TradFi BTC investments are skyrocketing. Existing Bitcoin institutional investment vehicles are seeing a major trading volume boost as excitement over possible US spot Bitcoin ETFs takes hold:
Digital asset firm CoinShares reported that crypto-focused investment funds saw US$326 million of net inflows last week, the largest single-week influx since July 2022.
Additionally, the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light in the US in 2021, last week traded US$1.7 billion, its second biggest week since its launch.
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
Bitcoin Whale Transactions Surge
Alongside Bitcoin’s recent movement above US$35,000, BTC transactions of more than US $100,000 surged to a new year-to-date high last week.
Digital Asset Investment Products on the Rise
In October, the total assets under management (AUM) for digital asset products rose by 6.74% to reach US$31.7 billion, marking the first increase since July 2023.
Blockchain-Based SWIFT Alternative in the Making
Deutsche Bank and Standard Chartered are testing a system that will allow blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to talk to one another, taking an approach similar to the SWIFT messaging layer in the legacy banking infrastructure.
Vodafone Tests IoT
Telecom giant Vodafone conducted a Proof of Concept in collaboration with Chainlink Labs, Sumitomo Corporation, and others to alleviate issues pertaining to the global trade ecosystems. The collaborative effort saw the companies using IoT devices, with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to transfer crucial trade documents.
Arbitrum’s Orbit ProgramThe Arbitrum Foundation announced that new networks created via the project’s ‘Orbit’ program can now settle to the Arbitrum main network. Orbit is a program for developers to spin up their own blockchains atop Arbitrum.
What’s Ahead
Catch Crypto.com at Singapore FinTech Festival!
Crypto.com is once again excited to be sponsoring and participating in the upcoming Singapore FinTech Festival, taking place November 15-17.
You can still buy tickets here.
Chart of the Week
Bitcoin’s price is on track to complete a golden cross, a sign commonly interpreted as strengthening bullish momentum in which the 50-day moving average (MA) overtakes the 200-day MA on an upward trajectory.
A golden cross indicates that short-term price momentum is outperforming the long-term. Learn more about the golden cross in our University article The Golden Cross and Death Cross in Crypto Trading.
NFT Spotlight
Saad Minhas and Fawaz Kouchak, the creative producers behind the NFT collection ‘Dirty Sockers’, create experiences on the blockchain by finding beauty in the rough and dirty. These colleagues in visual and communication design/illustration bring to Sockers — a collection of 10,000 unique NFTs with a variety of traits — a simple and intuitive art style. The OG drop sold out within minutes in January and the first 1,000 Dirty Sockers dropped in May, selling out that weekend.
Now it’s time for ‘Lucky Sockers’ — a collection of 4,500 collectibles — to join us. Dropping on November 8, ‘Dirty Sockers: Lucky Edition’ offers real utility, as the Dirty Cash Club may be used for passive income cashback — but that’s not all:
Utility
🪂 Early access airdrop
👕 Merch giveaway
🪙 Dirty Cash Club
🪂 Future potential airdrops
As a community-first, maximum-value CROFam project, Dirty Sockers aims to be the biggest project on the Cronos blockchain, bringing NFTs into daily life and working together for a common goal.
We work together like a big family for a common goal of maximizing the value for all members.
Minhas and Kouchak, blockchain experience maximizers
Who’s feeling lucky? Which Dirty Socker are you?
Product Picks
Mane City Competitive Season Starting
The very first ‘Loaded Lions: Mane City World Series — Rise of the Golden City’ is starting on November 6, and everyone is welcome to participate! With a total prize pool of US$145,000 and counting, this is your chance to become a tycoon and earn high rewards. For more information on how to get started, check out the Mane City playbook.
Join the Orbs Cipher and Decode a Hidden Message With ‘Loaded Lions’
There are five orbs inscribed with unique symbols containing different messages scattered throughout ‘Loaded Lions: Mane City’ and various Crypto.com products. These five orbs, when deciphered, will form a clear message. Five lucky winners who meet the participation criteria and accurately present us with the correct message will receive an airdrop of the mysterious orb as an NFT. There are no prerequisites of holding certain NFTs or cryptocurrencies to enter. The campaign runs from November 7–16. For the full details, visit the blog here.
