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Daily Details

CoinEx Daily:Bitcoin's Rise Post-Trump Speech, Ethereum’s Struggles, and Meme Token Trends

  • BTC +2.09%
  • FIGHTETH -14.46%
  • W +3.67%
  • TREMP -26.59%
  • NEIRO -6.14%
Published on 2024-07-28

Overview

Over the weekend, presidential candidate Donald Trump proposed adding Bitcoin to the national reserve at the Bitcoin Conference in Nashville, boosting its price to $69,400. Bitcoin ETFs had a net inflow of $535 million last week, while Ethereum ETFs saw a $341 million outflow, putting pressure on its price. The NEIRO meme token has been trending over the weekend, while Trump-themed tokens have shown weak performance following Trump's comments on crypto.

Daily Macro

Bitcoin Market Presidential candidate Donald Trump delivered a keynote speech at the Bitcoin Conference in Nashville over the weekend. One of the key takeaways was his intention to add Bitcoin to the country's strategic reserve. Bitcoin's price has been strong, increasing from approximately $65,000 to its current level of $69,400 since the conference.

Bitcoin ETF The total net inflow for Bitcoin ETFs last week was $535 million, down from $1.2 billion the previous week. For July, the net inflow amounted to $3 billion, up from $666 million in June. This substantial net inflow has provided robust support for Bitcoin's price throughout the month.

Ethereum ETF The total net outflow for Ethereum ETFs last week was $341 million. Grayscale's ETHE averaged over $300 million in outflows per day. If this trend continues, outflow pressure from ETHE could persist for approximately one month. Consequently, Ethereum's price is under significant pressure, struggling to stand at the $3,300 level.


Daily Focus

NEIRO

Reason for Focus:  The original owner of DOGE adopted a dog named NEIRO, spurring a surge in related meme activity.

Performance of Related Tokens:

$NEIRO: The price dropped by approximately 15% in the past 24 hours; On DEX, NEIRO saw $380 million in trading volume over the past 24 hours, reflecting a 30% decrease and indicating fluctuating interest.

Market Outlook: The emergence of multiple tokens with the same name has been noted. Numerous key opinion leaders (KOLs) are endorsing various tokens. The DOGE original owner has expressed disapproval of NEIRO's legitimacy, contributing to its price volatility. Investors are advised to exercise caution regarding token addresses and expected price fluctuations. We anticipate capital will flow towards tokens with broader market consensus.


Trump-Themed Tokens

Reason for Focus:  Following Trump's keynote speech at the Bitcoin conference, market participants anticipated movements in related tokens.

Performance of Related Tokens (last 24H):

  • TRUMP: +0.80%
  • MAGA: -23.03%
  • TREMP: -11.16%
  • FIGHTETH: -29.85%
  • FIGHT: -20.45%
  • DMAGA: -10.40%

Market Outlook: Tokens themed around Trump are expected to remain volatile whenever he speaks about Bitcoin or participates in crypto events. Additional Trump-themed tokens may emerge following his recent speech. Capital is likely to flow into tokens with the strongest market consensus.

Next Focus - Significant Events & Token Unlocks

$JUP: Jupiter's proposal to decrease its token supply by 30% will be subject to a vote commencing on August 1.

Upcoming Token Unlocks: Major unlocks are expected this week for $W, $SUI, $OP, $ZETA, $GAL, and $DYDX, which could impact market dynamics.

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