Daily News | BTC Only 0.1% Away from Historical High, BTC ETF Inflows Over $4 Billion in the Past Two Weeks
Crypto Daily Digest: BTC ETFs saw a daily inflow of over $800 million, BTC is one step away from reaching a historic high
According to Farside Investor data, the net inflow of US Bitcoin spot ETFs was $820 million yesterday, with BlackRock IBIT having a net inflow of $599.8 million and Fidelity FBTC having a net inflow of $133.9 million. Yesterday, the US Ethereum spot ETFs experienced a small outflow of funds, which was almost negligible compared to the amount of funds in the BTC ETF.
Bitcoin contract holdings across the entire network exceeded $43 billion, continuing to reach a historic high
According to Coinglass data, the total holdings of Bitcoin contracts on the internet have exceeded $43 billion, and are now reported at $43.167 billion, setting a new historical high with a growth rate of 4.97% in the past 24 hours. In the past 24 hours, the entire network has experienced a $257 million liquidation, including $191 million for short positions and $65.8801 million for long positions.
Bloomberg analyst: IBIT’s daily turnover reached $3.3 billion, setting a new high in nearly 6 months
Bloomberg senior ETF analyst Eric Balchunas posted on social media that the BlackRock Bitcoin spot ETF IBIT had a trading volume of $3.3 billion this trading day, the highest level in six months.
Although ETF trading volume typically surges during economic downturns/crises, Balchunas is more inclined to attribute this to market FOMO sentiment, which means there will be more large inflows this week.
Analysis: The increasing probability of Republican election victory may pave the way for a crypto bill
Analysts at financial services company Presto say that as Trump’s lead over Harris on Polymarket continues to expand, the likelihood of the Republican Party winning a big victory on this decentralized forecasting platform is also increasing, which increases the likelihood of crypto-related bills passing through Congress.
In Polymarket, the Republican Party’s chances of winning the presidency, Senate, and House of Representatives after next week’s election have reached 48%, up from 28% at the beginning of this month. Presto analysts Peter Chung and Min Jung stated on Tuesday that this result will give political parties that primarily support cryptocurrency greater control over legislation and US policy agendas, potentially resolving regulatory uncertainties that hinder the development of the industry.
Among the more than 50 proposed crypto bills, six (including the FIT21 crypto market structure bill aimed at regulating the entire industry) have been passed in the House of Representatives and are currently awaiting approval from the Democratic controlled Senate.
Analysts point out that the last three game winning streak for the Republican Party occurred during Trump’s first term, before he switched to supporting cryptocurrency, but only lasted for two years until the Democratic Party regained control of the House of Representatives in 2018.
Market Trends: SUI returned above $2, may DOGE lead a new round of market trend?
Market Hotspots
The DOGE and NEIROTO of dog memes have risen. As a well-established meme leader, DOGE has been blessed by Musk’s aura, and with the upcoming US presidential election, DOGE has attracted a lot of market attention. Yesterday, the weekly exchange rate of DOGE/BTC broke through, and the future performance is expected;
The new public chain SUI rose sharply, returning to above $2.1. Previously, there was a short-term decline in SUI after a large unlocking, but it quickly recovered the decline strongly. SUI is the best performing public chain token since this round of market trend, and its on chain meme project has also performed well before. SUI’s current circulating market cap is $58.3 billion, ranking 17th in market value;
The modular blockchain TIA will unlock tokens worth $1 billion today, accounting for approximately 80% of the current circulation. The market may experience significant fluctuations before and after unlocking, so users are advised to be aware of the risks.
Mainstream Coins
BTC once approached its historical high, but now it has slightly fallen and is consolidating around $72,500. BTCD has hit a new high in nearly three years, and BTC ETFs continue to receive large inflows, with an optimistic outlook for the future;
ETH followed the rise, but the increase was significantly smaller than other public chains such as SOL and SUI. ETH ETFs did not help ETH in terms of price;
Altcoins generally rose, but did not form a sector clustering effect and just experienced sporadic and random increases, and the Altseason will come when BTCD declines.
Macro news: US stocks fluctuate, market awaits new economic data
The three major indexes of the US stock market fluctuated, with the S&P 500 index rising 0.16% to 5,832.92 points; The Dow Jones Industrial Average fell 0.36% to 42,233.05 points; The Nasdaq index rose 0.78% to 18,712.75 points. The benchmark 10-year Treasury yield is 4.28%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.11%.
Currently, the market is waiting for the release of economic data such as the ADP employment report, the September core PCE price index, and the October non farm payroll report to determine the next policy direction of the Federal Reserve.
