TL;DR

• BTC price rose by 3.99% over the past 24 hours, now at $72,738. ETH increased by 2.79%, now at $2,639.
• S&P 500 Index gained 0.16%, Nasdaq rose 0.98%, while the Dow Jones Index fell 0.36%.
• U.S. Bitcoin and Ethereum spot ETFs saw net inflows of $870 million and $7.65 million, respectively.
• Global open interest in Bitcoin futures has surpassed $43 billion, setting a new all-time high.
• Circle announced a fee of 0.03% to 0.1% on USDC redemptions over $15 million, citing yield pressure as the reason.
• Three funding rounds were disclosed in the last 24 hours, totaling over $14.3 million.

Market Analysis

Based on data from Gate.io as of 4:00 (UTC+0) on October 30[1]:

• BTC — The BTC price increased by 3.99% over the past 24 hours, currently at $72,738. Over the past 24 hours, BTC reached a high of $73,609 and a low of $69,755. On the 1-hour candlestick chart, BTC successfully broke through the upper boundary of a two-month-long trend channel, indicating strong buying momentum and market confidence[2].

• ETH — The ETH price rose 2.79% in the past 24 hours, currently at $2,639. Within this period, ETH reached a high of $2,682 and a low of $2,561. The 1-hour candlestick chart shows that the short-term low points are steadily rising, indicating some rebound potential. However, ETH has not yet broken through the previous resistance level of $2,769,suggesting that the market still faces challenges[3].

• ETF — According to data from SoSoValue, on October 29, U.S. Bitcoin spot ETFs saw a net inflow of $870 million[4], while U.S. Ethereum spot ETFs had a net inflow of $7.65 million[5].
• Altcoins — The sectors of Crypto-Backed Tokens, Wallets, and Restaking rose by 26.68%, 11.78%, and 11.49%, respectively[6].
• U.S. Stock Market Indices — The S&P 500 Index gained 0.16%, the Nasdaq increased by 0.98%, and the Dow Jones Index decreased by 0.36%[7].
• Spot Gold — The price of spot gold reached $2,786 per ounce, rising by 0.44% during the day[8].
• Fear & Greed Index — The Fear & Greed Index rose from 72 to 77, indicating that the market is currently in a state of extreme greed[9].

Top Performers

According to Gate.io market data[1], the following altcoins are trending based on 24-Hour trading volume and price performance:

GFI — Daily increase of approximately 36.1%, with a circulating market cap of $131 million.
Goldfinch is a decentralized credit protocol that provides crypto loans without requiring crypto collateral and offering passive income opportunities. GFI serves as a key component in Goldfinch’s governance and operations.

Over the past month, the price of GFI has dropped by more than 60%, making this recent price increase appear to be a strong rebound following an “oversold” period[10].

DEEP — Daily increase of approximately 35.2%, with a circulating market cap of $147 million.
DeepBook is a shared decentralized central limit order book (CLOB) exchange built for the Sui ecosystem, leveraging Sui’s performance to provide a low-latency, high-execution engine that spreads liquidity throughout the DeFi ecosystem.

As the price of SUI rises, the Sui ecosystem has attracted significant attention from investors. DEEP, as a Sui ecosystem token recently listed on various exchanges, has seen growing recognition and an increase in community members[11].

CHEX — Daily increase of approximately 23.9%, with a circulating market cap of $314 million.
Chintai, licensed and regulated by the Monetary Authority of Singapore (MAS), uses its innovative $CHEX token to provide a compliant, one-stop solution for bringing real-world assets (RWAs) on-chain.

The RWA (Real-World Assets) sector has recently garnered significant capital interest, and as one of the few compliant RWA solutions, Chintai has also attracted a large number of investors[12].

Data Highlights

Bitcoin ETF Experienced Net Inflow of $870.02M
According to SoSoValue data, U.S. Bitcoin spot ETFs saw a net inflow exceeding $870 million on October 29, with a daily trading volume of $4.75 billion. The cumulative net inflow stands at $23.28 billion, while the total value of BTC managed by ETFs is approximately $72.55 billion, accounting for 5.07% of Bitcoin’s total market cap[4].

