Daily News | New Coin BERA Fell After Reaching $15, LTC May Be Approved As A Spot ETF

Crypto Daily Digest: Large amounts of funds flowed into the market this week, and LTC may be approved as a spot ETF

According to Farside Investors data, yesterday, the U.S. Bitcoin spot ETF had a net outflow of $140 million, of which Fidelity FBTC had an outflow of $103 million and BlackRock IBIT had no inflows or outflows; the U.S. Ethereum spot ETF had no inflows or outflows.

Data: 2.72 billion USDT flowed into trading platforms this week, the largest net inflow since June 2022

IntoTheBlock published a statement saying that 2.72 billion USDT flowed into the trading platform this week, the largest net inflow since June 2022. The surge in USDT inflows appears to coincide with the massive liquidations caused by the market decline this week, which may prompt traders to transfer stablecoins to trading platforms to increase collateral and protect leveraged positions.

Opinion: PoliFi may become the killer application of the crypto industry

Ki Young Ju, CEO of CryptoQuant, said in a post on X platform, “PoliFi may become a killer application in the crypto industry. A strong crypto asset can attract capital and talent through an engaging narrative and form a self-constructed Internet organization. The influence of a narrative depends on the following three points: it can resonate with most people; it has extreme and provocative themes; it can arouse heated debate. Politics meets these three criteria. It is widely relevant, highly controversial, and inherently polarizing.

Political parties should issue their own tokens. Members could invest in these tokens to reinforce a sense of belonging, while the free market would quantify public sentiment. With their natural narrative strength, these communities would be self-sustaining and highly active. Imagine the US Republican and Democratic parties launching official PoliFi tokens, with ETFs tracking tokens backed by politicians. The Trump Coin could be just the beginning.”

Bloomberg analyst: Still convinced that Litecoin will be the next digital currency to be approved by the SEC as a spot ETF

Bloomberg analyst James Seyffart wrote on the X platform that he still holds the previous view that Litecoin will be the next digital currency to be approved by the SEC for a spot ETF. Previously, the US SEC solicited public opinions on the proposal to convert the Grayscale Litecoin Trust into an exchange-traded product. In a filing Thursday, the SEC accepted the application from NYSE Arca on behalf of Grayscale and asked for comments to be submitted within 21 days of publication in the Federal Register. The agency could decide to approve, deny or “initiate proceedings.”

Market Trends: TST surged 100 times in one day, while BERA fell back after hitting $15

Market Hotspots

The meme coin TST on the BNB chain surged 100 times in a day and then fell sharply, with a roller coaster price trend; CZ announced the contract address of the token on his X account with millions of followers, which was welcomed by the community. The market cap of TST once exceeded $50 million, but as of the time of writing, the market cap of TST has fallen back to around $12 million;

The new coin BERA was launched on the Gate.io platform last night, reaching a high of $15.2, and has now fallen back to around $8; BERA’s current circulating market cap is $880 million, ranking 77th in the entire market; BERA’s current full circulating market cap is $4 billion, and Berachain’s last round of financing valuation was $1.5 billion.

Market Hotspots

BTC is in the range of $95,500-$98,000. The AHR999 index shows that the current price is basically close to the fixed investment range, which is the relative bottom of the long-term market;

ETH fluctuated and fell, and the ETH/BTC exchange rate continued to decline. There were market rumors that a well-known institution had its ETH liquidated this week, and the ETH market needs time to recover;

Altcoins generally fell, and the market lacked hot narratives.

Macro News: The three major U.S. stock indexes rose and fell, and the Federal Reserve is likely to cut interest rates in June

The three major U.S. stock indexes rose and fell, with the S&P 500 up 0.36% to 6,083.57 points, the Dow Jones down 0.28% to 44,747.63 points, and the Nasdaq up 0.51% to 19,791.99 points. The benchmark 10-year Treasury yield was 4.45%, and the 2-year Treasury yield, which is most sensitive to the Fed’s policy rate, was 4.21%.

The market focused on corporate earnings, while investors were awaiting Friday’s non-farm payrolls report, a key indicator of job market conditions and the direction of the Federal Reserve’s interest rates. Traders do not expect the Fed to cut rates at its next meeting in March, and the market generally expects the Fed to cut rates in June, according to CME’s RateWatch tool.