BIT Daily Market Briefing 08/21 - Bitcoin May Attempt to Rise Again

Daily Market Briefing 2024/08/21 12:00 UTC+8

Analyst Insights

"Unless there is a change in the leadership of the U.S. government, the chances of a Solana ETF being approved are slim to none. The chances for approval in 2024 are almost zero, and if Harris wins, the chances for 2025 may also be close to zero. My only hope is for Trump to win." - Eric Balchunas, Senior ETF Analyst @Bloomberg

"Bitcoin attempted to rise yesterday but failed to break through its triangular formation. However, with changing election odds and a slightly favorable risk appetite environment, Bitcoin may attempt to rise again. Nonetheless, there are significant risks that could lead to a pullback later in September, followed by a potential rebound before the end of the year." - 10x Research

"Given the latest performance of funding rates, Toncoin (TON), Celestia (TIA), Fantom (FTM), and Ondo (ONDO) seem poised for a potential price rebound." - Ali, On-chain Analyst

Market Highlights

• Yesterday, the U.S. Bitcoin spot ETF saw a net inflow of $87.6 million, marking four consecutive trading days of net inflows.

• Yesterday, the U.S. Ethereum spot ETF experienced a net outflow of $6.7 million.

• Tether issued an additional 3 billion USDT within a week. Since August 5, a total of 3.22 billion USDT has flowed from Tether Treasury to exchanges.

• Sun Yuchen changed his X account profile picture to Wukong, causing the related meme SUNWUKONG's market cap to briefly surge 8 times to $5 million.

• The U.S. government address currently holds 203,239 BTC, valued at $12.01 billion.

Investment and Financing Information

• Ethereum L2 network Corn completed a $6.7 million financing round, led by Polychain Capital.

• MEV protection tool developer Sorella Labs raised $7.5 million, led by Paradigm with participation from Uniswap.

• The development company of the decentralized AI network GenLayer, YeagerAI, completed a $7.5 million seed round financing, led by North Island Ventures.

• Zero-knowledge proof identity verification solution provider zkMe completed a $4 million seed round investment, led by Multicoin Capital, with participation from OKX Ventures and Robot Ventures.

Regulatory Updates

• The Brazilian Securities and Exchange Commission has approved the listing of the second Solana ETF, provided in collaboration by Hashdex and BTG Pactual.