US Spot Bitcoin ETFs Saw $235 Million Net Inflows Yesterday
U.S. spot Bitcoin ETFs saw net inflows of $235.19 million on Monday, marking the second consecutive day of positive inflows. Fidelity’s FBTC led the way with $103.68 million, while BlackRock’s IBIT reported inflows of $97.88 million. Bitwise’s BITB, Ark and 21Shares’ ARKB, and VanEck’s HODL saw smaller inflows. The total trading volume of the 12 ETFs reached $1.22 billion, a slight increase from last Friday. In contrast, U.S. spot Ethereum ETFs saw no net inflows on Monday.
US Bankruptcy Judge Approves FTX’s Reorganization Plan
A U.S. bankruptcy judge has approved FTX’s restructuring plan, paving the way for the distribution of funds to creditors almost two years after the exchange crash. A combined 94% of creditors voted in favor of the plan, representing claims totaling $6.83 billion, and it promises to pay at least 118% in cash to 98% of creditors. The plan has been criticized for not being paid in crypto assets, which some have argued could lead to significant tax burdens. Judge Dorsey reaffirmed that FTX’s native token, FTT, has no value and dismissed the idea of “FTX 2.0” due to lack of investor interest.
Donald Trump Has His Best Chance at Polymarket Since Kamala Harris Accepts Democratic Nomination
Donald Trump has a 53.8% chance of winning the US presidential election, the highest since Kamala Harris was elected as the Democratic candidate in early August. Trump overtook Harris on Polymarket, an Ethereum-based prediction platform, on October 4. However, Harris still has a 72% chance of winning the popular vote. The platform, which has reached over $1.4 billion in trading volume for the election, has become one of the leading sites for betting on political outcomes. Trump’s rising odds come as Republican voter registrations have surpassed Democrats following recent polls in Pennsylvania.
21Shares Urges EU to Change Inconsistent Crypto ETP Rules
21Shares has called on the EU to create a unified regulatory framework when it comes to including crypto assets in investment products, saying current rules are a “patchwork” that creates confusion for investors. The ETP issuer noted that while Germany and Malta allow UCITS funds to hold crypto assets, countries such as Luxembourg and Ireland do not. 21Shares argued that harmonized regulations would increase investor protection and bring Europe in line with markets such as the US and Hong Kong. The European Securities and Markets Authority (ESMA) is reviewing its approach to crypto regulation following a consultation process that concluded in August.
New Ethereum Upgrade Could Reduce Block Time by 33% and Increase Throughput by 50%
A new Ethereum Improvement Proposal called EIP-7781 aims to reduce block times from 12 seconds to 8 seconds and increase the network’s throughput by 50%. Proposed by Ben Adams, the upgrade could increase throughput, reduce latency, and alleviate network congestion. While many support the proposal due to its scaling benefits, some are concerned that it could have a negative impact on independent staking users by increasing hardware requirements. Ethereum Foundation researcher Justin Drake noted that the proposal aligns with Ethereum’s broader scaling goals and could save decentralized exchanges like Uniswap v3 around $100 million annually in CEX vs. DEX arbitrage.
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BITCOIN (BTC)
BTC is priced at $62,600 with a 0.62% gain as of the morning hours. In the technical analysis conducted in the 4-hour time frame, support and resistance levels and trend lines were examined. The upper resistance was determined as 66,000, the middle resistance as 64,000, the lower support as 60,000 and the lowest support level as 52,555. In the analysis, it was observed that the rising trend line was broken and the price fell below this line. The price retreated after testing the resistance at 64,000 and is currently trading at 62,360. The break of the rising trend line indicates that the downtrend may continue. In this case, the 60,000 USDT level should be carefully monitored as an important support.
ETHEREUM (ETH)
ETH is priced at $2422 with a 0.02% gain as of the morning hours. Support and resistance levels were examined in the technical analysis made in the 4-hour time frame. The upper resistance was determined as 2,819.69, the middle resistance as 2,680.00, the lower support as 2,338.99 and the lowest support level as 2,168.07. The price pulled back after testing the resistance at 2,461.59 and is currently trading at 2,431.22. The 2,338.99 level should be watched as an important support and the price must close above 2,461.59 in order for the uptrend to continue.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5293 with a 0.15% gain. Support and resistance levels were examined in the technical analysis made in the 4-hour time frame. The upper resistance was determined as 0.6500, the middle resistance as 0.5900, the lower support as 0.5200 and the lowest support level as 0.4900. The price retreated after testing the resistance at 0.5900 and is currently trading at 0.5307. The 0.5200 UDT level should be monitored as an important support and the price must close above 0.5900 in order for the uptrend to continue.
AVALANCHE (AVAX)
AVAX is priced at $26.56 with a 0.04% gain as of the morning hours. Support and resistance levels were evaluated in the technical analysis conducted in the 4-hour time frame. The upper resistance was determined as 28.00, the middle support as 24.69, the lower support as 22.82 and the lowest support as 21.88. The price pulled back after testing the resistance at 28.00 and is currently trading at 26.65. The 24.69 level should be monitored as an important support and the price must close above 28.00 for the uptrend to continue.
SOLANA (SOL)
SOL is priced at $143 with a 0.63% loss in value as of the morning hours. It rose to $162. In the technical analysis made in the 4-hour time frame, support and resistance levels were determined. Upper resistance was recorded as 163.70, medium resistance as 152.00, medium support as 144.00 and lower support as 134.00. The price pulled back after testing the resistance at 152.00 and is currently trading at 143.27. The 144.00 level should be monitored as an important support and the price must close above 152.00 in order for the uptrend to continue.
