Daily Market Brief 2024/08/20 12:00 UTC+8
Analyst Views
"Bitcoin ETFs have proven resilient with continued inflows and more stable price performance. Despite challenges such as oversupply, market sentiment towards Bitcoin remains strong. Bitcoin is still on track to follow previous halving year trajectories and we expect a very bullish fourth quarter. Based on historical data, either the Q3 low has already occurred or we have one last leg down to find a bottom for Bitcoin." - Bitfinex Alpha
"After being silent for many days, block trading has become popular again. Today's block trading volume has increased significantly, with a nominal value of over $500 million. From the distribution of option transactions, it is mainly selling call options and buying put options, and most of the transactions are in the form of combinations. Combined with the current data that BTC's short-term and medium-term IV has fallen below 50%, the current option big players are very bearish on the market this month." - Greeks.live
“Bitcoin prices will only bottom out if crypto markets gain interest in a possible Trump win, as crypto markets continue to interpret a Republican victory as positive for crypto policy, leading to price increases for the primary cryptocurrency.” - Bernstein Research
Market Hotspots
Yesterday, the U.S. Bitcoin spot ETF saw a net inflow of US$61.7 million, marking three consecutive trading days of net inflows.
Yesterday, the US Ethereum spot ETF saw a net outflow of $13.5 million.
Elon Musk released DOGE (Department of Government Efficiency) related content twice in a row. The market value of the meme with the same name on Ethereum rose to 2.5 million US dollars in a short period of time, and the market value of the token with the same name on Solana reached a maximum of 1 million US dollars.
Today's largest BTC option was: a user received a premium of $423,000 and sold a $70,000 call option at the end of September, totaling 400 BTC.
As of June, the number of holders (ownership) in the global cryptocurrency market increased by 6.4% to 617 million from 580 million at the end of 2023.
Investment and Financing Information
BiFinance completed a US$10 million Series A financing round, led by Sunfund Fortuna Global Opportunities.
Fabric, a company developing crypto “VPU” chips, has completed a $33 million Series A round of financing, led by Blockchain Capital and 1kx.
Regulatory developments
The Democratic Party’s platform does not mention anything about blockchain, BTC, or cryptocurrencies.
