Daily News | Grayscale Wins, iShares Completes Filing, BTC Exceeds $35K, The Daily Average Trading Volume of BTC Increased by 53% Y-on-Y in October

2023-10-24, 04:34

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## Crypto Daily Digest: Grayscale wins, Bitcoin ETF is just around the corner; Bitcoin exceeds $35,000, reaching a new high in nearly three months

According to Cointelegraph, ETF analyst Eric Balchunas, BlackRock's iShares spot <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF has been filed with the US Securities Depository and Clearing Corporation (DTCC), indicating that the fund may receive approval from the US Securities and Exchange Commission (SEC). Impacted by this news, Bitcoin has risen above the $34,000 mark.

According to CoinDesk, the Washington D.C. Circuit Court of Appeals has officially ruled on the lawsuit between Grayscale and the SEC, and the SEC needs to reconsider its application to convert Grayscale GBTC into Bitcoin spot ETFs. The SEC can now approve Grayscale's application or reject it for other reasons.

After the closure of the case on Monday, Grayscale spokesperson Jennifer Rosenthal issued a statement stating, "The Grayscale team looks forward to continuing constructive cooperation with the SEC to convert GBTC into an ETF. GBTC is operational and plans to take action on behalf of investors as soon as possible.”

It is reported that grayscale GBTC (spot ETF) is ready for operation and will take action as soon as possible. Meanwhile, iShares Bitcoin Trust has been listed on DTCC, laying the groundwork for the entry of spot Bitcoin ETFs. BlackRock has stated that it will start preparing seed ETFs for Bitcoin spot ETFs this month.

CryptoQuant data shows that the Coinbase Bitcoin premium has significantly increased, with the premium index exceeding 0.45 at one point. The higher the premium, the greater the spot buying pressure from Coinbase. Meanwhile, the price of Bitcoin previously exceeded $35,000, reaching a new high in nearly three months. It is currently at $34,180.12, a 24-hour increase of 11.18%.

According to Coinglas data, the entire network has sold out $195 million in the past four hours. Among them, multiple orders amounted to $32.3778 million and empty orders amounted to $163 million. In terms of currency, in the past 4 hours, BTC has sold out $126 million, ETH has sold out $22.2443 million, and SOL has sold out $5.042 million.

Dune data shows that since mid-September, the number of Ordinal in_script_ions minted has significantly decreased, resulting in a decrease in the daily confirmed number of Bitcoin transactions. The casting volume of in_script_ions plummeted on September 24, 2023, and has not rebounded. As of block height 813,333, the number of in_script_ions cast is 35,377,327. From September 1 to September 15, 2023, the average daily transaction volume of Bitcoin was 528,503.

This month's situation is completely different: from October 1 to October 21, 2023, the average daily transaction count was 284704. This means that the daily average number of transactions in the first half of September was 46.13% higher than in the first three weeks of October.

In September 2023, the average number of confirmed Bitcoin transactions per day was approximately 489,165. In August, the average number of confirmed transactions per day was 464,969; In July, it was 455,893; In June, this number was 404906. So far, the daily average number of transactions in 2023 is approximately 392,170; In 2022, this number is 255,085.

Although the average daily transaction volume of Bitcoin in October decreased by 46% compared to September, it increased by 53% compared to the same period the previous year.

However, on the other hand, according to data provided by AltIndex.com, encrypted wallets had 73.6 million downloads in the first nine months of this year, including Coinbase, Blockchain.com, Metamask, Trust, and Binance. This number is far lower than the 109.7 million downloads in the same period last year, a year-on-year decrease of 32%.

According to data from Statista, AppMagic, and CryptoSlate, in 2021 alone, users worldwide downloaded nearly 186 million encrypted wallets, reaching a historic high. As a comparison, the total download volume of encrypted wallets in 2021 was 4.5 times that of 2020 (approximately 40 million times) and 10 times that of 2019 (17.5 million times).

