TL;DR

• The price of BTC surged rapidly, approaching $68,000, but quickly retraced, resulting in a “double liquidation” affecting both long and short positions.
• The total net inflow into Bitcoin spot ETFs amounted to $371 million, while Ethereum spot ETFs saw a net outflow of $12.7 million.
• Grayscale has applied to the U.S. SEC to convert its mixed crypto fund, which includes BTC, ETH, and SOL, into an ETF.
• Ripple announced its global distribution partners for Ripple USD.
• Celestia: The DA network Shwap upgrade has been activated on the testnet and is expected to enter the mainnet beta phase in November.
• Over the past 24 hours, a total of 8 projects have publicly announced funding, with the largest amount reaching$210 million.

Market Analysis

According to Gate.io market data, as of 4:00 AM (UTC+0) on October 16[1]:

• BTC — The price of BTC rose by 1.51% in the past 24 hours, currently at $67,277, with a high of $67,941 and a low of $64,810. On October 15 at 1:00 PM (UTC+0), Bitcoin’s price surged by 2.81%, approaching $68,000 for the first time since July. However, by 2:00 PM, it quickly retraced all gains, dropping 3.36%, before resuming a gradual upward trend. The current resistance level for Bitcoin is around $68,000[2].

• ETH — The price of ETH fell by 0.85% in the past 24 hours, currently priced at $2,620, with a 24-hour high of $2,688 and a low of $2,538. On October 15 at 1:00 PM (UTC+0), ETH also experienced significant volatility, but it showed relatively weaker performance compared to Bitcoin. The current resistance level is around $2,700, a key level to monitor closely[3].

• ETF — According to SoSoValue data, on October 15, the total net inflow into U.S. Bitcoin spot ETFs was $371 million[4], while U.S. Ethereum spot ETFs saw a net outflow of $12.7 million[5].
• Altcoins — Sectors such as sports-themed tokens, Proof of Work (PoW), and tokenized gold increased by 1.85%, 1.83%, and 0.6%, respectively[6].
• U.S. Stock Market Indices — The S&P 500 fell by 0.76%, the Nasdaq dropped by 1.01%, and the Dow Jones decreased by 0.75%[7].
• Spot Gold — The price of spot gold rose to $2,667 per ounce, up 0.15% for the day[8].
• Fear & Greed Index — The Fear & Greed Index increased from 65 yesterday to 73, indicating heightened market greed. While investors chase potential gains, they should also manage risks to prepare for potential market volatility[9].

Top Performers

According to Gate.io market data[10], based on the past 24 hours of trading volume and price performance, the following altcoins have been trending:

STORJ — With a daily increase of approximately 25.9%, its circulating market cap is $86.31 million.

Storj is an open-source platform that uses blockchain technology to provide end-to-end encrypted cloud storage services. Instead of maintaining its own data centers, the Storj platform relies on a peer-to-peer network of individuals or entities sharing storage space.

Recently, Storj partnered with PredatorAiBot, which integrated its video uploading and database storage into Storj’s decentralized storage system. This news may have contributed to the token’s price surge[11].

VOLT — With a daily increase of approximately 23.3%, its circulating market cap is $37.74 million.

Volt is a hyper-deflationary token based on TitanX, featuring a unique auction system. Its key characteristic is that all tokens are distributed within the first 10 days, after which a full-scale deflationary mechanism is triggered. This uses 80% of the system’s value to buy back tokens, while 8% is allocated to increasing bonded liquidity. As massive token buybacks and burns occur, Volt rapidly enters deflation.

On October 16, the official team announced that 22% of the tokens had been burned, which may have been a key factor driving the price increase. With ongoing token burns, Volt further enhances its scarcity, accelerating the deflationary process[12].

NEON — With a daily increase of approximately 19.3%, its circulating market cap is $25.17 million.

Neon EVM is an Ethereum Virtual Machine (EVM) network on Solana, allowing Ethereum-based applications to access Solana’s scalability and liquidity without needing to modify their codebase. Neon EVM functions as a smart contract on Solana.

Recently, Neon announced support for EVM developers to quickly integrate into the Solana ecosystem, allowing users to interact directly with applications on Neon EVM through wallets like Phantom, Backpack, and Solflare. This ecosystem expansion may be a key driver behind the token’s price increase[13].

