What’s Up? ETFs 🚀

Bitcoin ETFs log record inflow. A new Bitcoin ATH on the cards? Open Interest for futures at 1-year high. Grayscale wants to issue mixed-crypto ETF; Canary Capital? Litecoin ETFs.

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Tough start to the middle of the week Wednesday, eh?

Here’s a refresher…

Quite a ride down the memory lane?

Now sing the below lines with the same music (Oh, only in your head; don’t scare those around you)

♫♫

In the crypto market, the news is bright,

Bitcoin ETFs are soaring to new heights

Up and up, up and up

XRP ETFs are rarin’ to go live

Litecoin ones also ready to thrive

Up and up, up and up

We're gonna get it, get it together I know

We're gonna get it, get it together and flow

I'm gonna get it, get it together and go

Up and up and up

♫♫

Enjoyed?

Well, you’re welcome. 😌

Or, you probably just didn’t sing it as well as we did.

So, what’s going up in the crypto world?

ETFs all the way.

Mainly, Bitcoin ETFs.

In The Numbers 🔢

$556 million

That was the net inflow into Bitcoin ETFs on Monday.

@sosovalue

Why it matters

• Biggest daily inflow since June 4.

• Each of the 12 spot Bitcoin ETFs were swimming in green. No outflows.

• Fidelity's FBTC raked in $239.25 million.

But wait, there's more

Total trading volume hit $2.61 billion.

Bitcoin ETFs are close to touching $20 billion in cumulative net inflows since their launch in January.

@NateGeraci

But what’s driving all this interest in ETFs?

After a bearish last week, Bitcoin turned around its fate over the weekend.

Bitcoin price has jumped over 13% in the past week from its low of $59,000 on October 10, to nearly touch $68k on Tuesday.

But it also saw some dips along the way.

Result? Volatility driving about $285 million in liquidations across all crypto assets in just 24 hours.

Also, damage on both the sides.

• Short-sellers got a $130 million haircut as Bitcoin almost kissed $68,000

• About $155 million went up in smoke for those with long positions during the subsequent dip

So, uncertainty of bulls for Bitcoin ahead?

Nah, Standard Chartered's still got bullish vibes.

It expects Bitcoin price to flirt very close with its previous all-time high by reaching $73,800 before the US Presidential elections. That’s just three weeks away.

What’s driving the optimism?

US Treasury yield curve is steepening after the US CPI data that released last Thursday.

That’s not the only one.

A Republican sweep could create a "favourable condition for risk assets, including Bitcoin," Standard Chartered Global Head of Digital Assets Research Geoff Kendrick said.

And, in case of a Harris victory? No problem, he says.

Even if Trump doesn’t win, "the broader trend towards digital asset adoption remains intact.”

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Bitcoin Futures See Record Demand

Open interest for futures just hit a jaw-dropping 566,270 BTC.

That's a staggering $38 billion worth of bets on where BTC's heading next.

Why it matters?

• This is the highest since January 2023

• BTC's price is up 11.5% in the last 30 days, beating S&P 500’s 3.5% gain

• Bitcoin ETFs are seeing record inflows in four months

Despite all this leverage, the market's surprisingly relaxed.

Meaning? During such bullish price movement, markets often show high volatility.

Why? Because even a little price movement can return wild gains/losses for traders.

When BTC recorded an 8.6% jump on October 15, only $70 million in futures got liquidated. That's like a drop in the $2.3 trillion worth of crypto ocean!

Strong Bitcoin bulls ahead, you think?

Let’s see what bettors say

• Polymarket's giving a 64% chance of BTC hitting a new all-time high in 2024.

• Kalshi bettors? They're putting 46% odds on Bitcoin touching $75,000 this year.

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Taking Inspiration from Bitcoin ETFs

Besides Bitcoin, time’s been great for other ETFs too.

Okay. Maybe not so much for Ethereum ETFs. Total net flows since their launch stand at a negative $12.7 million. Ouch.

@sosovalue

But that’s not discouraged others from taking that route.

Not at least Grayscale.

They're asking the SEC to turn their Digital Large Cap Fund into an ETF.

Bitcoin, Ethereum, Solana, XRP, and Avalanche - all in one basket.

Grayscale’s not the only one.

Canary Capital has also written to the SEC to issue a Litecoin (LTC) ETF.

Litecoin? Some think LTC may have "commodity-like" value as BTC in regulators' eyes.

This comes after both Canary Capital and another fund issuer Bitwise had filed to launch XRP ETFs last month.

And it’s not just in the US.

Monochrome Asset Management gave Australia its first spot Ether ETF on Monday

It's already raked in $176,600 in assets. Not too bad for day one!

Their Bitcoin ETF? $10.7 million.

Is it the endgame for Ethereum ETFs?

Read on…

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It provides an interactive experience through quizzes and exploration tools. For artists it’s a powerful tool for artists to connect with their fans.

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The platform offers a direct line to fans, fostering a sense of connection that goes beyond mere listening.

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Block That Quote 🎙️

Chief Investment Officer at Bitwise Asset Management Matt Hougan

As investors stay away from Ethereum ETFs and prefer Bitcoin ETFs, Hougan feels the former is being underestimated.

“Inside crypto, many people look at Ethereum as old tech and would rather talk about Solana or Sui or Monad or Aptos or whatever.”

He thinks they’re missing the bigger picture.

The bulk of the $170 billion stablecoin market is issued on Ethereum. Hougan is betting on the Ethereum network’s utility.

“One thing that I'm really confident about is that 2025 flows in ether ETFs will exceed 2024 flows. And I bet 2026 flows will exceed 2025 flows. I just think Ethereum takes somewhat more education than bitcoin, but that education is happening.”

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The Surfer 🏄

• Tesla has moved its entire Bitcoin stash, valued at over $765 million, to unknown wallets. The transfer involved approximately 11,500 BTC across 26 transactions, including test transfers. The remaining balance in Tesla's wallet is now just $6.68 worth of Bitcoin. Prior to these transactions, Tesla's Bitcoin wallet had been inactive since June 17, 2022.

• The Trump-backed World Liberty Financial (WLFI) token sale began on October 15, aiming to raise $300 million by selling 20 billion tokens. As of 14 hours post-launch, only 687 million tokens (about $10.3 million) had been sold, reaching just 3.4% of the goal. The platform's website crashed shortly after the sale began due to high traffic. Etherscan data reveals only 6,832 unique wallet addresses hold WLFI tokens, significantly lower than the 100,000 signups claimed by the project team.

• Kraken introduces a new feature allowing non-US customers to restake their ETH on the Ethereum-based protocol EigenLayer. Users can restake their already-staked ETH to earn extra rewards from various projects on EigenLayer.

• Blockstream has secured $210 million in funding through convertible note financing, led by Fulgur Ventures, to enhance its layer-2 solutions and expand its Bitcoin mining operations.

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