CoinEx Daily: Bitcoin Spikes to $61,800 Briefly; U.S. Government Transfers 10,000 BTC

Overview

Bitcoin’s price briefly surged to $61,800 after the U.S. released July’s unadjusted CPI year-over-year data, then quickly pulled back, now trading at $58,000. The U.S. government transferred 10,000 Silk Road-related seized Bitcoins to Coinbase Prime.

Daily Macro

Bitcoin Market Bitcoin’s price dropped after the spike; Ethereum briefly touched $2,780 before pulling back, while SOL briefly surpassed $150. The market is currently consolidating.

Bitcoin ETF On August 15, preliminary reports show a net outflow of $81 million from U.S. Bitcoin spot ETFs yesterday.

Ethereum ETF On August 15, preliminary reports show a net inflow of $10.8 million into U.S. Ethereum spot ETFs yesterday.

Macroeconomic Data Yesterday, the U.S. released the critical July unadjusted CPI year-over-year data, coming in at 2.9%, lower than the previous value of 3% and the forecasted 3%. Following the CPI data release, market volatility increased, with the crypto market initially rising before pulling back. The U.S. dollar index (DXY) fluctuated by more than 20 points and is currently quoted at 102.65.

Daily Focus

U.S. Government

Reason for Focus:  On Wednesday, the U.S. government transferred 10,000 Silk Road-related seized Bitcoins to the institutional platform Coinbase Prime. The last confirmed sale of Silk Road assets was in March 2023, when 9,861 tokens were sold for $216 million. The U.S. government had outlined a plan in documents to sell the remaining assets in four batches over the year, but no further contracts for sales have been announced since.

Market Outlook: Depositing assets into an exchange usually indicates an intention to sell, but in this case, the transfer might have been for custody purposes. Last month, the U.S. Marshals Service, an agency under the Department of Justice, announced a partnership with Coinbase Prime to “safeguard and trade” large digital assets. Wallets associated with the U.S. government currently hold $12 billion worth of BTC and a small amount of other seized cryptocurrencies.

Next Focus

DOGS

Reasons for Focus:The TON ecosystem project DOGS token is about to launch, with its community channel subscribers nearing 12 million and platform registered users reaching 50 million.

How to Participate:Users can join the DOGS Telegram group. After joining, activate the DOGS BOT and follow the instructions. Verify Telegram account usage time: DOGS rewards tokens based on the duration of Telegram account usage. The longer the usage time, the more tokens are earned. Perform tasks and invite friends: Users can earn more DOGS tokens by inviting friends to join, using Telegram Premium, and logging in daily.