BIT Daily Market Briefing 08.20 - Expecting a Very Bullish Fourth Quarter
Bitcoin still has the potential to develop along the previous halving trajectory, and we expect the fourth quarter to be very bullish. According to historical data, either the low of the third quarter has already occurred, or we have one last round of decline to find Bitcoin's bottom.Daily Market Briefing 2024/08/20 12:00 UTC+8
Analyst Insights
"Bitcoin ETFs are showing resilience, with continued inflows and more stable price performance. Despite challenges such as oversupply, market confidence in Bitcoin remains strong. Bitcoin is still expected to follow the previous halving trajectory, and we anticipate a very bullish fourth quarter. Based on historical data, either the low for the third quarter has already occurred, or we have one last round of declines to find Bitcoin's bottom." - Bitfinex Alpha
"After a period of silence, large trades have become active again, with a significant increase in large trade volume today, nominally exceeding $500 million. From the options trading distribution, it mainly consists of selling call options and buying put options, with most transactions occurring in combination. Given that the current BTC short-term implied volatility has fallen below 50%, large options traders are very bearish on this month's market." - Greeks.live
"Bitcoin prices will only rebound when the crypto market shows interest in the possibility of Trump winning, as the crypto market continues to interpret a Republican victory as a favorable factor for crypto policy, leading to price increases in major cryptocurrencies." - Bernstein Research
Market Highlights
Yesterday, the net inflow for U.S. Bitcoin spot ETFs was $61.7 million, marking three consecutive trading days of net inflows.
Yesterday, the net outflow for U.S. Ethereum spot ETFs was $13.5 million.
Elon Musk's repeated posts about D.O.G.E. (Department of Government Efficiency) influenced the market, causing the Ethereum-based meme of the same name to briefly rise to a market cap of $2.5 million, while the Solana token of the same name peaked at a market cap of $1 million.
The largest BTC large option today involved a user earning a premium of $423,000 by selling a call option for $70,000 at the end of September, totaling 400 BTC.
As of June, the number of holders in the global cryptocurrency market increased by 6.4% from 580 million at the end of 2023 to 617 million.
Investment and Financing Information
BiFinance completed a $10 million Series A funding round, led by Sunfund Fortuna Global Opportunities.
Crypto "VPU" chip development company Fabric completed a $33 million Series A funding round, led by Blockchain Capital and 1kx.
Regulatory Dynamics
- The U.S. Democratic Party's platform did not mention any blockchain, BTC, or crypto-related content.
