Daily Summary:

• BTC ETF has seen large net inflows for 4 consecutive days, and Worldcoin is launched on the mainnet

According to Farside Investor data, the US Bitcoin spot ETF had a net inflow of $473 million yesterday. Among them, BlackRock IBIT had a net inflow of $311.7 million and ARKB had an inflow of $100 million. Yesterday, the US Ethereum ETF had a net inflow of $48.03 million. Among them, BlackRock ETHA had a net inflow of $23.7 million.

Worldcoin rebrands to World Network and announces that World Chain has launched mainnet

According to The Block, Sam Altman-backed Worldcoin has officially changed its name to World Network (World for short), and its Layer2 network World Chain mainnet has been launched. Optimism, Alchemy, Uniswap, Safe, Dune and Etherscan will support the launch of the blockchain. The blockchain is built using OP Stack, and World Network said that user transactions account for about 44% of OP Mainnet activity, making it the largest application on the network.

US SEC formally appeals Ripple case ruling

The U.S. Securities and Exchange Commission (SEC) has formally appealed Judge Analisa Torres’ XRP ruling, with the regulator filing a Form C with the U.S. Court of Appeals for the Second Circuit on Thursday. The legal battle over whether the cryptocurrency trading platform’s XRP sales qualify as securities has been reignited. The regulator has questioned key aspects of the court’s ruling, including the acquittal of Ripple executives and the distribution of XRP in non-cash form. The outcome of the case could have significant implications for future cryptocurrency regulation.

On October 3, the U.S. SEC is appealing the U.S. Second Circuit Court of Appeals’ previous ruling on Web3 payment company Ripple, according to documents on Wednesday. An SEC spokesperson said, “We believe that the district court’s ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities laws, and we look forward to stating our reasons in the Second Circuit.”

Previously, the judge ordered Ripple to pay a $125 million civil penalty on August 7, which is much lower than the $2 billion penalty initially requested by the SEC. The ruling also partially approved and rejected the SEC’s preliminary motion for remedial measures regarding Ripple’s sale of XRP tokens.

As the US election approaches, Bitcoin enters a period of high volatility

QCP released a daily report saying that Bitcoin rose 2.20% last night, briefly rebounding to the $68,000 mark driven by strong spot demand, and then stabilized in the $67,000 area. During the US trading session, the market saw a large number of purchases of long-term options expiring on 28 Mar, with 600 contracts at a strike price of $120,000.

This suggests that optimistic long-term buyers are returning in this rally. Yesterday, Bitcoin ETFs added $456 million, extending a four-day streak of net inflows. These strong and growing inflows could be a leading indicator for BTC to once again hit its all-time high of $73,790.

Although the US election is the next key catalyst for Bitcoin and cryptocurrencies, there is still uncertainty in the market about the direction of Bitcoin after the election. Options expiring close to the election are trading at a 10% premium to other expiring options. With everyone focusing on the election, any changes in polls or changes in the candidates' campaign narratives will be magnified in the spot price.

Market Analysis: DIA surges 40%, BTC spot ETF sees strong inflows

Market Hotspots

-DOGE rose. From the news perspective, Musk tweeted D.O.G.E (Department of Government Efficiency), which triggered market funds to chase. The US presidential election is approaching, and Trump, who is supported by Musk, currently has a higher chance of winning. The market has strong expectations for a crypto-friendly US president;

- The oracle protocol DIA surged 40%. Since September, the price of DIA has increased by more than 400%, and other oracles such as UMA have followed suit. DIA's current circulating market value is $120 million, compared with the market value of the leading oracle protocol LINK of $7 billion, there is still room for growth;

- American political concept meme coins such as FIGHT and FEARNOT rose. Benefiting from the news that Trump is leading in the US presidential election, Trump-related political meme coins generally rose.

Market Trends

- BTC broke through $68,000. This week, BTC spot ETFs continued to have strong inflows of over $1.5 billion, and the market was generally optimistic.

-ETH rose slightly following the market, but its overall performance was still relatively sluggish compared to other layer 1 public chains;

- Altcoins generally fell, and early strong currencies entered the adjustment range. The market is waiting for new leading tokens;

Macroeconomics: US stocks rose and fell, Buffett cashed out $369.9 million, affecting market sentiment

The three major U.S. stock indexes rose and fell, with the S&P 500 index falling 0.02% to 5,841.47 points, the Dow Jones index rising 0.37% to 43,239.05 points, and the Nasdaq index rising 0.04% to 18,373.61 points. The benchmark 10-year U.S. Treasury yield was 4.09%, and the 2-year U.S. Treasury yield, which is most sensitive to the Fed's policy rate, was 3.96%.

JPMorgan Chase said that U.S. stocks have begun to digest the results of Republican candidate Trump's victory, or even the results of a Republican victory. Market strategist Nikolaos Panigirtzoglou said that the recent rise in U.S. stocks to record highs, especially the outstanding performance of U.S. bank stocks, is a sign that investors are betting that former President Trump will win the November election and follow a similar pattern to 2016. U.S. bank stock prices rebounded on expectations that the Trump administration will impose less regulatory scrutiny on banks than under the Biden administration. The SPDR S&P Regional Bank ETF (KRE) is up nearly 6% this month, with financials being the best-performing S&P 500 sector this month. Panigirtzoglou said that recent movements in banks, the U.S. dollar, and bond yields have been milder than in 2016, while the likelihood of Trump winning has increased significantly, which is expected to ultimately support Bitcoin and gold prices.