Market Analysis – BTC breaks through $67,000, multiple data point to market direction
The price trend of BTC continues to break through the double threshold of US$64,000 and the previous high of US$66,000 on 9/28. Basically, the short-term is very strong, especially last night's sharp up and down spikes. First, it rose sharply to expel short orders, and then fell sharply to catch up. The long orders that broke through also learned a lesson, and in the end the trend quickly rose back to $67,000. The meaning behind this is actually very thought-provoking, and it is very representative of the multi-party trend. This phenomenon did not occur in the past few times when the highs were challenged. Yes, we finally have the anticipated Uptober upward trend, which may still be volatile. Some data and indicators also reveal the flavor of a bull market. However, it is still important to note that it has risen to the downward trend line in the short term. It may encounter corrections in the short term, but there is still a high chance of breaking $70,000 this year.
Open interest and funding rates rise
Generally speaking, if there is only an increase in open interest, it does not necessarily mean that it is bullish, because the longs and shorts in the futures market are always matched. An increase in open interest creates market volatility rather than clear price direction.
However, if both open interest and funding rates rise simultaneously, it may reflect the market dynamics of traders rushing into the contract market to do long positions. Bitcoin’s open interest (OI)-weighted perpetual futures funding rate reached its highest level in months, according to data from Coinglass, indicating that traders’ bullish sentiment has gradually surfaced.
Spot Bitcoin ETF demand rises
At the same time, the U.S. Bitcoin spot ETF has still shown strong demand recently. According to data from SoSoValue, the U.S. Bitcoin spot ETF has recorded net inflows of funds in four of the past seven trading days, indicating that institutional investment Interest in these investment products continues to grow.
On October 14, these investment products recorded their highest single-day net inflows since June 4, with inflows exceeding $550 million.
Bitcoin’s market capitalization share continues to increase
It is worth mentioning that while the current market rebounds, Bitcoin’s market capitalization share also hit a record high, reaching 58.74%. This shows that Bitcoin’s performance is still relatively strong, while the overall performance of altcoins lags behind Bitcoin.
Generally speaking, the overall market is now more optimistic than in the past few months. Many potential negative factors have been resolved one by one. Market statistics in the past ten months have mostly shown increases, so the layout of spot operations can be more aggressive.
First of all, BTC as the leader is definitely the safest allocation in a bull market, and bull markets are mostly initiated by BTC first, and then rotate later. It is recommended to allocate at least 40% of the position, which can be offensive or defensive.
The remaining small amount of funds is allocated to altcoins. As mentioned before, the market structure of the currency circle has changed. The focus is on "head projects with sound ecosystems" and "meme coins that grasp topic trends". The increase in currency prices is It is very polarized, so if you want to get excess rewards, you can focus on memes, BTC ecology, AI, RWA, emerging public chains, DEFI and DEPIN. You can sort out some high-quality targets for selection:
DeFi sector: PENDLE, ENA
Smart contract public chain: ETH, SUI, TIA
Meme coins: PEPE, WIF
Bitcoin L2: STX
Artificial Intelligence: TAO, FET
Many of the above targets have been fully analyzed in previous weekly reports. The following currencies can be DCA targets as long as they fall back.
Binance Copying Analysis
GTRadar – BULL
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The yields of "GTRadar - BULL", "GTRadar - Balance" and "GTRadar - Potential Public Chain OKX" in the past 7 days are +6.26%, -0.76% and +1.08% respectively, and the yields in the past 30 days are - 13.62%, -7.24% and -4.85%.
Currently, "GTRadar – BULL" holds a net long position of 30%, mainly in BTC and BNB.
Currently, "GTRadar - Balanced" holds about 20% of its net long positions, mainly in BTC and BNB.
Currently, "GTRadar - Potential Public Chain" holds about 50% of its net long positions, mainly BNB and SOL.
The long-term returns of a follower who often changes his investment portfolio are not as good as those of a follower who continues to follow a single group. Don’t end the follower easily just because of a short-term retracement. Judging from the curve, the retracement is a good time to start following. In and out, on the contrary, the yield rate will be significantly reduced.
Hot news
The Financial Supervisory Commission plans to open the trial application for virtual asset custody business
According to a recent press release issued by the Financial Supervisory Commission, the agency plans to open up financial institutions to apply for trial operations of "virtual asset custody business" and hopes to solicit external opinions for 15 days before formally accepting applications for trial cases. The explanatory information of the Financial Supervisory Commission reads: "In response to the establishment of the Virtual Currency Business Association and the future demand for virtual asset custody, and taking into account the international trend of financial institutions handling virtual asset custody business, and thereby promoting financial innovation, the plan is to handle the theme-based Business trial, discussing opening up financial institutions to handle virtual asset custody business.”
