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gate Research Institute: MicroStrategy financed $4.2 billion to increase BTC holdings, USDT Circulating Supply surpasses $120 billion
Summary
Market Commentary
According to gate market data, as of 4:00 on November 1st (UTC+0):
Popular Token
According to gate market data [7], combined with the volume and price performance of the past 24 hours, the popular altcoins are as follows:
VISTA - The daily increase is about 29.5%, with a circulating market value of $45.75 million. Ethervista (VISTA) is a Decentralized Exchange (DEX) based on Ethereum (ETH) blockchain, focusing on the issuance and Liquidity management of new Tokens. Ethervista introduces a 5-day Liquidity lock mechanism to prevent 'rug pull' scams, and incentivizes Liquidity Providers by charging custom fees in ETH. In addition, the platform also plans to launch Flash Loans, futures trading, and lending functions, aiming to become a comprehensive Decentralized Finance application.
On October 28th, Ethervista launched the etherfun application, which quickly drove the coin price to rebound 5 times from the low point, and set a new high for consecutive days, demonstrating the market's strong confidence in its future development. [8]
BZZ - The daily increase is about 15.4%, with a circulating market value of $24.84 million. Swarm is a peer-to-peer network node system that can create decentralized storage and communication services. Due to the built-in incentive system supported by the BZZ token, which is executed through smart contracts on the ETH blockchain, the system is self-sustaining economically.
Recently, the Swarm community announced several significant developments, including doubling the reserve size, core upgrades with multi-chain support, and the launch of the Swarm Fellowship program to support Node operations. This series of updates has not only attracted high attention from the community, but also brought strong market performance for the Swarm Token BZZ, reflecting the market's high expectations for its technological innovation and application prospects.【9】
GRASS —— Single-day increase of about 14.1%, with a circulating market value of $2.80 billion. Grass is a Decentralization Data Layer designed for artificial intelligence, allowing users to share their internet bandwidth and access verifiable network data through a distributed network.
Recently, Grass project's Airdrop has been gaining popularity. At 13:00 (UTC+0) on October 28th, the GRASS Airdrop officially went live. As of 04:00 (UTC+0) on November 1st, a total of 61 million GRASS tokens have been successfully claimed, accounting for 78.88% of the total. The number of participating addresses reached 1.65 million, demonstrating users' positive response to the Airdrop. [10]
Highlight Data
The circulation of Tether's USDT stablecoin has exceeded $120 billion, rising 30% since the beginning of the year to reach $27.8 billion Tether's latest audit report released on Thursday shows a net profit of up to 2.5 billion US dollars in the third quarter, bringing its cumulative profit for the first three quarters of 2024 to 7.7 billion US dollars, a rise of 48% compared to the first half of the year. At the same time, Tether's USDT stablecoin total circulation also exceeded 120 billion US dollars, a 30% rise from the beginning of the year, with an increase of 27.8 billion US dollars, almost equivalent to the total market capitalization of its main competitors.
ETH faces challenges: investor confidence is being tested as prices plummet 60% compared to Bitcoin Ethereum (ETH) fell to a new low against Bitcoin (BTC) on October 31, with the ETH/BTC ratio falling to 0.03569 at one point, the lowest since 2021, indicating the pressure Ethereum faces in the current market. Since the beginning of this year, the value of Ethereum against Bitcoin has fallen by 41.9%, and it has dropped by 60% compared to the historical high of 0.088.
BTC ETF data On November 1st, BTC ETF saw a daily outflow of $32.14 million, with a total inflow reaching $24.21 billion, indicating a continuous influx of off-exchange funds in the long run. In terms of trading activity, the total volume reached $3.07 billion, while the overall market holdings were $70.86 billion. Grayscale GBTC saw a daily outflow of $31.14 million, with a historical net outflow of $20.157 billion; whereas BlackRock IBIT saw a daily inflow of $319 million, with a total net inflow of $26.136 billion, indicating institutional investors' preference for ETF products. The market net asset value of BTCSpot ETF exceeds $70.8 billion, accounting for 5.12% of BTC market capitalization, providing support for BTC price. [11]
On November 1, the total daily capital inflow of ETH Spot ETF was negative, reaching -13.06 million US dollars, with a cumulative outflow of 4.8 billion US dollars, and the recent capital holdings continued to flow out. In terms of trading activity, the total volume reached 2.81 billion US dollars, while the overall market holdings were 69.6 billion US dollars. [12]
BTC network Money Laundering skyrocketed, with high priority reaching 889 Sat/byte According to Dune data, on October 31, 2:00 (UTC+0), Money Laundering on the BTC network surged, with the highest median Gas fee rate reaching 989 sats/vb. This surge in Money Laundering is mainly due to the deployment of the new rune project MEMENTO•MORI by Casey Rodarmor, the founder of rune. The project will start minting at Block #868186, with a total of 100 million runes, of which 50 million will be publicly minted. Each rune contains 1,000 runes, and a maximum of 50,000 runes can be minted.【13】
After the public mint started, all 50,000 runes were minted within just 10 Blocks. According to the BTC transaction fee market @alkimiya_io, the total gas cost during the minting process was approximately 46.91 BTC ($339). This minting activity led to a rise in network demand, thereby fueling the pump of Money Laundering. [14]
New Trend in South Korean Crypto Market: Small Investors Account for 72%, 30-Year-Old Group Becomes Market Maker According to data from the South Korean Financial Services Commission, of the country's 7.78 million cryptocurrency investors, approximately 72% (5.67 million people) hold cryptocurrency assets of less than 1 million Korean won (approximately $724), and the main trading group is the 30-year-old population. Although about 15.5% of the population in South Korea has opened cryptocurrency accounts, after deducting small investors, the truly active investors account for only 4.2% of the total population. At the same time, the total deposit of cryptocurrency exchanges reached 50 trillion Korean won (about 36 billion U.S. dollars), an increase of only 2.9% compared to the second half of last year, showing that the approval of BTC Spot ETF has not significantly attracted new capital inflows.
