TL;DR

• BTC surged past $66,000, and ETH reached $2,630, accompanied by a notable increase in buying sentiment across the market.
• Bitcoin spot ETFs in the U.S. saw a net inflow of $556 million, while Ethereum spot ETFs recorded a net inflow of $17.07 million.
• The three major U.S. stock indices generally rose, while spot gold fell slightly by 0.02%.
• The Fear and Greed Index increased from 48 to 65, indicating a shift toward greed in market sentiment.
• 91% of BTC addresses are now in profit after this week’s rebound, while 66% of ETH addresses are also profitable.
• Crypto asset investment products experienced $407 million in inflows over the past week.
• Puffer’s Total Value Locked (TVL) grew to $1.4 billion, with its price rising as much as 95% in 24 hours.

Market Analysis

According to Gate.io market data, as of October 15, 4:00 UTC+0[1]:

• BTC — The BTC price increased by 5.10% in the past 24 hours, currently trading at $66,080. The 24-hour high was $66,575, and the low was $62,458. At present, the key resistance level is $66,500. If this critical level is broken, it may open a new upward channel, with market sentiment gradually turning optimistic, driving the price higher. [2]

• ETH — The ETH price rose by 6.52% in the past 24 hours, currently trading at $2,630. The 24-hour high was $2,654, and the low was $2,444, showing strong upward momentum. The key resistance level is $2,650; if this level is broken, a larger price increase is expected. The overall market is displaying strong buying pressure, with investor confidence continuing to grow. [3]

• ETF — According to SoSoValue data, on October 14, U.S. Bitcoin spot ETFs recorded a total net inflow of $556 million[4], while Ethereum spot ETFs saw a net inflow of $17.07 million[5].
• Altcoins — Bitcoin forks, Decentralized Identifiers (DID), and frog-themed meme coins rose by 14%, 13.9%, and 11.33%, respectively[6].
• U.S. Stock Indices — The S&P 500 Index increased by 0.77%, the Nasdaq Index rose by 0.87%, and the Dow Jones Index gained 0.47%[7].
• Spot Gold — The spot gold price fell to $2,648 per ounce, down 0.02% for the day[8].
• Fear and Greed Index — The Fear and Greed Index increased from 48 to 65, indicating a shift from neutral to greed. Over the past 24 hours, Bitcoin prices continued to rise, with market buying sentiment notably strengthening[9].

Top Performers

According to Gate.io market data[10], based on trading volume and price performance over the past 24 hours, the popular altcoins are as follows:

DEEP —— Daily gain of approximately 60.2%, with a circulating market cap of $69.79 million.
DeepBook aims to provide unparalleled blockchain liquidity for the Sui ecosystem. Since its inception, it has offered developers reliable and composable on-chain applications, enabling market makers and liquidity pools to operate seamlessly on a global scale.
Recently, DeepBook V3 went live on the Sui mainnet, providing developers and liquidity providers with a robust infrastructure. Innovations in blockchain liquidity greed more market participants, which could be a significant factor behind the coin’s daily price surge[11].

PUFFER —— Daily gain of approximately 59.1%, with a circulating market cap of $79.09 million.

Puffer is a developer in the Ethereum infrastructure space, focusing on next-generation Rollup solutions called Based Rollups. Its technology leverages Liquidity Re-staking Token (LRT) and Actively Validated Services (AVS) to enhance Ethereum’s decentralization and neutrality. Through products such as Puffer UniFi and Puffer UniFi AVS, Puffer aims to deliver more efficient transaction confirmations and resource allocation to support the growth of the Ethereum ecosystem.

On October 14, 2024, Puffer launched its airdrop claim and began trading on Gate.io at 12:00 (UTC+0). After listing, PUFFER surged by 59.1%, showing strong performance. Gate.io has also initiated a PUFFER mining event, where users can stake GT or PUFFER to participate. A total of 1,500,000 PUFFER tokens are available for the mining event, which will run until October 21, 2024, 12:00 (UTC+0)[12].

BOME —— Daily gain of approximately 44.0%, with a circulating market cap of $771 million.

The Book of Meme (BOME) is a meme coin built on the Solana blockchain, created by an artist named Darkfarms. BOME aims to serve as a digital archive of memes, preserving meme culture by storing these digital creations on the blockchain to ensure they are never lost and remain accessible forever.

The recent price surge may be linked to discussions on social media and community-driven efforts. Many investors view BOME as a short-term profit opportunity. Additionally, the renewed enthusiasm for meme coins has driven more capital into the market, further fueling BOME’s price increase. While meme coins are typically highly volatile, the current trend indicates growing investor interest in BOME.

Data Highlights

Bitcoin ETF Net Inflow Reaches $556 Million Yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs saw a single-day net inflow of $556 million on October 14. The total trading volume for the day amounted to $2.612 billion. So far, the cumulative net inflow stands at $19.363 billion, with the total value of Bitcoin (BTC) managed by these ETFs reaching $61.895 billion, accounting for 4.75% of Bitcoin’s total market cap.

