TL;DR

• BTC experienced a pullback after encountering resistance, with trading volume decreasing. Although there has been a short-term pullback, the overall trend has not shown a significant reversal.
• The U.S. Bitcoin spot ETF saw a net inflow of $235 million, while the Ethereum spot ETF had zero net inflows, marking the second trading day since launch with no net inflows.
• Solana ecosystem projects raised $173 million in Q3 across 29 projects, reaching the highest level since Q2 of 2022.
• HBO releases new documentary Money Electric: The Bitcoin Mystery investigating Bitcoin’s founder.
• Premier League clubs have signed sponsorship deals with crypto companies totaling nearly £130 million in 2024, representing a 30% year-on-year growth.
• An official from the European Central Bank proposed the establishment of a unified digital asset ledger, aimed at promoting financial integration and improving efficiency.
• The Arbitrum Foundation recently announced the launch of the “Road to Devcon” initiative, aimed at increasing investment and focus on the Asian market.

Market Analysis

According to Gate.io market data, as of 4:00 AM on October 8 (UTC+0)[1]:

BTC — The price of BTC dropped by 1.78% over the past 24 hours, settling at $62,563. In the previous day, BTC quickly surged to a high of around $64,000 but encountered resistance and failed to break through, followed by a pullback. The upward movement was accompanied by relatively high trading volume, while the volume decreased during the pullback, indicating that market sentiment has stabilized. Despite the short-term pullback, the overall trend has not yet reversed significantly[2].

ETH — The price movement of ETH was similar to that of BTC, with a 24-hour decline of 2.40%, bringing the price to $2,444. In the past 24 hours, Ethereum made two attempts to break through the upper resistance level but failed, followed by a pullback. The current resistance is around $2,505. The short-term moving average (MA5) shows significant price volatility, and overall downward pressure still exists. If the price cannot hold above the moving average in the short term, it may continue to fluctuate around $2,400 or further decline[3].

ETF — According to SoSoValue data, on October 7, the U.S. Bitcoin spot ETF saw a total net inflow of $235 million[4], while the U.S. Ethereum spot ETF had zero net inflows[5].

Altcoins — The overall prices of altcoins dropped over the past 24 hours in line with BTC’s pullback. However, sectors like Data Availability, Modular Blockchain, and Sports performed relatively well[6].

U.S. Stock Market — The three major U.S. stock indices experienced declines: the S&P 500 dropped 0.96%, the Nasdaq fell 1.18%, and the Dow Jones declined by 0.94%[7].

Spot Gold — The price of spot gold fell by 0.19% to $2,636 per ounce[8].

Fear & Greed Index — The Fear & Greed Index stands at 49, remaining in neutral territory. Despite slight market adjustments, overall sentiment remains stable, with investors adopting a wait-and-see approach and exercising caution regarding future market trends[9].

Top Performers

According to Gate.io market data, based on the trading volume and price performance over the past 24 hours, the following are the most popular altcoins: [1]

SANTOS —— The token saw a daily increase of approximately 57.74%, with a circulating market capitalization of $24 million.

SANTOS is a blockchain-based fan token, officially known as the Santos FC Fan Token, which is the official fan token of Santos Football Club. The token aims to provide fans with a new dimension to enhance their experience, allowing them to participate in club voting, receive exclusive rewards, engage in events, and more.

Over the past day, the holding of a Brazilian Serie B football match has led to an upward trend in the club’s official fan token.

MAGA —— The token saw a daily increase of approximately 34.10%, with a circulating market capitalization of $806.6 million.

The MAGA token is a blockchain-based digital asset, named and inspired by former U.S. President Donald Trump’s campaign slogan “Make America Great Again.”

Recently, Donald Trump returned to a campaign rally at the site of a previous shooting, where Elon Musk attended wearing a MAGA cap to show support. This event likely contributed to a general surge in Trump-related meme tokens.

WOJAK—— The token saw a daily increase of approximately 25.54%, with a circulating market capitalization of $65.99 million.

The WOJAK token is a meme coin inspired by the popular Wojak meme from internet culture. It aims to provide a decentralized platform for meme enthusiasts to interact using WOJAK tokens, including buying, selling, and trading memes, participating in community events, and connecting with like-minded individuals globally.

Over the past day, WOJAK posted several tweets, which may have contributed to the token’s rise.

Data Highlights

Bitcoin ETF Net Inflow of $235 Million Yesterday
According to SoSoValue data, the U.S. Bitcoin spot ETF saw a net inflow of $235 million on October 7, with a total daily trading volume of $1.22 billion. The cumulative net inflow amounts to $18.73 billion, and the total value of BTC managed by the ETF is $58.81 billion, accounting for 4.72% of Bitcoin’s total market capitalization[10].

