Crypto Market

BTC and ETH Market Insight

Bitcoin faces resistance around $67.5K, and traders cautious ahead of elections, yet the chart suggested potential for a move higher. $SOL has surged back past $170 and SOL/ETH ratio at all-time high, because this cycle has mainly been driven by memecoins, lacking a major onboarding event spurred by significant innovation, unlike DeFi summer a few years ago. In the last two weeks the markets have seen at least one memecoin go to eight figures almost every day. These assets lack clear valuation frameworks, which makes them highly reflexive and susceptible to bubbles, as their pricing is driven solely by attention.

Options Market

The positive sentiment observed last week eased together with  ETF net flows. BTC pulled back to 65k at the low and bounced back to 68.7k. However, the news on the DOJ's probe into Tether put the space under pressure again. The market could stay  a bit more volatile as more clarity on Tether’s case is needed. Implied volatility kept rising for Nov 8 -  the election expiry to offset theta decay whereas IV at the far end of the term structure continued to trend sideways. Near-term skew rose to favour puts as the downside protection demand increased. All eyes on the NFP next week as the market seeks for more hints on the potential rate cut. 

Altcoins and Blockchain News

• Polymarket's bets on the U.S. presidential election have surpassed $2.5 billion.

   

• According to DefiLlama data, the total market value of stablecoins is currently reported at $172.437 billion, with a 7-day decline of 0.16%, still maintaining historical highs.

   

• Arkham: This week, the U.S. government successfully recovered over $19 million from hacking.

   

• ApeChain announced the launch of its mainnet on Arbitrum Orbit and introduced native staking yield for the APE token holders.

   

• According to Decrypt, citing the latest data from Bloomberg, out of the 575 new ETFs issued in 2024, Bitcoin and Ethereum ETF products occupy 14 of the top 30 spots, with Bitcoin ETFs taking the top four positions.

   

• The TVL of Ethereum liquid restaking protocols has generally declined, with Puffer's TVL falling by more than 22% over seven days.

   

• According to Token Unlock data, Celestia will unlock 175.59 million TIA tokens on October 30, valued at approximately $1.02 billion, which accounts for 79.91% of the current circulating supply.

   

• On the X platform, Magic Eden announced that the test token TestME will be released on October 29 and will run from October 29 to October 31.

   

• The B² Network completed a new round of financing led by Spartan Groups, Animoca Brands, Alliance, and P2 Ventures.

   

• The Grass Foundation will conduct its first round of airdrops on October 28.

Marco

The major benchmarks closed lower for the week: the DJIA lost 2.7%, the S&P 500 lost 1.0%, and the Nasdaq 0.2%. The equity market was mainly shifted by the increasing U.S Treasury yields. The Chinese equity market closed mixed for the week: the Shanghai Composite Index added 1.17%,and the CSI 300 added 0.79%.  while the Hang Seng Index lost 1.03%.