Uniswap launches Unichain, a second-layer network based on OP Stack
Uniswap Labs, the development company of decentralized cryptocurrency exchange Uniswap, announced on Thursday its Ethereum second-layer network Unichain - an Optimistic rollup built on OP Stack. Unichain aims to solve the challenges faced by decentralized finance (DeFi) and enable seamless multi-chain exchanges by becoming part of the Optimism Superchain and projects such as ERC-7683. Currently Unichain has been launched on the test network.
An address lost $35 million to fwDETH due to a phishing attack, causing serious decoupling of DETH/WETH
According to data monitored by blockchain security company Scam Sniffer, an encrypted wallet address lost 15,079 fwDETH (DETH packaging tokens), worth approximately US$35 million, after signing a "permit" phishing signature on the second-layer network Blast. The stolen address was flagged by on-chain intelligence firm Arkham as suspected to belong to crypto venture capital firm Continue Capital.
Justin Sun is elected Prime Minister of the micro-nation Liberland
The Free Republic of Liberland, located between Serbia and Croatia, announced the results of its parliamentary election on Tuesday. Justin Sun, the founder of the public chain Tron, will serve as the prime minister of this micronation. According to Liberland's statement, Justin Sun was elected as Prime Minister by the country's President Vít Jedlička. In addition to Sun, Indian entrepreneur Evan Luthra, Web3 field reporter Jillian Godsil and former Croatian parliament member Ivan Pernar were also elected as new MPs. .
The stablecoin protocol Ethena community proposes to include SOL as a supporting asset for USDe
According to a proposal on the Ethena Governance Forum, the team proposes to add SOL as a supported asset of USDe in a controlled and planned manner, using the same tokens that Ethena currently uses for Bitcoin (BTC) and Ethereum (ETH). The hedging mechanism for renewal contracts operates in much the same way. In addition, the proposal also recommends considering BNSOL (Binance Liquidity Staking SOL) and bbSOL (Bybit Liquidity Staking SOL) as additional supporting assets for USDe.
BlackRock CEO: Bitcoin is an asset class in its own right
Eric Balchunas, a senior ETF analyst at Bloomberg, shared on Tuesday what Larry Fink, CEO of asset management company BlackRock, said about digital assets during the third quarter earnings call. Fink first said that he was not sure about the U.S. president or other candidates. Whether it will have an impact on digital assets, but he is convinced that the application of digital assets will become more and more realistic around the world.
Stablecoin issuer Tether is exploring lending to commodities trading firms
Tether, the issuer of the U.S. dollar stablecoin USDT, is exploring lending to commodity trading companies as it looks for ways to deploy its billions of dollars in profits, a move that could shake up an industry that usually relies on traditional banks for credit, Bloomberg reported. industry.
U.S. Bitcoin spot ETF saw net inflows of $556 million, the highest since early June
U.S. Bitcoin spot exchange-traded funds (ETFs) saw net inflows totaling about $556 million on Monday, the largest inflows since June 4, according to data compiled by SoSoValue. No U.S. Bitcoin ETF showed net fund outflows on the day. The largest net inflow was FBTC issued by Fidelity, with an amount of US$239 million, followed by Bitwise’s BITB, with an amount of US$100 million, and Bei BlackRock’s IBIT net inflow amount was US$79.51 million,
Sui Foundation refutes accusations that insiders sold $400 million in tokens
The Sui Foundation refuted accusations on social media that insiders sold $400 million worth of SUI tokens during the currency's surge, saying that no one within the foundation or Sui development company Mysten Labs did such behavior.
Vitalik Buterin proposes lowering Ethereum staking threshold to 1 ETH
In a blog post published on Monday, Ethereum co-founder Vitalik Buterin discussed several ways to potentially improve the blockchain’s proof-of-stake model, including lowering the financial threshold for independent stakers and improving the Ethereum block The time required for final confirmation.
Base surpasses Arbitrum to become the Ethereum rollup with the highest TVL
According to data from DeFiLlama, Base, the Ethereum second-layer network developed by Coinbase, currently has a TVL of approximately $2.49 billion spread across 366 protocols, slightly exceeding Arbitrum’s $2.39 billion TVL. A large portion of Base’s TVL comes from decentralized exchange Aerodrome, whose TVL has exceeded $1.3 billion.
Tesla transfers 12,000 Bitcoins
According to data from Arkham, Tesla transferred 12,000 Bitcoins this morning, with a total value of approximately US$760 million. This is the first time the company has moved these Bitcoin positions in the past two years.
The above content does not constitute any financial investment advice. All data comes from GT Radar official website announcements. Each user may have slight differences due to different entry and exit prices, and past performance does not represent future performance!
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