Daily News｜BTC ETFs See Continued Net Inflows, AI Meme Leader GOAT Surpasses $800M Before Retreating

Crypto Daily Digest: BTC ETFs saw inflows of over $400M last Friday, and TIA is set for a significant token unlock.

According to Farside Investor data, US spot Bitcoin ETFs had net inflows of $402M last Friday, including $292M into BlackRock’s IBIT ETF. The US spot Ethereum ETF saw a small net inflow of $19.2M last Friday, entirely offset by outflows from Grayscale’s ETHE.

Data: Solana Network TVL Grew Nearly 20% Last Week, Reaching Its Highest Since January 2022
According to DefiLlama, Solana’s network TVL rose to $7.403B, a weekly increase of 19.92%, possibly benefiting from the recent meme coin craze, marking the highest level since January 2022.

This Week, TIA, OP, SUI, IMX Tokens Are Set for Major Unlocks
Per Tokenomist.ai, TIA, OP, SUI, and IMX tokens will see substantial unlocks this week. Highlights include:

-TIA will unlock around 176M tokens on October 30 at 20:00, representing 80.13% of the current circulating supply, worth approximately $900M.
-OP will unlock about 31.34M tokens on October 31 at 8:00, representing 2.5% of circulating supply, worth approximately $50.15M.
-SUI will unlock about 64.2M tokens on November 1 at 8:00, representing 2.32% of circulating supply, worth about $112M.
-IMX will unlock around 32.47M tokens on November 1 at 8:00, representing 1.98% of circulating supply, worth roughly $43.52M.

Analysis: US Presidential Election Could Trigger Major Market Volatility; Investors Urged to Focus on Long-Term Strategy
Morgan Stanley analysts Monica Guerra and Daniel Kohen examined the potential impact of the 2024 US Presidential election on the market. They noted mixed economic signals and increasing investor uncertainty, with fluctuations in consumer sentiment and persistent high prices shaping voter opinions, while traditional market indicators offer no clear forecast of election outcomes.

Despite these factors, Guerra and Kohen believe: “While political outcomes and subsequent policy changes may impact company profitability, business and economic cycles may be more closely tied to market performance.” They advise investors to focus on long-term strategies rather than reacting to election-driven market changes.

Analysts warn that a delayed election result could increase volatility, noting, “A delay in election results introduces a period of uncertainty and speculation, historically leading to increased short-term market volatility.” Due to close polling in key swing states and uncertain mail-in ballot counting times, final results could take days or even weeks, potentially causing significant market turbulence.

Looking ahead, Guerra and Kohen explain: “As campaign activity intensifies, proposals escalate, and the battle for swing state voters heats up, we expect a contentious final sprint to Election Day. An unexpected political event or revelation, an ‘October surprise,’ could have a slight impact on the election, while mail-in voting and phased vote counting, combined with the intense competition, could leave election results unresolved for a time and increase market volatility.”

Market Analysis: NEIROETH Surges, GOAT Retreats After Surpassing $800M

Market Highlights
-NEIROETH surged over 50%, reaching a market cap of $100M. Its token NEIROCTO rose 7% in the past 24 hours, with a market cap of $670M.

-SOL rebounded above $175 after falling to $160 on Friday, driving up tokens on the Solana chain. CHAT surged over 80% intraday, narrowing to around 40% gains. CHAT is a social protocol on the Solana chain, allowing text, voice, and video communication on-chain.

-The US election meme coin MAGA rose over 15% intraday, significantly influenced by news of Trump’s increased winning odds. In August, MAGA’s team faced internal conflict, with the founder stepping down, leaving the CTO in charge of the community.

Market Trends
-BTC is consolidating above $67,500, with over $400M in ETF inflows last Friday, maintaining positive capital inflows.

-ETH is consolidating below $2,500 with minimal fluctuations, and Grayscale’s ETHE selling pressure will take several months to resolve.

-Altcoins are generally declining, with the on-chain meme coin GOAT briefly surpassing an $800M market cap, though these are isolated spikes, and market sentiment remains relatively subdued.

Macro Economy: US Stock Market Was Mixed Last Week, Focus on Tech Giants’ Earnings and Jobs Report

Last Friday, the three major US stock indices showed mixed trends, with the S&P 500 falling by 0.03% to 5808.12 points, the Dow Jones falling by 0.61% to 42114.40 points, and the Nasdaq rising by 0.56% to 18518.61 points. Over the past week, the Dow fell 2.68%, the Nasdaq rose 0.16%, and the S&P 500 fell 0.96%. Additionally, the 10-year US Treasury yield stands at 4.25%, with the 2-year yield at 4.11%, the latter being more sensitive to Federal Reserve policy rates.

The Federal Reserve’s “Beige Book” report last week indicated that, since early September, the overall US economic situation has remained mostly unchanged, with economic activity showing signs of weakness in most regions.

The US stock market is currently in the Q3 earnings reporting season. So far, 181 earnings reports have been released. It is expected that US corporate earnings for Q3 2024 will grow by 1.1% quarter-on-quarter and by 12.9% compared to Q3 2023. US corporate earnings for 2024 are expected to grow by 9.8% over 2023. This week, 94 companies will release earnings reports, including major tech giants such as Apple, Google, Microsoft, Amazon, and ADM.

This week’s US economic data release schedule is as follows: On Tuesday (Eastern Time), the US September goods trade balance, October Conference Board Consumer Confidence Index, and September JOLTS report will be released. On Wednesday, the US October ADP employment report and Q3 GDP data will be released. On Thursday, weekly initial jobless claims data will be released, and on Friday, the October non-farm payrolls report will be released.