Market Analysis | ForkLog

ForkLog 7 09.09.2024

Crypto Fund Outflows Reach Second Highest Level This Year

From September 1 to 7, withdrawals from cryptocurrency investment funds totaled $726 million, up from $305 million the previous week, according to CoinShares. Data: CoinShares. Analysts attributed the continued negative trend to macroeconomic data in the United States, which increased the likelihood of a 25 basis point rate cut by the Fed. By the end […]

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ForkLog 11 09.09.2024

Bitcoin ETFs Witness $1.2 Billion Outflow Over Eight Days

From August 28 to September 6, spot Bitcoin ETFs experienced an outflow of $1.2 billion, according to Bloomberg. Source: Bloomberg. The agency noted that this marks the longest streak of daily fund withdrawals from exchange-traded funds since their listing in January. The catalyst was a wave of flight from risky assets amid an uncertain macroeconomic […]

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ForkLog 10 09.09.2024

Analyst Predicts Final Corrections Before Bitcoin Bull Run

Bitcoin is poised for “final corrections” before the onset of a two-year bullish cycle, reminiscent of 2019, according to experts. The CPI report will be crucial for the market’s trajectory. During the current rebound, Bitcoin is expected to reach $55,500 before returning to $53,000, which will serve as a launchpad for upward movement, stated analyst […]

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ForkLog 11 06.09.2024

Bitcoin Price Drops to $54,000

On September 6, around 13:00 (Kyiv/Moscow time), the price of the leading cryptocurrency began to decline, plummeting from $56,000 to $54,000—a drop of 3.5%. 15-minute BTC/USDT chart from Binance. Data: TradingView. Bitcoin’s decline dragged other top-10 digital assets by market capitalization into the “red zone.” Ethereum fell to $2270, a 4% decrease over the day. […]

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ForkLog 37 06.09.2024

Rare CryptoPunk Sells for $1.5 Million with a 78% ‘Paper’ Loss

On September 5, CryptoPunk #6915 changed hands for 620 ETH ($1.48 million). This NFT is one of 24 ape-themed CryptoPunks featuring three attributes: a hat, an earring, and an eye patch. According to CryptoPunks data, in March 2024, when the monthly NFT sales volume was around $1.6 billion, offers for #6915 ranged from $5 million […]

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ForkLog 15 06.09.2024

Ethereum Market Depth Declines 20% Following Spot ETF Launch

Since the launch of spot Ethereum ETFs in the US, the average 5% market depth for ETH pairs on domestic centralized exchanges has decreased by 20%, to approximately $14 million, according to CoinDesk, citing CCData. In other words, it has become easier to move the spot price by 5% in either direction, indicating reduced liquidity […]

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ForkLog 11 05.09.2024

New Investors Pose Risk to Bitcoin, Says Glassnode

The average new market participant is experiencing unrealized losses, which could increase selling pressure if the price of digital gold continues to correct, according to a report by Glassnode.

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ForkLog 13 03.09.2024

Arthur Hayes Attributes Bitcoin’s Decline to Liquidity Shortage

The spread between reverse repo operations o/n and the yield on four-week US Treasury bills at ~0.9% limits the liquidity available for purchasing risk assets like Bitcoin, according to former BitMEX CEO Arthur Hayes. My theory on why Fed rate cuts aren’t going to plan. Since JAYPOW annc Sept rate cut at J-Hole, $BTC down […]

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ForkLog 14 02.09.2024

QCP Capital Predicts Continued Market Correction in September

Analysts at QCP Capital have highlighted Ethereum’s significant underperformance compared to Bitcoin in August and warned that the market downturn may persist into September. This was reported by The Block. “Bitcoin ended August with an 8.6% decline. We began the month with the ‘Bank of Japan crash,’ and digital gold failed to rise above $65,000. […]

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ForkLog 11 02.09.2024

Robust Economic Data Triggers Outflow from Crypto Funds

From August 25 to 31, cryptocurrency investment funds experienced an outflow of $305 million, following an inflow of $543 million the previous week, according to CoinShares. Data: CoinShares. Analysts attributed the reversal in dynamics to macroeconomic data from the US, which reduced the likelihood of a 50 basis point rate cut by the Fed. Experts […]

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ForkLog 14 30.08.2024

Bitcoin Retreats to $59,000 Amid ETF Inflow Weakness

Negative trends in BTC-ETF persisted for the third consecutive day. The total exchange balance of bitcoins fell to a new low for the year. Traders remain cautious ahead of U.S. labor market data on September 6. On August 29, net outflows from spot bitcoin ETFs amounted to $71.7 million, according to SoSoValue. This was one […]

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ForkLog 29 30.08.2024

Kaiko Assesses Mt.Gox’s Impact on Cryptocurrency Liquidity

The additional selling pressure from the distribution of the remaining 47,170 BTC ($2.7 billion) held by the Mt.Gox trustee is unlikely to cause liquidity issues for digital assets, according to Kaiko. Analysts noted that waves of liquidations and the sale of coins by clients of bankrupt cryptocurrency companies have accompanied investors at various stages from […]

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