BIT Daily Market Briefing 07/31 - Bitcoin price expected to rise in September

Daily Market Briefing 2024/07/31 12:30 UTC+8

Analyst Insights

"Bitcoin prices are expected to rise in September. Although Bitcoin failed to break through the accumulation range within 100 days after the price dropped by half in April, where buyers accumulate in anticipation of further price increases, such a breakout is always unlikely." - Rekt Capital

"The SEC's decision to no longer classify tokens like SOL as securities does not improve the approval odds for its SOL spot ETF. To gain ETF approval, one of the following conditions must be met: a sufficiently long trading history of SOL futures on CME; a comprehensive crypto regulatory framework and administrative reforms." - Nate Geraci, President of The ETF Store

"GBTC fell 10% in pre-market trading, as this value will flow into the Grayscale Bitcoin Trust (BTC), with the record date for the split being July 30, and trading expected to begin on the 31st." - James Seyffart, Bloomberg Analyst

Market Highlights

• Yesterday, there was a net outflow of $18.1 million from U.S. Bitcoin spot ETFs.

• Yesterday, there was a net inflow of $33.6 million into U.S. Ethereum spot ETFs.

• A user sold Bitcoin call options with a strike price of $65,000 for the end of the year today and bought call options with a strike price of $100,000 for the end of the year. A total of 551 BTC, generating a premium income of $4.89 million.

Investment and Financing Information

• Web3 AI company Hyperbolic completed a $7 million seed round financing, led by Polychain Capital;

• NFT startup Mintify completed a new round of financing of $3.4 million, with participation from Cumberland;

• Binance Labs announced an investment in the Monad ecosystem's liquid staking platform aPriori.

Regulatory Developments

The Bahamas has introduced the Digital Assets DARE 2024 Act, which implements comprehensive reforms aimed at addressing the evolving landscape of digital assets and cryptocurrency markets.