Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.1 trillion, of which BTC accounts for 56.45%, or $1.19 trillion. The market value of stablecoins is $172.6 billion.
This week, the price of BTC fluctuated within a range, with the current price of BTC at $62,533 and the current price of ETH at $2,437. Among the top 200 projects on CoinMarketCap, half rose and half fell, including: BabyDoge rose 46.26% in 7 days, NEIRO rose 57.35% in 7 days, and MEME projects with the theme of the US election rose rapidly, including: TRUMP rose 60.8% in 7 days, and MAGA rose 74.75% in 7 days.
This week, the net inflow of US Bitcoin spot ETF was US$357.7 million, and the net inflow of US Ethereum spot ETF was US$1.9 million.
The "Fear & Greed Index" on October 11 was 32 (lower than last week), and the sentiment this week: 5 days of neutral and 2 days of fear.
Understand now
Review of the week's major events
1. On October 8, the judge approved FTX's bankruptcy plan;
2. Bitget will fully compensate users who are harmed by abnormal fluctuations in BGB, and the compensation will be completed within 72 hours;
3. Musk forwarded Polymarket’s US election prediction data, saying that its accuracy is better than opinion polls;
4. Vitalik sold another 10 billion MOODENGs and transferred 260.16 ETH to the charity Kanro;
5. The U.S. government is suspected of being free to sell the 69,370 bitcoins confiscated from Silk Road;
6. Sui network now has native USDC;
7. Babylon announced that Cap-2 has been completed, with a total of nearly 23,000 BTC pledged;
8. The Trump family’s World Liberty Financial formally proposed to launch on the Aave Ethereum mainnet;
9. Decentralized open source AI platform OpenGradient completed a seed round of financing of US$8.5 million, with participation from a16z CSX and others;
10. On October 10, Animoca Brands announced that it would increase its holdings of PROS tokens through the open market;
11. Fidelity plans to launch the first money market fund traded on the blockchain;
12. Musk changed his Twitter profile picture to a picture with the characters "WE, ROBOT";
13. Uniswap Labs announced the launch of Unichain;
14. BlockTower received 653,000 EIGEN from Wintermute 10 minutes ago, equivalent to US$2.38 million;
15. October 10, OKX Star: will set up a regional headquarters in Dubai, has obtained a Dubai license and met regulatory requirements.
Macroeconomics
1. On October 8, Crypto.com filed a lawsuit with the U.S. Securities and Exchange Commission (SEC) to protect the future of cryptocurrency in the United States;
2. On October 9, cryptocurrency investment company Canary Capital submitted a registration application for a spot XRP exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC), becoming the second company to apply for such a product this month;
3. On October 10, the U.S. Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ) jointly filed a lawsuit against four crypto companies suspected of fraud and market manipulation on October 9, including Gotbit Consulting, ZM Quant Investment, and CLS Global;
4. On October 11, the annual rate of PPI in the United States in September was 1.8%, expected to be 1.6%, and the previous value was 1.7%;
5. On October 12, according to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points by November is 95.6%, and the probability of maintaining the current interest rate is 4.4%. The probability of a cumulative interest rate cut of 50 basis points by December is 84.1%, the probability of a cumulative interest rate cut of 75 basis points is 0%, and the probability of a cumulative interest rate cut of 100 basis points is 0%.
ETF
According to statistics, from October 7 to October 11, the net inflow of US Bitcoin spot ETF was US$357.7 million; as of October 11, GBTC (Grayscale) had a total outflow of US$20.141 billion, currently holding US$13.888 billion, and IBIT (BlackRock) currently holds US$23.362 billion. The total market value of US Bitcoin spot ETF is US$60.511 billion.
US Ethereum spot ETF net inflow: US$1.9 million.
Predicting the future
Upcoming Events
1. London Web3 Week will be held from October 7 to 17. Zebu Live 2024, one of the largest Web3 events in the UK, will be held in London from October 10 to October 11. Topics of interest range from artificial intelligence and blockchain to sustainable development and digital transformation. Guests include Robby Yung, CEO of Animoca Brands Investment, and Sergej Kunz, co-founder of 1inch Network.
2. The 2024 Shanghai Blockchain International Week will be held at various venues in Hongkou, Shanghai from October 11 to 19. On October 17, the "10th Blockchain Global Summit" hosted by Wanxiang Blockchain Lab will be held at Shanghai Innovation and Creative Design Institute (former site of Leshide Institute of Technology, No. 505 East Changzhi Road). The theme of the 10th Blockchain Global Summit will be "Technology for the Future", standing on the shoulders of "giants" to continue the vitality of the industry;
3. Pragma San Francisco will be held at the Contemporary Jewish Museum in San Francisco, USA from October 16 to 17. This event is a one-day face-to-face summit hosted by ETHGlobal, focusing on intimacy and high-quality talks. Immediately afterwards, the Ethereum hackathon event ETHGlobal San Francisco will be held in San Francisco, USA from October 18 to 20;
4. Avalanche Annual Summit LATAM will be held in Buenos Aires, Argentina from October 16 to October 18, where Avalanche will launch an important upgrade of Avalanche - Avalanche 9000. Guests attending the summit include Ava Labs CEO Emin Giin Sirer, Lamina1 CEO and co-founder Rebecca Barkin, Dragonfly general partner Rob Hadick, etc.
Project Progress
1. Blast will launch a 10-week Mobile Big Bang Bootcamp from October 14 to December 20, 2024, and will provide $250,000 in funding support to selected development teams. Blast said, "For companies that have never raised funds before, Blast will invest at a post-investment valuation of $15 million. For companies that have raised or are raising funds, the same terms as the previous round or current financing terms are generally followed;
2. The Eigen Foundation postponed the first reward claim date for Programmatic Incentives v1 by one week to October 15, 2024 to ensure that only eligible non-investor EIGEN stakers and qualified operators can receive programmatic rewards for their activities before transferability (i.e. the period ending before September 30, 2024);
3. The cross-chain interoperability protocol deBridge token DBR and airdrop will be launched on October 17, 2024.
Token Unlock
1. About 13.34 million SuperRare tokens RARE will be unlocked on October 17, worth about 1.51 million US dollars, accounting for 1.33% of the current circulation;
2. ApeCoin token APE will unlock about 15.38 million APE tokens on October 17, worth about 10.83 million US dollars, accounting for 1.54% of the circulation;
3. About 15.5 million ZKJ tokens of Polyhedra Network will be unlocked on October 19, worth about 17.33 million US dollars, accounting for 1.55% of the circulation;
4. About 53.55 million Pixels tokens PIXEL will be unlocked on October 19, worth about US$6.78 million, accounting for 1.07% of the circulation.
