CryptoQuant Says Spot Bitcoin ETF Approvals Could Add $1 Trillion to Crypto Market Cap
Data analytics firm CryptoQuant wrote in a recent report that if Bitcoin Spot Exchange Traded Funds (ETFs) were approved, Bitcoin would become a $900 billion asset and the total crypto market would grow by $1 trillion. The potential inflow from spot ETFs would be significantly larger than the money that entered the Grayscale Bitcoin Trust (GBTC) during the last bull market cycle. CryptoQuant says that if issuers applying to list Bitcoin ETFs put 1% of their Assets Under Management (AUM) into these ETFs, about $155 billion could enter the Bitcoin market.
Transfer of 2,832 Units from Bitcoin Whale
According to Whale Alert, a blockchain tracker famous for reporting important transactions, a Bitcoin whale transferred 2,832 Bitcoin from an unknown wallet to the Coinbase crypto exchange. The latest transaction came less than 24 hours after the dramatic day when a journalist mistakenly reported that the BlackRock spot ETF had been approved.
Hackers Stole $7 Million from Phantom Foundation
The foundation overseeing the development of the Fantom blockchain lost at least $470,000 on Fantom and $187,000 on Ethereum. According to CertiK, the stolen funds have been consolidated into a wallet holding about 4,500 ETH, currently worth about $7 million. On-chain data shows that the hacker’s wallet received various tokens, including FTM, ETH, Tether (USDT), USD Coin (USDC), Dai stablecoin (DAI), Convex token (CVX), Fantom USD (FUSD) and others.
Whale carries a $32.4 million Shiba Inu
Given the relatively quiet environment in the Shiba Inu ecosystem, this whale transfer seems to have attracted the interest of SHIB investors. The magnitude of this process is worth monitoring carefully. Because it could create a selling pressure and negatively affect the price of SHIB, even temporarily. According to the on-chain data, the transaction was made from address “0xe9bb” to a new private address “0x44a8”. The buyer wallet “0x44a8” currently has a total of 4.58 trillion SHIBs, worth more than $33 million.
Arbitrum (ARB) Whales Take Action After Fake Bitcoin ETF News
During the market turmoil following Cointelegraph’s erroneous report that the SEC had approved the iShares Bitcoin Spot ETF, Arbitrum (ARB) saw unusual activity in altcoin network activity. Offchain Labs reportedly deposited 20 million ARBs, equivalent to $16.24 million, into Coinbase for $0.812 at around 18:00 UTC on October 16.
dYdX Will Not Make a Profit in v4
dYdX will launch v4 on October 18, 2023. announced that there will be a public benefit company Public Benefit Company (PBC) for its version. PBCs are private companies that focus on the public good as well as making a profit. The reorganization of dYdX as a PBC is one of the first major moves in the cryptocurrency space.
The reorganization of dYdX as PBC has several purposes. First, it will make the company more transparent and accountable. Second, it will enable the company to focus on social and environmental benefits. Third, it will help the company build a more sustainable future.
3.9 Million Volume from Refik Anadol’s New NFT Project
Refik Anadol’s NFT collection, created in collaboration with the Yawanawá tribe in Brazil, generated 3.9 million dollars in one week. The collection consists of 1,000 unique and dynamically evolving NFT data visuals using real-time data from the Amazon rainforest. Refik Anadol announced that a portion of the proceeds from the collection sale will be donated to the Yawanawá tribe. The donations will be used to preserve the culture and life of the tribe.
The sales success of the collection shows that NFTs are becoming increasingly popular in the art world. It also shows that NFTs can be used for social and environmental purposes.
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BITCOIN(BTC)
Bitcoin is priced at $ 28,506 with a 0.39% gain in value as of today morning hours. After the market calmed down, it was repeatedly rejected at $28,560 resistance, but holding above $28,500 is very positive. If the weekly close is above $28,000, we can start next week quite well. For the moment we see a squeeze in the price. In the downward break of 28,370, we can test $ 28,000 again. At the break above 28,600, we are likely to see 29,000 first.
ETHEREUM(ETH)
ETH, which gained 0.38% as of morning hours, is priced at $ 1571. Holding above $1568 is quite positive for the moment. At a break above $1582, we can see the $1600 level again. In the loss of $ 1568, we are likely to test the $ 1550 level again.
RIPPLE(XRP)
XRP is priced at $0.4909, down 0.06% as of morning hours. After the break of $0.50, it seems to have found support at $0.49. It is very important not to lose $0.49. If it goes below this level, we can see $ 0.48 as support. Above $0.50, we can see the level of $0.52.
AVALANCHE(AVAX)
AVAX is priced at $ 9.19 with a 0.66% gain in value as of morning hours. After the downward break of $9.40, it seemed to have found support at $9.30. But the downward breakout took place and realized a retest to $ 9 again. A loss of $9 could put AVAX in some jeopardy. Above $9.20 may continue to rise again.
SOLANA(SOL)
SOL is priced at $ 24.15 with a gain of 0.88% as of morning hours. SOL, which surpassed the 22.60 and 23 resistances with yesterday’s rise, seems to be trying to hold above $ 24. SOL, which cannot exceed $ 24.33, the resistance level we mentioned yesterday, is moving horizontally between 24.33 and 23.70 levels. With the break of 24.33 resistance, it seems possible to see an increase up to $ 25 levels. In case of downward movements, it is possible to follow 23.70 and 23.10 levels as support.
CHAINLINK(LINK)
As of morning hours, LINK is pricing at 7.373 with a 0.72% gain in value. Breaking the 7.41 support level, LINK, which has experienced some retracement, is trying to throw above this level again. If $ 7.41 is maintained above $ 7.7, it seems possible to see an increase up to $ 7.7 again. In a reverse scenario, support levels are 7,125 and 6,944.
MATIC
MATIC is priced at 0.5213 with a gain of 0.39% as of morning hours. MATIC, which experienced some retracement yesterday with the break of the 0.5260 support level, is trading above the 0.5140 support level. The first level to follow in upward movements will be 0.5260 and then 0.5450 dollars. Support levels in downward movements are 0.5140 and 0.5030.
