BIT Daily Market Briefing 08/19 - Risk of Plunge Eliminated, Market Confidence Has Recovered
The market trend remains weak, but the risk of a sharp decline has been alleviated, and market confidence has somewhat recovered, with implied volatility across major maturities continuing to decline. The cryptocurrency market continues to maintain the wide-ranging fluctuations established since March, with ETH still remaining sluggish.Daily Market Briefing 2024/08/19 12:00 UTC+8
Analyst Views
"Bitcoin Magazine Pro data shows that nearly 75% of circulating Bitcoin has not moved for over six months, indicating that long-term investors are increasingly holding Bitcoin, possibly anticipating a price increase in the future. This holding trend is significant as it suggests a reduction in the supply of Bitcoin available for trading, which could lead to a stable price increase, and even potential price appreciation as demand grows." - ZeroHedge
"The market trend remains weak, but the risk of a crash has been alleviated, and market confidence has somewhat recovered, with implied volatility (IV) across major maturities continuing to decline. Currently, IV is at a moderate level, and there is still downward pressure this week. After the central bank's annual meeting concludes, regardless of the outcome, mid to short-term IV is likely to drop another notch. The cryptocurrency market continues to maintain the wide-ranging oscillation trend formed since March, with ETH still sluggish." - Greeks.live
"According to the service agreement signed between USMS and Coinbase in June, USMS has been sending Bitcoin to the custody addresses required by the agreement. Given that the agreement requires USMS's assets to be kept completely segregated, once the transfers ultimately reach Coinbase Prime (or other mixed trading addresses), it can be determined that USMS has sold or is about to sell these Bitcoins." - Scott Johnsson, Financial Lawyer
Market Highlights
Bitcoin spot ETF saw a net inflow of $32.58 million last week.
Ethereum spot ETF experienced a net outflow of $14.16 million last week.
94% of the total Bitcoin supply has been officially issued.
The total market capitalization of stablecoins exceeds $168 billion, with USDT's market cap nearing $117 billion.
Nasdaq has withdrawn its application for the listing of Bitcoin and Ethereum spot ETF options.
Investment and Financing Information
In July, 162 crypto projects raised a total of $878 million, focusing on infrastructure, blockchain services, and the DeFi sector.
Last week (8.12-8.18), there were 20 investment and financing events in the global blockchain space, with a total funding scale exceeding $225 million.
Regulatory Dynamics
Turkish regulators have disclosed that companies like Coinbase have applied for licenses under the new regulatory framework.
Nigeria's tax regulatory body, the Federal Inland Revenue Service (FIRS), plans to seek support from the National Assembly to formulate a comprehensive new law to regulate cryptocurrency in the country.
