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On October 16, 2024, Bitcoin ETFs recorded $458.54 million in net inflows. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led with $393.4 million. Other ETFs, including Wise Origin Bitcoin Fund (AMEX:FBTC), Bitwise Bitcoin ETF (AMEX:BITB), Franklin Templeton Digital Holdings Trust (AMEX:EZBC), and ARK 21Shares Bitcoin ETF (AMEX:ARKB), each reported over $10 million. Ethereum ETFs totaled $24.22 million, with iShares Ethereum Trust (NASDAQ:ETHA) capturing $11.89 million.
For the first time, physical gold can be minted and traded on the Bitcoin blockchain through the Ordinals protocol. Swarm Markets, a licensed real-world asset platform in Germany, has partnered with OrdinalsBot to enable investment in gold bars inscribed on individual satoshis. This gold will be the first real-world asset available on Trio, a marketplace launching later this year. The service combines physical and digital gold, offering a secure blockchain investment method.
On October 17, Kraken launched Kraken Wrapped Bitcoin (kBTC), an ERC-20 token backed 1:1 by Bitcoin stored by the company. kBTC is interoperable with networks like Ethereum and OP Mainnet, allowing its use in DApps. Kraken claims that kBTC brings Bitcoin’s power to new networks and has been audited by Trail of Bits for security. Onchain kBTC reserves can be verified by users, reinforcing transparency at the exchange.
At the HOOD Summit, Robinhood (NASDAQ:HOOD) confirmed plans to offer Bitcoin and Ether futures trading, expanding its derivatives product portfolio. The company plans to launch these futures in the coming months, with support for CME contracts, including Micro Bitcoin and Ether Futures. Additionally, Robinhood announced the launch of “Robinhood Legend,” a customizable new desktop app designed for advanced traders.
Bitcoin’s price (COIN:BTCUSD) dropped to $66,770, a 1.2% decline over the past 24 hours, amid concerns over U.S. job data. Initial jobless claims fell short of expectations, while continuing claims exceeded forecasts, reducing confidence in Federal Reserve rate cuts and negatively impacting the cryptocurrency market. The U.S. presidential election also brought added uncertainty.
Bitcoin reached a local high of $68,500 and has been gradually declining. The spot CVD, which tracks buying pressure, points to a decrease, indicating that retail investors are selling at higher price ranges. Bitcoin reserves on exchanges fell to a historic low of 2.7 million BTC, down from 3.3 million three years ago, suggesting a long-term holding strategy by investors, potentially creating scarcity and driving prices higher in the future. The drop in reserves also reflects increased institutional investor participation, signaling an accumulation phase in the current market cycle.
However, the futures market is highly leveraged, increasing the risk of large-scale liquidations. Bearish divergences in RSI and MACD indicators suggest a possible 25% correction, with support between $52,000 and $50,000, indicating short-term selling pressure.
XRP’s (COIN:XRPUSD) price jumped, reaching an intraday high of $0.5664, its highest level in two weeks. The rise was driven by rumors that the SEC may have missed a crucial deadline in its case against Ripple, weakening the case. The token’s price saw a slight correction at the time of writing but maintained an outperformance relative to the sector, trading at $0.5459.
Solana’s token (COIN:SOLUSD) fell 4.2% over the past 24 hours, trading at $148.23. The decline follows lower onchain activity, reflecting reduced volumes in DApps and transactions. Additionally, corrections in Solana’s memecoins, such as Book of Meme and Dogwifhat, worsened the negative sentiment. If the downtrend continues, SOL may test support at $125, with the risk of falling to $75. Despite this, SOL gained 8.7% for the week.
Tesla (NASDAQ:TSLA), led by Elon Musk, moved over $750 million in Bitcoin after nearly two years of no changes in its reserves. The company, the fourth-largest corporate holder of BTC, transferred approximately 10,000 tokens to new wallets, sparking speculation of restructuring or internal audit. However, the lack of transfers to exchanges eased fears of a massive sale. Analysts suggest the move may be related to UTXO consolidation to optimize future transactions and reduce operational costs.
In the first weeks of October, Ethereum block builders Beaverbuild and Titan Builder produced 88.7% of blocks, raising concerns about centralization on the network. Although Ethereum separates block proposers from builders, mitigating transaction prioritization, experts warn that the dominance of these builders could impact decentralization. The growing use of private order flow (XOF) also contributes to this centralization. The Ethereum Foundation (COIN:ETHUSD) and analysts are monitoring the potential impacts on the network’s censorship resistance and security.
Blockaid announced the integration of its Onchain Detection and Response (ODR) technology on the Stellar blockchain, starting with Lobstr and Freighter wallets. The partnership will provide real-time threat monitoring and rapid response to fraud and attacks, protecting millions of users. According to CEO Ido Ben Natan, the system alerts users about malicious interactions, preventing scams and hacks. Blockaid has already scanned billions of transactions, preventing over $4 billion in losses in partnerships with Coinbase and Metamask.
ARK Investment Management, in its Q3 report, highlights that innovation in artificial intelligence and blockchain could be crucial for global economic recovery. According to CEO Catherine Wood, these technologies, along with robotics and energy storage, will drive growth in the coming years. The firm believes that deflation in key sectors and the use of these innovations could boost productivity and create new products, helping companies overcome economic crises and profit margin pressure.
Fred Thiel, CEO of Marathon Digital (NASDAQ:MARA), compared today’s AI environment to the 2000s internet boom, highlighting that smaller companies may face financial struggles in building infrastructure without sufficient demand. Despite the warning, Thiel sees opportunities in integrating AI with Bitcoin mining, leveraging low-cost energy. MARA aims to reduce mining costs by acquiring 100% of its capacity and using stranded gas. The company is also investing in manufacturer Auradine, focusing on immersion cooling technologies and future diversification.
The decentralized platform Dtravel announced its collaboration with Fetch.ai Foundation on October 17 and the launch of its AI travel agent on the Fetch.ai market (COIN:FETUSD). The tool allows developers to integrate Dtravel’s peer-to-peer system into their projects, offering an alternative to traditional vacation rental platforms like Airbnb. Dtravel CEO Cynthia Huang believes AI can transform the travel industry, reducing costs and offering more efficient, user-centered solutions.
Eric Council Jr., 25, was arrested by the FBI after hacking into the SEC’s X account in January 2024. He used a SIM swap attack to gain access to the account and post a fake announcement about Bitcoin ETF approval. The tweet manipulated Bitcoin’s price, causing a $1,000 fluctuation. Council faces charges of fraud and aggravated identity theft, after receiving payment in Bitcoin for his role in the scheme.
Radiant Capital, a blockchain lending protocol, was hacked across several networks, losing over $50 million. Hackers reportedly gained control of three private keys, draining user assets. The platform has suspended operations on Binance Chain and Arbitrum networks, urging users to revoke contracts. This is Radiant’s second significant hack in 2024, and investigations are underway to uncover the attack’s details and prevent further losses.
The “Elvis Side $Btc” collection, consisting of 1,935 generative images, was created by the Royalty project, specializing in Bitcoin-focused intellectual property, in partnership with the OrdinalsBot inscription service. Inspired by Joe Petruccio’s art, the collection uses the Ordinals protocol to inscribe data onto satoshis, making them unique like NFTs. Part of the sales will fund the Elvis Legacy Council, a DAO governing Elvis’s digital legacy through a native token.
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