BIT Daily Market Briefing 08/02 - Whales are preparing for the next altcoin surge

Daily Market Briefing

Daily Market Briefing 2024/08/02 12:00 UTC+8

Analyst Opinions

"With the arrival of August, traders are generally optimistic about leading cryptocurrencies. It is expected that FOMO sentiment will slightly weaken before Bitcoin, Ethereum, Ripple, and SOL experience a rise. BNB is currently one of the few large cryptocurrencies with relatively weak bullish sentiment." - Santiment

"Bitcoin's market cap will reach half of gold's total market cap, hitting $350,000 per coin." - Jan van Eck, CEO @VanEck

"On the eve of the November U.S. elections, if Kamala Harris's chances of defeating pro-crypto opponent Donald Trump increase, Bitcoin's price may be negatively impacted. Harris winning the election would be bearish for Bitcoin, as the regulatory environment may not change." - Ruslan Lienkha, Analyst @YouHodler

Market Highlights

• Yesterday, there was a net outflow of 1,500 BTC from U.S. Bitcoin spot ETFs.
• Yesterday, there was a net outflow of 23,382 ETH from U.S. Ethereum spot ETFs.
• Celestia is capturing market share from Ethereum, rising from about 20% to around 40% by July 31.
• MicroStrategy reported a net loss of $102.6 million in the second quarter, with Bitcoin holdings increasing to 226,500 coins.
• MicroStrategy plans to raise $2 billion to purchase more Bitcoin.
• 200 million XRP were unlocked from an unknown custodial wallet, valued at $119,178,067.

Investment and Financing Information

• MetaDAO completed a $2.2 million financing round, led by Paradigm.
• Growth capital fund Animoca Capital strategically invested in crypto asset software and data management provider Lukka.
• In July, total funding for Web3 startups exceeded $1.1 billion.

Regulatory Dynamics

• The Central Bank of Russia's digital currency (CBDC) digital ruble is expected to see widespread adoption in the next five to seven years.