TL;DR

• In the past 24 hours, the price of BTC saw a slight decline. Whether the $62,000 support level holds will depend on future market signals.
• Bitcoin ETFs experienced a net outflow of $18.66 million yesterday, while Ethereum ETFs saw a net outflow of $8.19 million.
• The total value of DAO treasuries has dropped by 44% over the past six months, with Optimism’s treasury maintaining its lead.
• Since May, new Bitcoin whales have significantly increased their capital investment, with their fund proportion soon to surpass that of old whales.
• Fidelity increased its Bitcoin holdings by over $100 million in the past 24 hours.
• A United Nations agency has recommended criminalizing unlicensed virtual asset service providers in Southeast Asia to combat online fraud.

Market Analysis

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

BTC — The price of BTC fell by 0.11% in the past 24 hours, currently sitting at $62,182. The highest price within the 24-hour period was $63,202, while the lowest was $61,878. Overall, BTC fluctuated within the $62,000 to $63,000 range with a slight downward trend. In the short term, the market’s focus is on whether the $62,000 level will hold future movements hinge on this key level.[2]

ETH — The price of ETH rose by 0.75% in the past 24 hours, currently at $2,443. The highest price within this period was $2,466, while the lowest was $2,401. In the short term, $2,400 is a strong support level. If it holds, it could provide momentum for a rebound. However, the moving averages are currently intertwined, indicating a lack of a clear market trend and limited price fluctuations. If the price breaks above this congestion in the moving averages, it may attract buyers and push the price higher; conversely, a downward breakout could increase selling pressure.[3]

ETF — According to SoSoValue data, on October 9, U.S. Bitcoin spot ETFs saw a total net outflow of $18.66 million[4], while U.S. Ethereum spot ETFs experienced a net outflow of $8.19 million[5].

Altcoins — Altcoins have fluctuated within a narrow range alongside Bitcoin over the past 24 hours, with no significant changes. The best performers were CEX tokens, Parallelized EVM, and Masternodes, which posted slight gains, outperforming the broader market with increases of 2.30%, 1.90%, and 1.60%, respectively[6].

U.S. Stock Market Indexes — The S&P 500 index rose by 0.97%, the Nasdaq index increased by 1.45%, and the Dow Jones index gained 0.30%[7].

Spot Gold — The price of spot gold fell slightly by 0.03% to $2,621 per ounce[8].

Fear & Greed Index — The Fear & Greed Index remains at 49, unchanged from yesterday, indicating neutral market sentiment. Most investors are adopting a wait-and-see approach or making slight adjustments to their positions, as the market lacks a clear direction at the moment. Investor decisions are relatively cautious, with many awaiting new market signals to drive further shifts in sentiment[9].

Top Performers

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

LOCKIN — Daily increase of approximately 46.7%, with a circulating market cap of $55.05 million.

“Locked in” is slang for being “focused” or “engaged,” commonly used among young people, gamers, and athletes. It originated from a military term referring to the process of locking onto a target and later evolved in team games to express being fully committed to an activity. While not as broadly used in its traditional sense in American English, this expression is increasingly popular on social media and within specific cultural contexts, particularly hip-hop music and online communities.
Recently, community sentiment has shifted away from the overabundance of cat-and-dog-themed culture, favoring a renewed exploration of classic culture and popular phrases. This change reflects investors’ desire for novelty and cultural substance, seeking content with more depth, rather than just cute animal images or simple memes. Potentially driven by this shift in community sentiment, LOCKIN’s price continues to climb.

CELL — Daily increase of approximately 30.8%, with a circulating market cap of $26.47 million.
Cellframe is a quantum-resistant Layer 1 network focused on facilitating secure and scalable cross-chain transfers. It aims to create infrastructure for decentralized, low-level services through its multi-chain capabilities. The platform is quantum-secure, utilizing post-quantum encryption. Cellframe is built from the ground up in pure C language, allowing for more efficient use of CPU and memory.
Recently, CEO Dmitriy Gerasimov shared an update on social media, stating that Cellframe’s development is progressing well. He announced that a major evaluation phase is expected to be completed by October 22, with the team actively building a bridge to enable bidirectional interoperability between the Cellframe network and other systems. These positive developments may be contributing to the ongoing rise in CELL’s price.

NEIROCTO（First Neiro on Ethereum）— Daily increase of approximately 8.41%, with a circulating market cap of $730 million.
NEIROCTO (also known as Neiro) is a meme coin based on the Ethereum blockchain, positioned as the “successor” to Dogecoin. It is not merely a clone of Dogecoin but has a unique backstory and sense of mission.
Recently, the NEIROCTO community and development team announced a major donation initiative, contributing over $500,000 to animal welfare funds. This move has not only enhanced NEIROCTO’s social image but also attracted increased investor attention, which may be contributing to the token’s recent upward trend.

