TL;DR

• The price of BTC has slightly increased by 0.08%, currently at $67,224, while the price of ETH has decreased by 0.81%, currently at $2,617.
• On October 22, the U.S. Bitcoin spot ETFs saw a total net outflow of $79.09 million, whereas Ethereum spot ETFs had a total net inflow of $11.94 million.
• The spot price of gold has reached a new all-time high of $2,750 per once, marking a daily increase of 0.05%.
• The total value locked (TVL) of Solana has recently risen to $6.603 billion, reaching its highest level since January 2022.
• Bitcoin mining difficulty has increased by 3.94% to 95.67T, with the current average network hashrate at 706.03 EH/s.
• Movement Labs has partnered with the ERC-3643 Association to promote the compliant tokenization of real-world assets (RWA).
• Over the past 24 hours, three projects have publicly announced funding, raising a total amount exceeding $15.9 million.

Market Analysis

Based on Gate.io market data, as of 4:00 AM on October 23 (UTC+0)[1]:

BTC — Bitcoin edged up 0.08% in the past 24 hours, currently trading at $67,224, with a price range of $66,654 to $67,833. After dipping below $68,000, BTC has remained in a narrow range between $66,500 and $68,000, reflecting a cautious market sentiment. The moving averages are entangled, suggesting an unclear short-term trend. A decisive breakout from this range could signal the start of a new upward move.[2]

ETH — Over the past 24 hours, the price of ETH has declined by 0.81%, currently trading at $2,617. During this period, the price fluctuated between $2,601 and $2,659, showing overall stability. However, trading volume displayed significant volatility, often accompanied by short-term price swings, indicating persistent market uncertainty. The inflow and outflow of short-term funds have had a notable impact on the price movements. From a technical perspective, the 30-day moving average (MA30) is acting as a short-term resistance level, limiting the upward potential of ETH’s price. In the near term, ETH is expected to continue consolidating within the $2,600 to $2,650 range.[3]

ETF - According to data from SoSoValue, on October 22, U.S. Bitcoin spot ETFs experienced a net outflow of $79.9 million, while U.S. Ethereum spot ETFs saw a net inflow of $11.94 million.[5]

Altcoins - Tokens in the DePIN, AI Meme, and cross-chain bridge governance categories experienced average gains of 16.1%, 2.4%, and 2.0%, respectively.[6]

U.S. Stock Market Indices - The three major indices showed mixed performance: the S&P 500 declined by 0.05%, the Nasdaq rose by 0.18%, and the Dow Jones edged down by 0.02%[7].

Spot Gold - The price of spot gold reached $2,750 per ounce, up 0.05% for the day, marking a new record high[8].

Fear & Greed Index - The Fear & Greed Index increased from 70 to 71, indicating that the market remains in a state of greed with continued optimism and capital inflows. While investors remain bullish, the risk of an overheated market persists, warranting caution against potential volatility and corrections ahead[9].

Top Performers

Based on data from Gate.io, the following altcoins have shown notable performance over the past 24 hours[1]:

POKT - The token saw a daily increase of approximately 31.0%, with a circulating market cap of $99.09 million. Pocket Network is a blockchain data platform designed specifically for applications, utilizing a cost-effective approach to coordinate and distribute data at scale, enabling seamless interaction between blockchains and applications. With Pocket, blockchains can be easily integrated into websites, mobile apps, and IoT devices, allowing developers to embed blockchain-enabled applications into mainstream consumer devices.

POKT recently announced support for the Bitcoin network and its Layer 2 solutions, alongside the upcoming listing of POKT perpetual contracts on a new exchange, which includes trading pairs featuring these contracts. Additionally, POKT underwent a brand visual identity refresh. These strategic moves have contributed to the recent price surge[10].

DMTR — The token recorded a daily increase of approximately 29.1%, with a circulating market cap of $65.76 million.

Dimitra is a data-driven agricultural ecosystem focused on applying advanced technology and providing actionable insights. Its mission is to help farmers and governments boost crop yields and improve livestock health, thus enriching economies while addressing challenges such as poverty, hunger, global warming, carbon emissions, freshwater, and soil conservation.

Recently, Dimitra participated in the World Food Forum (UNFAO), where it actively promoted its platform and facilitated EUDR compliance for coffee traders like Alkaff. These efforts have contributed to the recent increase in the price of DMTR[11].

