Daily News | BTC ETF Inflows Over $1.5 Billion in a Week, DIA Rises Over 400% Since September

2024-10-18, 04:25

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## Crypto Daily Digest: BTC ETF received large net inflows for 4 consecutive days, Worldcoin is launched on the mainnet
According to Farside Investor data, the US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs had a net inflow of $473 million yesterday. BlackRock IBIT had a net inflow of $311.7 million, and Ark ARKB had a net inflow of $100 million. Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs had a net inflow of $48.03 million. Among them, BlackRock ETHA had a net inflow of $23.7 million.

**Worldcoin rebranded as World Network and announced that World Chain has been launched on the mainnet**

According to The Block, Sam Altman's supported Worldcoin has officially changed its name to World Network (abbreviated as World), and its Layer2 network World Chain mainnet has been launched. <a  rel="nofollow noopener noreferrer"  href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>, Alchemy, <a  rel="nofollow noopener noreferrer"  href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>, Safe, Dune, and Etherscan will support the release of this blockchain. The blockchain is built using OP Stack, and World Network states that user transactions account for approximately 44% of OP Mainnet activity, making it the largest application on the network.

**SEC formally appealed Ripple case ruling**

The US Securities and Exchange Commission (SEC) has officially appealed the <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> ruling made by Judge Analisa Torres. On Thursday, the regulatory agency submitted Form C to the US Second Circuit Court of Appeals. This has once again sparked a legal dispute over whether <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> sales on crypto trading platforms meet securities requirements. Regulatory authorities have questioned key aspects of the court ruling, including the acquittal of Ripple executives and non cash XRP distributions. The outcome of this case may significantly impact future crypto regulation.

On October 3, the US SEC is appealing against the previous ruling of the US Second Circuit Court of Appeals regarding the <a  rel="nofollow noopener noreferrer"  href="/web3" target="_blank" class="blog_inner_link">Web3</a> payment company Ripple, according to Wednesday's documents. The SEC spokesperson stated, "We believe that the district court's ruling in the Ripple case conflicts with decades of precedent set by the Supreme Court and securities laws, and we look forward to presenting our reasons in the Second Circuit.”

Previously, on August 7, the judge ordered Ripple to pay a civil fine of $125 million, far below the $2 billion fine initially requested by the SEC. The ruling also partially approved and rejected the SEC's preliminary remedial action motion regarding Ripple's sale of XRP tokens.

**As the US election approaches, <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> enters a high volatility phase**

QCP released a daily report stating that Bitcoin rose 2.20% last night, briefly rebounding to the $68,000 mark driven by strong spot demand, and then stabilizing in the $67,000 range. During the US trading session, a large number of long-term options with a maturity of 28 Mar were purchased in the market, with 600 contracts having an exercise price of $120,000.

This indicates that optimistic long-term buyers have returned in this rebound. Yesterday, the Bitcoin ETFs increased by $456 million, continuing four days of net inflows. These strong and continuously growing capital inflows may be a leading indicator for BTC to once again hit its historical high of $73,790.

Although the US election is the next key catalyst for Bitcoin and cryptocurrency, there is still uncertainty in the market regarding the post election trend of Bitcoin. The trading price of options approaching the expiration of the election is 10% higher than other expiration options. As people pay attention to the election, any changes in polls or candidate campaign narratives will be amplified in spot prices.

## Market Trends: DIA rose 40%, BTC spot ETF saw strong inflow
### Market Hotspots
DOGE rose, and on the surface of the news, Musk tweeted about D.O.G.E (Department of Government Efficiency), triggering market capital chasing. The US presidential election is approaching, and Trump, supported by Musk, currently has a high winning rate. The market has strong expectations for a US president who is bullish on cryptocurrency;

The DIA protocol for oracle machines has surged by 40%, with DIA prices increasing by over 400% since September, and other oracle machines such as UMA have also risen. The current circulating market cap of DIA is $120 million, which has a certain upward potential compared to the market value of the leading protocol <a  rel="nofollow noopener noreferrer"  href="/price/link-ln" target="_blank" class="blog_inner_link">LINK</a>, which is $7 billion;

US political concept memes such as FIGHT and FEARNOT have risen, benefiting from the news of Trump's leading position in the US presidential election, and Trump related political memes have generally risen.

### Mainstream Coins
BTC surpassed $68,000, and this week BTC spot ETFs continue to have strong inflows of over $1.5 billion, with the market generally optimistic;

ETH slightly rose along with the market, but its overall performance is still relatively sluggish compared to other layer1 public chains;

Altcoins generally fell, and early strong coins entered the adjustment zone, with the market waiting for new leading tokens.

## Macroeconomics: US stocks fluctuated, Buffett cashed out $369.9 million, affecting market sentiment
The three major indexes of the US stock market fluctuated, with the S&P 500 index falling 0.02% to 5,841.47 points; The Dow Jones Industrial Average rose 0.37% to 43,239.05 points; The Nasdaq index rose 0.04% to 18,373.61 points. The benchmark 10-year Treasury yield is 4.09%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.96%.

JPMorgan Chase stated that the US stock market has begun to digest the result of Republican candidate Trump's victory, and even the Republican Party's complete victory. Market strategist Nikolaos Panigirtzoglou said that the recent rise of US stocks to historic highs, especially the outstanding performance of US bank stocks, indicates that investors are betting on former President Trump winning the November election and following a similar pattern as in 2016. Due to the expectation that the Trump administration will conduct less scrutiny on banking regulation than during the Biden administration, the stock prices of the US banking industry have rebounded. The SPDR S&P Regional Banking ETF (KRE) has risen nearly 6% this month, with financial stocks being the best performing sector in the S&P 500 index this month. Panigirtzoglou stated that the recent trends in bank, US dollar, and bond yields have been moderate compared to 2016, and the likelihood of Trump winning has significantly increased, which is expected to ultimately support Bitcoin and gold prices.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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