Hello Snapshotters,
After trading sideways around the $65,000 mark, BTC broke through this price point and rose near the $68,000 mark before retreating to around $67,000 on Thursday. This coincided with the 11 U.S. spot Bitcoin ETFs seeing their biggest one-day inflows since June, hitting $555.9 million earlier this week. In the meantime, Tesla reportedly shuffled around its $770 million Bitcoin treasury to new addresses.
TradFi interest in crypto also remains strong. After the XRP ETF proposals last week, investment firm Canary Capital put forth plans for the first Litecoin ETF this week.
Read on for more details.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
📈 BTC Breaks $65,000 Ceiling
After trading sideways around the $65,000 mark, BTC broke through this price point, rising near the $68,000 mark before retreating. BTC has slowly re-traced its steps since with a market cap dominance figure of 58.77%.
📈 Biggest BTC ETF Inflows Since June
On Monday, the 11 U.S. spot Bitcoin ETFs saw their biggest one-day inflows since June, hitting $555.9 million. This coincided with Bitcoin tapping a two-week high of $66,500 on the same day.
🦄 Unichain Announced
Uniswap introduced Unichain, a decentralized Layer-2 on Optimism’s Superchain, designed as a DeFi and liquidity hub across multiple chains. Experts expect the chain to benefit UNI token holders.
🚗 Tesla Reportedly Moves $770M BTC
Tesla, the electric vehicle company operated by Elon Musk, has reportedly moved 11,509 BTC — worth $770 million — to new addresses. The sum appears to be the company’s entire Bitcoin treasury.
🪙 First Litecoin ETF ProposedDigital asset investment firm Canary Capital has put forth plans for the first Litecoin ETF, following the successful approval on Bitcoin- and Ethereum-focused ETFs this year.
What’s Ahead
Devcon Southeast Asia
Devcon — Ethereum’s conference for developers, researchers, and builders — will take place in Bangkok, Thailand, from November 12–15. Tickets are still available on the site.
Number of the Week
Chart of the Week
Solana is dominating token launches on DEXs this year, according to data from The Block and Dune Analytics. From October 7 to 13, Solana accounted for 86% of new tokens launched on DEXs. This is largely attributed to the popularity of meme coins on platforms like pump.fun.
Monthly Feature Article | Pair Trading
Pair trading is a market-neutral strategy that involves taking advantage of relative price movements between two correlated assets. In this report, we demonstrate the performance of pair trading with the BTC/ETH price ratio as an example.
Read the full report here.
Crypto Trivia
What does ‘Uptober’ mean?
A) A sudden crash in crypto prices during October
B) A typically bullish trend for crypto markets in October
C) The increased launch of new cryptocurrencies in October
Find the correct answer at the end of this newsletter.
NFT Spotlight
We are excited to announce ‘Arcane Creatures’, the second edition of the ‘Crazzzy Monsters’ NFT collection — dropping on October 25!
Featuring 10,000 unique female NFTs and inspired by classic horror and sci-fi films from the ’80s, ’90s, and beyond, this new series adds a fresh dimension to the Crazzzy Monsters universe, crafted as an immersive digital experience where the eerie meets the imaginative.
Redeemable Drop Incentives:
— 1x Loaded Lions NFT
— 1x Dark Lions NFT
— 10x custom CM NFTs
— 10x merch packs
— 20x Mane City Tool NFTs
— 30x additional Mane City Tool NFTs
Utilities:
— Access to Loaded Lions Mane City game and more
— Immediate access to Originz staking dapp with auctions, raffles, and more
Join this exciting journey and be part of a future where art, technology, and finance converge in thrilling new ways. *Incentives and access to features may vary by jurisdiction. Terms and Conditions apply.
Join this exciting journey. A future where art, technology, and finance converge.
Product Picks
AXL Is Now Available on Earn
Crypto.com Earn in the Crypto.com App now supports Axelar (AXL), where users can receive up to 5%* p.a. in rewards, with an additional 2% p.a. in rewards for Private users. For more details, visit the FAQ here. *Availability and rates vary by jurisdiction.
Create Multiple Deposit Addresses for BTC and SOL Networks
The Crypto.com Exchange now supports multiple deposit addresses for BTC and SOL! Enjoy greater flexibility when managing your assets, with the ability to generate up to 20 addresses each with a unique name. Find out more here.
Crypto.com App New Token Listings
Goatseus Maximus (GOAT)
Goatseus Maximus is a Solana-based meme coin conceived by the AI bot, Truth Terminal.
deBridge (DBR)
deBridge is intended for real-time movement of assets and information across the DeFi landscape. The deBridge protocol expands the concept of traditional bridges by introducing generic cross-chain message transfers.
Moodeng (MOODENG)
Moo Deng is a meme coin inspired by a real-life pygmy hippo in Thailand named Moodeng.
Crypto Level Up
Ethereum vs ‘Ethereum Killer’ Solana
Which protocol is better: Ethereum or Solana?
Here’s a quick comparison:
Ethereum | Solana | |
---|---|---|
Consensus Mechanism | Proof of Stake (PoS) | PoS and Proof of History (PoH) |
Scalability | ~15 to 30 transactions per second (tps) | ~3,000 tps |
Transaction Fees | $1 to $50 | ~$0.00025 |
DeFi/NFT Capabilities | Over 4,000 dapps with a total value locked (TVL) of $45.8 billion | ~350 dapps with a $4.9 billion TVL |
Consensus Mechanism | |
Ethereum | Proof of Stake (PoS) |
Solana | PoS and Proof of History (PoH) |
Scalability | |
Ethereum | ~15 to 30 transactions per second (tps) |
Solana | ~3,000 tps |
Transaction Fees | |
Ethereum | $1 to $50 |
Solana | ~$0.00025 |
DeFi/NFT Capabilities | |
Ethereum | Over 4,000 dapps with a total value locked (TVL) of $45.8 billion |
Solana | ~350 dapps with a $4.9 billion TVL |
Read on for an in-depth comparison of these two protocols.
CryptoIRL
Getting lionized. The Crypto.com Jade Green Visa Card and @durham1314 roaring and ready.
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
Over US$75 billion have been stolen through “pig butchering scams,” where scammers build trust to persuade victims to invest in fake opportunities.
These scams work in two parts:
Fattening the pig: Scammers cultivate trust and encourage continuous investments from their victim.
Butchering the pig: When the scammers feel they extracted the maximum amount from their victim, the funds disappear.
Here’s how to stay safe:
1. Always conduct thorough research before investing.
2. Question unsolicited messages that seem too good to be true.
3. Do not invest the entirety of your life savings, regardless of how “safe” an opportunity sounds.
Only transfer assets to people you know personally and trust.
Get the full scope on pig butchering scams in our article.
Crypto Trivia Answer
The correct answer is B) A typically bullish trend for crypto markets in October
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.