Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.32 trillion, with BTC accounting for 58.92%, valued at $1.37 trillion. The market value of stablecoins is $172.7 billion.
This week, BTC's price has shown a range of fluctuations, with the current price of BTC at $69,474, and ETH at $2,502. Among the top 200 projects on CoinMarketCap, a small portion rose while most fell, including: RAY up 31.43% in 7 days, DOGE up 20.5% in 7 days, and popular project GRASS up 103.23% in 7 days.
This week, the net inflow of U.S. Bitcoin spot ETF: $2.172 billion, and the net inflow of U.S. Ethereum spot ETF: $13 million.
On November 1, according to CME's 'FedWatch': The probability of the Fed lowering rates by 25 basis points by November is 99.7%, the probability of maintaining the current rate is 0%, and the probability of lowering by 50 basis points is 0.3%.
The 2024 U.S. elections will be held on November 5, and the election results will have a significant impact on the crypto world.
The 'Fear & Greed Index' on November 1 was 72 (the same as last week), with the sentiment this week: 7-day greed.
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Review of the week's major events
1. Vitalik criticized Ethereum critics in a 'wartime state';
2. Data shows: The total value locked (TVL) in the Solana network grew nearly 20% over the past week, reaching a new high since January 2022;
3. Top trader Eugene: The market will continue to rise after the election, optimistic about Solana;
4. On October 29, USDT officially launched on the Aptos mainnet;
5. The ETH/BTC exchange rate briefly fell below 0.036 on the morning of October 29, continuing to hit the lowest level since the bull peak in 2021;
6. Trump concept stocks opened higher, with Trump's media technology group's stock price rising 8.4%;
7. On October 30, DWF Labs: has dismissed a partner accused of attempted rape from management and operational positions;
8. Vitalik previously sold 400 ETH obtained from meme coins, which has been donated to a Ukrainian charity;
9. Tether issued an additional 1 billion USDT on the morning of October 30 (authorized but not yet issued);
10. The Arena: ARENA token's initial airdrop claim is open;
11. dYdX Trading announced a 35% reduction in core team members;
12. The Optimism Foundation will provide a grant of 25 million OP tokens to Kraken, with the grant agreement reached earlier this year;
13. Ordinals protocol founder Casey Rodarmor's etched rune MEMENTO•MORI has completed its airdrop;
14. Jito has opened re-staking deposits;
15. FDUSD will expand to Solana;
16. Tether's Q3 net profit is $2.5 billion, holding over $100 billion in U.S. Treasury bonds;
17. Zircuit Fairdrop has been opened to EIGEN holders and stakers;
18. Trump's crypto project World Liberty Financial has slashed its fundraising target by 90% to $30 million;
19. On November 1, CZ hinted at a bull market in 2025, calling 2024 the 'year of recovery'.
Macroeconomics
1. On October 31, Fox Business reporter Eleanor Terrett posted on social media that the cryptocurrency investment firm Canary Capital has submitted a SOL ETF application to the SEC;
2. On October 31, The ETF Store president Nate Geraci posted on X that the SEC has officially accepted the application to convert the 'Grayscale Digital Large Cap Fund' (code: GDLC) into an ETF, and the SEC is seeking public opinions;
3. On November 1, according to CME's 'FedWatch': The probability of the Fed lowering rates by 25 basis points by November is 99.7%, the probability of maintaining the current rate is 0%, and the probability of lowering by 50 basis points is 0.3%;
4. On November 2, according to public documents from the SEC, 21Shares has submitted an S-1 application to launch the first XRP ETF '21Shares Core XRP Trust'.
ETF
According to statistics, from October 28 to November 1, the net inflow of U.S. Bitcoin spot ETF was $2.172 billion; as of November 1, GBTC (Grayscale) had a total outflow of $20.116 billion, currently holding $15.209 billion, and IBIT (BlackRock) currently holds $29.701 billion. The total market value of U.S. Bitcoin spot ETFs is $71.735 billion.
Net inflow of U.S. Ethereum spot ETF: $13 million.
Envision the Future
Event Preview
1. Devcon 2024 will be held in Bangkok, Thailand from November 12 to November 15, 2024;
2. The Block will host the Web3 summit 'Emergence' from December 5 to 6 at the Prague Conference Center in the Czech Republic. The summit will facilitate connections between technology and capital, bridging Wall Street and the crypto space, gathering different representatives from various industries and chains to discuss ETF, asset management, and the uncertainties of crypto regulation. Through collaboration with Foresight Ventures, Emergence will provide insights into driving cryptocurrency development in Asia and bridge the gap between Eastern and Western capital and talent.
Project Progress
1. Sonic Labs (formerly Fantom) will end its new bounty program 'Sonic Boom' on November 4, with up to 30 winning projects receiving corresponding points distribution in three levels: emerald, sapphire, and ruby. Sonic Gems point holders will receive a total distribution of 37.5% of the airdropped tokens in the future. Winning projects can distribute airdrop points to users as rewards for using their applications;
2. The modular blockchain Celestia's Ginger upgrade will be activated at Arabica height 2348907 (expected on November 5, 2024), with a Mocha testnet expected in November and a mainnet beta in December;
3. The blockchain-based video conferencing project Huddle01 will conduct a node public sale on November 6, aiming to raise $37 million through this public sale;
4. The deadline for the Gitcoin grant GG22 program is November 7 at 7:59;
5. The stablecoin protocol Usual's points activity will continue for 4 months, until November 10.
Important Events
1. Paxful co-founder and former CTO Artur Schaback is scheduled to be sentenced on November 4, facing up to five years in prison. Artur Schaback has admitted to conspiracy and failure to maintain an effective anti-money laundering (AML) program, and will resign from the Paxful board;
2. The 2024 U.S. elections will be held on November 5;
3. Bitcoin miner Bitfarms has postponed a meeting originally scheduled for October 29 to November 6, following a request for a special shareholder meeting from Riot Platforms. Riot Platforms and Bitfarms announced they had resolved their dispute through a settlement agreement in a joint announcement on September 23, 2024;
4. The U.S. Securities and Exchange Commission (SEC) has delayed a decision on BlackRock's Ethereum spot ETF application, with the latest deadline set for November 10.
Token Unlocking
1. Gravity token G will unlock approximately 310 million tokens on November 5, valued at about $8.98 million, accounting for 2.59% of the current circulation;
2. Ethereum Name Service token ENS will unlock about 1.46 million tokens on November 8, valued at approximately $24.12 million, accounting for 1.46% of the current circulation;
3. GMT token GMT will unlock approximately 9.22 million tokens on November 9, valued at about $11.63 million, accounting for 1.54% of the current circulation.
