Daily News | ETH/BTC Exchange Rate Rebounded Sharply, Will ETH Lead a New Round of Market Trend in the Alt Season?
Crypto Daily Digest: ETH ETF inflows exceeded $90 million in a single day, causing a significant rebound in ETH/BTC exchange rates
According to Farside Investor data, yesterday’s net inflow from US spot ETFs was $103 million. Fidelity FBTC had a net inflow of $40.2 million, BITB had a net inflow of $48 million, and Grayscale BTC had a net inflow of $12 million.
Yesterday, the US Ethereum spot ETF saw a large inflow of $90.1 million. Fidelity FETH’s net inflow was $38 million, and Grayscale ETH’s net inflow was $37.3 million.
The ETH/BTC exchange rate continues to rise, rebounding 18.42% from its lowest point
According to Gate.io market data, the ETH/BTC exchange rate has continued to rise since hitting its lowest point of 0.03187 on November 21, and is now trading at 0.03774, up 18.42% from its lowest point. ETH broke through $3,600 within the day, with a 24-hour increase of over 10%, just one step away from its historical high.
Sushi launched Dojo Agent and Twitter Tokens feature, which can tokenize tweets or create MEME coins on Twitter
Sushi officially announced that Dojo Agent and Tweet Tokens are now online. Their proxy tools can help users tokenize their favorite tweets or create their own MEME coins directly from Twitter. Sushi officials remind users that posting tokens on Twitter is completely free, but to avoid fraud, the time interval between each user creating tokens is 5 minutes.
Galaxy Research: Bitcoin is expected to surpass $100,000 in the short term and remain bullish for the next two years
Galaxy Research stated in a research report on Tuesday that the Bitcoin (BTC) bull market will continue, and BTC is expected to break through the $100,000 mark in the short term. The report states that an increasing number of institutions and businesses are adopting Bitcoin, and the possibility of establishing a national reserve of Bitcoin, as well as the support of the new US government for cryptocurrency, all indicate that Bitcoin will rise in the near and medium term. The launch of ETF options may increase liquidity and potentially reduce volatility. This may attract large institutions to enter the market while stimulating retail demand.
Galaxy research director Alex Thorn said that although the outgoing Biden administration may take some unsettling regulatory or enforcement actions that make the market feel uneasy, Bitcoin’s trend in the next two years seems to be unique and bullish, and the options market data is also bullish.
Market Trends: The sharp rise of ETH boosted a general increase in the eco, with THE’s highest intraday increase exceeding 200%
Market Hotspots
ETH surged 10% within the day, breaking through $3,600 and driving the ETH eco to generally rise. The Ethereum Domain Name Protocol ENS rose by over 50% within 24 hours, leading the market. ENS previously received named support from Ethereum co-founder Vitalik multiple times;
The highest intraday increase for the new coin THE exceeded 200%, with a price of $1.3 on Gate.io and is now trading at $3.14; THE is a native liquidity eco on the BNB chain, which includes a spot DEX Alpha, a social platform Arena, and the upcoming Launchpad Warp;
The Meme sector saw significant gains in BILLY, GOAT, MOODENG, and others; BILLY’s current circulating market cap is only $53 million, with its historical high approaching $300 million; The AI meme track in which GOAT operates is still a hot topic in the market, and GOAT also rebounded first in the process of market decline and recovery; MOODENG is a Thai internet celebrity hippopotamus meme with a current market cap of $370 million;
Mainstream Coins
BTC stopped falling and rebounded, returning to above $96,000. BTC ETF has also resumed large net inflows, and the market outlook is promising;
ETH rose strongly by 10%, with a large net inflow of ETH ETF funds led by BlackRock ETHA. The rise of ETH is expected to drive a bull market for Altcoins;
The meme sector and Ethereum eco in Altcoins generally rose, with ENS leading the mainstream Altcoin market with a 50% increase.
Macro News: The three major US stock indexes collectively closed down, and PCE data failed to boost the market
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 0.38% to 5,998.74 points; The Dow Jones Industrial Average fell 0.31% to 44,722.06 points; The Nasdaq index fell 0.59% to 19,060.48 points. The benchmark 10-year Treasury yield is 4.25%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 4.19%.
The October core personal consumption expenditure (PCE) inflation data released last night did not surprise the market. A month-on-month increase of 0.3% and a year-on-year increase of 2.8%, although in line with expectations, the data shows that the rate of inflation decline is slowing down, and there is still a considerable gap from the Federal Reserve’s target of 2%. This result reinforces market expectations that the Federal Reserve will maintain a high interest rate policy in the long term while also increasing uncertainty about the prospects for economic growth. In the tracking of the CME FedWatch tool, investors expect the possibility of the Federal Reserve keeping interest rates unchanged in December to rise from 24% last month to 34%. However, the future policy path is still full of variables.
