Crypto Market

BTC and ETH Market Insight

The US Securities and Exchange Commission has decided not to appeal the court's ruling regarding the Grayscale Bitcoin ETF. The discount for GBTC has decreased and is currently at 16.5%. Despite the recent macro uncertainty, BTC showed resilience and outperformed both the S&P 500 and the Nasdaq 100. The trading volume of the market has further shrunk. According to data from Messari, Daily NFT volumes fell by 49% to $12 million and daily DEX volumes fell by 24% to less than $1B in Q3 2023.

Options Market

Crypto markets saw muted reaction to the geopolitical concern in the Middle East. As a matter of fact, the correlation between crypto and tradifi markets remained rather non-existent. Front-end Implied volatilities dropped 2-3 points in tandem with realised volatility. The BTC term structure came under pressure, notably from its mid-curve. ETH’s term structure mirrored the dynamics seen in BTC. Near-term skew rose further to favour puts for both BTC and ETH.

Altcoins and Blockchain News

• According to Coinglass data, the current premium rate for Grayscale Bitcoin Trust (GBTC) is 15.88%. Additionally, the premium rate for Ethereum Trust (EETH) is 25.54%.
  
• On October 15th, Dune data shows that the Linea mainnet has surpassed 80,250 ETH with a total of 537,213 transactions and 342,376 interacting addresses.
  
• According to Reuters, the marketing and commercial executive of Ferrari (RACE.MI) stated that their luxury car business in the United States has started accepting cryptocurrency payments and plans to expand the program to Europe based on customer demand.
  
• In the Linea ecosystem, the friend.tech fork project Tomo TVL has exceeded 800 ETH and is currently reported at 802 ETH.
  
• Parsec, a cryptocurrency on-chain data analytics platform, has announced the completion of a new $4 million funding round led by Galaxy Digital, with participation from Uniswap Labs Ventures, BODL Ventures, Robot Ventures, CMT Digital, and others.
  
• On October 11th, Alon Muroch, the founder of Ethereum staking infrastructure SSV Network, stated on his social platform that he has been conscripted into the Israeli military.
  
• Lybra Finance has integrated with the OKX Web3 wallet, allowing users to stake ETH and mint the stablecoin eUSD, earn LBR tokens, stake LBR and share protocol revenue, and receive LP rewards through the OKX Web3 wallet extension.
  
• According to CoinDesk, Flare Network has announced the burning of 2.1 billion FLR tokens to support the ecosystem's healthy development. Of these, 198 million FLR will be burned immediately, followed by a monthly burn of 66 million FLR until January 2026.
  

Macro

The major benchmarks closed mixed for the week: the DJIA added +0.8%, the S&P 500 +0.4%, and the NASDAQ lost -0.2%. Large-cap stocks outperformed, boosted by the positive third-quarter earnings reports of banking giants from Citigroup, Wells Fargo and JPMorgan Chase. The Middle East conflict also pushed the prices of energy and defense stocks.