TL;DR

• The price of BTC increased by 0.90% in the past 24 hours, currently priced at $68,833, while ETH rose by 3.26%, now valued at $2,732.
• On October 18, the total net inflow for Bitcoin and Ethereum spot ETFs in the U.S. amounted to $274 million and $1.91 million, respectively.
• ApeChain launched, introducing several new features, such as the Ape Express one-click token issuance platform and an automatic yield generation mode. APE’s single-day price increase surged to approximately 78.5%.
• Post-pandemic, Bitcoin’s investment returns have far exceeded those of traditional assets, with an annual compound return rate of 150%.
• On October 18, the number of tokens issued on Pump.fun reached a historical high, surpassing 34,000 tokens in a single day.
• From October 18 to October 20, three projects publicly announced funding rounds, raising more than $14.5 million.

Market Analysis

According to Gate.io market data, as of 4:00 AM (UTC+0) on October 21[1]:

BTC — The price of BTC has risen by 0.90% over the past 24 hours, currently priced at $68,833, with a 24-hour high of $69,531 and a low of $68,184. [2]After a pullback around the $69,500 peak, if the price drops below the 5-day and 10-day moving averages in the short term, it may face further adjustments. The resistance level is around $69,500, and breaking this could lead to further price increases. The support level is around $68,500; if the price pulls back to this level and stabilizes, it may rebound again.

ETH — The price of ETH has risen by 3.26% over the past 24 hours, currently priced at $2,732, with a 24-hour high of $2,769 and a low of $2,638. [3]In the short term, the trend may continue to fluctuate or undergo slight adjustments. If the price holds the $2,730 level and find support around this area, a rebound is likely. The short-term resistance level is at $2,750.

ETF — According to SoSoValue data, on October 18, the total net inflow for U.S. Bitcoin spot ETFs was $274 million[4], while the total net inflow for U.S. Ethereum spot ETFs was $1.91 million[5].

Altcoins — Following the Bitcoin rally, most altcoins have risen in tandem, particularly in sectors like Appchains, gaming governance tokens, and Perpetuals, which increased by 19.5%, 15.6%, and 14.3%, respectively[6].

U.S. Stock Indices — The S&P 500 rose by 0.40%, the Nasdaq increased by 0.63%, and the Dow Jones edged up by 0.09%[7].

Spot Gold — The price of spot gold reached $2,722 per ounce, up 0.07% for the day[8].

Fear and Greed — The Fear and Greed Index slightly declined from 73 yesterday to 72. Although greed sentiment has slightly weakened, market sentiment remains optimistic, with continued capital inflows and a bullish outlook among investors. However, there is still a risk of the market overheating, so caution is needed regarding potential future volatility and pullbacks[9].

Top Performers

Based on Gate.io market data, considering the past 24-hour trading volume and price performance, the top-performing altcoins include:[1]

APECoin(APE) — Daily increase of approximately 78.5%, with a circulating market cap of $960 million.

ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem. It aims to support the development of a decentralized community at the forefront of Web3.

On October 20th, ApeChain launched, introducing several new features, including the one-click token issuance platform Ape Express and an automated yield mode. As the core governance and utility token of ApeChain, ApeCoin saw a significant increase in market demand driven by these positive developments. This recent price surge is likely related to the project’s progress.[10][11]

API3 — The price surged approximately 35.6% in a single day, with a market capitalization of $226 million.

API3 builds blockchain-native, decentralized APIs through DAO governance and quantifiable security.

Recently, API3 became the title sponsor of the Blockchain Oracle Summit 2024, increasing the project’s visibility. Additionally, API3 launched the OEV Network, which helps lending protocols capture MEV (Miner Extractable Value), providing a new source of revenue. Furthermore, API3 partnered with Davos Protocol to provide real-time price data to its lending platform through decentralized oracles, enhancing the growth potential of the DeFi ecosystem. These developments have likely contributed to the price increase of API3.[12][13]

DYDX — The price surged approximately 28.7% in a single day, with a market capitalization of $794 million.

dYdX is a decentralized derivatives exchange that focuses on perpetual contracts and margin trading. It offers high-leverage trading through blockchain technology and adopts Layer 2 solutions to improve transaction speed and reduce costs.

On October 20th, dYdX Foundation CEO Charles d’Haussy posted on social media, stating, “During tomorrow’s dYdX Day event, speakers will reveal secrets about moats, Trojan horses, and flywheels.” On October 21st, SushiSwap posted “Tomorrow” on X in the early hours, possibly hinting at a major announcement. Both the dYdX Foundation and SushiSwap have teased significant news, which could have contributed to the positive response in the DeFi market.[14][15]