BIGTIME — The token saw a daily increase of approximately 23.3%, with a circulating market cap of $208 million. Big Time is a free-to-play multiplayer action RPG that combines fast-paced combat with time-traveling adventures. Players can create and trade items within the game, playing a key role in the in-game economy. Although Big Time incorporates Web3 technology, these elements are designed to remain invisible to players, ensuring an uninterrupted gaming experience while appealing to a broader audience.

The overall rise in the blockchain gaming sector has significantly boosted BIGTIME’s performance, with the token currently priced at $0.18. Other notable performers in this sector include SLP, which gained 19.1% to $0.003082; PIXEL, up 18.7% to $0.1865; and MAVIA, which rose 9.1% to $1.61[12].

Data Highlights

Solana TVL Surpasses $6.6 Billion, Reaching a New High Since 2022
According to DefiLlama data, Solana’s Total Value Locked (TVL) has recently climbed to $6.603 billion, marking its highest level since January 2022. This growth is closely tied to the recent rise in Solana’s price, which has increased the USD value of on-chain assets, attracting further capital inflows into the ecosystem. The expansion of DeFi projects and applications on Solana has bolstered investor confidence, driving the rapid increase in TVL[13].

At the same time, the recent surge of AI meme tokens has injected new momentum into Solana’s growth. These tokens, which combine AI technology with meme culture, have attracted significant capital inflows, leading to a sharp increase in trading volumes. Notably, the issuance of Pump tokens has reached an all-time high, further fueling the prosperity of the meme token market. This trend not only reflects investors’ keen interest in emerging tokens but also contributes to increased liquidity for Solana, helping to push its TVL to new heights.

Bitcoin Mining Difficulty Increased by 3.94% to 95.67 T on October 23
According to data from CloverPool, Bitcoin’s mining difficulty was adjusted at block height 866,880 on October 23, 2024, at 02:05:01. The difficulty rose by 3.94%, reaching 95.67 T. The current average network hash rate stands at 706.03 EH/s. Such increases in mining difficulty typically indicate a healthy Bitcoin network, as higher participation in hashing power enhances the network’s security and resistance to attacks. Despite the increase in difficulty, the recent rise in Bitcoin’s price may keep miners motivated to continue operations.

Bitcoin ETFs Saw a Net Outflow of $79.09 Million Yesterday
Data from SoSoValue indicates that U.S. Bitcoin spot ETFs experienced a net outflow of $79.09 million on October 22. The total daily trading volume reached $1.4 billion. Cumulative net inflows for these ETFs stand at $21.15 billion, with the total value of Bitcoin managed by these funds at $65.12 billion, representing 4.88% of the total market cap.

Ethereum ETFs Recorded a Net Inflow of $11.94 Million Yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs saw a net inflow of $11.94 million on October 22, with a total daily trading volume of $118 million. The cumulative net outflows to date amount to $488 million, while the total value of ETH managed by these ETFs stands at $7.26 billion, representing 2.29% of the overall market cap.

Spotlight Analysis

Movement Labs Partners with the ERC-3643 Association to Promote Compliant Tokenization of Real-World Assets (RWA)
On October 22, Movement Labs announced its partnership with the ERC-3643 Association, aiming to promote the adoption of the ERC-3643 token standard. This standard is specifically designed for the compliant tokenization of real-world assets (RWA). The collaboration marks the first integration of ERC-3643 on a non-Ethereum Virtual Machine (EVM) chain through Movement Network’s Layer 2 solution.

The ERC-3643 standard, also known as the Regulated Token Transfer (T-REX) standard, enables developers to create conditional transfer functionalities, ensuring that tokens can only be transferred between whitelisted users. This standard retains the functionality of ERC-20 tokens while ensuring compliance for tokenized assets. Dutch financial institution ABN AMRO has applied ERC-3643 to tokenize real estate and corporate bonds, demonstrating the standard’s versatility in meeting regulatory requirements. With Movement Labs joining the effort, the ERC-3643 standard is poised to further drive compliant tokenization of real-world assets, bringing new energy and confidence to the crypto market.[15]

Avalanche Foundation Launches Avalanche Card for Crypto Payments
The Avalanche Foundation has introduced the Avalanche Card, enabling users to make payments using WAVAX, USDC, sAVAX, and other crypto assets at any merchant that accepts Visa. The card is available in both physical and virtual formats, offering 24/7 dedicated customer support and seamless transactions through popular apps. It is important to note that the Avalanche Card is not a bank and is not protected by FDIC insurance, so users should be aware of local regulations regarding cryptocurrencies and the risks of value fluctuations.

