TL;DR

• BTC price dropped 2.84% over the past 24 hours to $70,303, facing short-term resistance at $69,500, which may become the focal point of a tug-of-war between bulls and bears.
• MicroStrategy announced a $42 billion Bitcoin investment plan.
• The U.S. Treasury released a new report suggesting that CBDCs (Central Bank Digital Currencies) could replace stablecoins.
• Canary Capital has filed for a Solana spot ETF, challenging established standards in the crypto market.
• The circulation of the USDT stablecoin has exceeded $120 billion,marking a 30% increase since the beginning of the year.
• The South Korean crypto market shows a new trend, with small investors making up 72%, and the 30-year-old age group dominating trading activities.

Market Analysis

Based on Gate.io market data as of November 1, 4:00 (UTC+0):

• BTC – BTC’s price experienced a 24-hour pullback of 2.84%, with the current price at 70,303 USDT. Within the last 24 hours, BTC reached a high of 72,689 USDT and a low of 69,700 USDT. At the beginning of November, BTC is testing a support zone between 69,500 and 68,000 USDT. If it manages to hold and rebound from this area, there is potential for further upward movement. The 30-day moving average will be a critical support level for sustained gains; if BTC can stay above this line, a mid-term bullish trend is likely to continue.[1]

• ETH – ETH price dropped 5.27% over the past 24 hours, to 2,519 USDT, with a 24-hour high of 2,669 USDT and a low of 2,503 USDT. ETH faced selling pressure on Tuesday, resulting in a decline of over 5%. However, the support level around 2,490 USDT has shown strong resilience, and the price is expected to stabilize and rebound in the short term, potentially challenging the 2,707 USDT level[2].

• ETF – BTC spot ETFs saw a daily outflow of $32.14 million, while ETH spot ETFs recorded a daily outflow of $13.06 million.
• Altcoins – The Bridged USDC, Launchpad, and Tokenized Gold sectors recorded changes of +1.22%, +0.63%, and -0.85%, respectively[3].
• U.S. Stock Market Indices – The three major indices saw declines, with the S&P 500 down 1.86%, the Nasdaq down 2.76%, and the Dow Jones down 0.90%[4].
• Spot Gold – Spot gold prices reached $2,748 per ounce, marking a daily increase of 0.13%[5].
• Fear and Greed Index – The Fear and Greed Index dropped from 77 to 75 since yesterday, indicating the market remains in a state of greed[6].

Top Performers

According to Gate.io market data[7], based on trading volume and price performance over the past 24 hours, the following altcoins are gaining popularity:

VISTA – Daily increase of approximately 29.5%, with a circulating market cap of $45.75 million.
Ethervista (VISTA) is a decentralized exchange (DEX) built on Ethereum, focusing on new token issuance and liquidity management. Ethervista introduces a 5-day liquidity lock mechanism to prevent “rug pull” scams and incentivizes liquidity providers with custom fees in ETH. Additionally, the platform plans to launch features such as flash loans, futures trading, and lending, positioning itself as a comprehensive DeFi application.

On October 28, Ethervista launched the etherfun application, quickly boosting the token price by 5x from its low and consistently hitting new highs, reflecting strong market confidence in its future potential[8].

BZZ – Daily increase of approximately 15.4%, with a circulating market cap of $24.84 million.
Swarm is a peer-to-peer network of nodes designed to create decentralized storage and communication services. It is economically self-sustaining, thanks to an integrated incentive system supported by BZZ tokens and executed through smart contracts on Ethereum blockchain.

Recently, the Swarm community announced several major developments, including a doubling of reserve size, core upgrades for multi-chain support, and the launch of the Swarm Fellowship Program to support node operators. These updates have drawn significant community attention and may have contributed to the strong market performance of the Swarm token, BZZ, reflecting high expectations for its technical innovations and application potential[9].

GRASS – Daily increase of approximately 14.1%, with a circulating market cap of $280 million.
Grass is a decentralized data layer specifically designed for artificial intelligence, enabling users to share their internet bandwidth and access verifiable network data through a distributed network.

Recently, the Grass project’s airdrop generated significant interest. The GRASS airdrop officially launched on October 28 at 13:00 (UTC+0). As of November 1 at 4:00 (UTC+0), 61 million GRASS tokens have been successfully claimed, accounting for 78.88% of the total supply. The number of participating addresses reached 1.65 million, demonstrating strong user enthusiasm for the airdrop[10].

Data Highlights

The circulating supply of Tether’s USDT stablecoin has surpassed $120 billion, marking a 30% increase since the beginning of the year, with an increase of $27.8 billion.
According to Tether’s latest audit report released on Thursday, the company’s net profit in the third quarter reached $2.5 billion, bringing its cumulative profit for the first three quarters of 2024 to $7.7 billion—a 48% increase over the first half of the year. At the same time, the total circulating supply of Tether’s USDT stablecoin has exceeded $120 billion, representing a 30% growth since the start of the year, with an increase of $27.8 billion, nearly equivalent to the total market capitalization of its main competitor.

