BIT Daily Market Briefing 07/26 - Demand from American Investors is Declining

Daily Market Briefing 2024/07/26 12:00 UTC+8

Analyst Insights

"Clients show almost no interest in cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH), and it is expected that there won't be many other cryptocurrency exchange-traded funds (ETFs) aside from these two core digital assets." - Robert Mitchnick, Head of Digital Assets at BlackRock

"The Bitcoin Coinbase premium index has turned negative, indicating that demand from U.S. investors is declining." - IT Tech, CryptoQuant Analyst

"Due to potential pressure from Mt. Gox, the upcoming U.S. earnings season, and seasonal weakness in August and September, the market may decline further." - 10x Research

"The SOL trend in July 2024 is basically consistent with the SOL trend in July 2021, so we should pay attention to the subsequent movements." - Ali, On-chain Analyst

Market Highlights

• Yesterday, the total net inflow into U.S. spot Bitcoin ETFs was $31.4 million.
• On July 25, eight U.S. Ethereum ETFs collectively reduced their holdings by 100,230 ETH, approximately $316.22 million.
• The pension fund of Jersey City, New Jersey, will invest in a Bitcoin ETF.
• Traders continue to expect the Federal Reserve to cut rates by 25 basis points in September, November, and December.