Crypto Market

BTC and ETH Market Insight

Since the U.S. Federal Reserve's 50 basis-point rate cut on Wednesday, Bitcoin has surged over 10%. U.S. spot bitcoin ETFs saw net inflows of $158.21 million on Thursday. Data from CoinGlass indicated a nearly $5 billion increase in open interest for bitcoin since Tuesday, signaling new money entering the market in anticipation of upcoming volatility. 26% of altcoins have now outperformed $BTC in a 90-day period when BTC.d has been grinding up to 3.5yr highs. The central banks are capitulating and liquidity is the key driver of everything.

Options Market

The implied volatility, the front-end in particular, collapsed following the FOMC meeting. The term structure is now back to backwardation form with a higher kink in US election expiry. Skew, on the other hand, was rather stable with near-term skew showing neutral view and long-term ones continuously showing bullish view. ETHBTC briefly dipped to 0.038 low but quickly bounced back to 0.04 - the pivot level for breakout.

Altcoins and Blockchain News

• According to Defillama data, the supply of PYUSD decreased by 8.50% in the past 7 days, with a market value currently standing at 7.0574 billion US dollars. Over the past 30 days, its supply has decreased by 26.49%.

• Binance founder CZ is currently located in Long Beach, California, and is undergoing reintegration preparation and evaluation by the Bureau of Social Management. This indicates that he is in the process of reintegrating into society. If all goes well, he will return to society on September 29th.

• The native token DBR of deBridge will be listed on October 17th.
  The gold mining test of MATR1X FIRE officially started at 15:07 UTC+8 on September 21st, allowing mining with genesis characters and energy.

• According to official sources, Mask Network has announced the acquisition of Decentralized Identity (DID) and game extension Nametag, with the specific amount undisclosed.

• According to an official announcement by SynFutures, users can leverage up to 10 times to trade leveraged Polymarket prediction markets on the election of Trump or Harris as president.

• According to official sources, Binance Labs has announced an investment in Hemi Labs, the developer of the modular blockchain network Hemi Network.

• BNB Chain has announced the launch of a gas-free stablecoin transfer plan to enhance stablecoin infrastructure. This plan will collaborate with major centralized exchanges and wallets, focusing on USDT, USDC, and FDUSD stablecoins to achieve faster, lower-cost payment experiences.

Marco

The major indexes moved to new all-time highs after the Fed rate decision: the DJIA added +1.6%, the S&P 500 added +1.4% and the NASDAQ +1.5%. The Fed starts the rate cutting with a -0.5%, marking critical turning point for the monetary policies.