Bitcoin Restesting Support

Bitcoin and the broader crypto market have once again experienced significant fluctuations. Bitcoin surged to $69,500, marking a 3.5% increase, before retracing to $67,000. Investors are closely watching the $65,000 level as a key support, with some seeing it as a strong entry point for future gains. Bitcoin's dominance has also reached a yearly high of 55.26%, signalling its strength within the market. While many are anticipating a liquidity shift from Bitcoin to alternative assets, institutional interest in BTC suggests that Bitcoin may continue to lead the market with sustained strength.

Bitcoin Dominance

This renewed interest in Bitcoin appears to be driven by both macroeconomic and political factors. Investor optimism has surged following the Federal Reserve's recent decision to cut historically high interest rates, which has reignited appetite for "risk-on" assets like Bitcoin. Additionally, growing expectations of a Republican victory in the upcoming U.S. elections, given their traditionally more favourable stance toward digital assets, are further fuelling confidence. We noticed ETF inflows had slowed as uncertainty surrounding interest rates led to caution, but with monetary policy now clearer and the political outlook shaping up, investors are diving into the crypto market with renewed enthusiasm

Weekly Price Update

Yuga Labs Launches ApeChain

ApeCoin surged by over 140% following the launch of ApeChain, a new Layer 3 blockchain developed by Yuga Labs, built on Arbitrum using Arbitrum Orbit. ApeChain is designed to enhance the scalability and functionality of the Yuga Labs ecosystem, which includes major projects like the Bored Ape Yacht Club (BAYC). The new chain not only supports ApeCoin as its gas token, bringing even more utility to the token, but also fuels growth across the ecosystem, including memecoins, gaming, and digital assets.

With a growing ecosystem of games and the highly anticipated *Otherside*, Yuga Labs' metaverse project, ApeChain could help reignite interest in Bored Apes and the broader Yuga Labs universe. Otherside is a metaverse that integrates NFTs, gaming, and social experiences, offering users a fully immersive virtual world. With the rising popularity of memecoins and ApeChain’s new utility features, Yuga Labs is positioning itself for a resurgence in the crypto space, including the NFT sector.

Apechain Unique Addresses

Despite being just a few days old, ApeChain has demonstrated impressive strength in onboarding new users to its network. Over 150,000 addresses have already interacted with ApeChain, and the network reached nearly 900,000 daily transactions on October 20. This works out to be around 10 transactions per second (TPS) which would have placed it in the top 10 active layer 2 or layer 3 chains. This rapid growth showcases the immediate demand and interest in the new Layer 3 blockchain, which may result in a further influx of developers and users on to its chain.

Apechain Daily Transactions

Spot Bitcoin ETFs Reflect Investor Optimism

U.S. spot Bitcoin ETFs have reached a new milestone, with inflows totalling $2.344 billion over the past seven trading days, propelling them to their highest recorded asset value. This surge in capital emphasises growing investor demand for Bitcoin exposure through regulated financial products, as both institutional and retail investors increasingly seek secure and compliant ways to enter the crypto market. With the U.S. Securities and Exchange Commission moving closer to approving additional Bitcoin ETFs, the momentum suggests increasing confidence in Bitcoin's future performance and the continued growth of liquidity and market stability. Notably, Bloomberg ETF analyst Eric Balchunas highlighted that cumulative net inflows have now crossed the US$20 billion (A$30B) mark, a significant achievement that took gold ETFs about five years to reach.

BlackRock's Bitcoin ETF (IBIT) has been a standout in this trend, attracting $1.513 billion in inflows over the past 7 days - its strongest performance since March 2024. IBIT now manages $26.12 billion in assets, placing it in the top 2% of all ETFs by size. Even more impressively, IBIT has claimed the third spot in year-to-date flows among all ETFs, overtaking established giants like Vanguard’s Total Stock Market ETF (VTI). This rapid growth signals the increasing role digital assets like Bitcoin are playing in diversified portfolios. Investors are clearly showing a preference for gaining Bitcoin exposure through traditional vehicles like ETFs, which offer ease of access and regulatory oversight.

IBIT Assets Under Management

Bitcoin Hashrate Hits All-Time High as Public Miners Lead

Bitcoin’s hashrate hit a new all-time high, driven largely by publicly listed miners ramping up operations and securing a dominant share of the network. This rise reflects major investment in mining infrastructure, signalling strong confidence in the long-term profitability of Bitcoin mining, despite market volatility.

Bitcoin Hashrate refers to the total computational power used by miners to process transactions and secure the Bitcoin network. A higher hashrate indicates greater security and decentralisation of the network, as more computing power is being used to validate transactions and prevent attacks.

Bitcoin Hashrate

Publicly traded mining firms have expanded their influence, boosting the overall hashrate and reinforcing Bitcoin’s network security. This surge in mining activity often coincides with expectations of higher future profitability, as larger players commit significant resources to capture block rewards. As a result, the increased hashrate helps maintain upward price momentum, and could be a strong indicator that Bitcoin is entering a new phase of growth, possibly reaching fresh all-time highs.

Furthermore, Despite the increasing difficulty of Bitcoin mining, mining companies have not significantly ramped up their Bitcoin sales. On October 20, these firms transferred a total of 2,916 BTC to centralised exchanges, representing one of the lowest selling volumes over the past month, based on CryptoQuant data.

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