Data Highlights

Bitcoin’s Post-Pandemic Investment Returns Significantly Outperform Traditional Assets, with a Compound Annual Growth Rate (CAGR) of 150%
In the post-pandemic era, from March 2020 to January 2022, Bitcoin significantly outperformed traditional investment assets, with a compound annual growth rate (CAGR) reaching approximately 150%, far exceeding that of other assets. The Nasdaq index’s CAGR was around 40%, which is only about a quarter of Bitcoin’s. Gold had the most subdued performance, with a CAGR of just around 7-8%, which is about one-twentieth of Bitcoin’s growth rate. The monetary policy shifts that started in 2020 were the primary reasons behind Bitcoin’s impressive performance. Over just a few years, the M2 money supply increased by $6 trillion, and this loose policy significantly propelled Bitcoin’s value appreciation. [16]In the absence of strong monetary expansion, Bitcoin tends to remain stable, as its most notable price increases often coincide with periods of fiat currency depreciation.[17]

Uniswap Front-End Trading Revenue Nears $82.37 Million
According to data from DefiLlama, as of 4:00 (UTC+0) on October 21, Uniswap’s front-end trading revenue is nearing $82.37 million. Earlier reports indicated that Uniswap Labs, the development company behind Uniswap, launched a Layer 2 network called Unichain. The testnet for this network is already live, with the mainnet set to launch soon. The founder of Uniswap noted that over 420,000 smart contracts were deployed within the first week of the Unichain testnet launch.[18]

Decentralized Social Platform Bluesky Surpasses 12 Million Users
The decentralized social platform Bluesky has surpassed 12 million users, emerging as a strong competitor to X (formerly Twitter), owned by Elon Musk. Bluesky gained over 1 million new users within just 48 hours. Previously, Bluesky experienced rapid growth in markets like Brazil during times when Twitter faced bans and controversies. The platform’s decentralized structure and emphasis on user control have attracted those seeking alternatives to traditional social media platforms, especially in a context where AI data usage and privacy concerns are increasingly prominent.

The recent surge in users can be attributed to Musk’s adjustments to Twitter, including allowing third-party AI developers to use user data for model training and changes to the blocking feature, which have raised concerns about privacy and content control among users. Additionally, Twitter’s decision to shift its legal jurisdiction from California to the Northern District of Texas has sparked widespread discussion[19].

Bitcoin ETF Saw a Net Inflow of $274 Million
According to data from SoSoValue, U.S. Bitcoin spot ETFs recorded a net inflow of $274 million last Friday (October 18), with a total daily trading volume of $2.223 billion. The cumulative net inflow amounts to $20.94 billion, while the total value of BTC managed by these ETFs stands at $66.11 billion, accounting for 4.89% of the total market capitalization.

Ethereum ETF Saw a Net Inflow of $1.91 Million
According to data from SoSoValue, U.S. Ethereum spot ETFs recorded a net inflow of $1.91 million last Friday (October 18), with a total daily trading volume of $139 million. The cumulative net outflow stands at $480 million, while the total value of ETH managed by these ETFs is $7.35 billion, accounting for 2.31% of the total market capitalization.

Spotlight Analysis

ApeChain’s Launch Yields Impressive Results with Surge in Trading Volume and Rapid Ecosystem Growth \
Following its launch, ApeChain saw a rapid growth in trading volume, with 1,204 contracts deployed in the initial phase, including 45 token contracts. The multi-chain DEX Camelot announced that within the first 12 hours of ApeChain’s launch, the trading volume had already reached $25 million. According to a subsequent official announcement, Ape Express, a one-click token issuance platform within the ApeChain ecosystem, surpassed $1 million in trading volume just one hour after its release. Additionally, the market cap of the meme coin CURTIS within the ApeChain ecosystem exceeded $14 million.

Additionally, ApeCoin introduced an automatic yield model, allowing users who hold ApeCoin on ApeChain to increase their earnings without the need for continuous claiming or staking of their tokens. This model is the default setting for all EOAs (Externally Owned Accounts), allowing users to automatically earn rewards with each block. ApeChain also provides ApeCoin holders with an automatic yield model, where stablecoins bridged to ApeChain are converted into DAI and deposited into sDAI, accruing returns based on MakerDAO’s savings rate.[20][21][22]

However, the ApeChain ecosystem has faced some challenges. The co-founder of g8keep fell victim to a phishing attack on ApeChain, resulting in a loss of approximately $110,000. Pop Punk, the co-founder of the Web3 security and transparency platform g8keep, shared on social media that he became the first person to have funds extracted due to a phishing attack on ApeChain. [23]

Pump.fun Achieves a Record High in Daily Token Issuance
The number of daily token issuances on the Pump.fun platform has grown significantly since September 2024. On October 18, the platform reached a record high, with daily token issuances exceeding 34,000 tokens per day. The number of tokens successfully added to liquidity pools on the Raydium platform also saw a significant increase. Recently, improved market sentiment has driven more users to participate in meme tokens. [24]

Pump.fun has also launched a new advanced trading terminal, Pump Advanced. The main interface of Pump Advanced includes charts, TOP holders statistics, advanced filters, real-time update threads, and other features. The website also allows users to log in through the identity verification platform Privy and use non-custodial wallets, with a 0% fee charged for the first 30 days. [25]

U.S. Stocks Rise for Six Straight Weeks, Gold Hits New Highs and Crypto Market Shows Optimism
Last week, the Dow gained 0.96%, the S&P 500 rose 0.85%, and the Nasdaq added 0.80%, with all three major indices up for six consecutive weeks. The S&P 500 and Dow set records for the longest weekly winning streaks of the year. The crypto market is following its typical late-October rally pattern. As of October 21 at 6:00 AM (UTC+0), Bitcoin traded at $69,198, nearing the $70,000 mark, up 10.41% for the week, while Ethereum was at $2,741, up 11.95%.

