Preface:
Bitcoin and Ethereum have dropped by 2.97% and 0.88% respectively in the past 24 hours, with the ETH/BTC rate holding at 0.05. The Crypto Fear & Greed Index is at 29, indicating fear.

Market Trending

On Wednesday, U.S. inflation data came in mild, with July’s Consumer Price Index (CPI) slightly below expectations, following the earlier-released Producer Price Index (PPI) for July, which also came in lower than expected. Both pieces of data were favorable for the market but were not enough to counteract the downward momentum seen yesterday. After the CPI data was released, Bitcoin retreated from a short-term high of around $61,700, following the Nasdaq index lower. It is currently fluctuating around $58,000, with the daily decline significantly expanding, indicating that the phase of market rebound is facing pressure.
Amid easing inflationary pressures, weak employment data for July has led economists to predict that the Federal Reserve will begin a series of rate cuts starting next month. According to CME’s “FedWatch” data, there is a 50.5% probability of a 25 basis point rate cut by the Fed in September, and a 49.5% probability of a 50 basis point rate cut.

Spot Bitcoin ETF Flows

Yesterday, U.S. spot Bitcoin ETFs saw a net outflow of $81 million, with GBTC recording a net outflow of $56.9 million, FBTC seeing a net outflow of $18 million, ARKB a net outflow of $6.8 million, and BITB a net outflow of $5.8 million.
Yesterday, Bitcoin’s price rose to a high of $618,100 before the CPI data was released, absorbing the positive impact of the CPI data in advance. After the data was released, it followed the Nasdaq index downward and fell further later in the day due to the movement of BTC by U.S. government addresses. It is currently fluctuating around the $58,000 level.
On the other hand, Ethereum spot ETFs saw their first weekly positive inflow, with a net inflow of 31,500 ETH, equivalent to $75.07 million last week. This round of inflows was primarily driven by Blackrock, which accumulated ETH worth $168.55 million.

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Daily Spotlight

Today’s hot project is ATH, with a 24h increase of 19.7%. Aethir (ATH), founded in 2021, is a distributed GPU computing solution designed for web3 products, offering cloud infrastructure that enables businesses to leverage powerful graphics processing units to run games, AI models, and various other applications. ATH’s price began to surge after Aethir announced a new claiming window for node holders and revealed details of future rewards. Aethir has opened a new claiming window for node holders who failed to connect to the user portal before the deadline. Holders can now claim their community reward bonuses within 15 days. To qualify for future rewards, including eligibility to receive $30 million in bonuses over the next 23 weeks, checker nodes and staking wallets must be connected to the Aethir user portal. Staking in the ATH-AI pool also qualifies holders for additional rewards in upcoming seasons.

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The Word on the Street

Circle CEO: Harris’s Campaign Team Actively Engaging with the Crypto Industry. On August 15, CryptoSlate reported that Circle CEO Jeremy Allaire said in an interview with CNBC that Harris’s presidential campaign team is actively engaging with the crypto industry, hoping to gain a better understanding of the participants, industry, and policy issues in preparation for the 2024 U.S. election.
According to data from the prediction market platform Polymarket, as of mid-August, Harris is leading Trump in several key battleground states and has an 8-point lead nationwide. It is expected that the two candidates will discuss their economic policies, including their stance on digital assets, during the television debate on September 10.

Airdrop Tracking

The cross-chain protocol deBridge’s airdrop checker is now live. Users can check their DBR token allocation on the deBridge Foundation website. The top 10% of users will receive 50% of the tokens, while all other users will receive 100% of their tokens at launch. A total of 491,000 users are eligible to claim the airdrop.