BTC futures open interest on crypto exchanges soars to a one-year high; Crypto.com launched the Funding Arbitrage Bot on the Crypto.com Exchange; SEC approved the NYSE and CBOEâs BTC ETF options listings.
US spot Ether ETFs saw a US$79 million net inflow last week. Spotbitcoin ETFs had a weekly net inflow of $2.1 billion, the largest since March 2024.
On the macro side, the ECB lowered interest rates by 0.25% to 3.25%, the first back-to-back rate cut in 13 years. Eurozone inflation fell to 1.8% in September, which came below the ECBâs 2% target for the first time in three years. In the US, retail sales increased by 0.4% in September, higher than the 0.3% Dow Jones forecast. The latest CME FedWatch Tool showed a 94% probability of a November rate cut in the US (vs 89% last week). Chinaâs Q3 GDP grew 4.6% in Q3 2024 (vs 4.7% in Q2), the slowest pace since early 2023, partially driven by the weak property sector.
Notable updates: Immutable (IMX) announced permissionless deployment for Immutable zkEVM, Worldcoin (WLD) announced World Chain on mainnet, Stacks (STX) announced details of Nakamoto Activation; Sui (SUI) announced the launch of Deepbook version 3 and the DEEP token; the Crypto.com App listed Moo Deng (MOODENG), deBridge (DBR), and Goatseus Maximus (GOAT).
Notable events in the coming week: Canadaâs BoC Interest Rate Decision, ECB President Lagardeâs speech
Weekly Market Index
All three indices increased last week. Price, volume, and volatility indices increased by +10.27%, +24.81%, and +17.36%,respectively.
Chart of the Week
The aggregated open interest of BTC futures (including perpetuals) across crypto exchanges rose to a one-year high of $31.79 billion on 19 October, according to the Block. Open interest of BTC futures measures the total number of outstanding contracts that have not been settled or closed in BTC future contracts; its increase typically suggests new money entering the market with bullish market sentiment.
This coincided with BTC rising to the $68,000-level on the same day and US spot BTC ETFs recording a $2.1 billion net inflow last week, the largest since March 2024.
Weekly Performance
BTC and ETH increased by +10.4% and +11.9%, respectively, in the past seven days. Prices for all other selected top market capitalisation tokens increased except AVAX (-0.6%). DOGE (+32.5%) and BCH (+16.3%) led the increase.
The price increase in DOGE coincided with Elon Musk posting âD.O.G.E will fix itâ on X in response to an article reporting that California officials rejected more SpaceX rocket launches from the state. D.O.G.E refers to the Department of Government Efficiency, an idea mentioned by Donald Trump for a government efficiency commission led by Musk if Trump wins the election in November.
Key categories all increased in market capitalisation change in the past seven days. The meme category led the rise.
Canary Capital filed an S-1 registration with the US SEC to launch a Litecoin (LTC) ETF, less than a week after the company filed an application to launch an XRP ETF.
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. This development is under the CBUAEâs Payment Token Service Regulation framework.
Others
Crypto.com 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 funding fees from the funding rate mechanism built into perpetual contracts, while hedging market risk with the same underlying asset. Users must be in jurisdictions approved for Derivatives trading in order to create an Arbitrage Bot.
AI Agent in Crypto: This report looks into AI agents in the cryptocurrency realm. The landscape in crypto includes Agent Creation, Trading, Smart Wallets/Payments, Gaming, Social, Art/NFT, and Security.
Pair Trading: Pair trading is a market-neutral strategy exploiting price movements between two correlated assets. Traders seek pairs with historical correlation, monitoring price spreads to identify long and short opportunities.
Popcat: What It Is and How to Buy POPCAT: Find out how POPCAT, a cryptocurrency based on a popular cat meme, became one of the best-performing meme coins in the Solana ecosystem.
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đ BTC futures open interest on crypto exchanges soars to a one-year high; Crypto.com launched the Funding Arbitrage Bot on the Crypto.com Exchange
BTC futures open interest on crypto exchanges soars to a one-year high; Crypto.com launched the Funding Arbitrage Bot on the Crypto.com Exchange; SEC approved the NYSE and CBOEâs BTC ETF options listings.