Data Highlights

Bitcoin ETF Sees $18.66 Million Net Outflow Yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs recorded a net outflow of $18.66 million on October 9, with a total daily trading volume of $1.35 billion. The cumulative net inflow totals $18.72 billion, while the total value of BTC managed by ETFs stands at $57.72 billion, accounting for 4.68% of Bitcoin’s total market capitalization.

Ethereum ETF Sees $8.19 Million Net Outflow Yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a net outflow of $8.19 million on October 9, with a total daily trading volume of $102 million. The cumulative net inflow stands at $562 million, while the total value of ETH managed by ETFs amounts to $6.67 billion, representing 2.27% of Ethereum’s total market capitalization.

Generational Shift Among Bitcoin Whales: New Whale Funds Set to Surpass Old Whales
The Bitcoin market is undergoing a significant generational shift. Since Bitcoin’s inception, both old whales (early large holders) and new whales (recent large investors) have co-dominated the market. However, according to the latest data from CryptoQuant, since May of this year, the capital inflows from new whales have increased significantly. The capital ratio between new whales and old whales is now 48% to 51%, indicating that new whales may soon surpass old whales.

Currently, old whales hold a total of approximately $113 billion in investments, while new whales have invested $108 billion, a mere $5 billion gap. This shift suggests that the balance of power in the Bitcoin market may be gradually transferring to a new generation of investors. These new whales are bringing fresh capital and perspectives, which could influence future market trends and price volatility in ways that differ from the past.[10]

DAO Treasury Value Decreases by 44% in the Past Six Months, Optimism Treasury Still Leads
According to the latest data from DeepDAO, as of October 2024, the total value of decentralized autonomous organization (DAO) treasuries has dropped to $23.4 billion. This represents a significant decline of $19.1 billion, or about 44%, from the $42.5 billion recorded at the end of March 2024. Despite this downturn, Optimism maintains its leading position, with its DAO treasury shrinking from $8.3 billion in March to $3.8 billion, still the largest among DAOs.

Following Optimism are Uniswap and Mantle, with treasuries valued at $2.9 billion and $2.7 billion, respectively, ranking second and third. Arbitrum and Gnosis DAO also make the top five, managing $2.4 billion and $1.7 billion in assets. This sharp decrease in treasury value poses challenges to the financial stability of DAOs and has prompted deeper reflection on the long-term sustainability of decentralized governance models. Moving forward, the future of DAOs will increasingly rely on their ability to innovate and adapt to market changes with flexibility.

Spotlight Analysis

Fidelity Increases Bitcoin Holdings by Over $100 Million in the Past 24 Hours
Fidelity’s investment activities in the cryptocurrency space have consistently drawn market attention. Since its launch on January 12, 2024, Fidelity’s Bitcoin Fund (FBTC) has attracted approximately $6.9 billion in inflows, making it the fifth most popular exchange-traded fund (ETF) on the market. On October 8, FBTC saw a single-day net inflow of $103.68 million, highlighting strong investor interest.

According to monitoring by Arkham, on October 9, Fidelity independently purchased over $100 million worth of Bitcoin within 24 hours[12], bringing its total Bitcoin holdings to $1.2 billion.

This move by Fidelity not only reflects institutional investors’ growing interest in Bitcoin but also demonstrates the deepening involvement of traditional financial giants in the cryptocurrency market.

UN Agency Recommends Criminalizing Unlicensed Virtual Asset Service Providers in Southeast Asia to Combat Online Fraud

The United Nations Office on Drugs and Crime (UNODC) has recently called on Southeast Asian countries to strengthen regulations on unlicensed money services and virtual asset service providers (VASPs),advocating for their criminalization. The report highlights that some VASPs support fraud organizations and high-risk gambling platforms, with direct links to criminal groups. One unnamed entity reportedly facilitated hundreds of millions of dollars in transactions with criminal organizations using virtual assets, involving activities such as drug trafficking and connections to entities under U.S. sanctions, including North Korean hacker group Lazarus Group.

This issue underscores the risks posed by the lack of regulation in the cryptocurrency industry. While decentralization and anonymity promote financial innovation, they also create opportunities for criminal activity. The situation highlights the importance of strengthening oversight in the cryptocurrency space. Although the openness of the crypto ecosystem brings convenience and innovation to global users, it also presents new challenges for industry self-regulation and government oversight. Striking a balance between innovation with risk management will be crucial for the development of the cryptocurrency sector in Southeast Asia and globally[13].

