Daily News | US Unemployment Report Significantly Lowers Expectations of Interest Rate Cuts, BTC Steadily Rebounded to $64,000
Crypto Daily Digest: BTC ETFs had a net outflow of approximately $274.3 million last week, while ETH ETFs had a net outflow of approximately $25.4 million
According to Farside Investors data, the cumulative net outflow of US spot Bitcoin ETFs last week was $274.3 million, and the cumulative net outflow of spot Ethereum ETFs was $25.4 million.
Multiple tokens, such as APT and EIGEN, receives significant unlocking this week, with a total unlocking value exceeding $200 million
According to Token Unlocks data, multiple projects will receive token unlocks this week, with a total value exceeding $200 million. The specific unlocking situation is as follows: Aptos (APT) will unlock approximately 11.31 million coins on October 12 at 03:59 (Beijing time), accounting for 2.25% of the circulation and worth approximately $97.26 million. Eigenlayer (EIGEN) will unlock approximately 9.93 million coins on October 9 at 03:00 (Beijing time), accounting for 5.32% of circulation and worth approximately $31.88 million. Neon (NEON) unlocked approximately 53.91 million coins on October 7 at 08:00 (Beijing time), accounting for 93.43% of the circulation and worth approximately $18.62 million.
In the past 24 hours, $112 was liquidated in the whole network, mainly short orders
According to Coinglass data, in the past 24 hours, $112 was liquidated in the whole network, including $22.954 million in long liquidation and $89.1585 million in short liquidation.
Crypto company raised $823 million in financing in September
According to TIE terminal data, crypto companies raised $823 million in September alone, with funds distributed among 200 companies that raised funds last month. Celestia’s ecosystem financing of $100 million topped the list, followed closely by Infinex, which raised $65 million through a public token sale.
After Dencun upgrade, Ethereum mainnet fees hit a historic low, and ETH turned into inflation
According to IntoTheBlock data, after the Dencun upgrade, Ethereum mainnet fees hit a historic low as L2 transactions surged. EIP-4844 reduced L2 costs by ten times, driving a record-breaking number of transactions. However, due to the reduced amount of Ethereum destroyed, ETH has shifted from deflation to inflation.
UniSat released Q4 roadmap
UniSat has released its Q4 2024 product development roadmap, which includes activating runes on FB, supporting CAT20, and updating PizzaSwap. The UniSat team emphasizes that this roadmap is a preliminary draft and will be periodically revised based on development progress.
Market Trends: BTC steadily rebounded to $64,000, with Meme sector leading gains again
Market Hotspots
-The leading AI token TAO has restarted its upward trend, with an 18.7% increase in the past seven days and a total market value of $4.8 billion. Bittensor is an open-source protocol that supports decentralized, blockchain- based machine learning networks. It has recently announced the release of Bittensor v8.0.0 and the upcoming launch of a new TAO subnet for the GPU rental platform Fish.
-Trump concept coins rose over the weekend. Trump returned to the scene of the Pennsylvania assassination attempt and held a campaign rally, with Musk joining in. Impacted by this news, multiple Trump-related Meme coins such as DMAGA, MAGA, TRUMP, TREMP, STRUMP, and others have risen one after another, with MAGA 24H increasing by 19.8% and a market value of $174 million.
-POPCAT is the most valuable cat-themed Meme, leading the rebound of the Meme sector over the weekend with a 41.7% increase in the past seven days. It is closely followed by WIF, PEPE, and BONK.
Mainstream Coins
-BTC fell first and then rose last week, steadily rising under the support of $60,000 and the 60-day moving average. Currently, it is close to $64,000, and market optimism is accumulating;
-ETH has been falling for 6 consecutive days and rising for four consecutive days, currently just breaking through $2500; Against the backdrop of a poor start for Eigenlayer (EIGEN) and ETH turning into inflation after the Dencun upgrade, ETH/BTC is still unlikely to see any improvement in the short term;
-Altcoins rebounded significantly recently, Meme, BRC-20, AI, the modular, and other sectors led the way in gains, while DeFi and Layer1 sectors had the lowest gains.
Macroeconomics: US unemployment rate unexpectedly drops to 4.1%, with significantly reduced expectations for interest rate cuts
Last Friday’s announcement of 254,000 new non-farm payroll jobs for September exceeded expectations, and the US unemployment rate unexpectedly fell to 4.1%. This allowed the Federal Reserve to more pragmatically consider suspending interest rate cuts in November to observe election results without worrying about lagging monetary policy.
Similarly, the data shows the strengthening resilience of the US economy, leading many institutions to adjust their future expectations. According to CME Federal Reserve observations, the probability of a 25 basis point rate cut in November has risen to 97.4%.
Although the September employment report may reduce the Federal Reserve’s rate cut, Bitcoin may still benefit from the decline in the yield of US treasury bond bonds and the rise in the price of gold.
Conclusion
The Bitcoin market is undergoing a major cyclical adjustment phase, similar to the situation from late 2019 to early 2020. Since its historical high in March this year, capital inflows into the Bitcoin network have slowed down, while last week’s weekly outflow of spot Bitcoin ETFs was nearly $300 million, reversing a three-week trend and challenging the profitability of short-term holders.
Nevertheless, new investors’ confidence in the Bitcoin market remains strong, with a recent moderate increase in bullish sentiment in the perpetual futures market. This is reflected in the price of Bitcoin, which fell first and then rose last week, currently approaching $64,000. The Altcoin sector rebounded strongly, and market optimism is accumulating.
In summary, the increasing expectation of an economic soft landing, the rise in peripheral capital markets, and the stable interest rate cut policy of the Federal Reserve have all increased investors’ risk appetite, which constitutes a good net profit for risk assets, including Bitcoin, despite the risk of short-term uncertainty.