Ethereum ETF Attracts $17.07 Million in Net Inflows
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a net inflow of $17.07 million on October 14. The total trading volume for the day was $210 million. However, the cumulative net outflow so far amounts to $542 million, with the total value of Ethereum (ETH) managed by these ETFs reaching $7.195 billion, representing 2.28% of Ethereum’s total market cap.

91% of BTC Addresses Are Now in Profit Following This Week’s Rally
Bitcoin (BTC) experienced a rapid rebound this week, with its price briefly touching the $66,000 mark, indicating strong buying support. Currently, approximately 91% of Bitcoin holders are in profit, suggesting a shift towards a more optimistic market sentiment. As Bitcoin’s price continues to rise, investor confidence may strengthen further, potentially driving additional upward momentum in the market.

Meanwhile, ETH also performed well, with the price peaking at $2,654, and approximately 66% of ETH holders are currently in a profitable position. Notably, around 9.09% of ETH addresses are expected to break even between the current price level and $3,000. This suggests that once the price breaks through a key resistance level, more investors could move into profit, potentially driving the market higher. However, market uncertainties may still affect future trends, and investors should remain cautious. [13][14]

Weekly Crypto Asset Inflows Surge to $407 Million
According to CoinShares data, crypto asset investment products saw inflows of $407 million over the past week, likely driven by the upcoming U.S. elections and global interest rate cuts. Investors’ decisions appear to be influenced more by political factors than by monetary policy outlooks. Bitcoin was the biggest beneficiary, attracting $419 million in inflows, while short Bitcoin investment products experienced $6.3 million in outflows. However, Ethereum continued to see capital outflows, with $9.8 million withdrawn last week.

Blockchain stock ETFs have attracted $34 million in inflows, marking one of the largest weekly inflows this year. Notably, the majority of these inflows were concentrated in the U.S. market, totaling $406 million, while Canada saw $4.8 million in inflows. In contrast, other regions experienced relatively subdued capital flows. [15]

Spotlight Analysis

Tether Engages with Commodity Traders for Loans of up to $1 Billion
Tether Holdings Ltd. is exploring a new strategy to provide loans to commodity trading companies, which could signal a significant shift in the traditional financing model for commodity trade. As the issuer of the USDT stablecoin, Tether has already used its tokens to bypass U.S. dollar sanctions, particularly in countries like Russia and Venezuela. Expanding the use of USDT into the commodity trade market could have far-reaching impacts on the global trade system.

The appeal of USDT goes beyond its stability as a stablecoin—it also offers the advantage of bypassing cumbersome traditional banking procedures, speeding up payments and transaction processes. Traditional commodity trade financing heavily relies on bank-issued credit, which is subject to strict regulatory oversight. However, this shift faces several challenges. First, as a cryptocurrency company, Tether does not publish audited financial reports, which may raise doubts among some large commodity trading firms regarding its funding sources and financial stability. Moreover, the commodity trading industry is inherently high-risk, with multiple high-profile bankruptcies, fraud cases, and scandals emerging in recent years, undermining investor confidence in trade finance.

Tether’s exploration of the commodity trade sector highlights the immense potential of USDT in this space. As the cryptocurrency market continues to mature, stablecoins could gradually replace some traditional trade finance tools, emerging as a new engine for international trade. [16][17]

Vitalik Proposes Reduction in Ethereum Staking Requirement from 32 ETH to 1 ETH
Ethereum co-founder Vitalik Buterin has proposed a major update to Ethereum’s Proof-of-Stake (PoS) consensus mechanism, suggesting that the validator staking threshold be reduced from 32 ETH to 1 ETH. According to Buterin, lowering the minimum staking amount to 1 ETH will address the barriers preventing more individuals from staking independently, thus democratizing staking and enhancing Ethereum’s decentralization.

Currently, Ethereum requires 32 ETH to become a validator, a design intended to balance security, decentralization, and operational costs. However, Buterin’s new proposal argues that the high threshold creates an obstacle for smaller participants and individual holders who wish to contribute to Ethereum’s security but cannot afford to lock up such a large amount. Reducing the staking requirement to 1 ETH would lower the entry barrier, encourage more individual stakers to join the network, and potentially reduce centralization within staking. [18]

Puffer TVL Grows to $1.4 Billion
Puffer, a leading innovator in Ethereum infrastructure, has launched a permissionless design that allows anyone to participate in node operations without relying on traditional centralized services. Through its unique hardware support, Puffer offers innovative anti-slashing technology and simplifies the process of staking and re-staking on Ethereum. With a low entry threshold of just 1 ETH, Puffer enables broader participation in Ethereum node operations, significantly enhancing capital efficiency.[19]

The $PUFFER tokenomics are as follows: The total supply is 1 billion tokens, with 40% allocated to the ecosystem and community, 1% to the Protocol Guild, 7.5% reserved as airdrop rewards for Season 1 of the Crunchy Carrot Quest, and 5.5% for Season 2. Early contributors and advisors hold 20%, which will be released gradually over three years, with the first batch unlocking after one year to ensure the team’s long-term commitment and vision for the ecosystem. Investors receive 26%, following a similar release schedule with the first batch unlocking after one year and the remaining amount released linearly over the next two years.[20] The $PUFFER token will be used for governance within the Puffer ecosystem, allowing holders to participate in voting and guide the protocol’s future development through the vePUFFER mechanism.