Aptos Labs Acquires Japanese Firm HashPalette, Expands Into Japan’s Blockchain Market
Aptos Labs recently announced its acquisition of Japanese blockchain company HashPalette, aiming to expand its presence in the Japanese market. As one of the fastest-growing Layer 1 blockchains globally, Aptos has surpassed $640 million in total value locked (TVL)[14], with applications spanning DeFi, NFTs, GameFi, and more.

HashPalette, a leading blockchain development company in Japan, is renowned for its expertise in the entertainment, anime, and digital asset sectors. Through close partnerships with telecom giants like KDDI, HashPalette has built a robust blockchain ecosystem. This acquisition will provide Aptos with a strategic platform to leverage HashPalette’s strong network of partners, further expanding its reach into Japan’s enterprise blockchain market and promoting the widespread adoption of its Web3 technology in the entertainment, gaming, and cultural industries[15].

Funding News

According to RootData, from October 8 to October 9, 2024, two projects secured funding, with details as follows[16]:

PPKING — On October 8, the PPKING project completed a $2 million seed round of financing, led by Crypto Labs. PPKING is a Meme coin fair issuance platform built on the TON blockchain, aiming to create an efficient, secure, and entertaining decentralized finance platform through innovative DeFi mechanisms and deep integration with Meme culture.

Bison Swap — On October 9, the project announced the completion of its Series A round of financing, with the amount undisclosed. Investors include Dekrypt Capital and Alves Ventures. Bison Swap is a UTXO-based decentralized exchange that enhances liquidity within the Bitcoin ecosystem by introducing an AMM model, providing a seamless trading experience comparable to Ethereum-based platforms.

Airdrop Opportunities

Scroll
Recently, Scroll announced the token allocation details, with a total supply of 1 billion SCR tokens. The airdrop snapshot will take place on October 19, 2024, and the token release and airdrop claim period will begin on October 22, 2024. Previously, in April of this year, Scroll launched its retroactive points activity, Session Zero[17].

The total supply of Scroll (SCR) tokens is 1 billion, with an initial circulation of 190 million, accounting for 19%. The smart contract will be deployed on the Scroll network. Users can stay tuned for further updates on specific steps to participate in the airdrop.

BOB Season 3
BOB (Build On Bitcoin) is a native Bitcoin-supported EVM rollup stack, enabling developers to build decentralized applications based on Ordinals, Lightning, and Nostr. BOB Fusion, the final season, launched on September 25 at 4:00 (UTC+0). The theme of BOB’s third season is LST (Liquid Staking Tokens), allowing users to trade or participate in DeFi opportunities based on staking, thereby enhancing capital efficiency. To qualify for potential airdrop rewards, users must interact with multiple protocols, including BOB Spice, Solv XP, Babylon Points, and Pell Points[18].

Interaction Steps:

1. Activate Solv XP points (requires Twitter).
2. Use the iZUMi Swap feature to exchange ETH for WBTC.
3. Deposit WBTC into the Solv protocol to exchange it for SolvBTC.
4. Swap SolvBTC for SolvBTC.BBN.
5. Deposit into the Pell protocol to complete the interaction.

Reminder:
The airdrop plan and participation methods may be updated at any time, so users are advised to follow the official channels of BOB Season 3 for the latest information. Additionally, users should participate with caution, be aware of potential risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution of future airdrop rewards.The airdrop plan and participation methods may be updated at any time, so users are advised to follow the official channels of BOB Season 3 for the latest information. Additionally, users should participate with caution, be aware of potential 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.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. CryptoQuant, https://cryptoquant.com/analytics/query/66272a018cc20b3e3f8bca60?v=66272a028cc20b3e3f8bca61
11. DeepDAO, https://deepdao.io/organizations
12. Arkham, https://platform.arkhamintelligence.com/explorer/entity/fidelity
13. UNODC, https://www.unodc.org/roseap/en/2024/10/cyberfraud-industry-expands-southeast-asia/story.html
14. DefiLlama, https://defillama.com/chain/Aptos
15. Chainwire, https://chainwire.org/2024/10/03/aptos-labs-announces-strategic-expansion-into-japan-with-its-agreement-to-acquire-hashpalette-developer-of-palette-chain/
16. Rootdata, https://www.rootdata.com/Fundraising
17. Scroll, https://x.com/Scroll_ZKP/status/1843638328459178043
18. BOB, https://app.solv.finance/solvbtc?network=bob

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