Summary

• BTC rose 2.29% to $67,698, with support at $65,500 and resistance at $68,500. Short-term consolidation at a high level.
• Bitcoin spot ETF total net inflows of $188 million, Ethereum spot ETF total net inflows of $2.3 million.
• Spot Bitcoin ETF on-chain BTC total holdings exceeded 1 million coins.
• Stablecoin EURC supply hits a record high, with a market value approaching 100 million US dollars.
• The US government address is suspected to have been hacked, with $20 million in encrypted assets stolen.

Market Review

According to the market data on Gate.io, as of 4:00 (UTC+0) on October 25th, 【1】:

BTC- The price of BTC has risen by 2.29% in the past 24 hours to $67,698, with the highest price in the past 24 hours at $68,842 and the lowest price at $66,517. The price of Bitcoin has gained strong support at the $65,500 level, while the $68,500 level above has become a short-term resistance. It is expected that the price of Bitcoin will consolidate within this range.

ETH — ETH price has risen 0.43% in the past 24 hours, currently priced at $2,494, with a highest price of $2,562 and a lowest price of $2,508 in the past 24 hours. The K-line chart shows that ETH is currently in a downward oscillation channel in the short term. Short-term attention should be paid to the support level of $2,450 and changes in trading volume. 【3】

ETFAccording to SoSoValue data, the total net inflow of US Bitcoin spot ETF on October 24 was $188 million [4], and the total net inflow of US Ethereum spot ETF was $2.3 million [5].

Shanzhai Coin—— Wallets, Launchpad, Avalanche L1 and other sections rose by 13.20%, 8.21%, 7.54%, respectively. [6]

Three major U.S. stock indexes - The S&P 500 rose 0.21%, the Nasdaq rose 0.76%, and the Dow Jones fell 0.33%.[7]

Spot Gold - Spot gold prices fell to $2,734 per ounce, down 0.06% intraday. [8]

Fear and Greed Index- The fear and greed index has increased from 69 to 72, indicating that the market is still in a greedy state, and the market sentiment remains optimistic with continuous inflow of funds, investors are bullish. However, the risk of market overheating still exists, and we need to be vigilant about possible fluctuations and corrections in the future. [9]

Hot Tokens

According to the Gate.io market data [10], combined with the trading volume and price performance in the past 24 hours, the following popular altcoins are:

SAFE- Daily increase of approximately 46.0%, with a market capitalization of $682 million.
Safe is a project focused on digital asset management, aiming to provide a flexible and secure smart account solution. Through Safe{Core}, it offers developers a modular infrastructure to promote the application of Account Abstraction technology. Since 2018, Safe has safeguarded over $100 billion in assets and is widely used by DAOs, Web3 companies, and individual users.

The rise is mainly driven by the listing on major South Korean exchanges. These exchanges are about to launch Safe's KRW, BTC, and USDT trading pairs, sparking a surge in market interest and demand for the token, leading to a 24-hour increase in SAFE of over 74.27%.

BBT - The single-day increase is about 34.3%, with a market capitalization of $51.55 million.
BabyBoomToken (BBT) is a blockchain-based project aimed at addressing the global decline in fertility rates. BBT incentivizes fertility by rewarding users for their participation in activities related to pregnancy, childbirth, and parenting. Users can earn BBT by participating in various activities within the BabyBoom and Sellon dApp ecosystems and redeem them for real-life rewards. The project uses blockchain technology and a reward system to provide tangible support to families and aims to drive community growth globally.

Recently, Gate.io Startup has collaborated with BabyBoomToken to launch multiple activities, possibly driven by the brand influence and user base of Gate.io, leading to a continuous surge in the price of BBT. Investor optimism about the progress of the BabyBoomToken project and the community's positive outlook on its future prospects may be key factors driving this trend. [11]

PRCL- The single-day increase is about 32.7%, with a circulating market value of $40.15 million.
Parcl is a decentralized perpetual exchange focusing on real-world real estate prices, with the primary aim of creating a liquidity market around the world's largest asset class by leveraging world-class real estate data. Laboratory and Parcl Limited.