ATOM and EGLD Available for On-Chain Staking
Cosmos (ATOM) and MultiversX (EGLD) are now available for on-chain Staking in the Crypto.com App and on the Exchange. Staking enables you to help secure the underlying blockchain and conveniently put idle assets to work to receive rewards as often as daily. You also enjoy the flexibility of unstaking your assets at any time in a secure and convenient manner. For more details, visit the blog here.
Crypto.com App New Token Listings
JUNO App Listing
Juno is a global, open-source, permissionless network for decentralized interoperable applications. Community-owned and operated, it is a smart contract platform using a Proof of Stake blockchain built on the Cosmos ecosystem, pioneering CosmWasm for inter-chain smart contract application development and adoption. Juno aims to foster a self-sustaining economy where incentives are aligned to drive security and decentralization of the Juno network. JUNO is the native asset of the network and used for on-chain staking and governance.
TIA App Listing
Celestia is a Proof of Stake blockchain based on CometBFT and the Cosmos SDK. It utilizes new modular blockchains that specialize and optimize to perform a given task. This specialization provides breakthroughs in scalability, flexibility, and interoperability, enabling developers to build blockchain applications for mass adoption. TIA, the native utility token of Celestia, is used for securing the Celestia blockchain via staking, voting on network parameters through governance proposals, and governing the community pool.
Crypto Level Up
How Does Bitcoin Mining Work?
A process called ‘mining’ is used to generate bitcoins (BTC). For solving complex mathematical puzzles and adding new transactions to the Bitcoin blockchain, miners are rewarded with new bitcoins. More details on how this works below.
How Bitcoin Keeps the Mining Speed Constant
It’s crucial for the Bitcoin network to keep the mining pace constant, regardless of how many miners are active. The network does this by adjusting the difficulty of the mathematical puzzle that miners need to solve on a bi-weekly basis.
How Bitcoin Mining Rewards Are Calculated
Every 210,000 blocks, or approximately four years, the Bitcoin mining reward halves. From 2008 to 2011, the mining reward was 50 BTC per block. In 2012, this was halved to 25 BTC. Currently, the mining reward stands at 6.25 BTC per block; the next halving is expected to occur in 2024.
Get the Full Scoop on How Bitcoin Mining Works.
CryptoIRL
As the Lion roams, it always manages to find a majestic place. Here, @AlchemistGolden and the Crypto.com Royal Indigo Visa Card wandered upon quite a wonder.
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!
Decoder
Sidechain
A sidechain is a separate blockchain that runs in parallel, and acts as an extension, to the main blockchain. Sidechains are separate blockchain networks connected to the main blockchain (mainnet) via a two-way peg. This connection enables the transfer of tokens and digital assets from the mainnet to the sidechain (and vice versa) at a predetermined rate.
In return, this empowers individual projects to expand their ecosystem without a heavy reliance on the mainnet. In practice, sidechains enable developers to test features and use cases that are not normally available on the mainnet. This is because sidechains can be programmed with certain optimizations in mind, such as making transactions faster, cheaper, and more accessible.
Security Tips
Bitrace Report Reveals Hackers Utilize Search Engines to Steal Crypto
Blockchain data analysis firm Bitrace published a report highlighting several methods hackers use to steal cryptocurrency. One main way is through promoting phishing links and fraudulent applications via search engine optimization (SEO) and search engine marketing (SEM).
How Can I Identify Fake Applications and Phishing Links?
1. Requests for Personal Details
Phishing websites often unexpectedly ask you for personal information or credentials. These include bank account details and passwords. You should be on high alert once you spot these requests.
2. Slipshod Imitating
Fake applications may use lower-quality versions of the real software’s icon. These icons may even be distorted. Additionally, the app’s description may have grammar and spelling mistakes.
3. Copycat URLs
Hackers will attempt to copy the official URL of an organization they are impersonating. Before clicking on a link, hover over it to see the full URL. Look for misspellings, extra characters, or anything else that seems suspicious.
4. Use a Search Engine You Trust
Use a reputable search engine that has strong policies against promoting phishing links and fraudulent applications.
Remember, when it comes to online security, prevention is the best strategy. Always be cautious and verify before you click or download.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
