Daily News | BTC Stagnates, POPCAT and NEIROCTO Surge Significantly

Crypto Daily Digest: BTC ETF Continues Positive Inflows, OP Set for Big Unlocking

According to Farside Investor data, on Friday the U.S. spot bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin ETF saw net inflows of $92 million yesterday, with Fidelity FBTC seeing net inflows of $26.1 million and ARKB seeing net inflows of $22 million. BlackRock IBIT had no inflows or outflows.

On Friday, U.S. Spot Ether ETFs saw net inflows of $2.9 million yesterday, with $2.9 million flowing into Grayscale ETH and no inflows or outflows into other ETH ETFs.

Data: Ether Network Fees and ETH Destruction Soar in Last 3 Weeks, but Network Active Accounts Drop to Lowest of Year

Ether’s transaction fees (7-day moving average) have spiked over the past 3 weeks, according to data from The Block. Its latest fee (September 2021) was $3.52, more than triple the September 1 fee of $0.85, the data shows.

The pickup in transaction fees also increased Ether’s destruction rate, which similarly spiked from 80.27 ETH on September 1 to 1,360 ETH on September 21, a 1,600% increase in just three weeks.

However, despite the surge in transaction fees and destruction, the network’s active accounts (7-day moving average) have plummeted to their lowest value of the year so far, down 11% from earlier this month. The current active figure of around 385,000 accounts is the lowest since December 1, 2023 for the network.

Harris makes the first statement: will encourage development of cryptocurrency industry if elected president

According to Bloomberg, the next U.S. presidential candidate and current Vice President Kamala Harris said at a fundraiser at Cipriani Wall Street in Manhattan:

“I will bring together the workforce, small business founders and innovators, and big companies. We will work together to invest in America’s competitiveness and invest in America’s future. We will encourage innovative technologies like artificial intelligence and digital assets while protecting our consumers and investors.”
This is reportedly the first time Harris has personally commented on cryptocurrencies as a Democratic presidential candidate.

This Week’s Unlocking Data at a Glance: $101 Million in Total Unlocking Value, OP, VENOM, and More Set for a Big Unlocking

According to Token Unlocks data, the total value of all tokens unlocked in the mainstream market in the coming week amounts to $101 million, with:

-Venom will unlock 235 million VENOM at 16:00 on September 25th, valued at about $25.55 million, accounting for 12.66% of the circulating supply;

-Ygg will unlock 14.08 million YGGs at 2200 hours on September 27, representing approximately $6.5 million, or 3.65% of the circulating supply;

-SingularityNET will unlock 8.19 million AGIX at 0800 hours on September 28, valued at approximately $5.82 million, or 1.63% of the circulating supply;

-Ethena will unlock 14.89 million ENAs at 1500 hours on September 29th, valued at approximately $4.3 million, or 0.78% of the circulating supply;

-optimism-op" target="_blank" class="blog_inner_link">Optimism will unlock 31.34 million OPs at 0800 hours on September 30th, valued at approximately $55.47 million, or 2.64% of the outstanding supply;

Market Trends: BTC ETF Resumes Large Inflows, Meme Sector Leads Market Higher

MARKET HOTSPOTS

-Public chain plate SUI soared, ecological project BLUB performed eye-catching; ETH and SOL performed flat in this round of market, the market started to speculate on other public chain projects, and the overall TVL of Sui hit a record high of $1.1 billion; solana-sol" target="_blank" class="blog_inner_link">Solana Break Point conference ended, the overall performance of SOL was mediocre, and Solana’s eco-meme project POPCAT was close to its record high; meme board led the market to rise; BTC ETF resumed large inflow, meme board led the market to rise. POPCAT, a meme project of Solana eco, is close to its all-time high;

-NEIROCTO, MOODENG and TERMINUS in the meme board rose, and TERMINUS, the Mars City concept meme mentioned by Musk, rose nearly 100 times last week, so we need to be vigilant about the risk of short-term retracement, and generally speaking, the magnitude of the retracement of popular meme coins will be larger;

-TAO and AI in the AI segment rose, while WLD, the leading token in the AI segment, performed poorly, and the daily unlocking pressure on WLD suppressed price performance;

General Market Trend

-BTC oscillated in a narrow range between $62,000 and $64,000 over the weekend, with continued positive inflows into the BTC ETF;
-ETH back above $2,600, overall gains still lagging behind the broader market, market speculation ETH public chain killer;

-Cottage coins generally pulled back and fell during the general market sideways consolidation, POPCAT, SUI and other strong performance;

Data Indicators

-Today, the AHR999 index is 0.72, the current BTC price is still suitable for long-term investment; the fear and greed index is 50, the market sentiment is neutral, and the market may continue to hold in the short term.

Macro: U.S. Stocks Move Repeatedly, U.S. Dollar Plunges

The trend of the three major indexes of U.S. stocks are repeated, in which the S&P 500 index fell 0.19% to 5702.55 points; the Dow Jones index rose 0.09% to 42,063.36 points; the Nasdaq index fell 0.36% to 17,948.32 points. Last week, the Dow was up 1.62% for the week, the Nasdaq was up 1.49% for the week and the S&P 500 was up 1.36% for the week.

The benchmark 10-year U.S. Bond yielded 3.73 percent, and the 2-year U.S. bond, which is most sensitive to the Fed’s policy rate, yielded 3.55 percent.

Wall Street got a big rate cut as expected, but the market failed to sustain the rally. The Fed cut its key overnight lending rate by half a percentage point (50 basis points) last Wednesday. This was a departure from the first rate cut in the Fed’s previous easing cycle and from the general expectation before the market began digesting a larger rate cut last week. However, stocks rose briefly after the rate resolution was announced, but then struggled to gain further as investors worried that a sharper rate cut signaled increased economic weakness ahead, even though inflation is already close to the Fed’s 2% target.

Summarizing

BTC prices are expected to continue to stabilize or even rise in the near term due to continued inflows into the BTC ETF. eTH, while back above $2,600, has lagged behind the broader market in terms of gains and will need to be watched to see if it can close the gap with BTC in the coming weeks. The increase in fees and destruction on the ethereum-eth" target="_blank" class="blog_inner_link">ethereum network could support ETH prices, but the drop in the number of active accounts needs to be a cause for alarm.

A large number of tokens will be unlocked in the coming week, particularly Optimism and Venom. These unlockings could create a short-term sell-off in the market, and price volatility following the unlockings needs to be closely monitored. The public chain sector and Meme sector may continue to attract inflows, especially the strong performers SUI and POPCAT.

In addition, U.S. stock movements and the U.S. dollar exchange rate will continue to have some impact on the crypto market. The Fed’s policy direction and the global economic situation will require continued attention.

Overall, the market is currently in a relatively stable state, but the large token unlock and macroeconomic uncertainty in the coming week could bring some volatility. Investors should pay close attention to BTC ETF fund inflows, ETH network dynamics, and the unlocking of major tokens. At the same time, pay attention to the performance of hot market sectors and the impact of macroeconomic factors in order to adjust investment strategies in a timely manner.