Ethereum ETF Net Inflow of $0 Yesterday
According to SoSoValue data, the U.S. Ethereum spot ETF had a net inflow of $0 on October 7, marking the second trading day since its launch with zero net inflows, the first occurrence being on August 30 (Eastern Time). The total daily trading volume was $118 million. The cumulative net outflow amounts to $561 million, with the total value of ETH managed by the ETF currently at approximately $6.7 billion, accounting for 2.28% of Ethereum’s total market capitalization[11].

29 Projects in the Solana Ecosystem Raised $173 Million in Q3, the Highest Level Since Q2 2022
In Q3 2024, 29 projects built on the Solana blockchain secured $173 million in private funding, marking the highest level since Q2 2022. The funding amount increased steadily each month during the quarter, with September reaching $103 million, making it the strongest month since June 2022. At the same time, Solana’s tokenized funding market also saw significant growth, with its total value doubling to $123 million within just 30 days. This surge was primarily driven by a $50 million USDC inflow from Ethereum on September 23[12].

Premier League Clubs Have Secured Nearly £130 Million in Sponsorship Deals with Crypto Companies in 2024, a 30% Year-on-Year Increase
In 2024, Premier League clubs have reached sponsorship agreements with crypto companies totaling nearly £130 million, marking a recovery in the crypto market and a surge in sports partnerships. According to SportQuake data, crypto companies have already invested nearly £130 million ($170 million) in Premier League sponsorships this season, representing a 30% year-on-year growth. This figure is expected to increase further, with more deals anticipated in the 2024/25 season[13].

Spotlight Analysis

HBO Releases New Documentary Money Electric: The Bitcoin Mystery Investigating Bitcoin’s Founder
As the world’s first decentralized electronic cash system, Bitcoin has attracted global attention, but the identity of its creator, Satoshi Nakamoto, remains a mystery. HBO’s newly released documentary Money Electric: The Bitcoin Mystery aims to uncover the truth, exploring potential theories about Nakamoto’s identity and his groundbreaking contributions to cryptocurrency.

Directed by acclaimed filmmaker Cullen Hoback, Money Electric: The Bitcoin Mystery premiered on October 8. The film dives deep into the ongoing mystery of who “Satoshi Nakamoto” really is. Hoback, known for his previous investigation into the QAnon conspiracy, once again takes viewers on a riveting journey to uncover the truth. The documentary features interviews with several individuals linked to Bitcoin’s origins, raising the possibility that Satoshi Nakamoto might actually be a group rather than a single person. Key potential candidates include renowned figures such as Hal Finney, Len Sassaman, Dorian Nakamoto, Nick Szabo, and Adam Back[14].

11 Crypto Asset Platforms in Hong Kong Expected to Obtain Licenses in Phases by Year-End
Julia Leung, CEO of the Hong Kong Securities and Futures Commission (SFC), stated in an interview with Hong Kong 01 that the SFC has issued a third license to Hong Kong Virtual Asset Exchange (HKVAX). Additionally, 11 platforms have completed the first phase of on-site inspections and have been asked to make necessary corrections, with the aim of obtaining crypto asset trading platform licenses in phases by the end of 2024.

Hong Kong’s cryptocurrency market is rapidly developing. Alongside the issuance of exchange licenses, fintech innovation is also progressing actively. For instance, the Hong Kong Monetary Authority (HKMA) has announced the list of participants in its stablecoin issuer sandbox, with Standard Chartered among those exploring the launch of a “full-featured stablecoin.”

Overall, Hong Kong’s cryptocurrency and blockchain industry is entering a more regulated and transparent phase, which is expected to boost investor confidence and promote the healthy development of the industry[15].

Arbitrum Foundation Launches “Road to Devcon” Initiative, Aims to Increase Investment in Asia
The Arbitrum Foundation recently announced the launch of the “Road to Devcon” initiative, aimed at expanding its focus and investment in the rapidly growing developer community in Asia. Through a series of events, the foundation will strengthen its connections with Asian developers and prepare for Devcon 2024 in Bangkok[16].

The initiative includes offline events like ArbiLink in Vietnam and Indonesia, designed to connect with the region’s fast-growing developer communities. Additionally, the “Step Into Arbitrum” learning and rewards program will launch, allowing participants to familiarize themselves with Arbitrum’s SDK through five modules. Developers will also be encouraged to build decentralized applications (dApps) through an incentive program that launches in October.