In the forex and commodities markets, the U.S. Dollar retreated after a series of gains last Friday but stayed above 103, rising about 0.6% for the week and extending its streak to three weeks. Rising U.S. election focus and expectations of looser monetary policy pushed spot gold to new highs on Thursday and Friday, gaining about 2.4% for the week, while silver surged 7% to a nearly 12-year high. Oil markets were weaker due to concerns over global demand and U.S. efforts to broker a ceasefire in Gaza, with WTI crude down over 8% and Brent crude down nearly 7% for the week.

The global economy is seeing unexpected positives, with growing market optimism. Cryptocurrencies and precious metals stand out, emphasizing Bitcoin and gold’s roles as safe-haven assets. However, global political uncertainties, especially those related to the U.S. election, could lead to future market volatility.[26]

Funding News

According to RootData, from October 18 to October 20, three projects publicly announced funding rounds, with the largest being $6 million, totaling over $14.5 million in funds raised. The projects span the oracle, payment, and infrastructure sectors:[27]

Canyon Network — Canyon Network secured $6 million in funding, with participation from DeData Technologies, Vinci Labs, and others. Canyon is an on-chain AI oracle that leverages advanced cryptographic technologies (TEE/opML/zkML) to ensure the verifiability of its information, eliminating trust assumptions and enhancing the development and security of the blockchain ecosystem.

ZEROBASE — ZEROBASE raised $5 million in funding. It is a real-time ZK prover network capable of generating ZK proofs within hundreds of milliseconds. Its HUB ring wake-up mechanism ensures decentralization and rapid consensus, making it suitable for large-scale commercial use.

Plasma — Plasma secured $3.5 million in funding, with participation from Bitfinex, Manifold Trading, and others. Plasma is a scalable payments and financial infrastructure built on Bitcoin. It leverages the native UTXO model, allowing users to pay gas fees with BTC and integrates seamlessly with existing Bitcoin infrastructure. By utilizing a hybrid UTXO/account architecture, Plasma enables new functionalities for holding, staking, and deploying Bitcoin, allowing users to transition smoothly between the UTXO and account spaces.

Airdrop Opportunities

DAWN is a decentralized wireless network developed by the Andrena team[28], allowing property owners and residents to buy and sell internet capacity in their vicinity, enabling users to operate as their own internet service providers. The project has built a trustless exchange system through backhaul, location, and frequency proofs and has raised $33 million in funding.

The steps to participate in DAWN are as follows:

1. Download the DAWN Validator Chrome Extension: Click here [https://chromewebstore.google.com/detail/dawn-validator-chrome-ext/fpdkjdnhkakefebpekbdhillbhonfjjp?authuser=0&hl=en]
2. Open the extension and create an account.
3. After registration, verify the link sent to your email.
4. Click Boost Rewards, complete tasks, and start running to earn airdrops.

Note:
The airdrop program and participation methods may change at any time, so users are advised to follow DAWN’s official channels for the latest updates. Users should exercise caution, be mindful of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.The airdrop program and participation methods may change at any time, so users are advised to follow DAWN’s official channels for the latest updates. Users should exercise caution, be mindful of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. X, https://x.com/apecoin/status/1847773568429330791
11. X, https://x.com/ape_express_/status/1847737310974267477
12. X, https://x.com/API3DAO/status/1847273549079437605
13. X, https://x.com/API3DAO/status/1846538257833816411
14. X, https://x.com/dYdX/status/1847714395360543118
15. X, https://x.com/charlesdhaussy/status/1847986245206519910
16. Wikipedia, https://zh.wikipedia.org/wiki/%E8%B2%A8%E5%B9%A3%E4%BE%9B%E6%87%89%E9%87%8F
17. FrankNez, Bitcoin Is Now Preparing To Leave Gold And NASDAQ Far Behind
18. DefiLlama, https://defillama.com/fees/uniswap-labs
19. Cryptonews, https://cryptonews.com/news/decentralized-rival-bluesky-hits-12m-users-after-musks-ai-plans-for-twitter/
20. X, https://x.com/apecoin/status/1847850231515267141
21. Blockscout, https://apechain.calderaexplorer.xyz/stats
22. X, https://x.com/ape_express_/status/1847737310974267477?s=46
23. X, https://x.com/PopPunkOnChain/status/1847744211312943221
24. dune, https://dune.com/evelyn233/pump-data
25. X, https://x.com/pumpdotfun/status/1847730806334378287
26. 4E, https://m.eeee.com
27. Rootdata, https://www.rootdata.com/Fundraising
28. X, https://x.com/dawninternet

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