BIT Daily Market Briefing 08/12 - A significant shift in this range is about to arrive
When the U.S. government transferred $2 billion worth of Bitcoin, the Bitcoin rally came to an end. The trading range of $60,000 to $70,000 has remained stable, but a significant shift in this range is imminent.Daily Market Briefing 2024/08/12 12:05 UTC+8
Analyst Insights
"When the U.S. government transferred $2 billion worth of Bitcoin, the Bitcoin rally came to an end. The trading range of $60,000 to $70,000 has remained stable, but a significant shift in this range is imminent." - 10x Research
"Nearly four-fifths of surveyed economists expect the Federal Reserve to cut rates by only 25 basis points in September, with the median forecast indicating a mere 10% chance of an emergency rate cut before the September meeting." - Bloomberg
"Individuals have increased their allocation to blue-chip DeFi assets, including Uniswap, Fantom, and Akash. ETH exposure remains high, but Bitcoin holdings have been reduced as altcoins have relatively bottomed out against Bitcoin, providing a good opportunity to increase exposure." - Joey Krug, Partner @ Founders Fund
Market Highlights
- Last week, the U.S. Bitcoin spot ETF saw a net outflow of $166 million.
- Last week, the U.S. Ethereum spot ETF recorded a cumulative net inflow of $104.8 million.
- Long-term Bitcoin holders purchased over 184,500 BTC during the recent market pullback.
- A long-term bullish ETH/BTC ratio whale has started to reduce positions, selling 10,000 ETH for 425.75 WBTC to repay loans.
- Whale cookislandstrust.eth has once again bottomed out by buying PEPE, accumulating a total of 42 trillion PEPE in the past 7 days, currently profiting $170,000 (+5.4%); on August 5, they bottomed out by purchasing 2,978 ETH, currently profiting $534,000 (+7.58%).
- Elon Musk will have a live conversation with Trump on X at 8 AM Beijing time on August 14.
Investment Information
- Crypto startups raised a total of $2.7 billion in Q2.
- Decentralized proprietary investment platform BasedVC completed a $2 million seed round financing at a post-money valuation of $15 million, with participation from Neo Tokyo, Kongz Capital, and angel investors such as Mario Nawfal, Crypto Banter, Ashcrypto, and Kmanu.
Regulatory Dynamics
- Hong Kong Legislative Council members: Hong Kong is preparing to strengthen digital asset regulation in the next 18 months.
