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## Crypto Daily Digest: GBTC surpassed NVIDIA, with a growth rate of 220% this year; Ethereum Denchun upgrade may be postponed until next year

According to TradeView data, GBTC's stock price has surged 220% this year to $26.79.

Meanwhile, NVDA, the best-performing stock in the S&P 500 index, has risen 198%, while the S&P 500 index has risen 9%. <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has doubled this year to $35000. In addition, due to optimistic sentiment, the negative premium rate of GBTC has narrowed from 46% to 13%, indicating a bullish market.

JPMorgan Chase stated in a research report on Wednesday that <a href="/vi/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about the US SEC's approval of spot Bitcoin ETFs continues to grow. The report states that this optimism is reflected in the strong performance of Bitcoin relative to other digital assets, and points out that Bitcoin has recently hit a new high for the year. Analysts led by Nikolaos Panigrtzoglou wrote, "It seems that the recent wave of capital flows has institutional involvement.”

Analysts said, "Our futures position proxy based on CME Bitcoin futures (often primarily used by institutional investors) has skyrocketed in the past week, not only reaching a year high but also reaching levels before the FTX crash in August 2022." Meanwhile, the equivalent futures position proxy for CME <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> futures remains sluggish. 

The report states that the participation of institutions in the recent rebound is also reflected in the traffic analysis in Bitcoin. A large amount of Bitcoin has flowed into larger wallet addresses, indicating the demand of institutional investors. The report points out that this is in stark contrast to previous quarters, “when Bitcoin inflows were dominated by smaller wallets and therefore more driven by retail investors.”

On October 26, the latest report from Matrixport shows that the fifth bull market of Bitcoin officially began on June 22, 2023, and Bitcoin reached a new high for the first time in a year. From a historical perspective, when this signal is triggered, the average return on Bitcoin is +310%.

Based on this signal, Matrixport predicts that Bitcoin may reach $125,000 by December 2024. The report points out that this bull market is mainly driven by institutional adoption expectations. The characteristics of Bitcoin have traditionally been related to assets such as gold and other safe haven investments such as treasury bonds, which led institutions to consider using Bitcoin to diversify their asset allocation. It is no coincidence that Bitcoin has soared when the ratio of US debt to GDP has reached an unsustainable level.

On October 27, Ethereum client developers confirmed on Thursday that the expected Denchun upgrade will not be implemented in the network's hard fork before the end of 2023. Anonymous Prysm developer Potuz confirmed during today's core developer conference call that it is impossible to fork out the mainnet in 2023.

He pointed out that in the past few months, there have been consensus issues among the 10 developer networks that have started testing and upgrading, and "none of them have progressed smoothly." Last month, with the launch of the Ethereum Holesky testing network later than planned, it was unanimously believed that there was little possibility of completing the Denchun upgrade before December.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1698385627btc.png)
The high of this week at $36,000 has likely reached its peak, marking a short-term phase top. Be cautious of a potential high-needle market, which means a rapid rise to $36,000 followed by a quick drop to the $33,000 level. In the medium term, we still expect support around $37,700.

After reaching the peak, a phase of decline is expected, so entering at the current price is considered chasing the price, which carries short-term profit but may pose long-term risks. If waiting for a second decline, continue to monitor the space around $32,500 and $30,800 for potential retracement.

### ETH
![](https://gimg2.gateimg.com/image/article/1698385645Eth.png)
This week's high touched the $1,857 level, a critical point for both bullish and bearish trends. It's essential to note that a bearish "M" pattern has formed, and it's recommended to hold steady at $1,754. A breach of this level is likely to lead to further declines towards $1,726 and $1,694. Overall, the volume suggests a bearish sentiment in the market.

### RACA
![](https://gimg2.gateimg.com/image/article/1698385662Raca.png)
The blockchain gaming sector is on the rise again, with suggested positions at two key levels: $0.00014, which may continue to rise to $0.00017 and $0.000195. There is still room for short-term gains, and if entering this range, it's recommended to enter and exit quickly or use a trailing stop-loss strategy to target $0.00029.


## Macro: The Fed is expected to maintain interest rates in November and is expected to achieve a soft landing for the economy

On October 26, the US economy grew at its fastest pace in nearly two years in the third quarter, as tight labor markets led to wage increases, helping to boost consumer spending. The US economy has once again ignored the lingering warning of economic recession since 2022. According to data from the US Department of Commerce, the quarterly GDP rate in the third quarter of the United States was 4.9%, the fastest growth rate since the fourth quarter of 2021.

Although this strong economic growth is unlikely to continue, it proves the economy's resilience. Due to the UAW strike and millions of Americans resuming student loan repayments, growth in the United States may slow down in the fourth quarter. Most economists have revised their predictions, believing the Federal Reserve can achieve a "soft landing" for the economy. Financial markets expect the Federal Reserve to maintain interest rates unchanged in November.

Spot gold rose first and then fell, reaching an intraday high of $1,993.52 during the European trading session, but then fell slightly, ultimately closing up 0.26% at $1,984.74 per ounce; Spot silver failed to stabilize above $23 and ultimately closed 0.3% lower at $22.79 per ounce.

The three major US stock indices continued to decline due to the drag of large technology stocks, with the Dow closing 0.76% lower, the Nasdaq closing 1.76% lower, and the S&P 500 index closing 1.18% lower.

Iran announced that it will hold military exercises in the near future. Iran's foreign minister said they do not want the conflict to escalate. Hamas is ready to release civilian prisoners and calls on Israel to release 6,000 Palestinians. Israel has stated that it will continue to carry out limited ground attacks on the Gaza Strip. The United States is sending an additional 900 soldiers to the Middle East.

There is not much information at the macro level, and the Israeli-Palestinian conflict continues to escalate. Yesterday, ground troops from Kishleb entered the Gaza area at night to raid some infrastructure, and immediately withdrew from the Gaza area. The Israeli Ministry of Defense said this was to prepare for future ground combat.

Meanwhile, nine Arab countries, including the United Arab Emirates, Jordan, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, Egypt, and Morocco, issued a joint statement condemning Israel's killing of civilians in the Gaza Strip, stating that "self-defense cannot be a reason for violating international law and deliberately ignoring the legitimate rights of the Palestinian people." They also accused Israel of implementing "collective punishment" against Palestinians, resulting in the displacement of Palestinians.

As geopolitical conflicts intensified, gold briefly surged to 2000 points. Recently, assets such as safe-haven gold and Bitcoin have not followed the fluctuations of US stocks. Therefore, for investors, assets with safe haven attributes must be relatively high-quality targets for a long time.



<div class="blog-details-info">
<div>Author:**Byron B.**, 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.
<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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Daily News | GBTC Surpasses NVIDIA, with A Growth Rate of 220% This Year; Ethereum Denchun Upgrade May Be Postponed Until Next Year