October has arrived with a bang, shattering the so-called September curse. Bitcoin surged past $120K, the total crypto market cap reclaimed the $4 trillion milestone, and Solana leapfrogged Ethereum in a dramatic shake-up. With investors flocking to Bitcoin ETFs over Ethereum, the month has already set the stage for a seismic quarter in crypto.
Uptober takes effect, markets bloom
Bitcoin reached above the $120 level after one and a half months. Although the flagship crypto tested the resistance level at $117K quite a few times, the bears were strong and held BTC back. However, since the last week of September, BTC has been making progress, producing big green candlesticks.
Crypto market cap crosses above $4 trillion
The total crypto market capitalization crossed the $4 trillion mark after the market crashed in mid-September. The total crypto market cap has gained more than 2% in value during the past 24 hours. More importantly, the crypto market cap curve is on an upward trend, making higher lows and higher highs.
Tether introduces new stablecoin
Stablecoin issuer Tether is planning to introduce its new stablecoin, USAT, via the Rumble platform. With this reveal, the issuer aims to expand its reach to the video-sharing platform’s audience. Rumble has a significant user base in the U.S.
Trump real estate enters blockchain
Co-founder of World Liberty Financial and son of U.S. special envoy Steve Witkoff, Zach Witkoff, wants to tokenize the Trump family’s real estate empire. Speaking at the Token2049 conference in Singapore, he stated:
“The Trump family has one of the most exciting real estate asset portfolios in the world,” he said. “What if I told you that you could go on an exchange and buy one token of Trump Tower Dubai?”
Short liquidations drop by $150 million
On October 1, over $390 million in shorts were liquidated, compared to just $122 million in longs. This marks a sharp drop from the previous day, when short liquidations hit $249 million—about $150 million higher than today.
Hayes predicts the BTC price in 2028
Founder and former CEO of BitMEX, a cryptocurrency derivatives exchange, Arthur Hayes predicted that BTC could reach $3.2 million by 2028. Expounding on his belief in a discussion in Singapore, Hayes stated, “My model isn’t a prediction; it’s math.”
Solana overhauls Ethereum
Solana, aka the “Ethereum Killer,” might have the upper hand when it comes to staking ETF markets. Speaking at the Token2049 event in Singapore, Bitwise CEO Hunter Horsley stated that Solana may have the edge over Ethereum due to its faster unstaking period.
BlackRock’s ETF enters top 20 list
BlackRock’s $IBIT ETF entered the top 20 ETFs. The asset manager’s IBIT fund reached $90.7 billion in assets, overtaking $XLK by a slim margin of $0.1 billion.
$9 out of every $10 was invested in BTC ETF
On October 1, total net inflows into crypto ETFs surpassed $750 million. Bitcoin ETFs accounted for the majority, attracting approximately $675 million, while Ethereum ETFs registered around $90 million in net inflows.
Nearly nine out of every ten dollars invested in crypto ETFs on October 1 flowed into Bitcoin products. This stark difference in investment patterns highlights that investors have more faith in the flagship cryptocurrency. Follow AltcoinDesk for more news.