Data Highlights

Bitcoin ETF had a net inflow of $371 million yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs had a net inflow of $371 million on October 15, with a total daily trading volume of $3.051 billion. The cumulative total net inflow is $19.734 billion, and the total value of BTC managed by ETFs is $63.126 billion, accounting for 4.77% of the total market capitalization.

Ethereum ETF had a net outflow of $12.7 million yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs experienced a net outflow of $12.7 million on October 15, with a total daily trading volume of $236 million. The cumulative net outflow is $555 million, and the total value of ETH managed by ETFs is $7.097 billion, accounting for 2.26% of the total market capitalization.

Funding Rates and Long/Short Ratio
According to Coinglass data, as of 4:00 AM (UTC+0) on October 16, the weighted funding rate for Bitcoin positions was 0.0091%[14], and for Ethereum positions, it was 0.0116%[15]. Over the past 24 hours, the global Bitcoin contract long/short ratio and Ethereum contract ratio were 0.9889 and 0.9732, respectively, with both being predominantly short[16].

Bitcoin Rune Transfers Double Since August Lows
The Rune protocol simplifies the process of creating fungible tokens, allowing users to create and manage assets on the Bitcoin network. According to data from IntoTheBlock, the number of Bitcoin Rune transfers has doubled since the August low, with recent daily transfer volumes reaching approximately 7,000 transactions[17]. This growth trend coincides with a significant increase in median Bitcoin on-chain transaction fees. According to Dune data, since early October, transaction fees have risen substantially, peaking at 58.22 sat/vB[18]. This phenomenon reflects the growing market demand for Bitcoin Runes.

Total Liquidations of $305 Million Across the Network in the Past 24 Hours
According to Coinglass data, as of 2:00 AM (UTC+0) on October 15, the total liquidation amount across the network in the past 24 hours was $305 million. Long positions accounted for $182 million in liquidations, while short positions accounted for $123 million. Among these, BTC liquidations amounted to $78.79 million, and ETH liquidations amounted to $68.11 million[19].

USDC Treasury Mints 50 Million USDC on Ethereum
According to Whale Alert, on October 15 at 22:23 (UTC+0), the USDC Treasury minted 50 million USDC on Ethereum[20]. Currently, the circulating supply of USDC is 34.91 billion USDC. Since the beginning of 2024, USDC’s total market capitalization has grown from $24.55 billion to the current $34.91 billion, representing an impressive year-to-date increase of 42.2%[21].

Spotlight Analysis

Grayscale Applies to Convert Mixed Crypto Fund to an ETF
Grayscale Investments recently submitted an application to the U.S. Securities and Exchange Commission (SEC) to convert its existing mixed cryptocurrency fund into an exchange-traded fund (ETF). The fund called the “Digital Large Cap Fund,” currently trades on over-the-counter markets and manages assets worth $524 million. Approximately 75% of the fund consists of Bitcoin, 19% is made up of Ethereum, and the remaining portion is comprised of SOL, XRP, and AVAX.

The conversion of this mixed fund into an ETF carries multiple implications. Grayscale has previously successfully converted its standalone Bitcoin and Ethereum funds into ETFs, and this time, it aims to apply a similar approach to a more diversified cryptocurrency portfolio[22]. This application not only expands Grayscale’s product offerings but also explores broader acceptance of crypto assets. Currently, SEC-approved spot ETFs are primarily anchored to BTC and ETH. If a mixed fund like this is approved, it could pave the way for tokens like XRP, AVAX, and Solana to have spot ETF products designed around them in their “individual capacity.” Additionally, index-based spot ETFs focusing on sectors like DeFi or Layer 1 protocols could also have a chance of being approved.

Ripple Announces Global Distribution Partners for Ripple USD
Ripple has announced the first batch of trading platforms and partners for its upcoming RLUSD stablecoin. These include Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Market makers B2C2 and Keyrock will provide liquidity support for RLUSD. Additionally, Ripple has formed the RLUSD Advisory Board, which includes former FDIC Chair Sheila Bair, former JPMorgan executive David Puth, and Ripple co-founder and Executive Chairman Chris Larsen.

These partners, all top-tier trading and payment platforms, will enable the rapid expansion of RLUSD’s use cases, facilitating its global distribution and adoption. Based on the composition of the advisory team, the U.S. is likely to be a key target market for RLUSD. As a project that has long focused on cross-border payments, this move represents a strategic upgrade for Ripple. Integrating RLUSD into the cross-border payments network is also expected to positively impact on the industry’s regulatory and compliance landscape, helping to drive progress in compliance efforts[23].

