Performance of the Cryptocurrency Market
Currently, the total market capitalization of cryptocurrencies is $2.32 trillion, with BTC accounting for 58.92%, which is $1.37 trillion. The market capitalization of stablecoins is $172.7 billion.
This week, the price of BTC has shown range-bound fluctuations, with the current price of BTC at $69,474 and the current price of ETH at $2,502. Among the top 200 projects on CoinMarketCap, a small number have increased while the majority have decreased, including: RAY with a 7-day increase of 31.43%, DOGE with a 7-day increase of 20.5%, and the popular project GRASS with a 7-day increase of 103.23%.
This week, the net inflow of the US Bitcoin spot ETF was $2.172 billion, and the net inflow of the US Ethereum spot ETF was $13 million.
On November 1, according to the CME "Fed Watch": the probability of the Fed reducing by 25 basis points in November is 99.7%, the probability of maintaining the current interest rate is 0%, and the probability of reducing by 50 basis points is 0.3%.
The 2024 US presidential election will be held on November 5, and the election result will have a significant impact on the crypto world.
The "Fear & Greed Index" on November 1 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. Vitalik attacked Ethereum critics in a "wartime state";
2. Data shows that the Solana network's TVL has grown by nearly 20% in the past week, setting a new high since January 2022;
3. Top trader Eugene: The market will continue to rise after the election, and he is optimistic about Solana;
4. On October 29, USDT was officially launched on the Aptos mainnet;
5. The ETH/BTC exchange rate fell below 0.036 on the morning of October 29, reaching the lowest level since the 2021 bull market;
6. Trump concept stocks opened higher, with the stock price of Trump Media & Technology Group rising 8.4%;
7. On October 30, DWF Labs announced that it had dismissed the management and operations personnel accused of attempted rape;
8. Vitalik previously sold 400 ETH from meme coins and donated the proceeds to a Ukrainian charity;
9. Tether issued 1 billion USDT (authorized but not yet issued) on the morning of October 30;
10. The Arena: The ARENA token is open for initial airdrop claims;
11. dYdX Trading announced that it had laid off 35% of its core team members;
12. The Optimism Foundation will provide 25 million OP tokens to Kraken, with the funding agreement reached earlier this year;
13. The rune MEMENTO•MORI engraved by the Ordinals protocol founder Casey Rodarmor has completed the airdrop;
14. Jito has opened up re-staking deposits;
15. FDUSD will be expanded to Solana;
16. Tether's Q3 net profit was $2.5 billion, and it holds over $100 billion in US Treasuries;
17. The Zircuit Fairdrop has been opened to EIGEN holders and stakers;
18. The Trump crypto project World Liberty Financial has reduced its fundraising target by 90% to $30 million;
19. On November 1, CZ hinted that a bull market will come in 2025, and called 2024 a "recovery year".
Macroeconomics
1. On October 31, Fox Business reporter Eleanor Terrett posted on social media that crypto investment firm Canary Capital has filed an application with the US SEC for a SOL ETF;
2. On October 31, The ETF Store President Nate Geraci posted on X that the US SEC has officially accepted the application to convert the "Grayscale Digital Large Cap Fund" (ticker GDLC) into an ETF, and the SEC is seeking public comments;
3. On November 1, according to the CME "Fed Watch": the probability of the Fed reducing by 25 basis points in November is 99.7%, the probability of maintaining the current interest rate is 0%, and the probability of reducing by 50 basis points is 0.3%;
4. On November 2, according to a public document from the US Securities and Exchange Commission (SEC), 21Shares has filed an S-1 application to launch the first XRP ETF called "21Shares Core XRP Trust".
ETF
According to statistics, during the period from October 28 to November 1, the net inflow of the US Bitcoin spot ETF was $2.172 billion; as of November 1, GBTC (Grayscale) has a total outflow of $20.116 billion, and currently holds $15.209 billion, while IBIT (BlackRock) currently holds $29.701 billion. The total market value of the US Bitcoin spot ETF is $71.735 billion.
The net inflow of the US Ethereum spot ETF was $13 million.
Envisioning the Future
Event Preview
1. Devcon 2024 will be held from November 12 to 15, 2024 in Bangkok, Thailand;
2. The Block will host the Web3 summit "Emergence" on December 5-6 at the Prague Congress Center in the Czech Republic. The summit will facilitate the connection between technology and capital, building a bridge between Wall Street and the crypto industry. The summit will bring together representatives from different industries and chains to discuss topics such as ETFs and asset management, and the uncertainty of crypto regulation. Through collaboration with Foresight Ventures, Emergence will provide insights on driving the development of cryptocurrencies in Asia and bridge the gap between Eastern and Western capital and talent.
Project Progress
1. The Sonic Labs (formerly Fantom) new bounty program "Sonic Boom" will end on November 4, with up to 30 winning projects receiving corresponding Emerald, Sapphire, and Ruby level points. Sonic Gems point holders will receive 37.5% of the total airdrop token amount in the future. Winning projects can distribute the airdrop points to users as rewards for using their applications;
2. The Ginger upgrade of the modular blockchain Celestia will be activated at Arabica block height 2348907 (estimated to be on November 5, 2024), and is expected to enter the Mocha testnet in November and the mainnet testnet in December;
3. The blockchain-based video conferencing project Huddle01 will conduct a node public sale on November 6, with a planned fundraising of $37 million;
4. The Gitcoin Grants Round 22 (GG22) program will end on November 7 at 7:59;
5. The Usual stablecoin protocol's point activity will continue for 4 months until November 10.
Important Events
1. Paxful co-founder and former Chief Technology Officer Artur Schaback is scheduled to be sentenced on November 4, with a maximum sentence of five years in prison. Artur Schaback has pleaded guilty to conspiracy and failure to maintain an effective anti-money laundering (AML) program, and will also resign from the Paxful board of directors;
2. The 2024 US presidential election will be held on November 5.
3. Bitfarms, a bitcoin mining company, has postponed the meeting originally scheduled for October 29 to November 6, prior to the special shareholder meeting requested by Riot Platforms. Riot Platforms and Bitfarms announced in a joint statement on September 23, 2024 that they have resolved the dispute through a settlement agreement;
4. The U.S. Securities and Exchange Commission (SEC) has delayed its decision on BlackRock's application for an Ethereum spot ETF, with the latest deadlines being November 10 respectively.
Token Unlocks
1. Approximately 310 million Gravity tokens (G), worth around $8.98 million, will be unlocked on November 5, accounting for 2.59% of the current circulating supply;
2. Approximately 1.46 million Ethereum Name Service tokens (ENS), worth around $24.12 million, will be unlocked on November 8, accounting for 1.46% of the current circulating supply;
3. Approximately 92.22 million GMT tokens, worth around $11.63 million, will be unlocked on November 9, accounting for 1.54% of the current circulating supply.
About Us
Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis for the cryptocurrency market. 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 cryptocurrency 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 seizing market opportunities.
Risk Warning
The cryptocurrency market is highly volatile, and investing carries risks. We strongly recommend that investors fully understand these risks and invest within a strict risk management framework to ensure the safety of their funds.
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