BIT Daily Market Briefing 08/01 - Whales are preparing for the next altcoin surge

Daily Market Briefing 2024/08/01 12:00 UTC+8

Analyst Insights

"The market is not optimistic enough about Bitcoin. After the Bitcoin 2024 conference, investors need to rethink the potential upside of this mainstream cryptocurrency." - Matt Hougan, Chief Information Officer @Bitwise

"Whales are preparing for the next altcoin rally. The limit buy orders for altcoins (excluding Bitcoin and Ethereum) are increasing, indicating a strong buy wall is being built." - Ki Young Ju, CEO @CryptoQuant

"In the crypto space, we finally saw a net inflow of $33.7 million into ETH spot ETFs. This has provided a much-needed boost to ETH prices, which have lagged behind BTC for the past month. However, we expect continued outflows from ETHE over the next two weeks." - QCP Capital

Market Highlights

• Yesterday, the net inflow into U.S. Bitcoin spot ETFs was $7.48 million.

• Yesterday, the net outflow from U.S. Ethereum spot ETFs was $51.94 million.

• Grayscale Bitcoin Trust (BTC) saw a net inflow of $18 million on its first day of trading.

• Telegram launched several innovative features, including the Telegram Browser and Mini App Store.

• The market capitalization of stablecoins has reached $164 billion, a nearly two-year high.

• Alex Svanevik, CEO of on-chain analytics platform Nansen, launched a Solana-based meme coin IQ, which grew to a market cap of $5 million within a day of its launch, with a 24-hour increase of 7,000%.

Investment and Financing Information

• Layer2 Financial completed a $10.7 million Series A funding round, led by Galaxy Ventures.

• Baby Doge acquired the crypto media outlet Coin.News.

• The DePIN project Daylight completed a $9 million Series A funding round, led by a16z Crypto.