Weekly Market Insight: October Week 4

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Market Updates

21 Oct 2024

Headline News

- Bitcoin's price surged by 9.81% last week, driven by market optimism surrounding the upcoming U.S. election in November and a higher certainty of a 25bps rate cut in the forthcoming FOMC meeting. Bitcoin spot ETFs saw their highest weekly net inflow since March 2024, reaching $2.13 billion. Meanwhile, Ethereum spot ETFs recorded their third week of net inflows, totaling $78.89 million last week.

Macro-Outlook

- The U.S. retail sales in September increased 0.4%, higher than the expected 0.3% increase, showing signs of a resilient economy. Despite that, the market expected 92.3% probability to have a 25bps cut in the November FOMC meeting.
- Japan's inflation rate in September decreased by 0.3% from a 0.5% increase in August. This decline provides the Bank of Japan with further justification to hold off on raising interest rates in the near future.
- China's GDP growth fell from 4.7% in Q2 to 4.6% in Q3. The central bank vowed to offer more easing and support after the GDP clocked in.

Upcoming Economic Calendar including,

- Friday, October 25, 8:30pm: The U.S. Durable Goods Orders in September

Weekly-Cryptos-Overview

- The U.S. SEC approved trading and listing of multiple Bitcoin ETF options on NYSE and Cboe.
- Blackrock and Securitize are reportedly having early conversations with exchanges such as Binance, OKX and Deribits to use BUIDL as collateral for derivatives trading.
- Stripe acquired Bridge for $1.1 billion, to further expand its business to help merchants with stablecoin payments.
- Grayscale filed to convert its Digital Large Cap Fund, which consists of BTC, ETH, SOL, XRP and AVAX, to ETF with the SEC.

Layer 1 and Layer 2s

- ApeCoin launched ApeChain, a Layer-3 powered by Arbitrum Orbit, aims to make easily accessible content, competitive environment and being the distribution funnel. ApeChain features native yield on Apecoin, ETH and stablecoins and interoperability powered by LayerZero. Multiple meme coins have been minted through Ape.Express (Pump.fun equivalent on ApeChain) and traded in Camelot.
- Worldcoin launched Worldchain powered by OP Stacks, World App 3.0 with mini apps in its wallet, new Orb, World ID 3.0 (enabling storing information from physical NFC-enabled passports) and rebranded Worldcoin to World.
- Fuel Network, the high-performance rollup which features UTXO-based, parallel execution, FuelVM, native account abstraction and aims to become stage-2 rollup next, has launched Fuel Ignition mainnet.
- Avail announced partnership with Symbiotic to integrate multi-asset restaking into Avail Fusion, sharing security to verified services on Avail, and making Avail DA available to Symbiotic builders.
- Plume Network, a RWA-focused Layer-2, announced partnership with Projective Finance to bring over $100 million in solar assets onchain.
- Pretzel Layer, the modular Layer 2 built on top of Berachain's proof-of-liquidity and powered by Arbitrum Orbit, has launched its testnet.
- Mode, a DeFi focus Layer-2, introduced veMODE in season 3 program with $2 million in incentives. Stakers will not be required to lock their MODE, MODE/ETH pairing can be used to vote and emissions will be rewarded to protocols instead of pools.
- Ripple named Uphold, Bitstamp, Bitso, MoonPay and 5 other entities as partners for its upcoming RLUSD, fiat-backed stablecoin launch.

Dapps

- Hyperlane, a permissionless cross-chain protocol, introduced Superlane with Velodrome Finance to bring seamless interoperability to Optimism Superchain.
- Hyperliquid, the top decentralized derivative exchange, introduced its protocol token HYPE which is expected to launch together with its HyperEVM.
- Axelar partnered with TON, leveraging Mobius Development Stack (MDS) to connect TON ecosystem to broader interoperability layer.
- Osmosis introduced Osmosis Pay, a visa debit card powered by Cypher.
- PancakeSwap introduced PancakeSwapX on Ethereum and Arbitrum, enabling aggregated swap with zero trading fee and zero gas fee for limited time.
- Kraken introduced kBTC, a wrapped Bitcoin, on Ethereum and Optimism.
- World Liberty Finance released a "Gold Paper", stating that 75% of the project's net proceeds will be distributed to the Trump family without liability. The WLFI has raised over $13.6 million from its pre-sales.
- Pump.fun launched Pump Advanced, integrating mini charts, top holders and social activities. The terminal offers zero fees in the first month. The team plans to launch its own token soon.
- SingularityDAO, DeFi-focused protocol spin-off from SingularityNet in 2020, announced plans to merge with Cogito Finance and SelfKey to form Singularity Finance, a layer-2 for tokenizing GPUs and other AI-powered financial tools.
- Jupiter released Ape.Pro, enabling users to one-click purchase meme coins.
- DeepBook, a decentralized central limit orderbook (CBOL) exchange built on Sui, has launched its DeepBook V3 and its native token, DEEP, on Sui mainnet. DEEP token can be used to pay for trading fees and staking could reduce the trading fees or enjoy trading rebate on the platform.

Upcoming Alpha and Governance

- SushiSwap and dYdX are expected to have major announcements respectively on October 21.
- Cosmos's Cosmoverse conference will be held in Dubai from October 21 to 23.
- Cardano Summit 2024 will be held in Dubai from October 23 to 24.
- Mantle's native ETH liquid staking protocol, mETH, is expected to launch its governance token, COOK on October 23.
- Fluid is expected to launch Fluid DEX this week, enabling users to utilise their debt as trading liquidity.
- Eclipse is expected to launch its public mainnet (launched mainnet for developers in July) by the end of October. Eclipse has contributed over 55GB of data to Celestia DA, the top data size contributor to Celestia DA.
- Maple announced the launch of SYRUP token will be taking place on November 13. SYRUP will be converted 1:1 with MPL and will accrue fee revenue generated from Maple and Syrup protocols.
- Pendle will integrate Sonic Chain. Pendle V3, an upgrade for leveraging yield trading, is expected to be launched by the end of 2024.
- Ethena proposed integrating Hyperliquid into its liquidity and hedging engine, and USDe integration on Hyperliquid EVM mainnet in the future.
- ZKsync proposed ZKsync Ignite, distributing 300 million ZK to DeFi users over 9 months.

Token Unlock

- WELL token unlocked on October 23rd, amount representing 1.3% of the token supply.
- RON token unlocked on October 27th, amount representing 9.89% of the token supply.
- TIA token unlocked on October 30th, amount representing 82% of the token supply.
- IMX token unlocked on November 1st, amount representing 1.98% of the token supply.
- SUI token unlocked on November 3rd, amount representing 2.96% of the token supply.

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