● BTC breaks through the $70,000 mark
According to Binance market data, BTC briefly broke through $70,000 USDT early this morning in the UTC+8 time zone.
● Bitcoin market share hits a new high since 2021, reaching 59.92%
According to PANews, Tradingview data shows that Bitcoin market share briefly reached 59.92% around 03:35 today in the UTC+8 time zone, marking a new high since March 31, 2021. Currently, Bitcoin market share stands at 59.53%.
According to PANews, Matrixport released its latest report stating that South Korea, known for its active altcoin trading, is currently experiencing sluggish trading volume, and the likelihood of a significant rebound in altcoins is low. Bitcoin's funding rate has traditionally aligned with trading volume in South Korea; a higher funding rate typically attracts hedge funds to purchase ETFs for arbitrage. However, currently, Bitcoin's funding rate, South Korean trading volume, and the purchase volume of Bitcoin spot ETFs are all below the levels seen in March 2024, and the crypto market is still waiting for a 'booster shot.'
Next week's U.S. presidential election may become a key catalyst to ignite new momentum in the market.
● CoinShares: Last week's net inflow of digital asset investment products reached $901 million
According to PANews, CoinShares' latest weekly report shows that last week's inflow of digital assets reached $901 million, bringing the year-to-date net inflow to $27 million, nearly three times the record set in 2021. The U.S. topped the inflow chart with $906 million, while Germany and Switzerland recorded inflows of $14.7 million and $9.2 million, respectively. Canada, Brazil, and Hong Kong experienced slight outflows of $10.1 million, $3.6 million, and $2.7 million, respectively. In terms of assets, Bitcoin attracted $920 million in inflows, mainly influenced by U.S. political factors, while short Bitcoin products saw an outflow of $1.3 million. Ethereum saw an outflow of $34.7 million, making it the asset with the highest outflow, while Solana and blockchain stocks recorded inflows of $10.8 million and $12.2 million, respectively.
● Report: Global stablecoin supply decreases by 2.7%, expected to rebound
According to Odaily Planet Daily, based on a research report by OurNetwork, the global stablecoin supply has decreased by 2.7% from the peak on August 30. With the U.S. elections approaching and cryptocurrency prices rising, it is expected that the stablecoin supply will rebound.
The report noted that the relatively low stablecoin supply over the past 60 days is linked to the decline in PayPal's PYUSD supply, following the launch of liquidity incentives related to it by several Solana DeFi protocols.
The report added that at its peak, lending PYUSD on Kamino Finance had an annual interest rate close to 20%, while it is now only 7.9%. Additionally, the supply of stablecoins pegged to the euro is increasing, with Circle's EURC supply growing by over 40% in the past month. Base has been the primary network benefiting from this, with the value of EURC on that chain rising from $22 million to $48 million.
● Vitalik releases the sixth part of Ethereum's future development: The Splurge
According to Odaily Planet Daily, Vitalik has released the sixth part of Ethereum's future development: The Splurge, with the following key objectives:
- Achieve high performance and stable 'endgame state' for the EVM;
- Introduce account abstraction in the protocol to allow all users to benefit from safer and more convenient accounts;
- Optimize transaction fee economics, improve scalability, while reducing risks;
- Explore advanced cryptographic technologies that can make Ethereum better in the long term.
According to Blockworks, five tech giants will release their earnings reports this week: Alphabet (Tuesday), Microsoft (Wednesday), Meta (Wednesday), Apple (Thursday), and Amazon (Thursday). A total of 169 S&P 500 companies will report quarterly earnings this week, including Ford, Visa, Uber, Exxon, and Mastercard.
Among the companies that have released earnings, 75% have exceeded analysts' expectations for earnings per share, and 59% have exceeded revenue expectations.
DataTrek Research co-founder Nicholas Colas stated that although the performance of third-quarter earnings reports was slightly better than recent trends, it remains below long-term averages. However, the current earnings reports are sufficient to support the existing levels of the S&P 500 and indicate further improvement in the fourth quarter and 2025.
