Macroeconomics: Last week, the annual rate of the US core PCE price index in July was 2.6%, lower than market expectations. This week, the market will focus on the August non-farm payrolls report to be released on Friday. The July non-farm data was far below expectations, which has prompted the market to trade in recession and expect the Fed to accelerate the pace of interest rate cuts. The next two weeks will be a critical period for macroeconomic trends. This week's non-farm data, next week's CPI data, and the Fed's interest rate decision meeting the week after next will significantly affect the price trend of Bitcoin.
ETF dynamics: Last week, the US Bitcoin spot ETF experienced a net outflow of $277 million, of which the Grayscale Bitcoin Trust (GBTC) had a weekly net outflow of $119 million. Ethereum spot ETFs also faced a net outflow of $12.6 million, of which the Grayscale Ethereum Trust (ETHE) had a weekly net outflow of $27.86 million.
South Korean market situation: The Korean market has a "Kimchi premium". Yesterday, Bitcoin was traded at $59,002 in the mainstream market, while it reached $59,900 in South Korea, a premium of 1.52%. This premium phenomenon usually indicates that the enthusiasm of the Korean crypto market is rising.
Exchange dynamics: In August, CEX spot trading volume reached 1.21 trillion US dollars, an increase of 8.03% month-on-month. Among them, the spot trading volume of the Binance platform was 448.45 billion US dollars, accounting for 37.06% of the total market share. The increase in trading volume usually indicates that the price of the currency may rise.
Project unlocking situation: Foresight News reported that Sui co-founder and CEO Evan Chen responded to questions about the Sui project. He said that Sui's monthly unlocking volume accounts for 2.6% of the circulation, and this proportion is decreasing. In addition, Sui is one of the few PoS chains with a fixed total token amount, which is different from the 5%-8% inflation rate of other chains. Sui's high unlocking volume is mainly due to the fact that the project party needs a large number of cheap chips in the early stage to attract investors, resulting in greater unlocking pressure after listing.
Four crypto projects will unlock tokens this week, with a total value of approximately $72.17 million:
On September 5, TAIKO will unlock approximately 12 million tokens (approximately $19.2 million), accounting for 1.2% of the total supply.
On September 6, IMX will unlock approximately 32.47 million tokens (approximately $43.19 million), accounting for 1.624% of the total supply.
On September 6, MODE will unlock approximately 500 million tokens (approximately $6.21 million), accounting for 5.0% of the total supply.
On September 8, ENA will unlock approximately 14.88 million tokens (approximately $3.57 million), accounting for 0.099% of the total supply.
On-chain data: Since LTH (long-term holders) distributed 1 million BTC, BTC holdings have begun to accumulate again, while STH (short-term holders) have seen a sharp drop in holdings. This indicates that the 155-day STH is transforming into the new LTH in the market.
Market situation: Bitcoin is currently testing the right side, and $54,000-57,000 is an important support area. The current high-level structure has not yet broken, and the overall structure is still in relay mode. The closing of the monthly line this month is crucial, otherwise there may be a risk of pattern destruction. Bitfinex's main force has increased its holdings of BTC again, and the panic index has also rebounded to 26. The market situation is brewing.
ETH trend: linked to Bitcoin trend.
Altcoin market: There is still no obvious hot spot in the market. It is recommended to continue to build positions and wait for the bottom to form. The current market sentiment is very depressed, but there may be a turnaround soon.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
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