On October 18th, Parcl's BTC/USD and SOL/USD perpetual contract markets were successfully launched, and the trading volume of SOL/USD exceeded $1 million in a short period of time, demonstrating strong user demand. To attract more traders, Parcl has reduced the transaction fees to 0/2 basis points (maker/taker), and the positive funding rate has enhanced traders' confidence. The price increase may be closely related to the recent progress of the project. [12]

Highlight Data

Bitcoin ETF netted a flow of 188 million USD yesterday
According to Sosovalue data, the US Bitcoin Spot ETF had a net inflow of $188 million on October 24th, with a total daily trading volume of $1.462 billion. The cumulative net inflow is $21.533 billion, and the total value of BTC managed by the ETF is $66.086 billion, accounting for 4.95% of the total market value.

Ethereum ETF had a net inflow of $2.3 million yesterday.
According to Sosovalue data, the net inflow of Ethereum spot ETF in the United States was $2.3 million on October 24th, with a total daily trading volume of $113 million. The total net outflow amount is $485 million, and the total value of ETH managed by the ETF is $7.013 billion, accounting for 2.34% of the total market value.

Funding rate, contract long/short ratio, liquidation amount
According to Coinglass data, as of 4:00 on October 25th (UTC+0), the Bitcoin holding weighted funding rate is 0.0101%【13】, and the Ethereum holding weighted funding rate is 0.0097%【14】.

In the past 24 hours, the overall Bitcoin and Ethereum long/short ratio on the entire network is less than 50%, indicating a predominance of short positions [15]. The total contract liquidation amount on the entire network in the past 24 hours is approximately 103 million US dollars, with the liquidation amount of short contracts exceeding 53.96 million US dollars [16].

Spot BTC ETF on-chain BTC total holdings surpass 1 million coins
According to Dune data, the total on-chain holdings of Bitcoin in the US spot Bitcoin ETF have reached 1.04 million, accounting for 5.26% of the current BTC supply, with an on-chain holding value exceeding 69.5 billion US dollars.【17】

The supply of stablecoin EURC has reached a historical high, with a market value approaching $100 million.
Thanks to the significant growth on Base, the Ethereum Layer 2 network incubated at Coinbase, the supply of Euro stablecoin EURC has reached a historic high, with a market value approaching nearly 100 million US dollars. [18]

Hotspot Review

The US government address is suspected to have been hacked, with $20 million worth of encrypted assets stolen.
According to Arkham monitoring, wallets related to the US government were suspected to have been hacked, resulting in the theft of about $20 million in encrypted assets. These funds originated from assets seized by the US government in the 2016 Bitfinex exchange hack. Attackers transferred multiple cryptocurrencies such as USDC, USDT, aUSDC, and ETH to wallets starting with the address '0x348', and laundered funds through instant exchanges and suspected money laundering services.

The attacked wallet address, "0xc9E6E51C7dA9FF1198fdC5b3369EfeDA9b19C34c", has received funds from multiple government seizure addresses, including those related to the Bitfinex hacking incident. The hacker has converted some stablecoins into ETH, and the funds are still flowing through complex channels, suspected to be involved in money laundering activities. Currently, the stolen funds transferred by the US government to the address starting with 0x348 have been partially converted into 2,709 ETH (about 6.08 million US dollars), and the converted ETH has been distributed to Binance and two new addresses. The hacker's wallet still holds 13.2 million US dollars worth of AUSDC.

Despite the government's typically strong asset protection capabilities, cryptocurrencies stored on the blockchain still have the potential risk of being attacked by hackers. This attack not only involves assets seized by the government, but is also related to the notorious Bitfinex hacker incident in 2016. The attackers quickly transferred funds to multiple anonymous addresses and used instant exchanges and money laundering services to disperse the funds, increasing the difficulty of tracking the funds. This method demonstrates that, despite the transparency of the blockchain, criminals are still able to utilize its decentralized and globalized nature to evade regulation. Further details await official confirmation.

Cardano integrates with smart contract platform BitcoinOS to unleash Bitcoin liquidity for the DeFi ecosystem
Recently, Cardano announced the completion of its integration with the smart contract platform BitcoinOS, aiming to provide Cardano users with a secure channel without intermediaries to directly access Bitcoin assets. The core of this collaboration is the BOS Grail Bridge, which utilizes BOS's ZK BitSNARK verification protocol to provide a trustless cross-chain connection. Through ZK technology, BTC transactions and assets can be securely bridged to the Cardano blockchain, enabling Cardano native DeFi projects to use Bitcoin without compromising decentralization or security.

