On October 24th, the sentiment in the cryptos market slightly improved, with Bitcoin reclaiming the $67,000 level. As of the time of writing,$Bitcoin (BTC.CC)$ it rose 1.08% to $67,129.89; $Ethereum (ETH.CC)$ it rose 1.65% to $2,551.99.

Key Focus

• Tesla's Bitcoin holdings remained unchanged in Q3 of 2024, with Tesla's Q3 net income at 2.167 billion USD.

Tesla (TSLA) did not sell its $0.763 billion worth of Bitcoin holdings in Q3 of 2024. According to the latest financial report, the company neither increased nor decreased its holdings. However, Tesla transferred its Bitcoin assets from the public wallet for the first time this quarter, involving a total of $0.76 billion.

According to Arkham Intelligence data, Tesla has made multiple large transfers, including transferring $75.18 million, $76.08 million, and $77.16 million to anonymous wallets, with no sales or conversion to other cryptos. Since reducing its holdings by 75% in the second quarter of 2022, Tesla has not further disposed of Bitcoin. In addition, SpaceX, owned by Elon Musk, also holds about $0.56 billion in Bitcoin, with the two companies collectively owning about 19,788 Bitcoin, totaling about $1.3 billion in market value.

• Former White House Acting Chief of Staff: Cryptos are an industry that 'breaks the American political mold' and is attractive to both parties.

Mick Mulvaney, who served as the acting White House chief of staff in the Donald Trump administration, called cryptocurrency an industry that "breaks the American political mold" because it is attractive to both the Democratic and Republican parties. Mick Mulvaney stated in an interview with News Nation that cryptocurrency is "not suitable for the traditional political barriers of the Republican and Democratic parties," transcending political boundaries. Mick suggested that this is part of a process for lawmakers to "readjust" interests to adapt to the new industry. With interest groups investing heavily in congressional candidates, the impact of cryptocurrencies in the 2024 election cycle and "the next few" election cycles will be "profound."

• Bernstein: 'Conservative' forecast expects Bitcoin price to reach $0.2 million by the end of 2025.

According to The Block, analysts from the research and brokerage firm Bernstein claimed that their current forecast of $0.2 million for the end of 2025 for Bitcoin is 'conservative' and urged skeptics to reconsider the limited supply of cryptocurrencies in an era when U.S. debt levels are at record highs. For investors who do not want to directly hold Bitcoin, the analyst suggests investing in the world's largest Bitcoin corporate fund holder, MicroStrategy, and Robinhood, which continues to expand its crypto services, as alternative indirect investment options.

In addition, analysts also mentioned that in a world where U.S. debt hits a new high and inflation threats still exist, it is not a bad thing to have a limited supply of "store of value" digital assets. If investors like gold, then they should prefer bitcoin.

• Ripple CEO: Regardless of who wins the U.S. presidential election, the crypto industry may "reset."

Ripple CEO Brad Garlinghouse stated that regardless of the upcoming US election results, cryptocurrencies will undergo a 'reset'. He said: 'We will see progress moving forward, and I am very excited about it. Kamala Harris comes from Silicon Valley and has been supporting technology for many years. She has been relatively quiet on technology topics. On the other hand, Trump has actively supported cryptocurrencies for a long time and claims to be the 'crypto president'. In August, Ripple co-founder Chris Larsen donated 1 million dollars in cryptocurrency to a political action committee supporting Harris. Garlinghouse mentioned that he also donates to candidates who support cryptocurrencies.

• WintermuteOTCTraders: The premium for bullish Bitcoin options is relatively higher compared to bearish options.

Wintermute's OTC trader, Jake Ostrovskis, wrote in a report on Monday that, at a higher level, market makers are driving premiums on call options for contracts expiring in almost all timeframes longer than one day, with Bitcoin call options having relatively higher premiums compared to put options. FalconX's research director David Lawant stated, 'This indicates that investors are more using the options market as a tool to capture potential upside space, rather than as a hedge against downside risk. Regarding non-Bitcoin cryptos, opinions are more diverse. There is less consensus in the market on how these alternative cryptocurrencies may perform in different election scenarios.'

• Analysts: The U.S. election may trigger a bond market collapse, impacting assets such as Bitcoin.

According to The Block, analysts from the trading and financial services company Presto stated that the U.S. election could cause a collapse in the bond market, affecting other assets like Bitcoin. Presto analysts Peter Chung and Min Jung issued this warning after prominent investor Paul Tudor Jones's interview with CNBC on Tuesday. Jones expressed his bullish view on Bitcoin, gold, commodities, and Nasdaq stocks in the current risk environment.

Analysts wrote in a report: "Over the past 25 years, the ratio of U.S. debt to Gross Domestic Product (GDP) has increased from 40% to 100%, and may reach 124% to 200% in the next 10 to 30 years. The U.S. election could trigger a 'Minsky moment,' when the bond market will realize the problem and demand higher compensation for deficit funding." Chung and Jung believe that both Republican candidate Trump and Democratic candidate Harris are promising "fiscal profligacy," leading to a continuous rise in government debt levels, which exacerbates the risk of a bond market collapse.

They state that escaping the dilemma through inflation is the only solution, echoing Jones's view that "all roads lead to inflation." Presto analysts note that Jones's view is worth noting as it may be the driving force behind recent increases in government bond yields and sovereign risk credit default swap rates. Chung and Jung believe that the awaited approval of the "2024 Bitcoin Act" by Congress may help stabilize U.S. debt and even the global financial system. However, they add that neither presidential candidate has focused on the debt issue, indicating it is not a top concern for most voters.

• 10x Research: Bitcoin may resume its upward trend after the market digests higher bond yields.

According to Decrypt, 10x Research stated in a report: "We believe the market needs time to digest higher bond yields before Bitcoin can resume its upward trend, rather than being overly pessimistic." They emphasized that despite the funding rates of Bitcoin and Ethereum rising to 10%, the spot prices lag behind and retail participation remains subdued. "We hope to see multiple indicators align to confirm the bullish momentum, but this is not a major issue. The market may only need a few days to absorb these factors." In addition, the total inflow of stablecoins is the main driver of liquidity this year. 10x Research pointed out: "Since the launch of Bitcoin spot ETF, stablecoin inflows have reached 36 billion USD, and liquidity remains strong." They also stressed that these inflows continue to exert upward pressure on the price of Bitcoin.

• The total on-chain holdings of the U.S. Bitcoin ETF exceeded 1 million BTC.

According to Dune data, the total on-chain holdings of the US spot Bitcoin ETF have surpassed 1 million BTC, reaching approximately 1.04 million BTC, accounting for 5.26% of the current BTC supply, with the on-chain holdings value reaching around 69.1 billion USD. In addition, the data shows a net inflow of approximately 0.4207 million BTC since the launch of the US spot Bitcoin ETF, with a net inflow of around 0.0479 million BTC last week.

• Bitwise strategy director: If Trump is elected, he may push Bitcoin up to $0.092 million.

Alpha strategy director Jeff Park of crypto asset management company Bitwise predicts that if Trump wins the US presidential election in November, the price of Bitcoin could rise to $92,000.

Editor/rice