BIT Daily Market Briefing 08/01 - Whales are preparing for the next altcoin surge
Whales are preparing for the next altcoin surge. The limit buy orders for altcoins (excluding Bitcoin and Ethereum) are increasing, indicating that a strong buy wall is being established.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.
