BIT Daily Market Briefing 08/15 - Bitcoin Set to Surge Significantly

Daily Market Briefing 2024/08/16 12:00 UTC+8

Analyst Insights

"Central banks around the world are compromising, and the liquidity gates are opening; Bitcoin is about to surge significantly. My Global Liquidity Momentum Composite Model (MSI) has issued a bullish signal for the first time since November 2023. Looking back, Bitcoin rose 75% from November to April, after which the model turned bearish." - Jamie Coutts, Analyst @Real Vision

"Bitcoin's price performance during the halving year: so far, 2024's performance is very similar to 2016 and 2020. If the price is to rise, it may happen in the fourth quarter." - Julio Moreno, Research Director @CryptoQuant

"With the PPI and CPI being released successively, market volatility expectations have significantly decreased, leading to a noticeable drop in implied volatility across major maturities. Short-term IV has fallen by over 20% this week, while medium to long-term IV has also decreased by about 5%. The term structure has now returned to a solid backwardation, and the market may consolidate for a while; selling medium-term options now looks more cost-effective." - Greeks.live

Market Highlights

• On August 15, the U.S. Bitcoin ETF saw a net outflow of 1,316 BTC.

• On August 15, the U.S. Ethereum ETF experienced a net outflow of 1,736 ETH.

• Futures traders raised the probability of a 25 basis point rate cut by the Federal Reserve in September from 65% on Wednesday night to 74.5%.

• Donald Trump Jr. launched a Telegram channel "The DeFiant Ones" to introduce upcoming crypto projects.

• Currently, 701 new funds have reported holding Bitcoin spot ETFs.

Investment and Financing Information

• Orderly Network announced the completion of a $5 million strategic round of financing, with participation from OKX Ventures, Manifold Trading, Presto Labs, LTP, Nomad Capital, and Origin Protocol.

• Crunch Lab announced the completion of a $3.5 million seed round of financing, led by crypto investment firm Multicoin Capital, with participation from Factor Capital, Fabric VC, and Elixir Capital.

• Binance Labs announced an investment in MyShell through its sixth incubation program, with the specific amount undisclosed.

• Chaos Labs announced the completion of a $55 million Series A financing round, led by Haun Ventures, with notable new investors including F-Prime Capital, Slow Ventures, and Spartan Capital.

Regulatory Dynamics

• The U.S. Securities and Exchange Commission (SEC) has approved the first leveraged long MicroStrategy ETF.

• U.S. Vice President Harris will unveil her economic plan this Friday.