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ARP's Crypto Digest
ARP Digital
October 21, 2024
General Digital Asset Market View:
Source: ARP Digital Research Team Q3’24
On October 14th, BTC ETF’s saw a net inflow of $555.9 million, marking the largest flow in nearly three months. The flow remained very strong throughout the week as shown in the table above.
U.S. Bitcoin ETFs ended the trading session on October 18 (U.S. time) with an inflow of $273.7 million, marking six consecutive days of significant inflows. Leading on Friday was ARK Invest with an inflow of $110 million, followed by BlackRock’s IBIT with $70.4 million.
The market dominance of BTC also reached a new peak of 59% on Friday, a level not seen since March 2021, indicating that the current market trend is largely driven by Bitcoin alone.
Source: EricBalchunas on X
Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for first time after huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark.
More Crypto:
Source: K33 Research
Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) hit a new high this week, rising to 172,430 BTC ($11.6 billion) the previous day, K33 Research reports.
From October 12–17, interest in BTC futures on CME has increased by 25,125 BTC. The last time such growth rates were observed was in June 2023, when BlackRock applied to launch a spot crypto ETF. At that time, the BTC rate strengthened from $25,000 to $30,000.
A similar trend was recorded in October last year: open interest in futures increased by 25,115 BTC, and the spot price jumped from $25,000 to $40,000. K33 Research notes that the increase in interest in futures indicates traders’ expectations for an increase in the value of bitcoin. The key event could be a breakout of resistance at $70,000.
Source: Artemis
Tron has become the leading blockchain for transactions with fiat-backed digital currencies. The average monthly number of active addresses holding stablecoins and using Tron exceeds 10 million. BNB Chain is the second most popular, with up to 6 million active wallets sending stablecoins in the last 30 days.
Ethereum is the third-largest blockchain for stablecoin holders, with over 2 million active addresses. It is followed by Polygon, Optimism, Celo, Base, and Arbitrum. Tron is currently behind Ethereum in the decentralized finance market. DeFi projects on Tron have accumulated $7.355 billion, while Ethereum’s TVL is $47.623 billion.
What Happened This Week:
The SEC charged Thorchain co-founder Mattew Moravec with selling unregistered cryptocurrency securities.
Ethena Labs has published a proposal to add $USDe liquidity to Hyperliquids and add Funding Yield from Hyperliquids’ Perpetual Futures for hedging.
Worldcoin announced that it is rebranding as World Network.
Sei announced the launch of fastUSD, a native yield-stabilized asset backed by deUSD.
What to Look Out For:
BlackRock is in discussions with Binance, OKX, and Deribit to integrate the BUIDL token as collateral for futures trading.
Tesla’s Bitcoin wallet, which hadn’t seen any movement in the past 2 years, has moved about 11.5K $BTC ($770M) to a new wallet.
The Stacks Foundation has confirmed that the Nakamoto activation will be completed on Bitcoin Block 867,867. This block is currently projected to arrive on October 29th, 2024.
World Coin announced the launch of new services including World Apps 3.0 and Mini Apps, World ID 3.0 and Orbs 2.0, and more.
What we enjoyed reading and listening to:
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