BlackRock Bitcoin ETF Sees Record $3.35 Billion Volume

On October 29, BlackRock’s Bitcoin ETF reached $3.35 billion in daily trading volume, its highest in over six months. Bloomberg analyst Eric Balchunas attributed this spike to “FOMO” buying as Bitcoin approached an all-time high of $72,390. Across all US spot Bitcoin ETFs, total inflows hit $827 million, with BlackRock’s IBIT leading at $599.8 million.

Overall, US spot Bitcoin ETFs recorded $4.64 billion in combined trading volume that day, hitting one of the top three volume days since April 2024. Analysts speculate this surge could signal speculative interest or arbitrage trading, with options targeting $75,000 by early November. Bitcoin’s break above the key $69,500 resistance level since June has intensified bullish market sentiment.

In fact, the combination of high ETF flows, the US Fed's rate cuts and potential win for Donald Trump has send Bitcoin to just $175 away from finally reaching a new all-time high.

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Truth Terminal Founder’s X Account Was Hacked

Hackers compromised the X account of Andy Ayrey, creator of Truth Terminal , and used it to promote a $602,500 pump-and-dump scheme involving the token “Infinite Backrooms” (IB). IB’s market cap surged to $25 million before crashing as hackers liquidated 124.6 million tokens, bringing its value down to $0.002. Ayrey moved his remaining assets, including $1.8 million in meme coins.

Security measures were swiftly implemented, and the compromised account issued warnings to prevent further losses. Terminal of Truths previously gained popularity after a $50,000 Bitcoin donation from Marc Andreessen, contributing to the rise of meme coin Goatseus Maximus (GOAT). Despite the incident, Ayrey retains substantial holdings in Goat, a token that has seen high trading volumes.

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Yield-Bearing Stablecoin Launched on Solana by Solayer

Solayer and OpenEden launched a new stablecoin called sUSD on Solana, backed by US Treasury bills and accessible with as little as $5. This stablecoin is part of Solayer’s initiative to tokenize real-world assets (RWAs), starting with liquid, yield-bearing options on Solana’s blockchain. Users deposit USDC, a stablecoin, and receive sUSD, which Solayer describes as a liquid RWA token.

sUSD provides access to Treasury bill returns and supports Solana’s restaking protocol. Demand for tokenized RWAs like Treasury-backed assets is anticipated to grow, with major institutions predicting a 50-fold market increase by 2030. Solayer aims to establish itself in the $30 trillion RWA projects market by catering to yield-seeking investors.

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Filecoin’s Glif DeFi Platform to Airdrop 100 Million Tokens

Glif, the largest DeFi project on Filecoin, is set to launch its GLIF governance token with an airdrop of 100 million tokens to users. GLIF tokens have a total supply of 1 billion, with the airdrop recipients able to access 25% immediately, while the remaining 75% will vest over 180 days. The GLIF token aligns Glif with major governance tokens on other networks, like Lido on Ethereum.

The airdrop is part of Glif’s community growth allocation, totaling 35% of the token supply. Other allocations include ecosystem development and investor tokens, which support Glif’s liquidity leasing model on Filecoin. Founder Jonathan Schwartz expects the token generation event by early 2025, with airdrop claims available for 12 months.

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Data of the Day

Ethereum’s staking yield currently sits at 3%, lower than Layer 1 networks like Cosmos and Polkadot, which offer yields between 7% and 21%. Kaiko analysts attribute the lower yields to Ethereum’s unique economic model, which reduces inflationary pressures. Despite the decrease, Ethereum staking provider Lido has seen a modest year-to-date increase in inflows.

Validator queues on Ethereum averaged less than a day since August, compared to a 45-day wait peak in June 2023. This shorter queue indicates reduced staking demand on Ethereum relative to competing networks. However, Ethereum’s steady staking model supports long-term network security and value.

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More Breaking News

• Alameda Research has sued KuCoin to retrieve over $50 million in assets frozen since FTX’s collapse, now sought for FTX’s creditors.
• Coinbase CEO Brian Armstrong says the next SEC chair should apologize to Americans for inconsistent crypto policies and withdraw “frivolous” cases.
• Gemini received preliminary approval for a Major Payment Institution license in Singapore, allowing crypto payments and cross-border transfers.
• Circle has introduced fees on USDC redemptions over $15 million, a move attributed to rising operational costs and competition in the stablecoin market.
• dYdX and Consensys have announced layoffs of 35% and over 20% of staff respectively, as each firm aims to streamline operations amid economic concerns.
• Bhutan transferred 929 BTC, worth $66.1 million, to Binance, marking its largest known crypto exchange deposit since July; its motives are unclear.
• A dormant Bitcoin wallet holding 749 BTC transferred funds for the first time in nearly 12 years, with 159.2 BTC sent to new addresses.

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