● BTC touches the $70,000 mark
According to Binance market data, BTC briefly broke through 70,000 USDT early this morning (UTC+8).
● 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 (UTC+8), the highest since March 31, 2021. Currently, Bitcoin market share stands at 59.53%.
According to PANews, Matrixport's latest report states that South Korea, known for its active altcoin trading, is currently experiencing sluggish trading volumes, with a low possibility of a significant rebound for altcoins. Bitcoin's funding rates have historically aligned with trading volumes in South Korea; higher funding rates usually attract hedge funds to buy ETFs for arbitrage. However, currently, Bitcoin funding rates, South Korean trading volumes, and the purchase volume of Bitcoin spot ETFs are all below levels seen in March 2024, leaving the crypto market still in search of a 'shot in the arm.'
The upcoming US presidential election may serve as a key catalyst to ignite new market momentum.
● CoinShares: Last week saw a net inflow of $901 million into digital asset investment products
According to PANews, CoinShares' latest weekly report shows that last week's inflow into digital assets reached $901 million, bringing the year-to-date net inflow to $27 million, nearly three times the record set in 2021. The US led the inflow 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, primarily influenced by US political factors, while short Bitcoin products saw outflows of $1.3 million. Ethereum recorded outflows of $34.7 million, becoming the asset with the most outflows, while Solana and blockchain stocks saw inflows of $10.8 million and $12.2 million, respectively.
● Report: Global stablecoin supply decreased by 2.7%, expected to rebound
According to Odaily Planet Daily, based on OurNetwork's research report, the global stablecoin supply has decreased by 2.7% from the peak on August 30. With the US elections approaching and cryptocurrency prices rising, stablecoin supply is expected to rebound.
The report indicated that the relatively low stablecoin supply over the past 60 days is related to the decline in PayPal's PYUSD supply, following the launch of liquidity incentives related to it by several Solana DeFi protocols.
The report adds that during peak periods, the annual interest rate for borrowing PYUSD on Kamino Finance was nearly 20%, whereas it is now only 7.9%. Moreover, 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 main network benefiting from this, with the value of EURC on that chain increasing from $22 million to $48 million.
● Vitalik releases sixth part of Ethereum protocol's future development: The Splurge
According to Odaily Planet Daily, Vitalik has released the sixth part of Ethereum protocol's future development: The Splurge, with the following key objectives:
- Achieve high performance and stable 'endgame state' for EVM;
- Introduce account abstraction in the protocol to benefit all users from more secure and convenient accounts;
- Optimize transaction fee economics to improve scalability while reducing risks;
- Explore advanced cryptographic technologies that can improve Ethereum in the long term.
According to Blockworks, five major tech giants will release earnings reports this week: Alphabet (Tuesday), Microsoft (Wednesday), Meta (Wednesday), Apple (Thursday), and Amazon (Thursday). A total of 169 S&P 500 companies will release quarterly earnings reports this week, including Ford, Visa, Uber, Exxon, and Mastercard.
Among the companies that have released earnings reports, 75% of earnings per share exceeded analyst expectations, and 59% of revenues surpassed expectations.
DataTrek Research co-founder Nicholas Colas stated that although third-quarter earnings reports performed slightly better than recent results, they still fall below long-term averages. However, 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.
