
U.S. Stocks Plunge Before Market Open, Tesla and Apple Both Drop Over 7%
U.S. stocks plunged before the market opened, with Tesla down over 7%, Intel down nearly 4%, Micron Technology down 7.3%, Qualcomm down 3.15%, AMD down 3%, Microsoft down 4.2%, TSMC down 8%, NVIDIA down 8.2%, and Apple down over 7%.
Traders Expect Fed to Unexpectedly Cut Rates Early, 60% Chance of 25 Basis Point Cut Within a Week
According to Jinshi News, traders expect a 60% chance of the Fed cutting rates by 25 basis points within a week.
As U.S. stock index futures moved away from their lows, selling has slightly paused but remains in a downward trend. This is a clear sign of market panic, as the Fed kept rates unchanged at its last meeting, with Powell indicating that the issue of rate cuts may be discussed at the September meeting. Chicago Fed President Goolsbee will speak before the U.S. market opens. After the weaker-than-expected U.S. employment data was released, he stated that the Fed would not overreact to any single report but would look for the "common thread" in the data and act in a "stable" manner.
BitMEX Co-founder: A "Big Player" Has Fallen and Sold All Crypto Assets
BitMEX co-founder Arthur Hayes stated on social media that he learned through traditional financial channels that a "big player" has fallen and sold all crypto assets.
Currently, most of the community speculates that he is referring to Jump Crypto. According to an analysis released by EmberCN yesterday, Jump Trading may be selling ETH and has recently been redeeming a batch of 410 million USD worth of wstETH (120,000 coins) into ETH and transferring it to exchanges like Binance/OKX. As of yesterday, Jump Trading has redeemed 83,000 wstETH into 97,500 ETH over the past 9 days since July 25. Of this, 66,000 ETH (approximately 191 million USD) has already entered exchanges.
Additionally, according to Scopescan monitoring, Jump's positions are now dominated by USDC and USDT.
Previously, Fortune reported on June 20 that the Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto.
Data: Vitalik Sold 17.1 Billion Meme Coins Neiro, Neiro Plummeted 60%
According to on-chain analyst Yu Jin's monitoring, Vitalik dumped the meme project Neiro on Ethereum half an hour ago. After its creation, the meme project Neiro transferred 17.1 billion Neiro (4% of the total) to Vitalik's address via the deployment address, then promoted Vitalik as the largest holder of the project yesterday. Vitalik sold these 17.1 billion Neiro for 44.4 ETH (120,000 USD) 30 minutes ago, causing Neiro to plummet 60%.
Bitcoin Magazine: Over 1 Billion USD Liquidated in Crypto Market in the Last 24 Hours
Bitcoin Magazine stated on platform X that over 1 billion USD in Bitcoin and crypto market liquidations occurred in the last 24 hours.
Forbes Reporter: Harris Team's Meeting with Crypto Industry Scheduled for Today Postponed
Forbes reporter Eleanor Terrett stated on platform X that the meeting between the Harris team and the crypto industry scheduled for today has been postponed, with no new date announced. The reason for the postponement was not specified, but one participant speculated that Democratic leaders need more time to propose an official policy stance on the crypto industry.
Previous news indicated that the Harris campaign team would meet with crypto industry leaders next Monday in Washington.
"What Exciting Articles Are Worth Reading in the Last 24 Hours"
Accused of Causing Market Collapse, Uncovering Crypto Market Maker Jump Crypto
The day after the approval of the Ethereum ETF, the crypto market maker and investment firm Jump Crypto began a concentrated large-scale sell-off, being blamed by the community as the culprit behind the recent crypto market crash.
According to on-chain data, Jump Crypto has sold over 300 million USD worth of ETH in the past 10 days.
Jump Crypto, as a well-known high-frequency trading company Jump Trading's crypto subsidiary, has participated in the investment and incubation of several crypto projects such as Solana and Wormhole, and was once a barometer of the crypto industry, with every move closely watched by the market. This unusual large-scale sell-off has led community users to speculate whether they are planning to exit the crypto space.
Ethereum Price "Halved," Who Is the Mastermind Behind It?
Amid global financial panic and plummeting markets, the cryptocurrency market is experiencing a new turmoil.
In the past 24 hours, the global cryptocurrency market cap has dropped over 10%, with major cryptocurrencies like BTC and ETH seeing significant price declines. Accompanied by a sell-off wave on Sunday evening U.S. time, BTC plummeted to its lowest level since March, while ETH has "halved" compared to its high of 4000 USD on March 12. In the past 24 hours, ETH has dropped over 20%, with a weekly decline exceeding 30%, completely erasing its gains for the year.
Amid the crash, cries of despair are everywhere.
Why did ETH plummet?
BTC Down Over 25% in 7 Days, ETH Erases Year-to-Date Gains, Is It Time to Buy the Dip?
The sky is falling! August 5 may become one of the most panic-inducing Black Mondays in history. The global stock market and cryptocurrency market have almost all fallen into a massive crash mode.
In the past 24 hours, BTC dipped to a low of 52,300 USD. Within a week, BTC has dropped over 25% from over 70,000 USD on July 29.
Currently, BTC is around 54,600 USD, with a 24-hour decline exceeding 10%. ETH once fell to 2,111 USD, now reported at 2,316 USD, with a 24-hour decline exceeding 20%, effectively erasing all its gains for the year.
The total cryptocurrency market cap has also fallen below 2 trillion USD, currently reported at 1.91 trillion USD, with a 24-hour decline exceeding 11%. Coinglass data shows that over the past 24 hours, liquidations across the network reached 788 million USD, primarily in long positions, with long position liquidations reaching as high as 676 million USD.
The rapid decline has also led to large-scale liquidations. According to Parsec data, in the past 24 hours, the liquidation volume in DeFi lending exceeded 320 million USD, setting a new high for the year. Among them, the liquidation volume of ETH collateral reached 187 million USD, wstETH reached 77.9 million USD, and wBTC reached 32.5 million USD.
Compared to the previous panic caused by the German government's sell-off and the massive compensation from Mt. Gox, this time the global market's risk aversion sentiment is more panicked and helpless, showing a more pessimistic expectation for future market corrections.
According to the latest data from alternative, today's Fear and Greed Index (FGI) is in a state of fear, dropping from 34 points yesterday to 26 points.
