Daily News | BTC Broke Its Historical High, US Presidential Election Results to be Released at Noon Today
Crypto Daily Digest: BTC ETFs experienced another outflow of over $100 million, US presidential election results to be announced at noon today
According to Farside Investor data, the US spot Bitcoin ETFs had a net outflow of $117.27 million yesterday, marking two consecutive days of net outflows. BlackRock’s IBIT outflow was $44 million, and Fidelity’s FBTC outflow was $68 million.
Yesterday, the US Ethereum spot ETFs experienced an outflow of $74 million, including $31.5 million from Fidelity FETH and $31.9 million from Grayscale ETHE.
Citigroup: The bet on the Fed skipping interest rate cuts in December is attractive
Citigroup analyst Jabaz Matai stated that based on current market odds, it is attractive to bet that the Federal Reserve will not cut interest rates again in December.
The market generally expects the Federal Reserve to cut interest rates by 25 basis points this week, but given the recent strong economic data, this may be the Fed’s last rate cut of the year. His latest report suggests conducting a swap transaction, where traders agree to pay a fixed annualized interest rate of 4.404% and receive interest that fluctuates with the Federal Reserve’s target rate. If the Federal Reserve does not cut interest rates in December and maintains them between 4.5% and 4.75% by the end of the year, this transaction will yield returns.
Meme coin rose in US election concept, DMAGA surged over 163% in 24 hours
According to GMGN monitoring, the concept of Meme coin in the US presidential election surged, among which:
TRUMP rose over 16% in 24 hours, temporarily at $4.06;
PAC rose over 113% in 24 hours, temporarily at $0.004;
MAGA rose over 19% in 24 hours, temporarily at $0.0001952;
DOGE rose over 11% in 24 hours, temporarily at $0.18065;
PEOPLE rose over 14% in 24 hours, temporarily at $0.06831;
DMAGA rose over 163% in 24 hours, temporarily at $0.01872;
KAMA fell slightly by 6.7% in 24 hours, temporarily at $0.01068.
If Bitcoin breaks through a new high, the mainstream CEX’s accumulated empty clearing strength will reach 215 million
According to Coinglass data, if Bitcoin breaks through a historical high, the cumulative clearing strength of mainstream CEX short orders will reach 215 million. On the contrary, if Bitcoin falls below $68,000, the cumulative liquidation strength of mainstream CEX orders will reach 484 million.
The liquidation chart shows to what extent the target price will be affected when it reaches a certain position. A higher ‘liquidation column’ indicates that the price will have a stronger reaction due to the wave of liquidity once it arrives.
Market Trends: GOAT rose sharply, approaching previous highs, DOGE led meme coin to rise generally
Market Hotspots
GOAT surged 40% in 24 hours, now priced at $0.68, with a circulating market value of $600 million. GOAT has started to recover after experiencing a decline at the beginning of the month. As a leading token in the AI+meme concept, GOAT’s future market is worth looking forward to;
The DOGE, PEOPLE, MASK and other concepts of Musk’s concept surged, and market funds are betting in advance on Trump’s election. As one of Trump’s biggest supporters, Musk announced that he will launch the D.O.G.E (Government Efficiency Department) after Trump’s election, and related concept tokens are being hyped up;
DOGE, as a veteran animal meme leader, has a market cap of over $26 billion and currently ranks 8th in market value;
BILLY, PEPE, WIF, MICHI and other sectors in the Meme sector generally rose. The Meme sector is fully circulated with low market cap, and compared to low circulation and high market value VC coins, Meme coins are more favored by market funds.
Mainstream Coins
BTC broke through a historical high and briefly touched $75,000. The BTC ETF has not resumed positive capital inflows, and the current rise may only be due to the market’s early bet on Trump’s election. A clearer market situation still needs to wait for the Federal Reserve’s interest rate decision on Friday;
ETH rose slightly but has not received significant funding support, and the selling pressure from Grayscale ETHE will take several months to digest;
Altcoins are generally rising, with the meme sector showing overall strength, and the AI sector also showing a collective upward trend.
Macro news: US stocks collectively rose, risk appetite increased on US election day
The three major US stock indices collectively rose by over 1%, with tech stocks including Nvidia and Tesla both experiencing significant gains. The benchmark 10-year Treasury yield is 4.43%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.24%.
Goldman Sachs strategists believe that the likelihood of a bear market in the US stock market within the next 12 months is low, as a strong economy will continue to support the stock market. They estimate that even considering election risks, the probability of the US stock market falling more than 20% (i.e. entering a technical bear market) is only 18%. The Goldman Sachs report points out that as long as economic growth is strong, the stock market should be able to absorb the rise in bond yields. However, Goldman Sachs warns that there may be market volatility after the election.
According to public opinion polls, Trump and Harris are evenly matched in the US presidential election, and there is a high possibility of a controversial outcome. The uncertainty of the election has sparked safe haven demand, and coupled with expectations of a Federal Reserve interest rate cut, gold prices are expected to improve. Spot gold rose nearly 0.5% in the market and broke through $2,750.
