Announcements Gate Research: Fed Rate Cut Expectations Heat Up, Sun Pump Protocol Revenue Soars, Bitcoin Ecosystem Sees Renewed Interest

Gate Research: Fed Rate Cut Expectations Heat Up, Sun Pump Protocol Revenue Soars, Bitcoin Ecosystem Sees Renewed Interest

2024-08-22 10:47:13 UTC 4755 Read

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Gate Research Weekly Report:  Bitcoin continues to fluctuate this week, with short-term investor sentiment leaning towards pessimism. A significant downward revision of US non-farm payroll data, indicating a weak job market, has catalyzed expectations for interest rate cuts. Bitcoin ETFs see continuous net inflows, driven by strong institutional buying interest and increased off-exchange capital inflows, leading to higher USDT issuance. Sun Pump rapidly expands its market share, energizing the TRON ecosystem. The imminent launch of Fractal Bitcoin's mainnet has made the Bitcoin ecosystem narrative a market hotspot.

Firstly, in **Market Analysis**, after experiencing a decline, BTC has been consolidating around the $60,000 level this week, with an unclear short-term trend; ETH has been highly volatile recently and has stabilized around the $2,600 level.

The **Hot Topic Review** highlights Sun Pump's impressive performance, generating over $1.2 million in protocol revenue within 10 days of its launch. Additionally, the total market capitalization of stablecoins reaches a new high, setting the stage for further recovery in the crypto market.
Under **Data Highlights**, Bitcoin ETFs recorded a single-day net inflow exceeding $39 million and a total net inflow of over $189 million this week. Notably, BlackRock's iShares Bitcoin Trust (IBIT) has accumulated net inflows surpassing $200 billion.

In **Market Opportunities**, this week's featured airdrop project is MyShell, a decentralized AI consumer layer. Supported by EigenDA and Optimism for its Layer 2 network, MyShell aims to connect users, creators, and open-source AI model researchers to unlock the potential of AI Dapps.

Lastly, in **What to Watch Next Week**, Federal Reserve Chair Powell's speech at the Jackson Hole Symposium will be crucial, as the Federal Reserve's decisions will have far-reaching effects on global markets. Additionally, the Stacks Network is set to activate its "Nakamoto" upgrade, which marks a significant milestone for Bitcoin L2 solutions.

Deep Dive into This Week's Review 👉🏻 [Gate Research: Fed Rate Cut Expectations Heat Up, Sun Pump Protocol Revenue Soars, Bitcoin Ecosystem Sees Renewed Interest](https://www.gate.io/learn/articles/gate-research-fed-rate-cut-expectations-heat-up-sun-pump-protocol-revenue-soars-bitcoin-e-co-sys-tem-sees-renewed-interest/3878?ch=GSW_ann2_20240822&utm_campaign=TR_98tDij0n&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term=)

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Gate.io Team
August 23rd, 2024

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Gate Research: Fed Rate Cut Expectations Heat Up, Sun Pump Protocol Revenue Soars, Bitcoin Ecosystem Sees Renewed Interest

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