Ethereum Recorded ETF Net Inflow of $7.65M
According to SoSoValue data, the U.S. Ethereum spot ETF experienced a net inflow of $7.65 million on October 29, with a daily trading volume of $281 million. Despite this inflow, the cumulative net outflow stands at approximately $498 million, and the total value of ETH managed by ETFs is around $7.26 billion, representing 2.30% of Ethereum’s total market cap.

Total Bitcoin Futures Open Interest Surpasses $43 Billion, Setting a New All-Time High
According to data from Coinglass, total global Bitcoin futures open interest has exceeded $43 billion, currently reported at $43.167 billion, marking a new record high with a 24-hour increase of 4.97%.

This growth in open interest often signals potential future price volatility, especially as long and short positions intensify, which could trigger a “short squeeze” or “long squeeze”. It also reflects increased demand for market liquidity and rising investor confidence, though the potential liquidation risks associated with leveraged positions warrant caution[13].

Currently, 99% of Bitcoin Holding Addresses Are Profitable
According to data from IntoTheBlock, 99% of Bitcoin holding addresses are currently in a profitable state[14].

Spotlight Analysis

Circle Raises USDC Redemption Fees to Address Yield Pressure Amid Fed Rate Cuts
As the Federal Reserve initiates interest rate cut, base returns on dollar deposits and U.S. Treasury bonds are decreasing, reducing reserve income for stablecoin operators like Circle and increasing operational pressure. In response, Circle has announced fees ranging from 0.03% to 0.1% for USDC redemptions exceeding $15 million, along with additional fees for instant redemptions over $2 million daily.

While Circle’s strategy aims to offset declining yields and prepare for potential public listing, this move couldpotentially disadvantage it in the increasingly competitive stablecoin market. Currently, market data shows significant disparities in stablecoin market shares: USDT dominates with a $12.042 billion market share, accounting for 69.7%. In comparison, USDC has a $3.45 billion market share, roughly one-third of USDT’s, accounting for 20%. Other stablecoins, such as DAI, FDUSD, and USDe, have smaller shares of $490 million, $270 million, and $225 million,respectively[15].

Polymarket’s Average U.S. Election Trading Volume in October Surges by 800%
As the U.S. presidential election approaches, trading activity related to the election has surged on Polymarket, with October’s average trading volume increasing 800% over the previous month. As of 4:00 (UTC+0) on October 30, Polymarket data shows a 66.6% probability for Trump to win the election, reflecting strong market expectations of his victory. The cumulative amount wagered on a Trump win has surpassed $426 million, with over 1.15 million wallet addresses involved, indicating substantial attention and widespread support for Trump in the market.

However, it’s important to note that the demographic of Polymarket users may differ from that of actual voters, and support could be influenced by Trump’s potentially favorable stance toward cryptocurrency policies, making this forecast a reflection of market sentiment rather than a direct prediction. Additionally, the preferences unique to Web3 users may further impact the reliability of these predictions, necessitating a comparison with broader election polling data for a more comprehensive assessment[16].

Bitcoin Layer 2 Network Stacks Completes Nakamoto Upgrade, Reducing Transaction Confirmation to Seconds
On October 29, Stacks successfully launched the Nakamoto upgrade, marking a significant advancement for the Bitcoin ecosystem. With this upgrade, transactions on the Stacks Layer 2 network achieve 100% Bitcoin finality, with transaction sequencing and reversibility now safeguarded by Bitcoin’s full hash power. The “Fast Blocks” feature reduces transaction confirmation times to just a few seconds, compared to Bitcoin’s usual 10–40 minutes. Stacks no longer risks forking independently from Bitcoin; the only way for Stacks Layer 2 to fork would be through a Bitcoin reorganization. Additionally, the Nakamoto upgrade paves the way for SBTC, a BTC-pegged derivative, which is expected to launch in the next 4-6 weeks following the upgrade[17][18].

According to DefiLlama, Stacks holds 12.45% of total value locked (TVL) among Bitcoin sidechain projects, ranking third after CORE and Bitlayer. Currently, 19 protocols are in development within the Stacks ecosystem, with StackingDAO leading in TVL. This Nakamoto upgrade is expected to enhance Stacks’ appeal to developers and users, accelerating its growth within the Bitcoin sidechain ecosystem[19].

