Record Inflows to ETFs Continue
This week, when Bitcoin revisited the $73,000 level, Spot Bitcoin ETFs continued to see record-high inflows. ETFs, which have seen a total inflow of over $4 billion since October 11, also saw an inflow of $870 million on Tuesday, October 29, the highest inflow since June. This indicates that crypto assets are spreading to a wider investor base and institutional confidence in Bitcoin is increasing. On the other hand, Ethereum spot ETFs saw a more modest increase of $7.65 million in inflows.
Ethereum Outflows from Exchanges Are Rising
Investors continue to withdraw Ethereum from exchanges. Exchange exits are interpreted as an indication that the investor group is not considering selling and wants to keep their investment outside. Despite the recent weak Ethereum pricing and the continuation of some negative signals on the chain, investors were seen to withdraw $750 million worth of Ethereum from exchanges last week. This was interpreted by analysts as a slow increase in long-term investors.
BCG’s RWA Forecast
A report by Boston Consulting Group (BCG) and Aptos Labs suggests that tokenization of real assets via blockchain could reach a size of $600 billion by 2030. The report states that tokenization is particularly suitable for debt instruments such as bonds, simplifying processes and accelerating investment. Boston Consulting Group (BCG), a leading strategy and management consulting firm founded in 1963, is working in collaboration with Aptos Labs, which invests in blockchain technology. The report notes that adoption is slower in the private equity and real estate sectors.
European Compliant Crypto Index in Hong Kong
The Hong Kong Stock Exchange is introducing the first Asian crypto index compliant with EU regulations, which will be launched on November 15 under the name of “CSOP Bitcoin Ethereum Benchmark Index”. The index stands out as a measure that includes the volume-weighted prices of Bitcoin and Ethereum. It is updated daily at 16:00 Hong Kong time and aims to provide investors with a more transparent and secure trading environment. The move is seen as part of Hong Kong’s strategy to integrate digital assets into the traditional financial world.
Huge Airdrop on Filecoin
Glif, a DeFi platform operating on Filecoin, will be launching the GLIF token and conducting an airdrop of 100 million tokens. Qualified users will have access to 25% of the tokens immediately, while the rest will be gradually released over 180 days. Glif has also established the GLIF Foundation for community management. The airdrop will be available for claiming for 12 months after the token production event, and is expected to take place by the end of the year or early 2025.
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BITCOIN (BTC)
BTC is priced at $72,416 with a 1.98% increase in value as of the morning hours. Bitcoin, which fell back to $65,000 after the reaction it received from the peak level of $69,600 last week, returned to its upward movement on Saturday. When we look at the daily chart, we see that ETF inflows have also had a strong impact on the pricing of Bitcoin, which has been in an upward trend since mid-August. With its latest rise, Bitcoin settled in the critical peak area of 72,000 – 73,500, and in cases where it falls below this area, the levels of $69,700 – 68,400 can be used as short-term support levels.
ETHEREUM (ETH)
ETH is priced at $2643 with a 0.08% loss in value as of the morning hours. While weak pricing continues in Ethereum, we see that at least during this period when Bitcoin is running to new heights, it can break the 2560 region upwards and rise to the 2650 region. As long as the weak pricing originating from on-chain on Ethereum continues, we think that the price will continue to remain below $2700 or the upper band of $2850. In case of a break of these two regions on Ethereum, we will be able to return to our positive expectations for Ethereum.
RIPPLE (XRP)
XRP is priced at $0.5247 with a 0.20% loss in value as of the morning hours. XRP continues its stable pricing after the court news. We know that the 0.50 region is the most solid support area, at least for now, and that the $0.5440 and 0.562 levels are strong resistance areas in the upward movement. Although we do not expect a big volatility and rise for Ripple, developments that may come from the court will increase Ripple pricing.
AVALANCHE (AVAX)
AVAX is priced at $26.56 with a 0.35% loss in value as of the morning hours. After the downward break of the rising trend support in AVAX, we see that the price returned to the critical support area at 23.80 and received a great reaction from there. With the incoming reaction, we see that AVAX, which tested the rising support it broke upwards, started to retreat by receiving a reaction from here in the $27 region. Although AVAX received a reaction from the upper levels, even if it can maintain its permanence in the area where it is currently located and whose lower band is $26.40, it will be promising for the upcoming process. However, of course, if it breaks upwards in the coming hours and rises above the trend support, it will create an even more positive atmosphere.
SOLANA (SOL)
SOL is priced at $180.22 with a 0.10% gain in value as of the morning hours. Although the strong image has already been proven with the persistence provided above the $165 level in Solana, we were seeing that the $175-180 band could not be broken. Solana achieved this break on Monday and managed to close above it daily. Thus, in scenarios where the market remains strong, our upward target for Solana will now be the 195-200 region. In case of declines, the $179.80 and $172 levels appear as important support levels to be used.
