On September 11, the U.S. presidential candidates - former U.S. President Trump and current Vice President Harris, held a televised debate for the U.S. election, marking the first face-to-face confrontation between the two candidates.
About 30 minutes after the start of the U.S. presidential debate, Bitcoin began to decline. As of the time of this message, Bitcoin has fallen by nearly 2%, to $56,560, while Ethereum has dropped by 2.38% to $2,333.
Market observers believe that, as former President Trump openly supports the digital asset industry, the largest digital asset is one of the so-called 'Trump trades.' Therefore, this token is receiving attention as an asset, providing real-time clues about who gained the upper hand in the debate. Meanwhile, Bitcoin's decline may indicate that traders believe the scales are currently tipping in favor of Harris.
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The total trading volume of 11 U.S. spot Bitcoin ETFs reached $0.711 billion, the third lowest level since their launch.
According to Trader T monitoring, as of now, the total trading volume of 11 US spot bitcoin ETFs has reached $0.711 billion, the third lowest level since its launch. IBIT's trading volume is $0.412 billion.
Macro factors have pushed the correlation between Bitcoin and the S&P 500 to a 23-month high.
Affected by macroeconomic factors, the correlation between Bitcoin and the S&P 500 index has risen to 0.67, reaching a new high in nearly two years. Recently, due to weak US employment data, the price of Bitcoin fell by 10%, and then partially recovered, with a weekly decline of 3%. The upcoming US CPI data and the Federal Open Market Committee meeting on September 18 are expected to further impact the cryptocurrency market.
Bitwise CIO: With the decline of macroeconomic uncertainty in Q4, cryptocurrencies will rise significantly.
Bitwise CIO Matt Hougan predicts that cryptocurrencies will experience a significant increase after the current macroeconomic uncertainty dissipates in October and November. He stated, 'The market dislikes uncertainty, and there is currently a lot of uncertainty in the market.' At present, although it is widely believed that the Federal Reserve will lower interest rates, the possibility of a 50 basis point rate cut in September has decreased. However, with the CPI data on Wednesday and the upcoming key Federal Reserve meeting next week, the possibility of a rate cut of more than 125 basis points by December has increased.
The trading volume of stablecoins on the Ethereum blockchain has reached a historic high of $1.46 trillion.
According to data from The Block, the trading volume of stablecoins on the Ethereum blockchain has reached a historic high of $1.46 trillion, more than doubling from the $650 billion at the beginning of the year. Among them, the decentralized stablecoin DAI leads with a trading volume of $960 billion. However, after data cleansing and filtering, the trading volume of DAI lags behind USDT and USDC, indicating possible false trading and a large number of transfers. The growth in stablecoin usage is expected to indicate a maturing ecosystem. The higher the trading volume of stablecoins, the deeper the liquidity pool, the less slippage, and the higher the overall market efficiency.
Shengbao Banks: The impact of the US presidential election on the market may exceed monetary policy.
Althea Spinozzi, Head of Fixed Income Analysis at Shengbao Bank, said that in terms of market focus, the US election may take priority over monetary policy. Spinozzi stated that the outcome of the US election could have a significant impact on major economies. Regardless of the result, we may see a very different world and investors need to adjust their expectations.
Paypal and Venmo have integrated Ethereum Name Service (ENS) to support encrypted payments.
ENS Labs announced on Tuesday that Paypal and Venmo have integrated Ethereum Name Service (ENS) into their payment platforms. This means that Paypal and Venmo users in the USA can send encrypted cryptocurrency by entering ENS domain names, without the need to copy and paste wallet addresses. ENS was established in 2017 with funding from Ethereum and has over 2 million registered domain names on-chain and over 4 million registered domain names off-chain. Paypal and Venmo began supporting cryptocurrencies in 2021.
State Street Global Advisors, a subsidiary of Victory Securities, has launched three actively managed ETFs focusing on digital assets and disruptive technologies.
State Street Global Advisors, the asset management arm of Victory Securities, announced today the launch of three actively managed ETFs that focus on digital assets and disruptive technologies. Galaxy Asset Management provides consulting services for these ETFs. Galaxy Asset Management, a subsidiary of Galaxy Digital Holdings Ltd. (TSX: GLXY), is one of the largest digital asset and blockchain investment management companies globally. Chris Rhine, the Head of Galaxy Liquid Strategies and Chief Investment Portfolio Manager for the three ETFs, said, 'As digital assets and blockchain technology continue to rapidly evolve, it is crucial to adopt a dynamic investment approach to this asset class. Our newly launched suite of actively managed ETFs allows investors to capitalize on opportunities in this transformative space while managing inherent volatility. By combining Galaxy's deep expertise in digital assets with State Street's robust ETF infrastructure, we are poised to deliver long-term value in reshaping the future of finance.'
Victory Securities: Bitcoin may continue to fluctuate due to the impact of the fall in US stocks, but the virtual asset market still shows resilience.
Zhou Lele, Deputy Chief Operating Officer of Victory Securities, analyzed that the virtual asset market is experiencing a period of volatility. Last week, Bitcoin saw a weekly price decline of approximately 4.25%, while Ethereum saw a decline of approximately 5.29%. Despite the decline in virtual assets, they have shown resilience from an internal market perspective. As for capital trends, outflows from off-exchange Bitcoin ETFs amounted to approximately $0.706 billion last week, and outflows from Ethereum ETFs amounted to approximately $98 million. Although there has been outflow of funds, it could be a temporary adjustment rather than a long-term trend change if the market sentiment remains positive. Bitcoin futures open interest on exchanges is at a historical high, which typically indicates that capital remains inside the market, showing traders' steadfast commitment to the market. This dynamic of capital could be a sign of market participants' recognition of the current price levels and a bullish outlook for the second half of the bull market.
From a ripple effect perspective, the ratio of the average market cap of the top 10% largest US-listed companies to the average market cap of the other 90% US-listed companies has reached twenty-eight times, indicating a continuous concentration of top companies. This may lead to a rotation within the US stock market and subsequently cause a decline in virtual assets. In the volatility of the virtual asset market this week, the prices of Bitcoin and Ethereum have experienced a decline, but this does not necessarily signify a change in the long-term trend. Market volatility is an inherent characteristic, and investors should focus more on market fundamentals and long-term value. As the market develops and matures, we may foresee more stability and predictability.
Bitcoin trading volume reached $2.874 trillion in the first 8 months, surpassing the trading volume during the bull market period in 2021.
According to Paris-based data provider Kaiko, the cumulative trading volume of BTC traded on centralized exchanges reached $2.874 trillion in the first 8 months of 2024, surpassing the nominal trading volume record set during the 2021 bull market. Kaiko discussed the record-breaking trading volume in its weekly report, stating, 'The rise in cryptocurrency volatility accompanies increased market participation, at least in the Bitcoin market.'
Viewpoint: BTC has decoupled from the US stock market since surpassing the trading hours of the US dollar and gold.
Bitcoin's current trading time exceeds 123,000 hours, surpassing the trading time of the US stock market since the US dollar and gold were decoupled. Since August 15, 1971, when President Nixon decoupled the US dollar from gold to address high inflation in the US economy, the trading hours of the US stock market have exceeded 100,700 hours. Bitcoin, launched in 2009, has officially surpassed the trading hours of the US stock market, exceeding the public stock trading hours of the fully fiat currency era by nearly 25%.
Editor/Somer