Ethereum Faces Challenges as Price Drops 60% Against Bitcoin, Testing Investor Confidence
Ethereum (ETH) hit a new low against Bitcoin (BTC) on October 31, with the ETH/BTC ratio dropping to 0.03569—the lowest level since 2021—highlighting the pressures Ethereum faces in the current market. Since the beginning of this year, Ethereum’s value relative to Bitcoin has fallen by 41.9%, marking a 60% decline from its all-time high of 0.088. This decline is putting Ethereum under scrutiny and testing investor confidence in the platform.

BTC ETF Data
On November 1, BTC ETFs saw a single-day outflow of $32.14 million, while total inflows reached $24.21 billion, indicating steady injection of external funds over the long term. Trading activity remained high, with a total volume of $3.07 billion, and the overall market position stood at $70.86 billion. Grayscale’s GBTC had a single-day outflow of $31.1483 million, bringing historical net outflows to $20.157 billion. In contrast, BlackRock’s IBIT experienced a single-day inflow of $319 million, with a total net inflow reaching $26.136 billion, reflecting institutional investors’ growing preference for ETF products. The total net asset value of the Bitcoin spot ETF market exceeded $70.8 billion, accounting for 5.12% of Bitcoin’s market cap, providing support for Bitcoin’s price.[11]

On November 1, the total single-day inflow for ETH spot ETFs was negative, reaching an outflow of $13.06 million, bringing cumulative outflows to $480 million as recent trends indicate continued capital outflows. Trading activity showed a total volume of $281 million, while market holdings stood at $6.96 billion.[12]

Bitcoin Network Transaction Fees Surge, High Priority Reaches 889 Sat/Byte
According to Dune data, Bitcoin network transaction fees spiked on October 31 at 2:00 (UTC+0), with the median gas fee reaching 989 sats/vByte. This surge in fees was largely driven by Casey Rodarmor’s launch of a new Rune project, Memento Mori. The project began minting in block #868186, with a total issuance of 100 million Runes, of which 50 million were available for public minting. Each Rune unit represents 1,000 tokens, allowing a maximum of 50,000 Runes to be minted.[13]

Within just 10 blocks after the public minting began, all 50,000 Runes were fully minted. According to Bitcoin transaction fee market data from @alkimiya_io, the total gas cost during the minting process was approximately 46.91 BTC (around $3.39M). This minting activity significantly increased network demand, thereby driving up transaction fees.[14]

New Trends in the South Korea’s Crypto Market: Small Investors Account for 72%, with the 30s Age Group Leading Trading Activity
According to data from South Korea’s Financial Supervisory Service, among the country’s 7.78 million cryptocurrency investors, approximately 72% (5.67 million individuals) hold crypto assets valued at less than 1 million KRW (about $724), with the primary trading demographic being individuals in their 30s. Although around 15.5% of South Koreans have opened crypto accounts, only 4.2% of the total population are actively investing when excluding small-scale investors. Meanwhile, deposits across crypto exchanges reached 5 trillion KRW (approximately $3.6 billion), marking only a 2.9% increase from the latter half of last year, suggesting that the approval of Bitcoin spot ETFs has not significantly attracted new capital inflows.[15]

Spotlight Analysis

MicroStrategy Announces $42 Billion Bitcoin Investment Plan
According to its Q3 2024 financial report released on October 30, 2024, MicroStrategy plans to raise a total of $42 billion between 2025 and 2027 through stock and bond issuances to purchase Bitcoin, further expanding its Bitcoin holdings. Specifically, the company intends to raise $21 billion via stock issuance and an additional $21 billion through fixed-income securities.

As a long-established financial firm, MicroStrategy’s substantial investment demonstrates investor confidence in Bitcoin’s value. As of September 30, 2024, MicroStrategy holds 252,220 BTC, making it the publicly listed company with the largest Bitcoin holdings worldwide. According to Q3 2024 data, since the company began purchasing Bitcoin in August 2020, its stock return has reached 1,989%. MicroStrategy’s initiative is also expected to attract additional institutional investors to the Bitcoin market, contributing to its further maturation.[16]

U.S. Treasury: CBDCs Could Replace Stablecoins
The U.S. Treasury’s latest report highlights potential risks in the stablecoin market. Stablecoin issuers heavily rely on U.S. Treasury securities to maintain their value, a practice that could exacerbate financial crises. With rising global economic uncertainties, confidence in stablecoins is increasingly under strain. Regulatory bodies are closely monitoring this sector, with central bank digital currencies (CBDCs) being anticipated as a more stable and reliable payment alternative.

