Gate Research: U.S. Bitcoin Spot ETF Hits Record High for Single-Day Net Inflow; Federal Reserve Cuts Interest Rates by 25 bps for the Second Time

Gate Research Daily Report (November 8): Bitcoin saw a modest increase of 0.38%, fluctuating between $74,500 and $76,800. Despite the Federal Reserve’s latest 25 basis point rate cut, Bitcoin’s upward momentum appears to be slowing. Bitcoin spot ETFs recorded a net inflow of $1.38 billion, setting a new single-day high, while open interest in Bitcoin futures across the network exceeded $46 billion, marking a historic peak. Today, the Sui network saw a net inflow of $26.8 million, contrasting with Ethereum’s net outflow of $91 million. UBS announced the launch of its blockchain-based payment system, UBS Digital Cash, and the UK House of Lords expressed its support for the Digital Asset Property Bill, which aims to clarify the legal status of digital assets.

Market Analysis: Bitcoin's price saw a modest increase of 0.38%, fluctuating between $74,500 and $76,800.
Top Performers: The most notable tokens in the past 24 hours are MANEKI, SD, and MOODENG, with daily gains of approximately 50.02%, 49.2%, and 46.66%, respectively.
Data Highlights: The total open interest in Bitcoin contracts across the network has surpassed $46 billion, marking a historic high.
Spotlight Analysis: The U.S. Federal Reserve has opted for a second interest rate cut, reducing rates by 25 basis points, potentially benefiting the DeFi sector.
Market Opportunities: DeAgentAI, focused on establishing AI-driven feedback incentive mechanisms in Web3, recently launched the AlphaX campaign. It has joined the Bitlayer ecosystem as its most active project and gained exclusive official support.
Explore today's details 👉🏻 Gate Research: U.S. Bitcoin Spot ETF Hits Record High for Single-Day Net Inflow; Federal Reserve Cuts Interest Rates by 25 bps for the Second Time

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Gate Team
Nov 10th, 2024