Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.1 trillion, with BTC accounting for 56.45% at $1.19 trillion. The market capitalization of stablecoins is $172.6 billion.

The price of BTC is range-bound this week, with the current price of BTC at $62,533 and ETH at $2,437. Half of CoinMarketCap’s top 200 projects are up and half are down, with BabyDoge up 46.26% on the 7th day, NEIRO up 57.35% on the 7th day, and the U.S. election-themed MEME project rising rapidly. Among them: TRUMP is up 60.8% on the 7th day and MAGA is up 74.75% on the 7th day.

This week’s net inflows into the U.S. Bitcoin Spot ETF: $357.7 million, and into the U.S. Ether Spot ETF: $1.9 million.

The ‘Fear & Greed Index’ on October 11th was 32 (lower than last week), Sentiment for the week: 5 days neutral, 2 days fear.

Understanding the Present

A look back at the week’s big events

1. On Oct. 8, a judge approved the FTX bankruptcy plan;

2. Bitget to pay out full amount to damaged users of BGB’s unusual volatility, which will be done within 72 hours;

3. Musk retweeted Polymarket’s U.S. election prediction data, saying it was more accurate than polls;

4. Vitalik sells another 10 billion MOODENG and transfers 260.16 ETH to the charity Kanro;

5. The U.S. government is suspected to be free to sell the 69,370 bitcoins confiscated by Silk Road;

6. The Sui network is now live on 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 has officially proposed to launch on the Aave EtherNet mainnet;

9. OpenGradient, a decentralized open source AI platform, completed an $8.5 million seed round with participation from a16z CSX and others;

10. On October 10th , 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 avatar to an image with the characters ‘WE, ROBOT’;

13. Uniswap Labs announces the launch of Unichain;

14. BlockTower received 653,000 EIGEN, or about $2.38 million, from Wintermute 10 minutes ago;

15. OKX Star on October 10: will set up regional headquarters in Dubai, has obtained a Dubai license and meets regulatory requirements.

Macroeconomics

1. On October 8, Crypto.com filed a lawsuit with the U.S. Securities and Exchange Commission (SEC) aimed at protecting the future of cryptocurrencies in the United States;

2. On October 9, cryptocurrency investment firm Canary Capital filed an application for registration of a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), becoming the second company to file 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 on October 9 against four crypto firms suspected of fraud and market manipulation, including Gotbit Consulting, ZM Quant Investment, and CLS Global;

4. On October 11, the U.S. PPI for September came in at an annual rate of 1.8%, compared to expectations of 1.6% and the previous 1.7%;

5. On October 12, according to CME’s “FedWatch”, the probability that the Fed will cut rates by 25 basis points by November is 95.6%, and the probability of keeping current rates unchanged is 4.4%. The probability of a cumulative 50 basis point cut by December is 84.1%, the probability of a cumulative 75 basis point cut is 0%, and the probability of a cumulative 100 basis point cut is 0%.

ETF

According to statistics, during the period of October 7-October 11, the U.S. Bitcoin Spot ETF had a net inflow: $357.7 million; as of October 11, GBTC (Grayscale) had a total outflow of: $20.141 billion, and is currently holding $13.888 billion, and IBIT (BlackRock) is currently holding $23.362 billion. Total market capitalization of the U.S. Bitcoin Spot ETF is: $60.511 billion.

The U.S. Ether Spot ETF had a net inflow of: $1.9 million.

Foreseeing the Future

Upcoming Events

1. London Web3 Week takes place from October 7–17, with Zebu Live 2024, one of the UK’s largest Web3 events, taking place in London from October 10 to October 11, focusing on topics ranging from AI and blockchain to sustainability and digital transformation, with guests including Robby Yung, Chief Investment Officer of Animoca Brands, Robby Yung, Chief Executive Officer of 1Banking, Robby Yung, Chief Investment Officer of 1Banking, and Robby Yung, Chief Investment Officer of 1Banking. Robby Yung, CEO of Animoca Brands Investments, Sergej Kunz, co-founder of 1inch Network, and more;

2. 2024 Shanghai Blockchain International Week will be held at various venues in Hongkou, Shanghai from October 11 to 19, of which the 10th Blockchain Global Summit organized by Wanxiang Blockchain Labs will be presented at the Shanghai Institute of Innovative and Creative Design (the former site of the Leisdale School of Engineering, №505, East Changzhi Road) on October 17, with the theme of “Technological Past to the Future”, and standing on the shoulders of “giants” to continue the industry’s development. The 10th Blockchain Global Summit will be held under the theme of “Technology to the Future”, standing on the shoulders of “Giants” to continue the vitality of the industry;

3. Pragma San Francisco, to be held on October 16–17 at the Contemporary Jewish Museum in San Francisco, USA, the event is a one-day face-to-face summit hosted by ETHGlobal with a focus on intimacy and quality talks. This is followed by the Ether Hackathon ETHGlobal San Francisco on October 18–20 in San Francisco, CA;

4. The annual Avalanche Summit, LATAM, will be held in Buenos Aires, Argentina from October 16th to October 18th, where Avalanche will unveil Avalanche 9000, a major upgrade to Avalanche, with guest speakers including Ava Labs CEO Emin The summit will be attended by Emin Giin Sirer, CEO of Ava Labs, Rebecca Barkin, CEO and co-founder of Lamina1, and Rob Hadick, General Partner of Dragonfly.

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 to selected development teams, Blast said, “For companies that have never raised capital before, Blast will invest at a post-investment valuation of $15 million. For companies that have already raised or are in the process of raising capital, they will typically follow the same terms as the previous or current round of funding;

2. The Eigen Foundation has delayed the first reward claim date for Programmatic Incentive v1 by one week to October 15, 2024 to ensure that only eligible non-investor EIGEN Pledgers and Eligible Operators will be eligible to receive Programmatic Incentive rewards for their pre-transferability activities (i.e., for the period ending prior to September 30, 2024);

3. The cross-chain interoperability protocol deBridge tokens DBR and airdrops will go live on October 17, 2024.

Token Unlocking

1. SuperRare tokens RARE will be unlocked on October 17th for approximately 13.34 million tokens, valued at approximately $1.51 million, or 1.33% of the current outstanding quantity;

2. ApeCoin Token APE will be unlocked on October 17th with approximately 15.38 million pieces, valued at approximately $10.83 million, accounting for 1.54% of the current liquidity;

3. The Polyhedra Network token ZKJ will unlock on October 19th for approximately 15.5 million units valued at approximately $17.33 million, or 1.55% of the outstanding volume;

4. The Pixels token PIXEL will unlock on October 19th for approximately 53.55 million pieces valued at approximately $6.78 million, or 1.07% of the outstanding volume.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes “Play to Earn Web3” tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

Risk Disclaimer

The cryptocurrency market is highly volatile, and investments carry inherent risks. We strongly recommend that investors fully understand these risks and operate under a strict risk management framework to ensure the safety of their funds.

Website：https://www.hotcoin.com/

X：x.com/HotcoinAcademy

Mail：labs@hotcoin.com

Medium：medium.com/@hotcoinglobalofficial