ARP's Crypto Digest

General Digital Asset Market View:

U.S. Bitcoin ETFs concluded the trading session on October 26th with an inflow of $402 million, raising the total inflow for the week to $997.6 million.

The biggest contributor in recent trading sessions was undoubtedly BlackRock’s IBIT fund, which recorded a weekly inflow of $980 million, accounting for 98% of the total inflow. Since October 14th, IBIT has seen 10 consecutive trading sessions with inflows, with a total purchase value of $2.1 billion in Bitcoin.

More Crypto:

The derivative market for Bitcoin has experienced immense growth since the first perpetual swap instruments were launched in 2016. Derivatives markets have added significant depth and liquidity to the asset class, allowing for increasingly sophisticated trading and hedging strategies.

Open Interest across both perpetual and fixed-term futures contracts has recorded a new ATH of $32.9B this week, suggesting a marked increase in aggregate leverage entering the system.

Polymarket, a betting platform unavailable in the U.S., has seen over $2 billion in trading volume related to the U.S. presidential election. However, with open interest never exceeding $250 million, its value as a predictive tool is questionable. 

In contrast, recent U.S. polls show a close race, with Vice President Kamala Harris slightly ahead of Donald Trump by nearly two percentage points, polling at 48.2% compared to Trump’s 46.4%, according to the FiveThirtyEight average. 

Other respected polls report similar findings, with Harris leading by between one and two percentage points.

What Happened This Week:

• It is estimated that $20M worth of funds seized by the U.S. government from the Bitfinex hackers were stolen.

• The number of newly minted tokens on PumpFun has surpassed its ATH. Since mid-October, the figure has been breaking the ATH every day.

• Tesla announced Q3 earnings surprises and saw no change in its $BTC holdings.

• Sushiswap unveils Super Swap roadmap with extensive updates to Multi-chain Expansion, Aggregation Stack, SushiXSwap and more.

What to Look Out For:

• Magic Eden announced the launch of its test token $TestME on October 29th.

• pump dot fun co-founder sapijiju mentioned an airdrop plan for platform users at X space.

• Avalanche has announced the launch of a Visa credit card that allows users to pay with cryptocurrency.

• The U.S 10-year Treasury yield hit a three-month high of 4.26%, and the U.S dollar index ($DXY) is rising on the back of slow rate cuts and the approaching U.S presidential election.

What we enjoyed reading and listening to:

• Stablecoins | The Monetary Upgrade — Link

• Trustless Economic Agency — Link

• Michael Saylor Says He’ll Give Away His Bitcoin — Like Satoshi Nakamoto — Link

• BlackRock’s Larry Fink says the US election ‘really doesn’t matter’ for markets — Link

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