Rhythm Evening News｜A list of important information in the crypto industry on August 12

Matrixport: New OTC funds enter the market, or pre-positioning the Fed's interest rate cuts

BlockBeats news, on August 12, Matrixport released the latest view that after the plunge last Monday, the price of Bitcoin rebounded. Although Bitcoin spot ETF funds are still flowing out, some people took the opportunity to buy on dips, as can be seen from the rebound of the 30-day minting ratio (black).

This shows that new fiat money has flowed into the crypto market, and investors are taking advantage of low prices, or pre-positioning for the expected interest rate cut by the Federal Reserve in September.

"Trump Twitter" concept MEME coins generally rose, TrumpX rose more than 13 times in 2 hours

BlockBeats news, on August 12, affected by the news of Trump’s return to Twitter, "Trump Twitter" concept MEME coins generally rose, including:

New MEME coins:

· TrumpX on Ethereum rose more than 13 times in 2 hours, temporarily reported at 0.0₄24589 US dollars;

· XTrump on Solana rose more than 14 times in 2 hours, temporarily reported at 0.0₄10134 US dollars.

Old MEME coins:

· MAGA on Ethereum rose more than 50% in 24 hours, temporarily reported at 0.0₄8494 US dollars.

This week's unlocking data: 8 projects ushered in a one-time large-scale unlocking of tokens, with a total amount of more than 200 million US dollars

BlockBeats news, on August 12, according to Token Unlocks data, 8 projects will usher in a one-time large-scale unlocking of tokens this week, with a total amount of more than 200 million US dollars. Among them:

Aptos (APT): unlocked about 11.31 million tokens at 8 am on August 12, accounting for 2.40% of the current circulation, worth about 65 million US dollars;

The Sandbox (SAND): About 205.6 million tokens will be unlocked at 4 pm on August 14, accounting for 9% of the circulation, worth about 54.5 million US dollars;

Arbitrum (ARB): About 92.65 million tokens will be unlocked at 9 pm on August 16, accounting for 2.77% of the circulation, worth about 53.4 million US dollars;

Starknet (STRK): About 64 million tokens will be unlocked at 8 am on August 15, accounting for 3.95% of the circulation, worth about 24.5 million US dollars;

ApeCoin (APE): About 15.6 million tokens will be unlocked at 8 am on August 17, accounting for 2.31% of the circulation, worth about 9.6 million US dollars. 1.99 million tokens will be unlocked at 8 pm on August 14, accounting for 8.54% of the circulation, worth about 6 million US dollars; 2. Ethena (ENA): About 14.89 million tokens will be unlocked at 3 pm on August 18, accounting for 0.82% of the circulation, worth about 4.6 million US dollars; 3. Render (RENDER): About 760,000 tokens will be unlocked at 8 am on August 15, accounting for 0.19% of the circulation, worth about 3.7 million US dollars.

Greeks.live: Market sentiment turns optimistic, and expectations of rate cuts drive the rebound to continue

BlockBeats news, on August 12, Greeks.live macro researcher Adam posted on social media that after a week of adjustment, the market has come out of the blow of the Bank of Japan's interest rate hike. The recent dovish remarks of the Bank of Japan have also given the market confidence. Although there are constant negative news in the market, the market sentiment is relatively optimistic this week. This week's macro focus has returned to the US economic data. The probability of a rate cut in September continues to rise, which also gives the market some confidence. If this week's data gives the market confidence in a rate cut, the rebound will continue.

After a week of panic, market confidence has recovered by more than half, so the IV of each major term has fallen compared with last week. At present, IV is relatively high, and there is still obvious downward pressure this week. The cryptocurrency market has maintained a wide range of fluctuations since March, with ETH being relatively sluggish and the exchange rate falling sharply. Choosing the right IV at the right time to buy short-term call options and constructing an inverse calendar spread is also a good choice.

In the crypto interest rate market, Bitfinex interest rate market occasionally has good interest rate orders. When encountering suitable interest rate orders, you can actively trade, especially when there is a market, it is worth paying special attention.

Former Bank of Japan officials ruled out the possibility of another interest rate hike this year

BlockBeats news, on August 12, according to CoinDesk, former Bank of Japan (BOJ) board member Hashimoto Masato said, "The Bank of Japan will postpone the interest rate hike until next year, which brings hope to risky assets. At least until the end of this year, the central bank will not raise interest rates again. March next year is the next possible time to raise interest rates, but this is still an unknown."

