Daily News | BTC Continues to Rise, with BTC Dominance Hitting a Three-year High

Crypto Daily Digest: BTC ETF saw three consecutive days of large net inflows, RDNT dropped sharply after theft

According to Farside Investor data, US spot Bitcoin ETFs had a net inflow of $452 million yesterday. BlackRock’s IBIT inflow was $393 million, and Fidelity’s FBTC inflow was $14.8 million. The US spot Ethereum ETF had a net inflow of $24.21 million yesterday, of which $11.88 million came from BlackRock ETHA.

Radiant suffered an on-chain attack, with cumulative losses exceeding $60 million

The contracts of the Radiant BSC chain and Arbitrarum chain, which are multi-chain lending protocols, have been attacked by on-chain hackers. The total assets affected so far may exceed $60 million. Impacted by the news of being hacked, RDNT experienced a short-term drop of over 10% this morning.

Ethereum on-chain activity slowed down, stakers’ income dropped 30% from March peak

According to The Block, as of October 16, 2024, the income of Ethereum stakers has shown a slow downward trend. The total revenue in September was $174 million, a decrease of about 30% from the peak of $247 million in March, reflecting the overall sluggish sentiment in the crypto market.

Data shows that the income of stakers has continued to decline since March, mainly due to a decrease in on-chain activities and a decrease in market enthusiasm. In September’s staking income, only $35.5 million came from transaction fees, highlighting a high dependence on block subsidies. Despite the decline in income, the number of validators is still increasing. Ethereum currently has 1.09 million validators, indicating an unwavering enthusiasm for network security participation.

A16z crypto report: The global crypto holders are roughly 617 million, and the number and usage rate of active crypto addresses have reached a historical high

According to The Block, a research report released by a16z crypto on Wednesday pointed out that the number of active addresses and usage rates of cryptocurrency have reached historic highs this year. The report estimates that there were approximately 617 million global crypto holders and 60 million monthly active users as of September.

By 2024, the monthly active crypto addresses will rise to over 220 million. Base topped the Ethereum EVM chain with 22 million addresses, while Solana dominated the non-EVM chain with over 100 million addresses. This year, the number of mobile wallet users is also the highest, with the United States accounting for 12% of global users.

Market Trends: BTCD reached 57.5%, BONK launched BONK ETFs

Market Hotspots

Meme sectors such as BONK, DOGE, CHEEMS, GOAT, etc. rose. On the surface of the news, BONK announced the launch of BONK ETF, leveraging the hype of BTC ETF to bring a wave of heat. The subsequent price trend of BONK remains to be observed. GOAT is an AI concept meme coin with significant intraday price fluctuations, currently reaching a new market value of $300 million;

The multi-chain lending protocol RDNT plummeted, with $60 million in protocol assets stolen. RDNT has been continuously issued in the past two years, leading to a gradual decrease in market trust in the protocol.

Mainstream Coins

BTC is still consolidating at a short-term high above $67,500, with BTCD reaching 57.5%. BTC ETFs saw significant inflows for several consecutive days, and the outlook for the future remains optimistic;

The price of ETH is relatively stable, currently consolidating above $2,600. We need to wait for BTC to emerge from the market before ETH can have new opportunities;

Altcoins generally fell, and early strong coins such as POPCAT were the first to adjust, entering the market’s adjustment range.

Macroeconomics: US stocks collectively close higher, continuing to reach historic highs

The three major US stock indices collectively closed higher, with the S&P 500 index rising 0.47% to 5,842.47 points; The Dow Jones Industrial Average rose 0.79% to 43,077.70 points; The Nasdaq index rose 0.28% to 18,367.08 points. The benchmark 10-year Treasury yield is 4.02%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 3.93%.

Goldman Sachs stated that it expects the Federal Reserve to continuously cut interest rates by 25 basis points between November 2024 and June 2025, with the final interest rate range reaching 3.25% -3.5%; The European Central Bank is expected to cut interest rates by 25 basis points in October, and continue to cut interest rates by 25 basis points until the policy rate reaches 2% in June 2025.

Billionaire investor Stan Druckenmiller said that the market is digesting the scenario of Donald Trump’s victory before next month’s US presidential election. In the past 12 days, the market seems to be “very confident that Trump will win,” Druckenmiller said on Wednesday, “you can see this trend in bank stocks, as well as in cryptocurrencies.”