Interested users can join a waitlist for early access to this new payment solution, with further details available on the official website. Initially, the card is targeted at residents of Latin America and the Caribbean, with certain countries and regions excluded. Notably, there are no additional fees for using the Avalanche Card for transactions, and a complete list of terms and fees can be found online. This initiative marks a significant step in Avalanche’s expansion into the crypto payments sector, likely to attract more users to adopt cryptocurrency for everyday spending.[16]

Cosmos Hub Fork AtomOne Launched, Distributing 96.99 Million ATONE to ATOM Holders
The launch of the AtomOne chain marks a new era in decentralized blockchain governance. As the smallest fork of Cosmos Hub, AtomOne aims to address challenges related to centralization, security, and governance efficiency within the network. Built on community feedback, AtomOne established a governance-specific blockchain called GovGen, gaining support from 50 validators. The primary goal of AtomOne is to create a secure and adaptable blockchain that fosters the coexistence and development of diverse groups through its “living constitution.”

The governance framework of AtomOne emphasizes decentralization and community involvement, with all decisions made through a token-weighted voting mechanism. The initial supply of the ATONE token is set at 107,775,332, with 96,997,800 distributed via airdrop to Cosmos Hub (ATOM) holders. Using ATONE, users can vote on proposals through the GovGen dApp, including matters such as the roadmap, tokenomics, distribution plans, and constitutional amendments. AtomOne also encourages community engagement by inviting members to submit new proposals to drive the network’s continuous evolution.[17]

Funding News

According to RootData, three projects publicly announced their funding rounds in the past 24 hours, with the largest single round reaching $7 million. The total raised across these projects exceeds $15.9 million, covering the DeFi and NFT sectors. The top three funding rounds are as follows:[18]

Azura — Azura secured $6.9 million in a seed round of financing, with participation from Initialized Capital, Alliance DAO, and others. Azura serves as an on-chain financial interface layer.

Ordzaar — Ordzaar raised $2 million in a seed funding round, backed by LongHash Ventures, Sora Ventures, and other investors. Ordzaar is an NFT marketplace for Bitcoin Ordinals, offering a platform for users to engage in, trade, and sell Ordinals on the Bitcoin blockchain.

Karpatkey — Karpatkey completed a $7 million funding round, with investments from Wintermute, Appworks, and others. Karpatkey provides non-custodial on-chain asset management infrastructure, offering financial services to leading DAOs.

Airdrop Opportunities

TheoriqAI is an on-chain Web3 AI agent platform focused on aggregating community-created AI agents. The platform enables seamless interactions between multiple AI agents, aiming to enhance the functionality and efficiency of smart contracts and decentralized applications (dApps). Backed by prominent investors like Hack VC and IOSG, TheoriqAI is a modular AI project that successfully raised over $10.2 million. Recently, it launched an incentivized testnet, offering a variety of tasks, including social interactions, AI conversations, and feedback activities, with participants eligible for rewards upon task completion.[19]

Participation Instructions:

• Visit the official TheoriqAI website, link your Twitter account, and access the task page, prioritizing the completion of social tasks.[20]
• Navigate to the “Agent Tasks” module to engage in conversations with AI. Each interaction earns 5 XP, with a goal of completing 10 interactions. Log in via the Infinity portal using an email or X (Twitter) account, and connect your OKX Web3 wallet to proceed.
• Access the “Feedback Quest” module to provide feedback, earning 50 XP per submission. Rewards will be distributed upon task completion.

Notice:
The airdrop plan and participation methods may be updated at any time. It is recommended that users follow TheoriqAI’s official channels for the latest information. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent 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/poktchina/status/1846809716099616993
11. X, https://x.com/dimitratech
12. CoinMarketCap, https://coinmarketcap.com/zh/view/gaming/
13. DefiLlama, https://defillama.com/chain/Solana
14. CloverPool, https://explorer.cloverpool.com/zh-CN/btc/insights-difficulty
15. X, https://x.com/movementlabsxyz/status/1848741339623735400
16. X, https://x.com/AvalancheFDN/status/1848470963672711543
17. X, https://x.com/_atomone/status/1848397393538281743
18. Rootdata, https://www.rootdata.com/Fundraising
19. X, https://x.com/TheoriqAI/status/1843641290992574973
20. Quests Theoriq AI, https://quests.theoriq.ai/

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the Link to learn more

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.