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Bitcoin (COIN:BTCUSD) nearly reached $69,000, quoted at $68,740, a 2% increase in the last 24 hours. This week, Bitcoin rose 14.2%, surpassing gold and the S&P 500, but still below its all-time high of $73,700.
Driven by strong inflows into spot ETFs, which recorded over $1.85 billion in U.S. inflows since Monday, accumulation signals, and potential interest rate cuts could push BTC to new records, especially with the weakening yen favoring assets like Bitcoin and gold.
Large wallets are accumulating BTC at a rate comparable to the July 2020 to January 2021 period, when the price rose 550%. According to analyst Woominkyu, whales are positioning themselves to take advantage of “FOMO” as the price rises.
Moreover, new wallets holding more than 1,000 BTC represent 9.3% of the total supply, indicating long-term optimism despite short-term volatility. Other analysts warn that miners and long-term holders could influence BTC’s next move.
The Long-Term Holder Net Unrealized Profit/Loss (NUPL) indicator measures the unrealized profit or loss of long-term Bitcoin holders. Currently, it shows higher highs and lows, indicating confidence in the market. The scenario suggests continued bullishness, but without reaching the euphoric zone yet.
According to Fernando Pereira, an analyst at Bitget, “we are seeing long-term investors still confident in the market. In this cycle, we have not yet reached the euphoric zone on this indicator, and much is expected of a stronger rally than we’ve seen in recent months. As long as this indicator remains positive, we can expect historical highs.”
On October 17, Bitcoin ETFs recorded $470.48 million in net inflows, with the iShares Bitcoin Trust (NASDAQ:IBIT) by BlackRock receiving $309 million. The ARK 21Shares Bitcoin ETF (AMEX:ARKB) raised $100.2 million, while the Grayscale Bitcoin Trust (AMEX:GBTC) collected $45.7 million.
Meanwhile, Ethereum ETFs recorded $48.41 million, led by the Fidelity Ethereum Fund (AMEX:FETH), which received $31.12 million in net inflows.
Sam Altman’s World Foundation has launched World Chain, a new Ethereum Layer 2 blockchain solution that prioritizes verified human users over bots. With 15 million verified participants, the project aims to address issues like congestion and high transaction fees, offering fee-free transactions for these users. Supported by major names like Optimism, Alchemy, and Uniswap, World Chain seeks to expand financial inclusion in regions where cryptocurrencies are growing, connecting real people with trusted financial services. The impact of these innovations is yet to come. The native token, Worldcoin (COIN:WLDUSD), has surged about 38.6% in the last seven days.
Tron’s (COIN:TRXUSD) SunPump platform generated a record 30% increase in quarterly revenue, reaching $151.2 million in Q3 2024, according to Messari. The memecoin frenzy, with over 89,000 tokens launched between August and September, drove Tron’s decentralized transactions up 487%. Despite the growth, new token launches slowed in September. SunDog leads the memecoins, while the total value locked on Tron fell to $6.98 billion at the end of the quarter.
The TON blockchain network, integrated with Telegram, could revolutionize cryptocurrency adoption by offering DeFi applications to its 950 million users. A GSR report highlights TON’s potential to surpass its crypto-native audience, expanding decentralized finance’s reach. With 9.9 million active monthly addresses, TON has outperformed blockchains like Ethereum and Polygon. The combination of DeFi, viral games, and Telegram’s massive user base positions TON as a key player in cryptocurrency’s future. The native token TONCOIN (COIN:TONCOINUSD) is up 2.6% this week.
After unlocking 11.31 million tokens, Aptos (COIN:APTUSD) posted a 24.8% weekly gain, reaching $10.75, and a 48.5% monthly rise. However, the altcoin has retreated to $10.08, as market sentiment becomes more bearish. Trading volume has also dropped significantly, reducing buying pressure. If this trend continues, APT’s price may drop 15%, but if demand picks up, it could break through resistance and reach $12.35.
