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Today's Newsletter content

Bitcoin (BTC) surged above $65,000, backed by favorable macroeconomic trends, a tech sector rally, and significant inflows into Bitcoin ETFs, signaling renewed institutional interest. Analysts suggest BTC is in a "good position," with the 200-day moving average ($63,855) potentially serving as new support. Additionally, China’s rate cuts and upcoming US elections boosted market sentiment, driving Bitcoin's momentum. Traders now watch for a decisive close above $65K, which could set the stage for a rally toward $70,000, marking a potential new all-time high.

Ethereum has seen a significant 43% drop in new addresses over the past three months, falling from 138.6k in June to 78.39k by September 25, 2024. Despite this, ETH's price has surged by over 10% in a week, reaching $2,630. Analysts attribute the decline in new addresses to investor preference for Ether ETFs and rising interest in Solana’s ecosystem. Meanwhile, whale activity, with large sell-offs, has raised concerns about price stability despite the ongoing rally.

Worldcoin (WLD) saw a 20% surge in 48 hours, reclaiming the $2 mark. The rise is driven by the launch of its World ID protocol in Guatemala, Malaysia, and Poland, enhancing digital identity verification while ensuring privacy. Additionally, OpenAI's restructuring into a for-profit benefit corporation, with CEO Sam Altman gaining equity, fueled further momentum. WLD has gained 33% over the last 7 days, though it remains down 25% in the past 90 days.

TON blockchain validators are on high alert as Hamster Kombat, with 100 million monthly active users, begins its token mint on September 26. The mint is expected to significantly increase network load, potentially overwhelming the system. TON’s technical team urged validators to monitor their hardware and be prepared for emergency actions through September 29. The event follows last month’s downtime caused by the DOGS memecoin, which led to millions of transactions and temporary suspension of TON services on major exchanges like Binance. Hamster Kombat could surpass this volume, further testing the network's resilience.

U.S. Spot Bitcoin ETFs recorded net inflows of $105.84 million on September 25, marking a three-day streak. BlackRock’s IBIT led with $184 million, purchasing 2,913 additional Bitcoins, while Bitwise’s BITB saw $2.07 million in inflows. In contrast, Ark & 21 Shares’ ARKB and Fidelity’s FBTC experienced net outflows of $47.4 million and $33.2 million, respectively. Cumulatively, U.S. Bitcoin ETFs now hold assets worth $54.04 billion, approximately 4.63% of Bitcoin’s market capitalization. Ethereum ETFs also saw positive flows of $43.23 million on the same day.

Vitalik Buterin praised Celo for its peak stablecoin traffic and decentralized fintech solutions. Celo, currently an L1 chain, may soon evolve into an L2 EVM-compatible network. Following Buterin’s endorsement, CELO tokens saw a price rally, jumping from $0.55 to $0.64. Celo recently surpassed TRON in stablecoin transactions, driven by over 292 million USDT stablecoins on the network. With 700,000 daily active addresses and growing use cases like Uniswap, Celo is positioning itself as a significant player in decentralized finance.

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