On July 31, the Bank of Japan (BOJ) raised the benchmark interest rate from around 0% to about 0.25%, the first interest rate hike in more than 10 years. Since then, the Bank of Japan has also hinted that further rate hikes may be possible. This monetary policy shift has dragged down mainstream risk assets, with Bitcoin plummeting from about $65,000 to $50,000 in less than seven days. Hashimoto said that the BOJ is shifting from excessive easing to appropriate easing, and the biggest problem is that the new central bank governor Akira Uesugi has failed to clearly express his intention to continue the easing policy.

Former U.S. Treasury Secretary: No need for an emergency rate cut, but a 50 basis point rate cut in September may be appropriate

BlockBeats news, on August 12, former U.S. Treasury Secretary Summers warned that any president's influence on U.S. monetary policy making will ultimately harm the economy. He pointed out that government officials "always want to print more money and lower interest rates-step on the accelerator to boost the economy." This pressure has raised expectations of inflation and pushed up long-term interest rates. He believes that such actions by government officials will only "increase inflation without substantial growth in output."

As for the Fed's current policy decisions, Summers said that any emergency rate cuts are unnecessary based on current facts. "An emergency response would be hasty, panic, overheated, and counterproductive." However, he also believes that at the September policy meeting, "a 50 basis point rate cut may be appropriate." Powell previously stated at a press conference after the July interest rate decision that a large rate cut "is not something we are considering at this time." (Jinshi)

Pump.fun issued 11,796 Meme tokens in the past 24 hours, and only 157 were finally launched on Raydium

BlockBeats news, on August 12, according to Dune panel data, Pump.fun issued 11,796 Meme tokens in the past 24 hours, and only 157 were finally launched on Raydium, accounting for only 1.33%. Up to now, Pump.fun has issued a total of 1,210,635 Meme tokens.

Bitcoin indicators show that it may have "bottomed out locally"

BlockBeats news, on August 12, according to Cointelegraph, Bitcoin sent a third "local bottoming" signal in 2024. The latest research released by the on-chain analysis platform CryptoQuant on August 8 showed that the network value and transaction golden cross (NVT-GC) tool showed a bullish trend. Bitcoin prices are "overcooled".

This week, Bitcoin faced warnings of another price drop as the moving average showed a so-called "death cross". However, other market indicators called for a continued rebound.

One of them is NVT-GC, which CryptoQuant describes as a volatility indicator similar to the Bollinger Bands. NVT compares Bitcoin's market value to its transaction value within a specific time frame, while the golden cross version compares long-term and short-term NVT values. The result is a rough guide to local market tops and bottoms, and in 2024, three such bottom signals have been produced.

Bitcoin miners' income hit a new low for the year yesterday, at only $2.54 million

BlockBeats reported that on August 12, Bitcoin miners' income (mainly through block rewards and transaction fees) continued to decline for two weeks and hit a new low for the year on August 11.

Yesterday, the daily income of the Bitcoin mining community fell to $2.54 million, a figure last seen in October 2023.

After the Bitcoin halving event on April 20, mining rewards will drop from 6.25 BTC to 3.125 BTC, and revenue will drop significantly. As expected, the daily revenue of Bitcoin mining fell below $3 million for the first time in May. In contrast, the mining community earned about $6 million per day in the first four months of 2024.

The main reasons for the decline in revenue include the ongoing bear market, the decline in Bitcoin market prices, the increase in network difficulty, and the resulting liquidations.

The Ethereum network burned 210 ETH on August 10, a new low for the year

BlockBeats news, on August 12, according to TheBlock, the daily ETH burning on the Ethereum network has dropped to the lowest level this year. Base fees are currently fluctuating between 1 and 2 gwei, one of the lowest levels observed in recent years. Only 210 ETH were burned on Saturday, a new low for the year, but net ETH issuance on that day exceeded 2,000, and Ethereum is showing inflationary trends.

In comparison, the burn reached 5,000 ETH on August 5, when gas fees were around 100 gwei. Gnosis founder Martin Köppelmann pointed out that base fees are at a multi-year low of around 0.8 GWEI, while 23.9 GWEI are needed to offset staking rewards.