Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.34 trillion, with BTC accounting for 57.7% at $1.35 trillion. The market capitalization of stablecoins is $172.1 billion.

The price of BTC is range-bound this week, with BTC now at $67,646 and ETH at $2,532. A few of CoinMarketCap's top 200 projects are up and most are down, including SAFE, which is up 70.22% in 7 days, APE, which is up 57.33% in 7 days, and GOAT, which is up 88.49% in 7 days.

Net inflows into the U.S. Bitcoin Spot ETF this week: $998.1 million and net outflows from the U.S. Ether Spot ETF: $24.6 million.

On October 24, according to CME's 'FedWatch' data, the probability of the Fed cutting 25 basis points by November was 93%, the probability of leaving current rates unchanged was 7%, and the probability of a 50 basis point cut was 0%.

The 'Fear & Greed Index' for October 25th was 72 (same as last week) and this week's sentiment: 7 days of greed.

Understanding the Present

A look back at the week's big events

1. Sushi Labs CEO: about to announce a strategic acquisition to introduce innovative DeFi proto-language;

2. Suilend posted 'Save The Date, October 22nd' or hinted at the upcoming release of its protocol tokens;

3. ApeChain is offering an auto-revenue model for holders of stablecoins on the chain;

4. Scroll will soon launch Sessions 2 and the Scroll Open program, which aims to reward developers in the ecosystem;

5. Scroll's first airdrop will allocate 7% of the total SCR supply and the claim page is now live;

6. UniSat Wallet now officially supports CAT20;

7. Jupiter's Q3 Active Stake Reward (ASR) is now open for claiming;

8. On October 22, Moonshot will launch the Meme Coin slop on Solana chain;

9. On October 23, U.S. stock indexes opened lower, with Coinbase falling 2.55%;

10. Polymarket will impose restrictions on U.S. users and conduct compliance checks on players with large bets;

11. Sonic Labs: sonic domain registration has been opened;

12. Eigen Labs: the team has regained access to EigenLayer's X account;

13. Meme PVP has gone on another speculative spree, with Pump.fun raking in nearly 1 million SOLs;

14. BlockTower Capital has hoarded 1.39 million EIGEN over the past 13 days and is temporarily floating at a loss of $187,000;

15. ETH/BTC exchange rate long James Fickel sold 2,000 ETH for 76 WBTC 7 hours ago;

16. Grass' first airdrop will start on October 28th at 21:30;

17. Magic Eden: ME Test Coin will go live on October 29th;

18. Arkham: U.S. Government Addresses Stolen, Losing $20 Million, Attackers Have Begun Transferring Assets.

Macroeconomics

1. On October 22, the U.S. SEC approved the listing and trading of multiple Bitcoin ETF options, with a limit of 25,000 one-sided contract positions;

2. On October 24, according to CME 'FedWatch' data, the probability of the Fed cutting 25 basis points by November is 93%, the probability of keeping the current rate unchanged is 7%, and the probability of cutting the rate by 50 basis points is 0%;

3. On October 24, the latest poll showed that Trump is now ahead of Harris, with 52% of voters in favor of Trump being elected President of the United States.

ETF

According to statistics, during the period of October 21-October 25, the U.S. Bitcoin Spot ETF had a net inflow of: $998.1 million; as of October 25, GBTC (Grayscale) had a total outflow of: $20.062 billion, and is currently holding $14.723 billion, and IBIT (BlackRock) is currently holding $26.51 billion. The total market capitalization of the U.S. Bitcoin Spot ETF is: $66.215 billion.

The U.S. Ether Spot ETF had a net outflow of: $24.6 million.

Foreseeing the Future

Upcoming Events

1. The 9th Hong Kong FinTech Week will be held from 28 October to 1 November 2024, with the theme of “Lighting up the New Path of FinTech”. This year, the Hong Kong FinTech Week will feature eight thematic forums on cutting-edge technologies and cross-industry connections, including Global Forum, Artificial Intelligence and Cutting Edge Technology, Blockchain and Digital Assets, Payment Technology and Financial Innovation, InsurTech, Green FinTech and Social Responsibility, Wealth and Investment Technology. Wealth and Investment Technology;

2. Binance will host Binance Blockchain Week at the Coca-Cola Stadium in Dubai from 30 October to 31 October 2024. The theme of this year's event is “Potential Energy”, which implies that potential energy is driving the industry, and it will discuss the current state of the industry, obstacles it has overcome, and where it is headed next, with guest speakers such as Binance Co-Founder Yi He, Binance CEO Richard Teng, and others;

3. TON Gateway is an important annual event for the TON community, hosted by the TON Society and supported by TON Blockchain, and will be held on November 1-2 at the Grand Hyatt Dubai Convention Center.

Project Progress

1. Polygon zkEVM mainnet Beta upgrade time lock has been triggered, the time lock period will end on October 28th;

2. Jupiter LFG Round 3 Candidate Divvy.Bet will conduct a TGE on October 29th and Divvy.Bet releases DVY token economics;

3. The total supply of DVY tokens will be 1 billion tokens, of which 40% will be allocated to the community and ecosystem (pledges and betting rewards);

4. Stacks will undergo a Nakamoto upgrade on or around October 29th (Bitcoin Block Height 867867) to introduce 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 VICs will increase from 100 million to 210 million, to be distributed over the next 16 years. In addition, 20 million VICs will begin circulating on October 29, 2024 to support its Q4 2024 launch of the first round of its ecosystem program;

6. The OneKey Card will be phased out, with all cards automatically deleted by the system in Phase 2 (October 31, 2024) and the balance of the card transferred to the user's OneKey Card wallet account, which can be withdrawn at any time to the Exchange's account or to a Web3 address; and OneKey Card services will be discontinued in Phase 3 (January 31, 2025)

7. Morph's main website will go live in November of this year.

Important Events

1. Nishad Singh, former Director of Engineering at FTX, will be sentenced on October 30th, after Nishad Singh, through his attorney, petitioned the judge not to go to jail;

2. Former Coin Security CEO Zhao Changpeng will participate in his personal capacity in Binance Blockchain Week, which will be held in Dubai from Oct. 30 to 31

3. The U.S. state of Oklahoma signed into law a bill protecting the rights of crypto mining and self-hosting, among others, effective November 1st. Under the new law, the Oklahoma state government cannot prohibit, restrict, or impair the use of cryptocurrencies in purchases and rights such as self-hosting. Additionally, state and local governments cannot impose additional taxes or other fees that specifically target cryptocurrencies, a legal tender tax applies, and it is legal to participate in any type of mining in the state in order to protect local home-based crypto mining and mining businesses.

Token Unlocking

1. Celestia Token TIA will unlock approximately 175 million tokens valued at approximately $1.1 billion, or 16.29% of the current float, on October 31st;

2. Immutable Token IMX will unlock approximately 32.47 million tokens on November 1, valued at approximately $46.79 million, or 1.62% of the current outstanding volume;

3. dYdX Token ETHDYDX will be unlocked on November 1 for approximately 8.33 million tokens, valued at approximately $8.9 million, or 1.13% of the current float.

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

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