Daily News | BTC Nearing $70,000: Is Altcoin Season Approaching?

2024-10-21, 04:03

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##Crypto Daily Digest: Continued large inflows into BTC ETFs, YGG set for a major unlock
According to Farside Investor data, last Friday, U.S. <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs saw a net inflow of $273 million. BlackRock's IBIT had a net inflow of $70 million, while ARK's ARKB brought in $109 million. On Friday, U.S. <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs saw a net inflow of $1.9 million.
If <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> breaks $70,000, total short liquidations across major CEXs could reach $349 million.

According to Coinglass data, if Bitcoin surpasses $70,000, total short liquidations across major CEXs could reach $349 million. Conversely, if Bitcoin falls below $68,000, total long liquidations could reach $408 million.

The liquidation chart shows the degree of impact at specific price levels. Higher "liquidation bars" indicate a more intense market reaction due to liquidity surges at these price levels.

**This week’s unlock data: Tokens like ENA, YGG, EIGEN are set for significant unlocks this week**
According to Tokenomist.ai, tokens such as ENA, YGG, and EIGEN are set for major unlocks this week, including:

-Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3 a.m. Beijing time on October 23, accounting for 0.69% of its circulating supply, valued at approximately $4.8 million.

-Ethena (ENA) will unlock approximately 12.86 million tokens at 3 p.m. Beijing time on October 23, accounting for 0.47% of its circulating supply, valued at approximately $5.3 million.

-Yield Guild Games (YGG) will unlock approximately 14.08 million tokens at 10 p.m. Beijing time on October 27, accounting for 3.64% of its circulating supply, valued at approximately $7.84 million.

-<a  rel="nofollow noopener noreferrer"  href="/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a> (FET) and SingularityNET (AGIX) are also set for token unlocks of varying sizes this week.

**BlackRock ETF Head: 80% of Bitcoin ETF buyers are direct investors**
Over the past five trading days, spot Bitcoin ETFs saw net inflows exceeding $2.1 billion, with BlackRock accounting for half of the sales. BlackRock's ETF and Index Chief Investment Officer, Samara Cohen, said that one strategy to attract customers to their fund is by introducing cryptocurrency investors to the benefits of exchange-traded products (ETPs).

Currently, most investors are new to cryptocurrency, and data shows that 80% of sellers are direct investors, with 75% of those having never previously held iShares.

##Market Analysis: APE doubles in a day, DYDX surges 40%
**Market Highlights:**
-The leading NFT token APE surged, doubling in price within a day. Ape launched its new chain, Apechain, along with its official cross-chain bridge, allowing tokens from other chains to be transferred into Apechain. Moreover, Apechain developed a meme launchpad similar to PumpFun, but most tokens on Apechain, such as CURTIS, tend to experience a sharp rise followed by a quick halving in value.

-DeFi veteran token <a  rel="nofollow noopener noreferrer"  href="/price/dydx-dydx" target="_blank" class="blog_inner_link">DYDX</a> surged nearly 40% in a day. The rise was driven by the announcement from <a  rel="nofollow noopener noreferrer"  href="/price/dydx-dydx" target="_blank" class="blog_inner_link">Dydx</a> that they are launching a perpetual contract for the Trump election prediction market, attracting significant market funds.

-Public chain projects like ETH, SOL, and INJ saw price increases, while previously strong new public chains like SUI, SEI, and SAGA are in a consolidation phase. As the overall market trends upward, public chain projects tend to benefit first.

**Market Trends:**
-BTC maintained an upward trend over the weekend, nearing the $70,000 mark, with positive market sentiment. Last week, BTC ETFs saw an inflow of over $1.5 billion.

-ETH broke through $2,700, leading to a return of funds to ETH-chain meme projects. However, ETH ETFs remain underwhelming, with a cautiously optimistic outlook ahead.

-Altcoins saw widespread gains, with DYDX, APE, and DEEP leading the market. The market is still awaiting the emergence of a new leading token.

##Macro News: Last Friday, U.S. Stocks closed higher, with Trump's election odds increasing
Last Friday, all three major U.S. stock indices closed higher. The S&P 500 rose by 0.40% to 5,864.67 points; the Dow Jones rose by 0.09% to 43,275.91 points; and the Nasdaq gained 0.63% to 18,489.55 points. Over the past week, the Dow Jones was up by 0.96%, the Nasdaq by 0.80%, and the S&P 500 by 0.85%.

The benchmark 10-year U.S. Treasury yield stood at 4.08%, while the 2-year U.S. Treasury yield, which is most sensitive to Fed policy rates, stood at 3.95%.

The market is closely watching the U.S. election, with Trump's odds of winning rising significantly last week. Prediction markets now show Trump with a 60% chance of winning. This trend is reflected in financial markets, with an estimated $30 million flowing into cryptocurrencies. As the election approaches, there may be some hedging in the market, leading to volatility.

However, in the medium to long term, the end of the election will remove a key political uncertainty, which could benefit stock market growth. As long as corporate earnings are strong, there is still a good chance for the U.S. stocks to hit new highs this year.

<div class="blog-details-info">
<div>Author:** icing**
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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