Performance of the Cryptocurrency Market
Currently, the total market capitalization of cryptocurrencies is $2.34 trillion, with BTC accounting for 57.7%, which is $1.35 trillion. The market capitalization of stablecoins is $172.1 billion.
This week, the price of BTC has shown range-bound fluctuations, with the current price of BTC at $67,646 and the current price of ETH at $2,532. Among the top 200 projects on CoinMarketCap, a small number have increased while the majority have decreased, including: SAFE with a 7-day increase of 70.22%, APE with a 7-day increase of 57.33%, and GOAT with a 7-day increase of 88.49%.
This week, the net inflow of the US Bitcoin spot ETF was $998.1 million, and the net outflow of the US Ethereum spot ETF was $24.6 million.
On October 24, according to CME's "Fed Watch" data, the probability of the Fed cutting by 25 basis points in November is 93%, the probability of maintaining the current interest rate is 7%, and the probability of cutting by 50 basis points is 0%.
The "Fear & Greed Index" on October 25 was 72 (the same as last week), and the sentiment this week was "Greed" for 7 days.
Understanding the Present
Review of Major Events This Week
1. Sushi Labs CEO: Announcing a strategic acquisition soon, introducing innovative DeFi primitives;
2. Suilend posted "Save The Date on October 22", hinting that its protocol token may be released soon;
3. ApeChain provides an automatic yield model for stablecoin holders on the chain;
4. Scroll is about to launch Sessions 2 and the Scroll Open program aimed at rewarding ecosystem developers;
5. Scroll's first airdrop will allocate 7% of the total SCR supply, and the claim page is now online;
6. UniSat Wallet now officially supports CAT20;
7. Jupiter's Q3 Active Staking Rewards (ASR) are now open for claiming;
8. On October 22, Moonshot will launch the Solana-based meme coin slop;
9. On October 23, US stock indices opened lower, with Coinbase falling 2.55%;
10. Polymarket will restrict US users and conduct compliance checks on high-stakes players;
11. Sonic Labs: Sonic domain name registration is now open;
12. Eigen Labs: The team has regained access to the EigenLayer X account;
13. Meme PVP fuels another speculative frenzy, with Pump.fun earning nearly 1 million SOL;
14. BlockTower Capital has accumulated 1.39 million EIGEN over the past 13 days, with a temporary unrealized loss of $187,000;
15. ETH/BTC bull James Fickel sold 2000 ETH 7 hours ago, converting them to 76 WBTC;
16. Grass' first airdrop will be launched on October 28 at 21:30;
17. Magic Eden: ME test tokens will be launched on October 29;
18. Arkham: A US government address was hacked, losing $20 million, and the attacker has started to move the assets.
Macroeconomics
1. On October 22, the US SEC approved the listing of multiple Bitcoin ETF options contracts, with a unilateral contract position limit of 25,000 contracts;
2. On October 24, according to CME's "Fed Watch" data, the probability of the Fed cutting by 25 basis points in November is 93%, the probability of maintaining the current interest rate is 7%, and the probability of cutting by 50 basis points is 0%;
3. On October 24, the latest poll shows that Trump is currently leading Harris, with 52% of voters supporting Trump to be elected as the US President.
ETF
According to statistics, during the period from October 21 to October 25, the net inflow of the US Bitcoin spot ETF was $998.1 million; as of October 25, GBTC (Grayscale) has a total outflow of $20.062 billion, and currently holds $14.723 billion, while IBIT (BlackRock) currently holds $26.519 billion. The total market value of the US Bitcoin spot ETF is $66.215 billion.
The net outflow of the US Ethereum spot ETF was $24.6 million.
Envisioning the Future
Event Preview
1. The 9th Hong Kong FinTech Week will be held from October 28 to November 1, 2024, with the theme "Illuminating New Horizons in FinTech". This year's Hong Kong FinTech Week will establish eight thematic forums on frontier technologies and cross-industry connections, including the Global Forum, AI and Frontier Technologies, Blockchain and Digital Assets, Payment Technology and Financial Innovation, InsurTech, Green FinTech and Social Responsibility, Wealth and Investment Technology;
2. Binance will host the Binance Blockchain Week from October 30, 2024 to October 31, 2024 at the Coca-Cola Arena in Dubai. The theme of this year's event is "Momentum", meaning that momentum drives industry development. It will discuss the current state of the industry, the obstacles overcome, and the direction of future development. Guests include Binance Co-Founder He Yi and Binance CEO Richard Teng;
3. TON Gateway is an important annual event of the TON community, organized by TON Society and supported by the TON blockchain. It will be held from November 1 to 2 at the Hyatt Regency Dubai Conference Center.
Project Progress
1. The time lock for the Polygon zkEVM mainnet Beta upgrade has been triggered, and the lock-up period will end on October 28;
2. Divvy.Bet, a candidate project for the third round of the Jupiter LFG, will conduct its TGE on October 29 and release the DVY token economics;
3. The total supply of DVY tokens is 1 billion, of which 40% will be allocated to the community and ecosystem (staking and betting rewards);
4. Stacks will undergo the Nakamoto upgrade around October 29 (Bitcoin block height 867867), introducing Fast Blocks and Bitcoin finality;
5. Viction is expected to undergo a hard fork upgrade on October 29, 2024 at 16:00, after which the total supply of VIC will increase from 100 million to 210 million, to be distributed over the next 16 years. Additionally, 20 million VIC will start circulating on October 29, 2024 to support the launch of its Q4 2024 ecosystem initiatives;
6. OneKey Card will gradually discontinue its service, with phase two (October 31, 2024) where all cards will be automatically deleted by the system, and the card balances will be transferred to the user's OneKey Card wallet account, which can be withdrawn to an exchange account or Web3 address at any time; phase three (January 31, 2025) will see the complete termination of the OneKey Card service;
7. Morph mainnet will officially launch in November this year.
Important Events
1. Former FTX engineering director Nishad Singh will be sentenced on October 30, after previously requesting through his lawyer to avoid imprisonment;
2. Binance's former CEO CZ will participate in his personal capacity in the Binance Blockchain Week to be held in Dubai from October 30 to 31.
3. The U.S. state of Oklahoma has signed a bill to protect the rights of crypto mining and self-custody, which will take effect on November 1. According to the new law, the Oklahoma state government cannot prohibit, restrict or impair the use of cryptocurrencies in purchases and the right to self-custody. In addition, state and local governments cannot levy additional taxes or other fees specifically targeting cryptocurrencies, statutory currency taxes apply, and participating in any type of mining in the state is legal, in order to protect local home crypto mining and mining businesses.
Token Unlocks
1. Approximately 175 million Celestia tokens TIA, worth about $110 million, will be unlocked on October 31, accounting for 16.29% of the current circulating supply;
2. Approximately 32.47 million Immutable tokens IMX, worth about $46.79 million, will be unlocked on November 1, accounting for 1.62% of the current circulating supply;
3. Approximately 8.33 million dYdX tokens ETHDYDX, worth about $8.9 million, will be unlocked on November 1, accounting for 1.13% of the current circulating supply.
About Us
Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing the crypto market with comprehensive and professional analysis. Our goal is to provide clear market insights and practical operational guidance for investors at different levels. Our professional content includes the "Play and Earn Web3" tutorial series, in-depth analysis of crypto industry trends, detailed analysis of potential projects, as well as real-time market observations. Whether you are a newcomer exploring the crypto field or a seasoned investor seeking deeper insights, Hotcoin will be your reliable partner in understanding and grasping market opportunities.
Risk Warning
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