Overview

Bitcoin showed resilience by rebounding from a dip to $62,400 back to the $65,000 level, currently oscillating between $64,000 and $66,000. The U.S. 10-year Treasury yield dropped below 4% following hints of a September rate cut by Fed Chair Jerome Powell, and the Bank of England cut interest rates for the first time in over four years. Our daily focus highlights Makenow.meme, a new platform allowing users to launch meme coins directly from tweets, which has already seen over 3,800 tokens created in two days.

Daily Macro

Bitcoin Market Bitcoin briefly dipped to $62,400 but quickly rebounded to the $65,000 level. It is currently oscillating between $64,000 and $66,000.

Bitcoin ETF On July 31, initial reports of a net outflow of $20.7 million were revised to reflect a net inflow of $3 million. According to the latest data, yesterday witnessed a net inflow of $24.7 million.

Ethereum ETF For July 31, the initially reported net outflow of $82.2 million was corrected to $77.2 million. Latest data indicates that yesterday saw a net outflow of $62.9 million. Grayscale's ETHE outflow slowed to $78 million.

Macroeconomic Data The U.S. 10-year Treasury yield fell below 4% for the first time since February after Federal Reserve Chair Jerome Powell hinted at a potential rate cut in September following the Fed’s July meeting. Simultaneously, the Bank of England reduced interest rates for the first time in over four years, lowering the rate from 5.25% to 5%.

Daily Focus

Makenow.meme

Reason for Focus: Makenow.meme is a new meme token launching platform similar to the current leader, Pump.fun. However, it distinguishes itself by allowing users to launch a meme coin directly from a tweet on X. Within two days of its launch, over 3,800 tokens have been created.

Market Outlook: Recently, meme token launching platforms have gained significant traction. Pump.fun, the current leader, has facilitated the creation of over 1.5 million meme tokens, generating 510,000 SOL in revenue. Given these metrics, it is not surprising to see more platforms emerging in this space. With approximately over 15,000 new tokens being created daily, the player versus player (PVP) market is becoming increasingly competitive. Forming market consensus for meme tokens is increasingly challenging, so investors should be cautious about the associated risks and volatility.

Next Focus

gmAI

Reasons for Focus: gmAI has launched their mini app on Telegram, which has grown to over 1 million users in less than 24 hours. gmAI equips developers with powerful APIs and SDKs to seamlessly integrate AI capabilities into their dApps. The token $GM is scheduled to launch on August 14, 2024.

How to Participate: Users can explore the gmAI Ecosystem and earn rewards on the gm mini app on Telegram. As the token is not yet live, please refer to official announcements for upcoming listing and trading information.

CoinEx Daily：Bitcoin Rebounds from a dip; New Meme Token Launching Platform Makenow.meme Emerges