Hot Spot Review
MicroStrategy announced the launch of a $42 billion BTC investment plan According to the third-quarter financial report for 2024 released by MicroStrategy on October 30, 2024, MicroStrategy plans to raise a total of $42 billion through stock and bond issuance between 2025 and 2027 to purchase Bitcoin and further expand its Bitcoin reserves. Specifically, the plan is to raise $21 billion through stock issuance and an additional $21 billion through fixed-income securities.
As a well-established financial company, MicroStrategy's massive investment demonstrates the market investors' confidence in the value of BTC. As of September 30, 2024, MicroStrategy holds 252,220 BTC, making it the publicly traded company with the largest BTC holdings globally. According to Q3 2024 financial report data, since August 2020, when MicroStrategy started buying BTC, the stock's return rate has reached 1,989%. At the same time, MicroStrategy's actions are expected to attract more institutional investors to enter the BTC market and further promote its maturity. [16]
US Treasury Department: CBDC should replace Stable Coin The latest report from the US Treasury Department reveals the potential risks in the Stable Coin market. Stable Coin issuers maintain the value of Stable Coin by purchasing a large amount of US Treasury bonds, which may amplify the impact of financial crises. As the global economy becomes more uncertain, the Crisis of Confidence in Stable Coin is becoming increasingly severe. Regulatory agencies are closely following this area, and Central Bank Digital Money is expected to become a more stable and reliable payment tool.
The concerns of the US Treasury Department about the Stable Coin market are not unfounded. Stable Coin is closely linked to the TradFi system Depth, especially its association with US bonds, making it a potential source of systemic risk. Once Stable Coin decouples, it may trigger financial market turmoil and even systemic risks. With the tightening of regulatory policies, the launch of Central Bank Digital Money will accelerate the replacement of traditional coins, reshaping the financial landscape. The cryptocurrency industry will enter a stage of Compliance and standardization, and Compliance operation will be the key to the survival of enterprises. 【17】
Canary Capital applies for Solana Spot ETF, challenging the new standard of the encryption market
Canary Capital recently submitted an application to the United States Securities and Exchange Commission (SEC) to launch the Solana Spot ETF, joining the ranks of TradFi giants such as VanEck and 21Shares. The move aims to provide investors with a convenient way to participate in the Solana ecosystem through the stock market, without directly dealing with encryption assets. As the fifth largest encryption asset by Market Cap, Solana has gradually emerged as a strong competitor to Ethereum, thanks to its outstanding performance in Decentralized Finance and dApp fields, as well as its advantages of low transaction fees and high throughput. Canary emphasizes that the active Address count of Solana has surpassed Ethereum and Binance Chain, highlighting the thriving ecosystem.
Although Bitcoin and Ethereum ETFs have been approved, emerging encryption assets such as Solana still need further improvement in terms of Decentralization and compliance. This application reflects the increasing interest of traditional Financial Institutions in encryption assets, and there may be more capital flowing into the crypto market in the future.【18】
Financing Information
According to RootData, there were 3 projects that announced financing in the past 24 hours, with a total amount exceeding 28 million US dollars. The highest single financing amount reached 21 million US dollars, involving gaming, DePIN, Layer 2 zone. Here are the top 3 financing situations: [19]
ATLAS—— ATLAS completed a $21 million financing round, with participation from Haun Ventures, Paradigm, and others. ATLAS is a verifiable blockchain designed for financial applications. It aims to provide users with reliable transaction delivery, near-zero Transaction Cost, fast pre-confirmation, frequent and reliable Oracle Machine updates, and honest sorting services.
Alliance Games - Alliance Games has completed a $5 million Series A financing round, with participation from Animoca Brands, Asymm Ventures, and others. Alliance Games is a fully decentralized, community-driven platform that provides next-generation decentralized Web3 gaming infrastructure hosting and data storage services. It is committed to redefining the boundaries of gaming using blockchain technology to provide an always-accessible immersive experience.
GEODNET —— GEODNET has completed a $2 million strategic financing round, with participation from Animoca Brands. GEODNET utilizes a new type of rooftop meteorological station to monitor the Earth and its atmosphere in real-time, gathering dense geographic spatial data. By leveraging blockchain technology to build a secure and trusted network, it provides rich geographic spatial data for traditional industries such as agriculture, transportation, finance, as well as for emerging applications like Metaverse, AR/VR, driving digital transformation across industries.
Airdrop Opportunity
Nillion
Nillion is a Decentralization public network, aiming to build the next generation Web3 infrastructure through its innovative Nil Message Compute encryption technology. The project has raised over 50 million US dollars since 2022, and recently received an additional 25 million US dollars in funding led by Hack VC, demonstrating great potential for development. [20]
Participation method:
Tip: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow Nillion's official channels to get the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. gate does not guarantee subsequent Airdrop rewards distribution.
**Reference:**
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