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- 🥜 4 Catalysts
🥜 4 Catalysts
PLUS: Harris on crypto
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What we’ve cooked up for you today…
🏦 Harris on crypto
⚡ 4 catalysts coming…
🤑 Here we go! - ETF inflows are back
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:50am ET
Only the top 20 coins measured by market cap feature in this section
HARRIS ON CRYPTO 🏦
BREAKING: Vice President Kamala Harris vows to support a crypto regulatory framework in plan to support Black men
Yesterday we broke down Donald Trump’s crypto project.
And now today, we’ve got Kamala Harris’ take on crypto…
(Think about that for a second - both presidential candidates actively implementing crypto in their policies)
Harris recently released a proposal titled “Opportunity Agenda for Black Men”.
And according to this agenda:
More than 20% of Black Americans own or have owned cryptocurrency assets
Continuing on, the proposal explains:
"Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services… She will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected."
Whilst it’s great for Kamala to mention crypto in her policy frameworks, the phrasing of this proposal left some scratching their heads... 🤨
Soon after this proposal was released, Harris gave a speech at Erie, Pennsylvania.
Unfortunately…
Harris didn’t offer any more details on her plans for crypto.
In fact, Harris didn’t mention “blockchain” or “digital assets” at all, as she’s done in previous speeches.
At the end of the day, crypto is for everyone…
It doesn’t need to be reduced down to racial differences…
But we want to hear from you… 🫵
Is it just us, or was that an odd statement to put out? |
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4 CATALYSTS COMING…⚡
For 8 months in a row, Bitcoin has been trading between $60,000 - $70,000. 😴
Although it’s been super boring, over the last few months, a tonne of progress has been made in the space.
On top of this, there’s 4 major catalysts coming up that will push prices higher.
That’s the latest out from Bitwise.
Bitwise is an asset manager that has over $4.5 billion under management, including the 5th largest Bitcoin ETF.
Their analysts just dropped their Q3 2024 Crypto Market Review.
They start off by listing 10 major developments that have happened in crypto, over the past 3 months:
Politicians Embrace Crypto - Donald Trump spoke at Bitcoin 2024, Kamala Harris gave crypto a nod.
Shock Ethereum ETF Approval - The SEC approved the Ethereum ETFs to everyone's shock.
Morgan Stanley Adds Bitcoin - Morgan Stanley becomes first major wirehouse to allow clients to buy Bitcoin ETFs.
Tether Prints Money - Largest stablecoin issuer earns more profit than BlackRock. ($6.2b vs $5.5b)
Bitcoin ETFs Get Options - SEC finally gives spot Bitcoin ETF options the green light.
Banks Approved To Custody Bitcoin - SEC quietly approve BNY Mellon to start custodying crypto assets.
Institutions Come For Bitcoin - Data reveals 60% of the world’s largest hedge funds own crypto.
Polymarket The Killer App - Political markets cross $1 billion in volume as prediction markets go mainstream.
Mt. Gox Distributes Bitcoin - The Mt. Gox bankruptcy distributions have hung over the market for a decade. We’re finally moving past it.
Car Titles On Blockchain - California DMV puts 42 million car titles on the Avalanche blockchain to speed up title transfer.
So although price action has been boring, huge progress is being made.
Bitwise then outlined 4 key upcoming catalysts that will push crypto higher:
1. U.S Election Results
The uncertainty surrounding the U.S election is weighing heavily on markets.
No matter who wins, this uncertainty will be cleared within the next month.
2. Rate Cuts + Stimulus
We have just entered a global monetary easing cycle. The FED is cutting interest rates. China just unleashed $250 billion in economic stimulus. Global liquidity measures are at all-time highs.
When they print dollars, Bitcoin goes up.
3. Reaccelerating ETF flows
The Bitcoin ETFs have so far brought in just under $19 billion to Bitcoin.
Bitwise believes some major wirehouses are going to join Morgan Stanley in approving the Bitcoin ETFs on their platform.
“We believe this could lead to banner periods for ETF flows in Q4 and 2025, and could potentially drive prices to all-time highs.”
4. Killer Apps + New Launches
Crypto thrives with the emergence of killer apps and new blockchains.
Bitwise foresees multiple killer apps scaling simultaneously over the next few months, from stablecoins to DePIN to prediction markets.
This will bring newfound attention & excitement to crypto.
Bitwise then finished with a reminder:
Even when crypto feels boring, it’s still crushing.
Crypto is still the best performing asset of the year. 🥂
HERE WE GO! 🤑
Inflows are back! 😥
Last week digital asset funds experienced net inflows of $407 million.
Let’s break it down.
Bitcoin was once again the focus with inflows of $419 million for the week.
Whereas XRP and Solana saw inflows of $1.1m and $0.6m respectively.
(XRP’s inflows are likely in response to the filing of an XRP ETF by Bitwise)
However…
Ethereum experienced outflows of $9.8 million for the week.
Short-Bitcoin also experienced outflows of $6.3 million for the week. A clear sign that market sentiment has flipped bullish.
The United States accounted for the majority of inflows with $406 million for the week.
The only other notable inflow came from Canada with $4.8 million.
Sweden, Brazil and Hong Kong all experienced outflows of $3.9m, $1.4m & $0.8m respectively.
CoinShares notes that recent investor decisions have likely been more influenced by the upcoming election than monetary policy outlooks. (rate cuts)
And a recent shift in polling towards Trump led to an immediate boost in inflows.
(Republicans are viewed as being more supportive of the crypto industry)
Anyway, Uptober is looking like it’s finally here!
And as a little bonus…
The US Bitcoin ETFs have opened the week with a HUGE inflow day.
CRACKING CRYPTO 🥜
Morgan Stanley urges CIOs to explore Bitcoin mining stocks amid rising energy prospects. Morgan Stanley highlights new energy mandates poised to boost Bitcoin mining investments through innovative power generation models.
Vitalik Buterin ponders Ethereum’s post-Merge future. Ethereum co-founder Buterin shared his vision for the future of the protocol, with an emphasis on improvement for proof-of-stake.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is "Mining" in Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) The process of confirming transactions and adding them to the blockchain 🥳
That answer really doesn’t need any more explanation…
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