Daily Market Brief 2024/08/12 12:05 UTC+8
Analyst Views
“Bitcoin’s rally ended when the US government moved $2 billion worth of Bitcoin. The $60k-$70k trading range has remained stable, but a major shift in this range is coming .” - 10x Research
“Nearly four-fifths of economists surveyed expect the Fed to cut rates by just 25 basis points in September , and the median forecast puts the chance of an emergency rate cut before the September meeting at just 10%.” - Bloomberg
“Individually increased allocation to blue chip DeFi assets including Uniswap, Fantom and Akash , ETH exposure remains high, but has reduced Bitcoin holdings as Altcoin have bottomed relative to Bitcoin, providing a good opportunity to increase exposure.” - Joey Krug, Partner @Founders Fund
Market Hotspots
- US Bitcoin spot ETFs saw net outflows of $ 166 million last week
- Last week, the US Ethereum spot ETF had a cumulative net inflow of US$104.8 million .
- Long-term Bitcoin holders purchased more than 184,500 BTC during the recent market correction.
- A long- long ETH/BTC exchange rate whale began to reduce its position , selling 10,000 ETH in exchange for 425.75 WBTC to repay the loan.
- The whale cookislandstrust.eth once again buy the dips PEPE at the bottom. In the past 7 days, it bought a total of 420 billion PEPE and currently has a profit of 170,000 US dollars (+5.4%). On August 5, it bought 2,978 ETH at the buy the dips and currently has a profit of 534,000 US dollars (+7.58%).
- Elon Musk will have a live conversation with Trump on X at 8:00 Beijing time on August 14 .
Investment and Financing Information
- Crypto startups raised a total of $2.7 billion in funding in Q2.
- Decentralized proprietary investment platform BasedVC has completed a $2 million seed round of financing with a post-money valuation of $15 million, with participation from Neo Tokyo, Kongz Capital, and angel investors such as Mario Nawfal, Crypto Banter, Ashcrypto, and Kmanu.
Regulatory developments
- Hong Kong Legislative Council Member: Hong Kong is ready to strengthen digital asset regulation in the next 18 months.