Daily News | BTC ETF's Weekly Inflow Exceeded $3 Billion, Is Bitcoin About to Break Through the $100,000 Mark?
Crypto Daily Digest: BTC ETFs saw a weekly inflow of over $3 billion, SOL ETF expected to be approved by the end of next year
According to Farside Investor data, last Friday’s net inflow from US spot Bitcoin ETFs was $490 million. BlackRock IBIT inflow was $513 million, and Grayscale GBTC outflow was $67.1 million. Last week, the BTC ETFs saw a weekly inflow of over $3 billion, setting a historical record.
Last Friday, the US Ethereum spot ETFs received $91.3 million in inflows. BlackRock’s ETHA inflow was $99.7 million, and Grayscale ETHE outflow was $18.6 million.
The ETF Store President: Solana ETFs are expected to be approved by the end of next year at the latest
Nate Geraci, President of The ETF Store, said: “I believe there is a high possibility that the Solana ETF will be approved by the end of next year at the latest, and the SEC may currently be in contact with the issuer regarding the product, which is clearly a positive signal.”
Given that industry leaders such as Bitwise have already submitted applications, Alexander Blume, CEO of Two Prime Digital Assets, also agrees.
“If they don’t have a good feeling of success, they won’t waste time and money doing this,” Blume said. The success and precedent of spot Bitcoin and spot Ethereum ETFs, coupled with a more cryptocurrency-friendly management and regulatory environment, will lead to the launch of SOL ETF within the next year.
Blume said, “Both institutional investors and retail investors can obtain cryptocurrencies through regulated traditional financial channels such as banks and exchanges, and through ETFs, which opens up previously non-existent pools of funds. It’s like replacing a swimming pool hose with a fire hose, which means potential momentum and speculative trading may have a greater impact.”
CryptoQuant CEO: The Bitcoin market has not formed a foam, and the target price can reach $141,000
Ki Young Ju, CEO of CryptoQuant, stated in a document issued in X that the Bitcoin market has not yet entered the foam stage. From the perspective of the realized cap, the growth rate of market value is not significant compared to the cumulative inflow of on-chain funds. Based on the steady upward trend of the current market value, there is still room for the Bitcoin price to rise, with a target price of $141,000.
Ki Young Ju explained that achieving market capitalization measures the size of market capital inflows by calculating the total value of all bitcoins at the last on-chain transfer. Historical data shows that during bull markets, market value often exceeds realized market value and reaches its peak when retail investors enter the market; During a bear market, the market value may fall below the realized market value.
This week’s unlocking data list: SUI, OP, 1INCH, and other tokens will receive large unlocking amounts
According to data from Tokenomist.ai, tokens such as SUI, OP, and 1INCH will experience significant unlocking this week, including:
Immutable (IMX) will unlock approximately 24.52 million tokens at 8:00 am Beijing time on November 29, with a ratio of 1.47% to the current flow and a value of approximately $42.17 million;
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 am Beijing time on November 30, with a ratio of 2.5% to the current flow and a value of approximately $68.32 million;
1inch (1INCH) will unlock approximately 98.74 million tokens at 20:00 Beijing time on November 30, with a ratio of 7.72% to the current flow and a value of approximately $38.86 million;
Sui (SUI) will unlock approximately 64.19 million tokens at 8:00 am Beijing time on December 1, with a ratio of 2.26% to the current flow and a value of approximately $216 million.
Market Trends: Metaverse SAND and MANA surged, while new coins such as PNUT and ACT led the decline
Market Hotspots
Well-established coins such as XRP and ELF have seen a significant increase, and the rise in token prices during a bull market has little to do with the fundamentals of the project. The rise of old coins is caused by the overflow of market funds from new coins and the frenzy of market sentiment;
The metaverse concept protocols SAND, MANA, and others have surged, but SAND and MANA have still fallen by 90% compared to the high point of the previous bull market; The concept of metaverse was hyped up in the previous bull market, and SAND and MANA also briefly gained tens of times more gains in the previous bull market. However, after three years of market testing, the market is not buying the concept of metaverse;
Trending on-chain cryptocurrencies, such as RIF and URO, surged. RIF and URO are leading tokens in life sciences, with a current market cap of just over $100 million, which aligns with the hot topic of market speculation. Their relatively small market cap is suitable for speculation, and the concept of life sciences may become one of the more novel narratives in this round of market trends.
Mainstream Coins
BTC is trading sideways at a high level, with BTC ETF inflows exceeding $3 billion in a single week last week, setting a new historical high since the ETF went public. Although $100,000 has become a significant psychological barrier for BTC, the future of BTC remains positive and optimistic;
ETH hit the $3,500 mark last week and has now slightly fallen to around $3,350. The ETH ETFs saw over $90 million in inflows in the past five days;
The rise and fall of Altcoins vary, with early strong new coins such as PNUT and ACT leading the decline, but well-established coins attracted market attention with significant gains.
Macro news: The three major US stock indices collectively rose, and expectations of the Fed not cutting interest rates have increased
The three major US stock indices collectively closed higher, with the S&P 500 index rising 0.35% to 5,969.34 points; The Dow Jones Industrial Average rose 0.97% to 44,296.51 points; The Nasdaq index rose 0.16% to 19,003.65 points. Last week, the Dow Jones Index rose 1.96% in a week, the Nasdaq Index rose 1.73% in a week, and the S&P 500 Index rose 1.68% in a week. The benchmark 10-year Treasury yield is 4.41%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.37%.
On Wednesday, November 27 (Beijing time), the Federal Reserve will release the minutes of its November monetary policy meeting, which have attracted market attention regarding inflation data, policy stance, economic outlook, and other related topics. In addition, the inflation indicator that the Federal Reserve is most concerned about, the October Personal Consumption Expenditures (PCE) price index, will also be released on the same day.
Analysts generally believe that the upward risk of future interest rates is greater than the downward risk. In Trump’s policy framework, whether it is incremental stimulus from tax cuts and increased investment, or supply disruptions from tariffs and immigration, they will all create upward disturbances to interest rates. The market’s expectation that the Federal Reserve will not cut interest rates in December continues to rise. According to CME’s FedWatch tool, the market expects a 47.3% probability of suspending interest rate cuts in December, compared to 38.1% last week.
