Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.34 trillion, of which BTC accounts for 57.7%, or $1.35 trillion. The market value of stablecoins is $172.8 billion.
This week, the price of BTC fluctuated upward, with the current price of BTC at $68,371 and the current price of ETH at $2,645. Among the top 200 projects on CoinMarketCap, most of them rose and a few fell, including: STORJ rose 67.65% in 7 days, BOME rose 43.75% in 7 days, MEW rose 43.98% in 7 days, and SUI ecological projects performed well: DEEP rose 267.3% in 7 days.
This week, the net inflow of US Bitcoin spot ETF was US$2.133 billion, and the net inflow of US Ethereum spot ETF was US$78.8 million.
The Fear & Greed Index on October 19th was 72 (higher than last week), and this week's sentiment: 2 days of neutrality and 5 days of greed.
Understand now
Review of the week's major events
1. The Ethena community initiated a proposal to include SOL as a collateral asset of USDe;
2. pump.fun’s cumulative revenue exceeds $120 million;
3. Sui Foundation responds to allegations of insiders selling $400 million worth of tokens: There was no preemptive selling or violation of the lock-up plan;
4. Hyperliquid announced the establishment of a foundation and will launch the HYPE token next;
5. On October 16, Polymarket's Trump's chances of winning the election rose to 56.9%, 14.3 percentage points higher than Harris's;
6. Azra Games completed a $42 million Series A financing round led by Pantera Capital;
7. Celestia: DA network Shwap upgrade has been activated on the testnet and is expected to enter the mainnet Beta stage in November;
8. Binance Labs invests in Bitcoin liquidity staking platform Lombard;
9. On October 18, Nvidia rose nearly 4%, setting a new record high;
10. Uniswap is now available on World Chain;
11. On October 17, the USDC transfer volume on the Base network hit a record high, processing more than $17.5 billion in a single day;
12. The Trumps will receive 75% of WLFI’s net income and will not incur any liability;
13. The amount of betting on the US presidential election on the Polymarket platform exceeded US$2 billion.
Macroeconomics
1. On October 13, according to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points by November is 89.5%, and the probability of maintaining the current interest rate unchanged is 10.5%;
2. On October 17, the ECB lowered the deposit facility rate from 3.5% to 3.25%, in line with market expectations. At the same time, the main refinancing rate and marginal lending rate were adjusted from 3.65% and 3.9% to 3.4% and 3.65% respectively;
3. On October 18, according to market news, the U.S. Securities and Exchange Commission (SEC) sued THOR co-founder Matthew Moravec, accusing him of unregistered sales of cryptocurrency securities;
4. On October 18, the U.S. Securities and Exchange Commission (SEC) has formally appealed the XRP ruling made by Judge Analisa Torres;
5. On October 19, the US SEC approved the New York Stock Exchange (NYSE) to conduct options trading based on Bitcoin spot ETFs;
6. On October 19, the US SEC approved the Chicago Board Options Exchange to conduct options trading based on the Bitcoin spot ETF.
ETF
According to statistics, from October 14 to October 18, the net inflow of US Bitcoin spot ETF was: 2.133 billion US dollars; as of October 18, GBTC (Grayscale) had a total outflow of: 20.05 billion US dollars, currently holding 15.154 billion US dollars, and IBIT (BlackRock) currently holds 26.163 billion US dollars. The total market value of US Bitcoin spot ETF is: 67.151 billion US dollars.
US Ethereum spot ETF net inflow: US$78.8 million.
Predicting the future
Upcoming Events
1. Solana Hacker House Hong Kong will be held in Hong Kong from October 24 to October 26. It is a three-day offline event that includes speeches, panel discussions, and workshops from industry thought leaders. Members of the Solana Labs and Solana Foundation team will personally guide participants, and participants will have the opportunity to communicate with the Solana ecosystem team;
2. Cosmoverse 2024, the annual Cosmos conference, will be held in Dubai from October 21 to 22, focusing on the Cosmos ecosystem, interoperability, and more. Every year, the Cosmos community will travel to a new city, including Lisbon in 2021, Medellin in 2022, and Istanbul in 2023. Guests attending the summit include Osmosis co-founder Sunny Aggarwal, Babylon co-founder Fisher Yu, Overclock Labs CEO and co-founder Greg Osuri, etc.;
3. The 13th International Forum on Web3, Cryptocurrency and Mining, Blockchain Life 2024, will be held in Dubai from October 22 to 23 and is expected to attract more than 7,000 participants from 120 countries;
4. The 9th Hong Kong FinTech Week will be held from October 28 to November 1, 2024, with the theme of "Lighting up New Channels for FinTech". This year's Hong Kong FinTech Week has established eight thematic forums on cutting-edge technologies and cross-industry connections, including Global Forum, Artificial Intelligence and Cutting-Edge Technologies, Blockchain and Digital Assets, Payment Technology and Financial Innovation, Insurance Technology, Green FinTech and Social Responsibility, and Wealth and Investment Technology.
Project Progress
1. Moonveil, a Layer2 gaming ecosystem, will conduct a node sale, with the whitelist round to be held on October 22 and the public round to be launched on October 24. Node activation is scheduled for the first quarter of 2025, of which 25% of the tokens will be unlocked after TGE, 70% of the tokens will be unlocked within three years, and the remaining 5% will be allocated to community rewards after TGE;
2. Ethereum metaverse game Decentraland will launch a public beta version of the desktop client on October 22, and is expected to explore VR functions;
3. Scroll tokens will be listed on the exchange at 18:00 on October 22;
4. Moonveil, a Layer2 gaming ecosystem, will conduct node sales, and the public round will be launched on October 24;
5. The migration deadline for Merit Circle’s MC tokens to BEAM is October 26, 2024;
6. The Layer 1 blockchain Vega community passed a proposal to shut down the Vega chain, which is expected to remain operational until at least October 27 to give users time to withdraw their assets.
Important Events
1. A Nigerian judge postponed the trial of Binance compliance chief Tigran Gambaryan to October 25.
Token Unlock
1. Coin98 token C98 will unlock about 16.08 million on October 23, worth about 2.15 million US dollars, accounting for 1.61% of the current circulation;
2. Altlayer token ALT will unlock approximately 195.2 million on October 25, worth approximately $22.24 million, accounting for 1.95% of the current circulation;
3. About 10.42 million NFPrompt tokens NFP will be unlocked on October 27, worth about US$2.35 million, accounting for 1.04% of the current circulation.
