US Spot Bitcoin ETFs Gain for Third Day in a Row
On Thursday, U.S. spot Bitcoin ETFs saw net outflows of $54.13 million, marking the third consecutive day of negative flows. The three-day total net outflow exceeded $388 million. Ark Invest and 21Shares’ ARKB saw the largest outflows, while BlackRock’s IBIT ETF saw the highest inflows of $35.96 million. The total daily trading volume of spot Bitcoin ETFs fell to $1.13 billion from $1.66 billion the day before. In the Ethereum market, spot ETH ETFs saw net outflows of $3.2 million, while Grayscale’s ETHE saw the highest outflow of $14.69 million, and BlackRock’s ETHA ETF saw net inflows of $12.08 million. Bitcoin and Ethereum prices fell 0.85% and 1.38%, respectively.
PayPal Completes First Transaction with PYUSD Stablecoin
PayPal completed its first commercial payment transaction using its own stablecoin, PYUSD, on an invoice with Ernst & Young on September 23. The transaction was made through SAP’s digital currency hub. Jose Fernandez da Ponte, PayPal’s head of blockchain, said stablecoins are suitable for businesses and reduce costs by speeding up cross-border payments. According to a survey conducted by Ernst & Young, PYUSD is the most widely used stablecoin in payments, with 47% of respondents using the token. The move reflects PayPal’s effort to highlight the stability and utility of PYUSD for business transactions, despite concerns in the industry following the FTX crash.
New HBO Documentary Aims to Reveal the True Identity of Bitcoin Creator Satoshi Nakamoto
An upcoming HBO documentary, “Money Electric: The Bitcoin Mystery,” aims to uncover the true identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto. Directed by Cullen Hoback, known for “Q: Into the Storm,” the documentary will be released on October 9 and promises to spark controversy with its findings. Hoback said that the documentary provides strong evidence, but added that the subject is expected to be debated. Galaxy Digital’s Alex Thorn noted that the documentary suggests that Nakamoto is cryptographer Len Sassaman, who died in 2011, and that he based this theory on a 2021 Medium post.
Franklin Templeton’s Onchain Fund Goes Live on Aptos Blockchain
Aptos Foundation and Franklin Templeton have integrated the Franklin OnChain US Government Monetary Fund (FOBXX) onto the Aptos blockchain, making it the first US-registered investment fund to process transactions using blockchain technology. The fund, which manages $427.95 million in assets, can be stored in digital wallets as BENJI tokens. Founded by former Meta employees and not EVM-compatible, Aptos has seen significant volume growth in 2024, completing 1.7 billion transactions since its launch. The move highlights a trend toward tokenization of traditional financial products that firms like BlackRock and ParaFi Capital are also exploring.
SEC Enforcement Director Resigns Ahead of Ripple Appeal
The U.S. Securities and Exchange Commission (SEC)’s Enforcement Director Gurbir Grewal has announced his sudden resignation, effective October 11, 2024. This comes amid the agency’s appeal of the Ripple case, sparking speculation about the agency’s crypto strategy and internal tensions. Legal experts Jake Chervinsky and Jeremy Hogan expressed concern about the timing. Hogan argued that the appeal poses risks to the SEC due to the “fact-based” nature of the judge’s previous decision. While the focus of the appeal is unclear, it is thought that it could target Ripple’s programmatic sales or the financial penalties imposed. Sanjay Wadhwa will replace Grewal on an interim basis, with Sam Waldon serving as General Counsel.
Ethereum ICO Whale Sells 19,000 ETH Amid Market FUD
A long-dormant Ethereum ICO participant has reactivated after two years, selling 19,000 ETH ($47.54 million) and previously depositing 12,010 ETH ($31.6 million) to Kraken. The participant had purchased 150,000 ETH during the 2014 ICO for just $46,500, and the total value of these assets at current prices was initially worth more than $358 million. The sales came amid a 10% decline in the Ethereum price, raising concerns among market commentators, with Ethereum advocate Anthony Sassano reacting to the ongoing FUD. Meanwhile, institutional investor interest continues. Spot Ethereum ETFs saw inflows of $14.45 million on Oct. 2.
————————————————————————————————
BITCOIN (BTC)
BTC is priced at $61,026 with a 0.45% gain as of the morning hours. The price, currently trading at 61,349, has previously tested the resistance zone at 62,360 USDT, but could not pass this level. The upper resistance level is determined as 67,000, and the middle resistance level is 64,000. If the downtrend continues, the probability of the price moving towards the lower support levels of 57,000 and 52,555 will increase.
ETHEREUM (ETH)
ETH is priced at $2375 with a 1.05% gain as of the morning hours. The price broke the support area at 2,461.59 and entered a downtrend and moved towards the lower support level of 2,338.99. The price, which is currently traded at 2,393.27, could decline to 2,338.99 and below 2,168.07 if the downtrend continues. The upper resistance level is 2,819.69, and the middle resistance level is 2,680.00, defined as the red zone.
RIPPLE (XRP)
XRP is priced at $0.5273 with a 1.09% gain as of the morning hours. The price entered a downtrend by failing to break the blue resistance zone at 0.5900 and then broke the orange support zone at 0.5500 and fell to 0.5368. If the downtrend continues, the lower support level of 0.5100 blue zone can be targeted. The upper resistance zone is at 0.6600, defined as the red zone.
AVALANCHE (AVAX)
AVAX is priced at $25.03 with a 1.50% gain in value as of the morning hours. The price has entered a downtrend by failing to break the resistance zone at 28.00 and has fallen to the orange support zone at 25.00 in the process. The price, currently trading at 25.49, may target support levels at 24.69 and 22.82 below if the downtrend continues. The upper resistance level of 28.00 poses a significant obstacle to the price’s efforts to rise.
SOLANA (SOL)
SOL is priced at $138 with a 0.84% increase in value as of the morning hours. It rose to $162. The price entered a downtrend by failing to break the orange resistance zone at 148.00 and fell to the green support zone at 144.00 in the process. The price, which is currently trading at 142.50, may target the lower support level of 134 if the downtrend continues. The upper resistance level of 163.70 poses a significant obstacle to the price’s efforts to rise.
OUNCE GOLD
As of the morning hours, ounce gold is priced at $2665 with a 0.34% increase in value. The price is consolidating in the resistance area at 2,660.00. If this resistance area can be broken, an increase towards 2,710.00 can be expected. However, in the event of a possible downtrend, support areas at 2,610.00 and 2,530.00 USDT levels can be targeted. Lower support levels should be monitored at 2,510.00 (blue zone) and 2,477.74 (green zone).
OUNCE SILVER
Silver is priced at $32,247 with a 0.70% gain in value as of the morning hours. The price is moving within the ascending channel and testing the resistance zone at 31,191. If this resistance zone is broken, a rise towards 33,000 can be expected. On the other hand, in the event of a possible downtrend, the support zones at 30,500 (red zone) and 29,000 (green zone) can be targeted.