Printr, a Multichain MEME Token Launch Platform Powered by Axelar, Set to Go Live
On October 29, Printr, a multichain launch and trading platform for MEME tokens powered by the interoperability platform Axelar, officially launched. Printr spans over 69 blockchains and aims to consolidate liquidity and address the issue of fragmented funds caused by single-chain token issuance. Alongside Axelar, Squidrouter also provides technical support for Printr.

From a market perspective, this cross-chain platform offers several benefits to the token issuance ecosystem:

1. Liquidity Consolidation: By enabling cross-chain issuance and trading, Printr pools liquidity into a unified market, avoiding liquidity fragmentation caused by issuing tokens on multiple chains. This is especially beneficial for high-interest, rapidly evolving assets like MEME tokens, allowing them to attract trading activity and investor attention in a single market.
2. Reduced Risk of Fake Tokens: Previously, independent token issuance across various chains could lead to confusion from multiple similar token names, risking investor misidentification. Printr’s unified cross-chain issuance feature reduces the likelihood of counterfeit tokens, enhancing platform security and building user trust.
3. Enhanced Ease of Use: Printr enables seamless trading within the platform, eliminating the need for users to switch between different chains. This not only improves the user experience but also lowers the technical barrier for cross-chain operations[20].

Funding News

According to RootData, three funding rounds were announced in the past 24 hours, with a total funding amount exceeding $14.3 million[21].

Native — Completed a $2.6 million seed funding round with participation from Nexus Mutual. Native is a global brokerage connecting traditional insurance with on-chain capital, offering both on-chain and off-chain risk products with coverage limits of up to $20 million. Its mission is to address the long-standing lack of insurance options for digital assets.

PumpBTC — Raised $10 million in seed funding, led by SevenX Ventures and Mirana. PumpBTC focuses on providing a liquidity staking solution for Bitcoin. Users can stake BTC with Babylon in one click and immediately receive liquidity tokens in return.

KRNL Labs — Secured $1.7 million in pre-seed funding from notable investors such as TRGC, Superscrypt, and Ryze Labs. KRNL Labs aims to simplify decentralized application (dApp) development through innovative RPC node technology that enables cross-chain communication. The KRNL protocol functions similarly to npm, supporting asynchronous composability, allowing developers to efficiently build dApps that can operate across multiple blockchains.

Airdrop Opportunities

Magic Eden Launches TestME Token

TestME is a test token introduced by the NFT platform Magic Eden to help users experience a simulation of the upcoming $ME token claim process. Although TestME itself has no monetary value, participating in the claim test allows users to familiarize themselves with the process, making it easier to receive $ME tokens during the official airdrop. The claim process takes place in Magic Eden’s mobile wallet app and incurs no fees[22].

Participation Steps:

1. Download Magic Eden App: Download and install the mobile app.
2. Connect Wallet: Open the official claim link in a desktop browser, scan the QR code on the page, and connect your wallet to Magic Eden.
3. Verify Eligibility: Ensure all relevant wallet addresses (e.g., Phantom) are linked.
4. Claim $TestME: In the Magic Eden app, click the “Claim $TestME Now” banner and follow the prompts to complete the claim.

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. Gate.io, https://www.gate.io/trade/GFI_USDT
11. X, https://x.com/DeepBookonSui/status/1845770720481013910
12. Gate.io, https://www.gate.io/trade/CHEX_USDT
13. Coinglass, https://www.coinglass.com/zh/BitcoinOpenInterest
14. IntoTheBlock, https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&chart=inAndOut
15. The Block, https://www.theblock.co/post/323626/the-scoop-circle-raises-fees-as-fed-cuts
16. Dune, https://dune.com/lindyhan/2024-us-presidential-election-polymarket
17. X, https://x.com/Stacks/status/1851142979953500573
18. X, https://x.com/muneeb/status/1851161378997825837
19. DefiLlama, https://defillama.com/chains/Bitcoin%20Sidechains
20. X, https://x.com/Printrgobrrr/status/1851263403458760911
21. Rootdata, https://www.rootdata.com/Fundraising
22. X, https://x.com/MagicEden/status/1851237721185964540

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