The Treasury’s concerns over stablecoins are well-founded. Stablecoins are deeply integrated with the traditional financial system, especially through their connection to U.S. Treasuries, making them a potential source of systemic risk. If a stablecoin were to lose its peg, it could trigger market instability and even systemic risks. As regulatory policies tighten, CBDCs are expected to accelerate the shift from traditional currencies, reshaping the financial landscape. The cryptocurrency industry is likely to move toward a more compliant and regulated environment, where regulatory adherence will be essential for businesses to thrive.[17]

Canary Capital Files for Solana Spot ETF, Challenging Established Standards in the Crypto Market
Canary Capital recently filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a Solana spot ETF, joining established financial giants like VanEck and 21Shares in the race to offer cryptocurrency ETFs. This initiative aims to provide investors with a convenient way to gain exposure to the Solana ecosystem via the stock market, without the need to directly handle crypto assets. As the fifth-largest cryptocurrency by market capitalization, Solana has become a formidable competitor to Ethereum, standing out for its strengths in DeFi and decentralized applications (dApps) as well as its low transaction fees and high throughput.

Canary Capital highlighted that the number of active addresses on Solana has surpassed those of Ethereum and Binance Chain, underscoring the rapid growth of its ecosystem. Although Bitcoin and Ethereum ETFs have already been approved, emerging assets like Solana still face challenges in decentralization and regulatory compliance. This application reflects traditional financial institutions’ increasing interest in crypto assets, signaling that more capital may flow into the crypto market in the future.[18]

Funding News

According to RootData, three projects announced funding in the past 24 hours, with a total amount exceeding $28 million. The largest single funding reached $21 million, covering sectors such as gaming, DePIN, and Layer 2. Here are the top three projects by funding amount:[19]

Atlas – Atlas secured $21 million in funding, with participation from Haun Ventures, Paradigm, and others. Atlas is a verifiable blockchain designed for financial applications. It aims to provide users with reliable transaction finality, near-zero transaction costs, fast pre-confirmations, frequent and accurate oracle updates, and fair transaction ordering.

Alliance Games – Alliance Games has completed a $5 million Series A funding round, with participation from Animoca Brands, Asymm Ventures, and others. Alliance Games is a fully decentralized, community-driven platform providing next-generation decentralized infrastructure and data storage services for Web3 gaming. It aims to leverage blockchain technology to redefine the boundaries of gaming, delivering immersive experiences that are accessible at all times.

GEODNET – GEODNET has secured $2 million in strategic funding, with participation from Animoca Brands. GEODNET operates a network of rooftop meteorological stations to conduct real-time monitoring of the Earth and its atmosphere, capturing dense geospatial data. Leveraging blockchain technology, GEODNET builds a secure and trusted network to provide extensive geospatial data for traditional industries like agriculture, transportation, and finance, as well as emerging applications in the metaverse, AR/VR, and more, driving digital transformation across sectors.

Airdrop Opportunities

Nillion

Nillion is a decentralized public network aiming to build next-generation Web3 infrastructure through its innovative encryption technology, Nil Message Compute. Since 2022, the project has raised over $50 million, with an additional $25 million recently secured in a round led by Hack VC, signaling significant growth potential.[20]

Participation Steps:

1. Visit the official website and connect your Keplr and MetaMask wallets.
2. Click on “Secrets” and complete the following information: palm photo, Nillion wallet address, selfie, and place of birth.
3. In the Keplr wallet, manage chain visibility and add the Nillion wallet address.
4. Click “Stake ETH” to stake a minimum of 0.05 ETH.
5. Go to the “Verifier” page, select your host system, and complete node interactions.

Note
The airdrop program and participation guidelines may be updated at any time, so users are encouraged to monitor Nillion’s official channels for the latest information. Please participate with caution, conduct thorough research, and assess risks before engaging. Gate.io does not guarantee future airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. CoinGecko, https://www.coingecko.com/en/categories
4. Investing, https://investing.com/indices/usa-indices
5. Investing, https://investing.com/currencies/xau-usd
6. Gate.io, https://www.gate.io/bigdata/homeindex
7. Gate.io， https://www.gate.io/price
8. X, https://x.com/ethervista/status/1850907000877543636
9. X, https://x.com/ethswarm/status/1851953042444161179
10. Dune, https://dune.com/asxn_r/grass-claims
11. Soso Value，https://sosovalue.xyz/assets/etf/us-btc-spot
12. Soso Value，https://sosovalue.xyz/assets/etf/us-eth-spot
13. X，https://x.com/rodarmor/status/1851808973936304243
14. X，https://x.com/alkimiya_io/status/1851833705083679033
15. Korea, https://t.co/saXwvJvtba
16. MicroStrategy，https://assets.contentstack.io
17. Treasury Gov，https://home.treasury.gov/system/files/221/CombinedChargesforArchivesQ42024.pdf
18. Sec Gov，https://www.sec.gov/Archives/edgar/data/2041869/000199937124014193/solana-s1_103024.htm
19. Rootdata， https://www.rootdata.com/Fundraising
20. X，https://x.com/nillionnetwork/status/1851615323163689421

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