Bitcoin Nearing $70,000
Bitcoin's open interest in futures contracts has surged to $38 billion, its highest level since January 2023, as BTC prices approach $68K. This reflects growing institutional interest, especially with $926.9 million in net inflows to Bitcoin ETFs in the last 2 days, fuelling optimism around Bitcoin's continued growth. Despite increased leverage demand, the market remains balanced between bulls and bears, with cautious leverage use.
The delay of Mt. Gox's Bitcoin repayments to October 2025 further strengthens the bullish narrative. Concerns about a massive sell-off of $9.2 billion worth of Bitcoin owed to creditors have been postponed, alleviating market pressure. This delay gives the market time to adjust and prepare for future volatility while allowing other events like the U.S. election and potential rate cuts to unfold. Additionally, Bitcoin whales have accumulated 1.5 million BTC in the past six months, buying up coins sold off by smaller holders. This accumulation by large investors points to confidence in Bitcoin's long-term growth, with potential price gains ahead as speculative sellers exit the market.
Weekly Price Update
The Rise of GameFi
The Web3 gaming sector is rapidly expanding, though not without its challenges. Recent projections suggest that the market for gaming tokens could increase from $18 billion to $40 billion by year’s end, driven by rising investment in blockchain games and the launch of more high quality AAA games. On-chain activity has also seen significant growth in the last 18 months, now representing 28% of all dApp activity and attracting 4.7 million active wallets daily.
Web3 gaming investments have experienced a remarkable uptrend since the beginning of Q2 2024. Over $1.1 billion was invested in this sector during Q2, representing a massive 381% increase compared to Q1 2024, highlighting the growing confidence and momentum in the space.
Leading the charge in Web3 gaming infrastructure are Immutable and Ronin, providing crucial tools for developers to build the future of gaming while cultivating strong communities around existing titles. Capital continues to flow into Web3 gaming, and adoption of Web3 technology is also accelerating among mainstream entertainment companies, with 72.5% of the top video game companies venturing into web3. This includes directly investing in web3 gaming projects, blockchain game development, or hiring for blockchain-related positions. Additionally, companies like Electronic Arts and Sega are beginning to explore blockchain technology to elevate their platforms, signalling a broader shift toward innovation and the integration of Web3 elements in gaming.
Perion's Mission
A key focus for many in the Web 3 gaming industry is the mission to seamlessly onboard millions of Web2 gamers into the Web3 space, making the transition as user-friendly as possible. Perion plan to reshape this by incorporating blockchain into gaming, empowering gamers and the gaming industry.
Perion (PERC) has seen significant growth this week, up 131%, driven by various factors that reflect the increasing traction of its investments and platforms. XP, their game-centric product, is a platform that rewards gamers for playing their favourite games, by incorporating Web3 features on top of the world's largest Web2 games. It is gaining a strong user base, with tens of thousands of users onboard and securing access to the Riot Developer API and Valorant, followed by a robust pipeline of future games.
Another major highlight is the new game "Off The Grid", where Perion holds a large amount of validator NFTs. This game has become the most-watched on Twitch and the most-played free game on Epic, demonstrating massive traction. What’s particularly beneficial to PERC holders is that 30% of the game’s revenue is allocated toward purchasing the game’s tokens, which are then distributed to validators like Perion, linking the game’s success directly to PERC through the Treasury Link. Alongside this, other ventures, like Fanplay, have shown promise at Token2049, and the viral success of Hamster Racing League on TikTok, where Perion holds a 26% stake, adds to the long-term growth prospects.
Investor Interest - ETF Investor Plan
A recent Charles Schwab survey reveals that nearly 50% of U.S. investors plan to invest in crypto ETFs over the next year. This growing interest underscores the increasing mainstream adoption of digital assets, particularly through regulated financial products like ETFs, which offer a safer and more accessible entry into the market. Investors are particularly drawn to the potential for diversification and growth that cryptocurrencies offer in their portfolios.
62% of Millennials plan to invest in Crypto ETFs, highlighting a clear trend that the younger generation, who are shaping the future, are embracing digital assets. This suggests that cryptocurrencies have the backing of tomorrow's leaders and are likely to continue integrating into traditional financial markets. As the asset class matures, it's highly probable that other major cryptocurrencies, like Solana, will also receive ETF approval. This could serve as a catalyst for further growth, providing a structured and secure investment vehicle for those who prefer to invest via ETFs. The survey clearly indicates that the demand for such products is already strong.
Crypto Wins This Election
Trump's victory odds have risen to 58%, compared to 41.7% for Kamala Harris. This surge is likely a factor to Bitcoin's recent price increase, as we've previously noted that clearer election outcomes often correlate with positive crypto price movements.
Kamala Harris, just released her “Opportunity Economy” campaign, advocating for cryptocurrency regulation alongside support for Black-owned businesses. Her agenda focuses on wealth building tools for Black men, including business ownership, home buying, and protection for digital asset investors. Despite this campaign receiving some backlash, we can draw from it the positive take on framework and protection on cryptocurrencies.
While Trump remains the favored candidate for our industry, Harris has shown greater support for the crypto industry than Biden did in tenure, suggesting that regardless of the election outcome, cryptocurrency may still benefit under new leadership.
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