Puffer opened its airdrop claim on October 14, and trading began on Gate.io on October 14, 2024, at 12:00 (UTC+0)[21]. As of October 15, 6:00 (UTC+0), Puffer’s 24-hour increase reached 95%, with a circulating market cap of $61.46 million[22].The Total Value Locked (TVL) has grown steadily to $1.4 billion[23]. This significant increase not only reflects market confidence in the Puffer ecosystem but also highlights its growing competitiveness in the DeFi space. With more user participation and continuous project innovation, Puffer is expanding its influence in the crypto industry, showing promising potential for future development.

Funding News

According to RootData, several significant funding rounds were completed in the blockchain and Web3 space between October 14 and 15, 2024, with details as follows[24]:

Flappy Bird — The Web3 mobile game project Flappy Bird Foundation announced the completion of a new $2 million funding round, led by Kenetic Capital and Scytale Ventures, with participation from Big Brain Holdings, Optic Capital, and 4SV. The new funds will be used to integrate a series of new Web3 features to attract both nostalgic players and a new generation of users. Reportedly, under the management of the newly established Flappy Bird Foundation, the game’s intellectual property will continue to be protected[25].

Solv Protocol — The Bitcoin staking platform Solv Protocol raised $11 million from Laser Digital (a subsidiary of Nomura Securities), Blockchain Capital, and OKX Ventures, with a valuation of $200 million. The platform’s SolvBTC product has already deployed over 20,000 BTC (approximately $1.24 billion) across 10 major blockchain networks. Bitcoin staking platforms have emerged in recent years, aiming to channel hundreds of billions of Bitcoin capital into other networks to generate yields. Solv co-founder Ryan Chow noted that Bitcoin’s staking rate remains far below Ethereum’s 28%. Reaching a similar level could unlock around $330 billion in value[26].

Airdrop Opportunities

COOK
Mantle’s mainnet is actively advancing the Metamorphosis campaign, with plans to distribute new COOK tokens to the community. COOK will serve as the core governance token for Mantle’s liquid staking token (mETH, currently one of the largest LSTs by TVL) and re-staking token (cmETH). It will play a critical role in network governance. To participate in the COOK airdrop, users need to acquire mETH tokens. Engaging with the Mantle network allows users to earn additional Powder rewards, and participating in DeFi activities may further boost these rewards[27].

Participation Steps:

1. Visit the designated website and connect your wallet.
2. Stake ETH to receive mETH tokens.
3. Add mETH tokens to your wallet and transfer them to the Mantle network using the bridging feature.
4. Earn 10 Powder per day for holding 1 mETH. Additionally, providing mETH liquidity on specified protocols can further increase Powder rewards.
5. Lock MNT tokens for additional rewards.

Currently, mETH is the fifth-largest liquid staking token, ranking just behind Jito (with a fully diluted valuation of $2.1 billion) and Marinade Finance (with a fully diluted valuation of $100 million). Given that COOK will serve as the governance token for both mETH and the upcoming cmETH, COOK’s fully diluted valuation (FDV) at the time of listing is expected to be between $150 million and $300 million. Mantle aims to adopt a strategy of higher token circulation with a stable FDV during distribution, rather than a high-valuation, low-circulation approach[28].

Reminder:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow COOK’s official channels for the latest information. Additionally, users should participate with caution, be mindful of risks, and conduct thorough research beforehand. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/price
11. X, https://x.com/DeepBookonSui/status/1845770720481013910
12. Gate.io, https://www.gate.io/zh-tw/announcements/article/39794
13. IntoTheBlock, https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&chart=inAndOut
14. IntoTheBlock, https://app.intotheblock.com/coin/ETH/deep-dive?group=financials&chart=inAndOut
15. CoinShares, https://blog.coinshares.com/volume-204-digital-asset-fund-flows-weekly-report-b41f0790a1f3
16. Finance yahoo, https://finance.yahoo.com/news/crypto-company-tether-talking-commodity-153511103.html
17. Blomberg, https://news.bloomberglaw.com/banking-law/tether-in-talks-with-commodity-traders-over-lending-its-billions
18. Vitalik, https://vitalik.eth.limo/general/2024/10/14/futures1.html
19. Gate.io, https://www.gate.io/zh/learn/articles/puffer-overview/4361
20. Puffer, https://www.puffer.fi/
21. Gate.io, https://www.gate.io/announcements/article/39792
22. Gate.io, https://www.gate.io/price/puffer-puffer
23. Dune, https://dune.com/puffer_finance/puffer
24. Rootdata, https://www.rootdata.com/Fundraising
25. Rootdata, https://www.rootdata.com/Projects/detail/Flappy%20Bird?k=MTQ2Njk%3D
26. X, https://x.com/PANewsCN/status/1845798866114990389
27. Mantle.xyz, https://www.mantle.xyz/blog/announcements/season-1-methamorphosis
28. Substack Stacy Muur, https://substack.com/home/post/p-149090134

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