Crypto Market

BTC and ETH Market Insight

Bitcoin's dominance has surpassed 65% for the first time since early 2021, reaching its highest level in three years. Last week, BTC's rebound from a low of 58,900 triggered significant short position liquidations on both CEX and DeFi platforms. The DeFi liquidation volume reached its second-highest level in three months. Previously, similar liquidation levels contributed to a 29% rise in BTC. This indicates a bullish end to the seven-month corrective trend, with potential for reaching new record highs. With Bitcoin nearing the $69,000 mark, traders are exploring opportunities in the GameFi and Meme categories.

Options Market

Uptober seasonality continued to play in the market with substantial ETF inflows throughout the week - BTC revisited 69k mark and is now just about 7.2% away from the ATH at the time of writing. ETH, on the other hand, continued to struggle - spot briefly hit0.04 but failed to hold. Notable size printed on Nov8 67k/80k and 70k/75k call spread. The market increased the upside exposure as we approach the US election and polymarket odds now point to a  Trump administration. Funding rate in the perp market stayed at a healthy positive rate. IV crawled up slightly at the front end as RV rose. Call skew increased for both BTC and ETH as the momentum stayed strong.

Altcoins and Blockchain News

• Over $2.1 billion has been wagered on the U.S. Presidential election on Polymarket, with Trump leading by over 20 percentage points in probability of winning.

• A total of 41 Bitcoin ETFs hold 1.126 million BTC, valued at $77 billion.

• Radiant Capital has been hacked, losing more than $51 million on Arbitrum and BNB Chain.

• The market cap of cbBTC exceeds $438 million, over 80% on the Base chain.

• Worldcoin has rebranded to World Network and announced that World Chain has launched.

• The Trump family project WLFI has sold 83.373 million tokens, generating over $12.5 million in sales; more than 10,000 users participated in the token sale.

• a16z crypto: This year, the number of active cryptocurrency addresses and usage has reached an all-time high.

• The real-time ZK proof network ZEROBASE secured $5 million in funding, wiBinance Labs and the others have invested.

Macro

The major indexes advanced to higher territory for the week: the DJIA added +1.0%, the S&P 500 added +0.9% and the Nasdaq +0.8%. Chinese equities recovered on Friday after the central bank unveiled more support: the Shanghai Composite Index rose +1.36% and the CSI 300 added +0.98%.