Crypto Market

BTC and ETH Market Insight

Market expectations regarding the approval of BTC spot ETF have significantly shifted from “if” to “when”. Within a few hours, the price of BTC rapidly increased from 30k to 35k, triggered by short liquidations worth $325M. Despite the price fluctuations observed this week, the Long-Term Holder supply hitting new all-time highs. BTC's dominance has experienced a tremendous surge during the recent market pump and has currently stood at 54%. It has traditionally been interpreted as a favorable signal of a bear market's end.

Options Market

More signs point to the likely approval of Blackrock’s BTC spot ETF which drove substantial buying pressure and pushed BTC’s to the new high for the year. BTC’s RV rose significantly on the rally, reaching the 70s with 7-day IV being bid to 60+ handle. ETH trailed yet to a less pronounced extent as ETH continued to underperform. The current negative carry in BTC might deter sellers until more stable market conditions prevail. The vol spread between ETH and BTC widened further in favour of BTC, which is justified by RV difference.

Altcoins and Blockchain News

• Dune's statistical data shows that as of today, the revenue of the friend.tech protocol has reached 14,003.3 ETH, with a total inflow of over 280,169.00 ETH.
  
• The smart contract platform Flare Network announced on social media that it has launched the public staking platform FlareStake, initially available only to users with Ledger devices.
  
• NFT project Memeland posted on social media that an investor leaked news about Memecoin (MEME) potentially listing on Binance. This may have been an unintentional mistake, but Memeland has removed the investor from its private fundraising round.
  
• Gaming platform MOBOX will initiate a token buyback and burn plan for MBOX, increasing the scarcity of the token and creating new value opportunities for MBOX.
  
• Binance Labs posted that it sees the potential of SocialFi in driving Web3 to become mainstream and has made a follow-up investment in CyberConnect.
  
• LSD stablecoin protocol Prisma Finance announced the launch of its governance token PRISMA on November 2nd, with a maximum supply of 300 million tokens.
  
• According to official sources on October 26th, Bybit Launchpool will launch Celestia (TIA) on October 31st.
  
• Reality Labs, the meta-metaverse division, revealed in its Q3 earnings report for this year that it recorded an operational loss of 3.74 billion USD. The division's revenue decreased by 26% from 285 million USD a year ago to 210 million USD. Over the past 21 months, Reality Labs has incurred a loss of approximately 24 billion USD.
  
• Web3 enterprise real-time financial platform Integral announced that it has received strategic investment from Coinbase Ventures and established a partnership with Coinbase. Integral will provide accounting solutions for Coinbase Prime customers, covering assets held both internally and externally by Coinbase.
  

Macro

The major benchmarks closed lower for a second consecutive week: the DJIA lost -2.1%, the S&P 500 -2.5%, and the NASDAQ -2.6%. The benchmark 10-year U.S. Treasury note breached the key 5% level during the week (back to 4.8% at the end of the week).The mixed corporate earning reports also dragged down the market sentiment.