Snapshot 177

Record high for BTC futures, more record ETF inflows, and the Arbitrage Bot is live

Hello Snapshotters,

Uptober is starting to live up to its name: The aggregated open interest of BTC futures across crypto exchanges rose to a one-year high of $31.79 billion on October 19. This coincided with BTC rising to the $68,000 level on the same day and U.S. spot BTC ETFs recording $2.1 billion of net inflows last week, the largest since March. 

Meanwhile, the U.S. SEC approved options on spot Bitcoin ETFs earlier this week, and CryptoQuant shared that institutional Bitcoin ownership — mainly via spot ETFs — now equals roughly 20% of all BTC. 

Read on for the details.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

📈 Record Inflows Since March

As of October 23, the U.S. Bitcoin ETFs have recorded $2.67 billion in net inflows in just one week, with $294 million alone on October 21, according to CoinMarketCap.

👩‍⚖️ Options Approved

The U.S. SEC approved applications from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list options for all 11 spot Bitcoin ETFs. 

🇦🇪 Dirham Stablecoin

The Central Bank of UAE (CBUAE) granted in-principle approval to AED Stablecoin LLC, allowing it to issue the first dirham-pegged stablecoin — AE Coin — in the UAE. 

🦁 Arbitrage Bot Live

Crypto.com has launched the Funding Arbitrage Bot on the web version of the Crypto.com Exchange. The bot allows users to automatically execute arbitrage trading strategies to potentially collect fees from the funding rate mechanism built into perpetual contracts.

🎮 New Look for Decentraland

Decentraland released a new desktop client, with features aimed at improving engagement and social interaction tools. The enhanced gameplay performance and metaverse immersion are intended to pave the way for VR and mobile expansions.

🏦 Institutions Invested in Bitcoin ETFs

Ki Young Ju, founder and CEO of CryptoQuant, revealed that institutional investors now hold a total of 193,000 bitcoins through Bitcoin ETFs, which approximates to 20% in cumulative holdings.

What’s Ahead

Hong Kong FinTech Week ‘24

From October 28 to November 1, 800-plus industry leaders will share insights and trends during Hong Kong’s FinTech Week. 
This year, the conference also features satellite spin-offs in Shenzhen and other overseas locations. Crypto.com is a Themed Sponsor, alongside Standard Chartered Bank. You can still book your pass on the site.

Number of the Week

Chart of the Week

The aggregated value of open interest of BTC futures across derivatives platforms rose to a one-year high of $31.79 billion on October 19, according to The Block. An increase in the value of open interest of BTC futures typically suggests new money entering the market and bullish sentiment.

Crypto Trivia

What are Bitcoin futures?

A) A contract that allows traders to buy or sell Bitcoin at a fixed price at a specified future date

B) A special kind of Bitcoin that can only be traded in the future

C) A cryptocurrency that represents future price predictions of Bitcoin

Find the correct answer at the end of this newsletter.

NFT Spotlight

The ‘80s return this Halloween with Karen Jerzyk’s ‘Average Creatures Universe’, a unique mixed-media collection inspired by art and entertainment from the 1980s. Combining several art techniques — including sculpting, painting, and photography — Jerzyk creates vivid characters, each meticulously crafted, with hundreds of assets and layers composited to form a unique piece.

The project pays homage to the nostalgia of ’80s pop culture and practical effects, redefining the concept of ‘average’ through the vivid personalities of each creature. The collection features 2,000 tokens. 

Utilities* include:

🪂 NFT airdrops 

🎤 AMA

🖼️ Custom art

🖊️ Signed prints

*Incentives and access to features may vary by jurisdiction. Terms and Conditions apply.

Known for her innovative fine art photography — and surreal and haunting images — Jerzyk explores themes of femininity, identity, loss, isolation, and mental illness. Her work has garnered a loyal following of fans and admirers, who appreciate her unique vision and innovative approach to photography.

This is, like, totally rad. Fer sure — like a boss.

Product Updates

DBR and MOO DENG on TPO

DBR and MOO DENG have been added to the growing list of tokens available for Target Price Orders in the Crypto.com App. You can use the feature to automate trades at your preferred price without having to monitor the market. Try it now.

XTZ Now Available for On-Chain Staking

Tezos (XTZ) is now available for on-chain Staking in the Crypto.com App and on the Exchange in specified jurisdictions, in addition to ETH, SOL, CRO, and more. You can stake to put idle XTZ to work and receive rewards of up to 8%, as often as three times a week. Find out more here.

Crypto.com App New Token Listings

Scroll (SCROLL)

Scroll is a Layer-2 scaling solution that leverages ZK rollup technology in an effort to enhance the efficiency and scalability of Ethereum, which is designed to help speed up transactions on the Ethereum network without compromising security. 

Crypto Level Up

Is a Non-Custodial Wallet Right for You?

Do you prefer full control over your crypto? Then a non-custodial wallet like the Crypto.com DeFi Wallet might be right for you. Also known as self-custodial wallets, they allow you to manage your private keys and recovery phrase without a third party. 

Pros:

• Full ownership: Directly interact with blockchains and customize transaction fees
• Enhanced security: Reduced risk of hacks with proper key management 
• Privacy: Greater transaction confidentiality

Cons:

• No recovery options: Losing your keys means losing access to your assets
• User responsibility: Requires careful key management

Read on to find out if a non-custodial wallet is right for you.

CryptoIRL

Which one roars louder? The Crypto.com Obsidian Visa Card and @CryptoGParty are raring to go.

Hashtag #CryptoIRL with your Crypto.‌com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Victims Fall for Romance Scams

Imagine meeting the love of your life — only to discover they never existed.

Victims of elaborate online romance scams were conned out of $46 million by scammers who used AI and deepfake tech to pose as attractive women. After building connections with their victims through video chats, they lured them into investing in virtual cryptocurrencies through a fake platform.

Here’s how to stay safe:

1. Research all potential investment opportunities even if they are recommended by someone you trust.

2. Be wary of strangers reaching out to you for monetary requests.

3. Verify identities of strangers through mutual connections or face-to-face interactions.

Learn more about romance scams here.

Crypto Trivia Answer

The correct answer is A) A contract that allows traders to buy or sell Bitcoin at a fixed price at a specified future date.

That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.