Cryptocurrency Market Performance

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

This week, BTC's price showed range-bound fluctuations, with the current price of BTC at $67,646 and ETH at $2,532. Among the top 200 projects on CoinMarketCap, a small number increased while most 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 for Bitcoin spot ETFs in the U.S. was $998.1 million, while the net outflow for Ethereum spot ETFs was $24.6 million.

On October 24, according to CME's "FedWatch" data, the probability of the Federal Reserve lowering rates by 25 basis points in November is 93%, the probability of maintaining the current rate is 7%, and the probability of a 50 basis point cut is 0%.

On October 25, the "Fear & Greed Index" was at 72 (the same as last week), indicating a sentiment of greed over the past 7 days.

Understanding Now

Weekly Major Events Review

1. Sushi Labs CEO: A strategic acquisition announcement is imminent, introducing innovative DeFi primitives;

2. Suilend posted "Save The Date on October 22," possibly hinting at the upcoming release of its protocol token;

3. ApeChain offers an automatic yield model for stablecoin holders on its chain;

4. Scroll is set 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 supply of SCR, with the claim page now live;

6. UniSat Wallet now officially supports CAT20;

7. Jupiter's third-quarter Active Staking Rewards (ASR) are now open for claims;

8. On October 22, Moonshot will launch the meme coin slop on the Solana chain;

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

10. Polymarket will impose restrictions on U.S. 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 EigenLayer's X account;

13. Meme PVP has sparked a speculative frenzy again, with Pump.fun earning nearly 1 million SOL;

14. BlockTower Capital has accumulated 1.39 million EIGEN over the past 13 days, currently facing a temporary loss of $187,000;

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

16. Grass's first round of airdrops will start on October 28 at 21:30;

17. Magic Eden: ME test tokens will launch on October 29;

18. Arkham: A U.S. government address was hacked, resulting in a loss of $20 million, and the attacker has begun transferring assets.

Macroeconomics

1. On October 22, the U.S. SEC approved multiple Bitcoin ETF options for trading, with a single contract position limit of 25,000;

2. On October 24, according to CME's "FedWatch" data, the probability of the Federal Reserve lowering rates by 25 basis points in November is 93%, the probability of maintaining the current rate is 7%, and the probability of a 50 basis point cut is 0%;

3. On October 24, the latest poll shows Trump leading Harris, with 52% of voters supporting Trump for U.S. president.

ETF

According to statistics, from October 21 to October 25, the net inflow for Bitcoin spot ETFs in the U.S. was $998.1 million; as of October 25, GBTC (Grayscale) had a total outflow of $20.062 billion, currently holding $14.723 billion, while IBIT (BlackRock) currently holds $26.519 billion. The total market cap of U.S. Bitcoin spot ETFs is $66.215 billion.

The net outflow for U.S. Ethereum spot ETFs was $24.6 million.

Envisioning the Future

Upcoming Events

1. The 9th Hong Kong FinTech Week will be held from October 28 to November 1, 2024, themed "Lighting Up New Financial Technology Pathways." This year's event will feature eight thematic forums on cutting-edge technology and cross-industry connections, including global forums, AI and frontier technology, blockchain and digital assets, payment technology and financial innovation, insurtech, green fintech and social responsibility, and wealth and investment technology;

2. Binance will host Binance Blockchain Week at the Coca-Cola Arena in Dubai from October 30 to October 31, 2024, with the theme "Momentum," symbolizing how momentum drives industry development. The event will explore the current state of the industry, obstacles overcome, and future directions, featuring guests such as Binance Co-Founder He Yi and Binance CEO Richard Teng;

3. TON Gateway is an important annual event for the TON community, hosted by TON Society and supported by the TON blockchain, taking place at the Hyatt Regency Dubai Conference Center on November 1-2.

Project Progress

1. The time lock for the Polygon zkEVM mainnet Beta upgrade has been triggered, with the lock period ending on October 28;

2. Jupiter LFG's third round candidate project Divvy.Bet will conduct its TGE on October 29, releasing DVY token economics;

3. The total supply of DVY tokens is 1 billion, with 40% 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 conduct a hard fork upgrade on October 29, 2024, at 16:00, increasing the total supply of VIC from 100 million to 210 million, to be distributed over the next 16 years. Additionally, 20 million VIC will begin circulating on October 29, 2024, to support its first round of ecosystem plans in Q4 2024;

6. OneKey Card will gradually cease operations, with Phase Two (October 31, 2024) resulting in all cards being automatically deleted by the system. The card balances will be transferred to users' OneKey Card wallet accounts and can be withdrawn to exchange accounts or Web3 addresses at any time; Phase Three (January 31, 2025) will stop OneKey Card services;

7. The Morph mainnet will officially launch this November.

Important Events

1. FTX's former engineering director Nishad Singh will be sentenced on October 30, having previously requested no prison time through his lawyer;

2. Former Binance CEO Zhao Changpeng will attend Binance Blockchain Week in Dubai on October 30-31 in a personal capacity;

3. Oklahoma has signed a bill protecting rights related to crypto mining and self-custody, effective November 1. Under the new law, the Oklahoma government cannot prohibit, restrict, or impair the use of cryptocurrency for purchases and self-custody rights. Additionally, state and local governments cannot impose extra taxes or fees specifically targeting cryptocurrencies, and participation in any type of mining in the state is legal to protect local household crypto mining and mining businesses.

Token Unlocks

1. Celestia token TIA will unlock approximately 175 million tokens on October 31, valued at around $1.1 billion, accounting for 16.29% of the current circulating supply;

2. Immutable token IMX will unlock approximately 32.47 million tokens on November 1, valued at around $46.79 million, accounting for 1.62% of the current circulating supply;

3. dYdX token ETHDYDX will unlock approximately 8.33 million tokens on November 1, valued at around $8.9 million, 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 detailed and professional analysis for the cryptocurrency market. Our goal is to offer 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 breakdowns of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto space 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 investments carry risks. We strongly advise investors to invest only after fully understanding these risks and within a strict risk management framework to ensure the safety of their funds.

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