Fantom’s (COIN:FTMUSD) price rose 16.3% over the past week, but signs suggest the uptrend may be losing steam. The Average Directional Index (ADX) dropped from 32 to 28.85, indicating weakening momentum. Additionally, FTM’s supply on exchanges has fallen but stabilized, which could affect the continuation of the uptrend. If the downtrend persists, FTM, currently priced at $0.7352, could test support levels at $0.65. If momentum returns, FTM could challenge resistance at $0.96.
Elon Musk proposed creating the Department of Government Efficiency (D.O.G.E.) if Donald Trump is re-elected, aiming to cut costs and improve administrative efficiency. Trump backed the idea and tapped Musk to lead a government efficiency commission. The announcement boosted Dogecoin’s (COIN:DOGEUSD) price by 10%, while investor interest surged. Musk continues to leverage his political influence and Dogecoin to draw attention to Trump’s campaign, despite limited actions in the cryptocurrency sector since 2021. Dogecoin has risen 32.7% this week.
Ether (COIN:ETHUSD), currently priced at $2,648.42, is poised for a breakout above $3,000 as a head-and-shoulders reversal pattern forms on the daily chart. However, analysts warn of a potential correction to $2,400 before breaking this barrier. Ether’s RSI suggests a correction, as the indicator is above 59, historically followed by price declines. Some traders project a new all-time high for Ether by Q1 2025, with targets as high as $4,000.
Michael Saylor, chairman of MicroStrategy, recommended that large companies, such as Apple, invest in Bitcoin to strengthen their treasury management and market capitalization. He suggested that by allocating $100 billion to Bitcoin, Apple could see its market value grow by up to $2 trillion. Saylor believes Bitcoin offers protection against inflation and a superior store of value compared to traditional cash reserves, advocating for its adoption as a long-term corporate strategy.
Benchmark stated that critics of MicroStrategy’s (NASDAQ:MSTR) stock appreciation are underestimating its “unique” value for shareholders. The company’s ability to compound returns on its Bitcoin holdings through “smart leverage” differentiates its stock from Bitcoin ETFs. Analyst Mark Palmer reiterated a buy recommendation, raising the price target from $215 to $245. MicroStrategy, led by Michael Saylor, stands out with a 2.4X premium on its Bitcoin holdings.
Singapore’s DBS Bank has introduced a new blockchain-based banking service for institutional investors. DBS Token Services uses permissioned blockchain and smart contracts to offer real-time, 24/7 payment settlements, while integrating global payment networks. The solution aims to optimize liquidity management, enhance security, and improve operational efficiency, while ensuring regulatory compliance.
Radiant Capital revealed that the October 16 attack compromised three developers’ devices through sophisticated malware, resulting in $50 million being stolen. Hackers used a malware injection to modify transactions undetected, exploiting the BNB Chain and Arbitrum networks. Malicious transactions were executed in the background while the interface displayed legitimate operations. Radiant has advised users to revoke permissions on all chains to prevent further attacks.
Chirag Tomar, 31, was sentenced to five years in prison after stealing over $20 million in cryptocurrencies from hundreds of victims using a fake website that mimicked the Coinbase exchange (NASDAQ:COIN). The scam involved collecting victims’ login credentials and transferring their cryptocurrencies to wallets controlled by Tomar and his accomplices. He spent the funds on luxury items and international travel. Tomar pleaded guilty to conspiracy to commit wire fraud and remains in federal custody.
Fracture Labs, creator of the Web3 game Decimated, has filed a lawsuit against Jump Crypto, accusing it of manipulating the price of its DIO token (COIN:DIOUST) in a pump-and-dump scheme. Fracture Labs also alleges that Jump, in collusion with the HTX exchange, froze $1.4 million of its funds. The manipulation reportedly caused a significant drop in the token’s value, resulting in losses for the developer. The case is ongoing.
Plasma Network raised $3.5 million in funding led by Bitfinex, aiming to expand access to USDT on Bitcoin. The solution, which will be compatible with the Ethereum Virtual Machine (EVM), seeks to integrate USDT (COIN:USDTUSD) payments into Bitcoin without altering its base. The initiative is supported by investors like Christian Angermayer and venture capital firms, initially focusing on efficient, low-cost payments.
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