BIT Daily Market Briefing 08/13 - BTC and ETH have structural support due to the launch of ETFs
In this cycle, BTC and ETH have gained structural support due to the launch of ETFs. Only after BTC and ETH break through $70,000 and $4,000 respectively will the altcoin market return.Daily Market Briefing 2024/08/12 12:05 UTC+8
Analyst Opinions
"In this cycle, BTC and ETH have structural support due to the launch of ETFs. Only after BTC and ETH break through $70,000 and $4,000 respectively will altcoin markets return. SOL will also rise above $250 at that time, but due to differences in market share, SOL's impact on the overall market is far less strong than that of BTC and ETH. As dollar liquidity increases towards the end of the year, the prices of BTC and ETH may rise further, laying a solid foundation for the return of altcoin markets." - Arthur Hayes, Co-founder @BitMEX
"As two important moving averages, the 50-day and 200-day moving averages have formed a 'death cross', indicating that although there may be a brief rebound in the cryptocurrency market, further declines are still possible." - Sergei Gorev, Risk Manager @YouHodler
"This week, Bitcoin faces warnings of another price drop as the moving averages have formed a so-called 'death cross'. However, other market indicators call for a continued rebound. If the NVT GC rises above 2.2 points, it indicates that the price's short-term trend is overheating, and we are in a local top area." - CryptoQuant
Market Highlights
Yesterday, the net inflow for Bitcoin spot ETFs in the U.S. was $28 million.
Yesterday, the net inflow for Ethereum spot ETFs in the U.S. was $4.9 million.
In the past nine hours, two addresses from 21Shares have collectively deposited 6,208 ETH to Coinbase, worth $16.52 million, with an average deposit price of $2,662.
Suspected BlockTower Capital sold 9,232 ETH ($24.8 million) a few hours ago through FalconX, Cumberland, Wintermute, and B2C2 Group.
Elon Musk and Trump discussed topics such as inflation, immigration, and elections in a live interview but did not mention cryptocurrency or Bitcoin.
Today's largest BTC block options involve a user selling a $40,000 put option for the end of the year and buying a $55,000 put option, totaling 300 BTC, with a premium payment of $1.283 million.
Investment and Financing Information
- The liquidity protocol Ion Protocol has completed a $4.8 million financing round, with participation from Gumi Capital Cryptos and others.
Regulatory Dynamics
- The U.S. SEC has sent letters to venture capital firms such as a16z and USV regarding Uniswap issues.
