On October 18, the cryptocurrency market remains strong, with bitcoin once again reaching a high of $68,000. As of the writing of this article,$Bitcoin (BTC.CC)$ up 1.35%, at $68,326; $Ethereum (ETH.CC)$ up 0.93%, at $2,636.99.
Key Focus
The transfer of bitcoin by Tesla may be due to compliance requirements, internal audits, fund restructuring, or UTXO consolidation.
Tesla transferred $0.76 billion worth of Bitcoin this week, triggering market speculation. Analysts believe possible reasons include compliance requirements, internal audits, fund restructuring, or the consolidation of Unspent Transaction Outputs (UTXO). However, these Bitcoins have not been transferred to exchange wallets yet, showing no signs of being sold.
Bitcoin exchange reserves drop to the lowest level since October 2021.
According to CryptoQuant data, Bitcoin exchange reserves have dropped to the lowest level since October 2021, indicating that more investors are moving Bitcoin from exchanges to cold wallets, possibly for long-term holding strategies. This trend is driven by increasing institutional demand, especially from new whales accumulating Bitcoin. With the approval of ETFs and the upcoming Bitcoin halving, buying pressure in the market continues to rise. CryptoQuant analysis suggests that the decline in Coinbase reserves is mainly due to institutional players moving funds to custody wallets.
Morgan Stanley holds $0.2721 billion worth of bitcoin ETF.
The latest SEC filing shows that Morgan Stanley holds a spot Bitcoin ETF worth $0.2721 billion.
Ethereum stakers' income has decreased by 30% since the peak in March, due to the slowdown in on-chain activities.
According to TheBlock report, ethereum stakers' income is slowly declining, totaling 0.174 billion USD in September, lower than the peak of 0.247 billion USD in March, reflecting the decrease in on-chain activities and the overall market enthusiasm. The stakers' income of 0.174 billion USD in September is much higher than the transaction fee revenue of 35.5 million USD, highlighting the heavy reliance on block subsidies. Despite the decrease in income, the number of validators continues to grow. Ethereum now has 1.09 million validators, demonstrating increased participation in network security. The increase in the number of validators, even with reduced individual rewards, also indicates people's continued confidence in the long-term prospects of Ethereum.
Since the merge, Ethereum's annual supply destruction rate has remained at -0.06%, effectively removing 861,000 ETH from circulation each year. However, since April, an increase in Ethereum's supply has been observed due to a decrease in the number of people using the main chain, which could lead to supply inflation. The highest recorded annualized burn rate was on April 5th, at -0.38%, and has been steadily increasing since then. In fact, the number of active addresses on Ethereum has also decreased, further indicating a reduction in on-chain activities.
Trump's cryptocurrency holdings have increased by $6.1 million this year, with over 65% of his holdings in meme coins.
According to Arkham data, Donald Trump's cryptocurrency holdings have increased by $6.1 million since the beginning of this year. Over 65% of the cryptocurrencies he currently holds are meme coins.
New documents show that the Trump family will receive 75% of the net income from the cryptocurrency project WLFI without assuming any responsibility.
According to CNBC, the cryptocurrency project World Liberty Financial run by US Republican presidential candidate Donald Trump released a 13-page document on Thursday, describing its mission and token allocation. It noted that Trump and his family could receive 75% of the net income, with the Trump family getting 22.5 billion "WLFI" tokens, currently valued at 0.3375 billion USD based on the price of 1.5 cents per token issued this week.
The document also states that Trump and his family bear no responsibility. It indicates that they are not directors, employees, executives, or operators of WLF or its affiliates, and states that the project and token are "apolitical and not affiliated with any political campaign." WLF's white paper mentions that a Delaware company called DT Marks DEFI LLC (associated with Trump) will receive three-quarters of the net revenue. The document released on Thursday defines net revenue as the income WLF receives from "any source (including but not limited to platform user fees, token sales revenue, advertising, or other income sources), net of agreed-upon fees and reserves required for ongoing WLF operations."
Approximately 30 million USD of the initial revenue is designated for reserves to cover operational expenses and other financial obligations. The remaining 25% of net revenue will go to Axiom Management Group (AMG), a Puerto Rico LLC fully owned by co-founders Chase Herro and Zachary Folkman. AMG has agreed to allocate half of its rights to the net revenue to a third LLC, WC Digital Fi, which is an affiliate of Trump's close ally and political donor Steve Witkoff and "certain family members." Witkoff's son Zachary is also listed as one of the project's co-founders.
The market cap of Bitcoin is currently greater than the sum of the market caps of Mastercard and Visa.
According to data disclosed on X platform by Cointelegraph, the market cap of Bitcoin is currently 1.325 trillion US dollars, exceeding the total market cap of Mastercard and Visa companies. In addition, according to 8marketcap data, Bitcoin's market cap currently ranks 11th in global asset rankings.
The total market cap of cryptocurrencies is $2.43 trillion, with Bitcoin accounting for 55.1%.
Data shows that the global market cap of cryptocurrencies is $2.43 trillion, with a 1.4% change in the past 24 hours. The total trading volume of cryptocurrencies in the past day was $109 billion. Bitcoin accounts for 55.1%, while Ethereum accounts for 13%.
Before the US election, the "crypto voting group" reached 26 million.
A survey found that approximately 26 million American voters belong to the "crypto voting group" - when deciding who to vote for in the upcoming election, they prioritize candidates who support cryptocurrency policies. According to a survey released by The Digital Chamber on October 17th among 1,004 respondents, one in seven (16%) stated that cryptocurrency is "extremely" or "very" important in deciding who to vote for, and if a candidate supports cryptocurrencies, they are "very" or "somewhat" more likely to vote for them.
JPMorgan: The opportunity for bitcoin mining companies to obtain contracts with AI datacenter services is diminishing.
JPMorgan analysts say that in the next 9 months, bitcoin mining companies will have a window of opportunity to sign data center and high-performance computing (HPC) service contracts with large-scale computing and AI startups, but the chances of securing HPC/AI data center transactions are diminishing. Due to delays in data center approvals and grid connections, bitcoin miners can use their existing infrastructure to meet AI computing needs. The report notes that the US grid capacity is limited, and the demand for AI and HPC will continue to grow until 2026.
Editor/rice