But after reaching a historic high in 2021, download volume began to decline. Between January and December 2022, monthly downloads decreased by more than half from 16.8 million to 7.8 million, resulting in a year-on-year decrease of 26% in annual downloads to 137.5 million. This downward trend is still ongoing. Between January and May this year, the total number of downloads hovered around 9 million, while in June and July, the total number of downloads dropped to around 7 million. There was a more significant decline in September. Statistical data shows that the number of encrypted wallet downloads last month was 5.8 million, the lowest point in the past three years.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1698130150BTC.png)
There are three focal events this week: BlackRock's filing of iShares physical Bitcoin ETF with the U.S. securities clearing organization, a daily inflow of 43 million USD into Bitcoin ETF funds, and the independent movement of the stock market and the U.S. dollar index.

The market has chosen the first scenario predicted for this week, where the four-hour chart has completed the right leg of a major bottom, and upward momentum can continue. The year-end high is estimated to be between 37,755 USD and 40,505 USD. In the short term, prices may continue to rise gradually towards the neckline at 36,000 USD.

After reaching the year-end peak, there will likely be a retracement phase. Entering the market at the current price is seen as chasing prices. While short-term profits are possible, there may be a risk of getting trapped in the medium term. If you wait for a second retracement, you can pay attention to mid-December and mid-Q1 next year, which will likely be a relatively low position before a consensus bull run.

### ETH
![](https://gimg2.gateimg.com/image/article/1698130178ETH.png)
This week, <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has pulled back to the key level of 1,857 USD, which is the dividing line between bullish and bearish sentiments. In the short term, breaking the downward trend line in place for the last seven months is a possibility. Short-term retraction (entry) can be maintained at two levels, 1,815 USD and 1,802 USD. If the upper target is surpassed, it may continue to reach 1,951 USD and the significant level of 2,000 USD.

### AAVE
![](https://gimg2.gateimg.com/image/article/1698130308AAVE.png)
Since the live broadcast mentioned entering long positions above 72.66 USD and targeting 89.50 USD, profits of 72.18% have been achieved. In the short term, there may be a need for a retracement. It is suggested to hold support at 81.77 USD, and if it holds, further targets are 95.00 USD, 98.36 USD, 101.07 USD, 103.78 USD, and 107.64 USD.

## Macro: "Bond King" Predicts US Economic Recession, Focus on Tonight's PMI Data

On Monday, the US dollar index plummeted significantly during the US market session, breaking below the 106 mark and briefly reaching an intraday low of 105.51, ultimately closing 0.52% lower at 105.60. US bond yields rose first and then fell. The 10-year US bond yield briefly reached an intraday high of 5.021%, but failed to stabilize above 5% and accelerated its decline before the US market, ultimately closing at 4.848%. The two-year US Treasury yield closed at 5.047%.

Bill Ackerman, a US hedge fund manager, stated that he has covered short positions in US Treasuries, and the global risk is too high to continue to short bonds at current long-term interest rates.

”Bond King” Gross said he is buying futures pegged with the Guaranteed Overnight Funding Rate (SOFR) and expects the US economy to experience a recession in the fourth quarter.

As traders waited for further developments in the Middle East conflict and US economic data, the rise of spot gold stalled. It briefly fell to an intraday low of $1,964.43 during the session, but later rebounded. However, it was still hindered by the $1980 level and ultimately closed down 0.43% at $1,972.86 per ounce; Spot silver fell below the $23 mark and ended down 1.65% at $22.98 per ounce.

Therefore, former Hamas released two American hostages from Gaza, prompting traders to believe that the Israeli-Palestinian conflict can be eased and not spread to other parts of the Middle East and disrupt oil supply.

Crude oil retreated significantly, causing WTI crude oil to plummet by 3% at one point and reach an intraday low of $85.32. It ultimately closed down 2.51% at $86.06 per barrel. Brent crude oil briefly missed the $90 mark in the market and then rebounded, ultimately closing down 2.03% at $90.45 per barrel.

Yesterday, there was little movement on the macro level in the United States, but we focused on tonight's PMI data.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<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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