Celestia: Shwap Upgrade Activated on Testnet, Expected to Enter Mainnet Beta in November
Celestia recently completed its first upgrade in preparation for the mainnet beta, introducing a new feature called Shwap that significantly enhances the performance of the Data Availability (DA) network. This upgrade was successfully activated on the Arabica and Mocha testnets, achieving a 12x increase in DA sampling speed while reducing storage requirements by 16.5x. These improvements make larger blocks and smaller nodes feasible, marking a critical step toward Celestia’s goal of achieving 1GB blocks.

The core changes in the Shwap upgrade include a brand-new data block storage subsystem and an efficient network framework, greatly optimizing the efficiency of DA sampling. The synchronization time for light nodes has been reduced from 24 hours to 2 hours, with storage usage decreased by 2.66x. Additionally, the significant boost in data retrieval speed provides the DA network with more efficient communication capabilities. This series of improvements not only lays a strong foundation for network scalability but also enables the core development team to continue focusing on optimizing the system’s security and performance[24].

Funding News

According to RootData, in the past 24 hours, a total of 8 projects announced funding, with the highest amount reaching $210 million. The total amount raised exceeded $301 million, spanning sectors such as blockchain services, DeFi, SocialFi, and infrastructure. Detailed information about the top three projects by funding size is as follows：[25]

Blockstream — On October 16, Blockstream completed a $210 million funding round. Blockstream focuses on developing blockchain infrastructure based on Bitcoin sidechains, offering products such as the Liquid transaction settlement network, the Blockstream Green Bitcoin wallet, and mining hosting services.

Azra Games — On October 16, Azra Games announced the completion of a $42 million Series A funding round. Azra Games is a blockchain gaming company aiming to create mainstream collectible battle RPGs. Its first game, Project Arcanas, is a fantasy collectible and combat arena RPG, where players can acquire NFT collectables and build legions to battle.

Bitnomial — On October 16, Bitnomial announced the completion of a $25 million funding round. Founded in 2014, Bitnomial aims to create a market connecting native digital asset hedgers and institutional traders, offering improved derivatives trading technology and a new digital asset settlement system.

Airdrop Opportunities

Puffer Finance
Puffer Finance is a liquid staking protocol built on EigenLayer. On October 10, it announced the tokenomics for its PUFFER token, with a total supply of 1 billion tokens (an initial supply of 102.3 million tokens). Previously, Puffer Finance secured more than $24.15 million in total funding. Gate.io now lists PUFFER tokens for spot and leveraged trading, as well as staking options.

Currently, users can claim Season 1 rewards on the official website. The claim period started on October 14, 2024, and will last for three months. The basic steps to apply for the airdrop are:

1. Go to the official Puffer Finance website
2. Navigate to the claim page
3. Connect your wallet and select “$PUFFER Airdrop Season 1”
4. Check your claimable amount and proceed to claim[26].

Note:

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow Puffer Finance’s official channels for the latest information. Additionally, users should participate with caution, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.The airdrop plan and participation methods may be updated at any time. Users are advised to follow Puffer Finance’s official channels for the latest information. Additionally, users should participate with caution, be aware of the risks, and conduct thorough research before participating. 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. Gate.io, https://www.gate.io/price
11. X, https://x.com/storj/status/1846243390666514463
12. Volt, https://app.volt.win/buyandburn
13. X, https://x.com/Neon_EVM/status/1844429033481830754
14. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
15. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
16. CoinGlass, https://www.coinglass.com/LongShortRatio
17. IntoTheBlock, https://app.intotheblock.com/coin/BTC/deep-dive?group=runes&chart=all
18. Dune, https://dune.com/data_always/bitcoin-fee-tracker
19. CoinGlass, https://www.coinglass.com/LiquidationData
20. Whale Alert, https://whale-alert.io/transaction/ethereum/0x37a50ef9c43196171033060f34cecf386392276a42da3f8f26b9ddce960acada
21. CoinMarketCap, https://coinmarketcap.com/currencies/usd-coin/
22. Grayscale, https://www.grayscale.com/crypto-products/grayscale-digital-large-cap-fund#section3860
23. The block, https://www.theblock.co/post/321054/ripple-bitstamp-bitso-bullish-stablecoin
24. Celestia, https://x.com/CelestiaOrg/status/1846215427560821087
25. Rootdata, https://www.rootdata.com/Fundraising
26. Puffer, https://claims.puffer.fi/

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