This integration is an important step forward in cross-chain functionality and DeFi expansion. Traditionally, Bitcoin has limited smart contract capabilities, making its interaction with other blockchains relatively closed. However, with the help of ZK technology, Cardano is able to bring Bitcoin assets into its ecosystem while preserving the security of the Bitcoin network. This not only enhances Cardano's multi-chain compatibility, but also brings more liquidity and asset diversity to its DeFi projects, potentially attracting more developers and users to the Cardano network. Additionally, this trustless cross-chain bridge will reduce third-party risks in the decentralized finance field, making transactions more transparent and efficient.

Microsoft urges shareholders to reject proposal to include Bitcoin as an investment diversification option
Microsoft is urging shareholders to vote against a proposal put forward by the conservative think tank National Center for Public Policy Research, which suggests that Microsoft use Bitcoin as a means of asset diversification and considers Bitcoin to be one of the best options for combating inflation. The proposal will be presented at the annual shareholders meeting on December 10th, advocating for the company to invest at least 1% of its assets in Bitcoin.

The Microsoft board of directors has recommended that shareholders vote against this proposal, stating that the company has carefully considered Bitcoin and other cryptocurrencies and currently has a robust asset management process in place to provide long-term benefits to shareholders. Microsoft believes that the volatility of Bitcoin is not suitable for the stability needs of corporate funds, so there is no need for further public evaluation.

Financing Information

According to RootData, in the past 24 hours, a total of 10 projects publicly announced financing, with the highest financing amount being 10 million USD. A total of over 40.68 million USD was raised, involving the gaming, CeFi, node services, and infrastructure sectors. Here are the top three financing amounts:

Validation CloudAnnounced on October 24 announced the completion of a $10 million financing, led by TCG. Validation Cloud is a Web3 infrastructure platform that provides elite, high-performance nodes, and staking infrastructure.

Party Icons - Announced on October 24th, it announced the completion of a $9 million seed round of financing, with participation from Bitkraft Ventures, IDG Capital, and others. Party Icons is a Web3 mobile gaming platform that offers three unique modes, aiming to combine the social elements of party games with the intense excitement of shooting games.

STOKR ——Announced on October 24 that it has completed a $7.98 million financing round, with participation from Fulgur Ventures. STOKR is an alternative investment digital marketplace where users can access a diverse world of alternative assets through investments in Bitcoin mining, real estate, music royalties, and more. Regulated by the Luxembourg CSSF (Financial Regulator), STOKR, as a virtual asset service provider, offers turnkey solutions to young and growing companies seeking capital in the European Union.

Airdrop opportunity

Morph
Morph is a consumer chain project that provides a two-layer solution for consumers. It has raised $20 million. The airdrop activity is divided into four phases, and it is currently in the first season. Users can accumulate points to get more $MORPH, and the interaction is currently free. 【23】

The participation method is as follows:

1. Receive testnet tokens, transfer ETH from Holesky to Morph Holesky through Morph Holesky Bridge cross-chain, complete wallet confirmation, and wait for progress.
2. Use Morph Holesky Bridge to extract tokens, switch networks, and complete the Withdraw operation.
3. Perform token swap transactions on Bulbaswap, multiple operations.
4. Performing WETH Supply operation on Abra Finance.
5. Visit the Morph NFT marketplace, connect your wallet, and purchase NFTs.

Note:
The airdrop plan and participation method may be updated at any time. It is recommended that users pay attention to Morph's official channels for the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. Gate.io does not guarantee the subsequent distribution of airdrop rewards.

Reference materials:

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/price
11. X, https://x.com/Gateio_Startup/status/1844754966864433541
12. X, https://x.com/Parcl/status/1849194151713345813
13. CoinGlass,https://www.coinglass.com/pro/AvgFunding/BTC
14. CoinGlass，https://www.coinglass.com/pro/AvgFunding/ETH
15. CoinGlass,https://www.coinglass.com/LongShortRatio
16. CoinGlass, https://www.coinglass.com/LiquidationData
17. Dune, https://dune.com/hildobby/btc-etfs
18. CoinGecko, https://www.coingecko.com/en/coins/eurc
19. Arkham, https://platform.arkhamintelligence.com/explorer/entity/usg
20. Cointelegraph，https://cointelegraph.com/news/cardano-integrates-bitcoin-os-to-enable-trustless-btc-in-de-fi-apps
21. Coindesk, https://www.coindesk.com/business/2024/10/24/microsoft-urges-shareholders-to-vote-against-a-proposal-to-assess-bitcoin-as-a-diversification-investment-filing/
22. Rootdata, https://www.rootdata.com/Fundraising
23. Morphl,https://docs.morphl2.io/docs/quick-start/morph-zoo/morph-points/

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Disclaimer
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