Arbitrum’s journey through Asia will also feature the first-ever Arbitrum Night in Tokyo, showcasing blockchain-based gaming and NFT projects. Moreover, Arbitrum partnered with ApeChain to host the first ArbiVerse event at Singapore’s ArtScience Museum, displaying projects from 11 select partners, including Ubisoft, Azuki, and ApeChain. This series of events highlights Arbitrum Foundation’s strategic efforts to expand its influence in the Asian market.

European Central Bank Official Proposes Unified Digital Asset Ledger to Promote Financial Integration and Efficiency
Piero Cipollone, Executive Board Member of the European Central Bank (ECB), has proposed the creation of a “European Ledger,” a unified blockchain platform designed to integrate Europe’s digital assets and currencies. The initiative is expected to boost efficiency and foster collaboration. Cipollone pointed out that Europe’s traditional capital markets are currently fragmented, with a lack of coordinated legislation. He believes that building a unified digital asset capital market could address these issues.

Cipollone emphasized that while Distributed Ledger Technology (DLT) presents new opportunities for financial integration, the incompatibility between national technological ecosystems limits asset liquidity and exacerbates market fragmentation. He suggested that the widespread use of DLT could reduce transaction costs and enable 24/7 trading. This would benefit investors and help central banks maintain financial stability by ensuring that central bank money remains a safe and highly liquid settlement asset.

However, Cipollone also cautioned that while a unified European ledger could support financial integration, it might pose risks to innovation, particularly in specific areas of application. Therefore, a balance between integration and innovation must be carefully maintained as this idea moves forward[17].

Funding News

According to Rootdata statistics, from October 7 to 8, one project secured funding. The details are as follows:

APRO — On October 7, APRO announced the completion of a $3 million seed round of funding, led by Polychain Capital, Franklin Templeton, and ABCDE Capital. Other participants included CMS Holdings and UTXO Ventures. APRO Oracle is a decentralized oracle network within the Bitcoin ecosystem, aiming to enhance liquidity in the Bitcoin ecosystem and provide critical data services to multiple blockchains. This round of funding will be used to accelerate APRO’s growth and help the project continue addressing the challenges faced by traditional oracle services in terms of security, stability, and scalability[18].

Airdrop Opportunities

Bucket Protocol
Bucket Protocol is the largest decentralized stablecoin protocol within the Sui ecosystem, focusing on the issuance of the decentralized stablecoin BUCK. BUCK is a stablecoin pegged to the value of $1, relying on over-collateralization of Sui, LST (Liquid Staking Token), or other crypto assets to maintain its value. Bucket has now launched a points system, where earned points will determine eligibility for future rewards, including $BUT airdrops[19].

How to Participate

1.Open a Position

Earn points by borrowing BUCK using SUI LSTs (such as afSUI, haSUI, vSUI) as collateral.

• For every 1 BUCK borrowed, you will earn 1 point per hour.

2.sBUCK Staking Pool

Stake your BUCK in the sBUCK pool.

• For every 1 sBUCK staked, you will earn 1 point per hour.

3.Additional Points from Integrated Projects

In addition to the native point rewards from Bucket, the protocol collaborates with external projects to offer more opportunities to earn points. For example, the integration with Strater provides additional chances to earn points.

Reminder:
The airdrop plans and participation methods may be updated at any time. It is recommended that users follow Bucket Protocol’s official channels for the latest information. Additionally, users should participate with caution, be mindful of risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate, https://www.gate.io/trade/BTC_USDT
3. Gate, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.com/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.com/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Yahoo Finance, https://finance.yahoo.com/markets/
8. Investing, https://www.investing.com/currencies/xau-usd
9. Gate, https://www.gate.io/bigdata/homeindex
10. SoSoValue, https://sosovalue.com/zh/assets/etf/us-btc-spot
11. SoSoValue, https://sosovalue.com/zh/assets/etf/us-eth-spot
12. Cryptonews, https://cryptonews.com/news/solana-projects-raised-over-170-million-in-q3-2024/
13. Cryptonews, https://cryptonews.com/news/premier-league-crypto-sponsorships-soar-to-130m-in-2024/
14. Hk01, https://www.hk01.com/article/1063762?utm_source=01articlecopy&utm_medium=referral
15. Decrypt, https://decrypt.co/284492/arbitrum-foundation-to-go-big-in-asia-with-road-to-devcon
16. ECB, https://www.ecb.europa.eu/press/key/date/2024/html/ecb.sp241007~cc903db51d.en.html
17. Rootdata, https://www.rootdata.com/Fundraising
18. Bucket Protocol, @bucketprotocol/introducing-the-bucket-point-system-earn-points-for-future-rewards-58860fae30e5"">https://medium.com/@bucketprotocol/introducing-the-bucket-point-system-earn-points-for-future-rewards-58860fae30e5

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Disclaimer
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