Today's news tips:
Vietnam's Ministry of Finance: Cryptocurrency pilot limited to 5 licensed exchanges
China's central bank increases gold holdings for 11th consecutive month
India is about to launch a digital currency backed by the Reserve Bank of India
London Stock Exchange: Bitcoin retreats after hitting record high due to profit-taking
Viewpoint:
Matthew Sigel, head of digital asset research at VanEck, wrote on the X platform that Bitcoin's market capitalization should reach half that of gold after the next halving. This roughly half of gold's value reflects its use as a store of value, rather than industrial or jewelry demand. Surveys show that young consumers in emerging markets are increasingly choosing Bitcoin to fulfill this role. Based on current record gold prices, this translates to an equivalent price of $644,000 per BTC.
Paul Tudor Jones, legendary Wall Street investor and founder of Tudor Investment, believes the US stock market is on the verge of a late-stage bull market explosion and may be poised for a strong rally in the near term. He plans to hold gold, cryptocurrencies, and Nasdaq tech stocks until the end of the year to capture the momentum driving the US stock market. He points out that all the conditions for a surge in US stocks are in place, triggering another rapid rally, and believes this will happen again, potentially even more explosive than the period leading up to the 1999 dot-com bubble burst. He describes the current bull market as both alluring and risky, with the largest gains typically occurring in the 12 months before the peak. However, those who want to participate must be nimble, as the outcome can be devastating. He does not expect the market to peak in the near term, but rather believes a "speculative frenzy" driven by retail investors and funds operating both long and short positions will emerge. More retail buying and capital will be needed to push stock prices to their final peak.
Grayscale's two ETH spot ETFs have seen 32,000 ETH staked in the past nine hours. They conducted a large-scale ETH distribution 20 days ago, with each address receiving 3,200 ETH. Last night, they announced that their managed ETFs can now be staked, and they then used 10 addresses to stake 32,000 ETH.
According to Cointelegraph, Bitcoin has restored its correlation with gold, and both have recently reached historical highs. The price of gold has been strong, rising by more than 50% so far this year, outperforming Bitcoin (which has risen by about 33.5% over the same period). However, analysts believe that although Bitcoin's rise has lagged behind gold, if it continues to follow the upward trend of gold, it may see a sharp rise by the end of the year. Although there is also the possibility of a pullback, overall the fourth quarter will be of great significance to Bitcoin.
Macro
Kansas City Fed President Schmid said on Monday he favors not cutting interest rates further, saying the Fed should remain mindful of the risk of excessive inflation as it navigates the dual risks of overly tight and overly accommodative policy. Schmid supported the Fed's decision to cut interest rates by 25 basis points in September, calling it appropriate risk management amid a cooling labor market. However, he noted that various indicators suggest the overall job market remains healthy, while inflation remains excessively high, with service sector inflation stabilizing at around 3.5% in recent months, well above the Fed's 2% inflation target.
A Bitfinex Alpha report noted that Bitcoin started October strongly, reaching a new all-time high. Historically, the average gain for Bitcoin in October is approximately 21%. A major factor behind Bitcoin's recent gains is the easing of selling pressure, with whale selling significantly slowing. Furthermore, an improving macroeconomic environment, including a dovish Federal Reserve, easing inflation, and renewed inflows into ETFs, suggests the crypto market's correction may be over.
Project News
DePIN infrastructure service provider Bee Maps (formerly Hivemapper, Inc., now using the new brand name) has received US$32 million in financing. The specific financing round was not announced. Pantera Capital, LDA Capital, Borderless Capital and Ajna Capital participated in the investment.
Trump's stablecoin project USD1 has been listed on Aptos
Aptos announced on the X platform that USD 1 is now available on Aptos, aiming to provide a stable, transparent and accessible foundation for the digital economy.
Virtuals launches Unicorn startup model, which will gradually replace the Genesis points system
Virtuals announced the launch of Unicorn, a new startup model. Compared to the previous Genesis model, Unicorn no longer solely pursues fairness, but instead emphasizes early conviction and long-term value. Each Unicorn project starts with a low valuation, allowing early participants to receive asymmetric returns. The founding team only receives funding when the project actually grows, ensuring accountability and long-term development.
USD.AI will increase the autoUSDai cap by $100 million to support USDai exchange rate stability
USD.AI, a stablecoin protocol providing credit for AI, announced that it will increase the autoUSDai cap by $100 million at 00:00 Beijing Time on October 9th to support the orderly liquidation of USDT0 positions in the Euler Frontier USDai market. USD.AI stated that this cap increase is a targeted stabilization measure, not a routine cap increase. Demand for USDai has already pushed the exchange rate to $1.06.
Lending protocol Fluid announced the creation of an on-chain reserve of FLUID tokens to guide its buyback and growth strategy. The team is developing a dedicated buyback and tracking system to determine the optimal percentage of protocol revenue allocated to buybacks. During this period, the DAO will adopt a transitional approach, allocating 100% of Ethereum mainnet revenue to buybacks in the first month (approximately $1.7 million at current levels). Buybacks officially began in the first week of October.
Important data
On-chain data: Matrixport withdrew 14,586 ETH from Binance in the past 12 hours
According to Onchain Lens monitoring, Matrixport (0 xacc...200 e) withdrew 14,586 ETH worth $68.2 million from Binance in the past 12 hours.
According to Lookonchain monitoring, three hours ago, a whale (0xFB 3 B...2833) deposited 4.93 million ASTER tokens, valued at $10.18 million, into Daniel Larimer's Binance deposit address. This whale had previously withdrawn 64.5 million ASTER tokens, valued at $133.7 million, from Gate.io at an average price of $2.07.
Coingecko data shows that the total market capitalization of tokenized gold across the entire network has exceeded $3 billion, currently standing at $3,026,614,542, a record high and a 24-hour increase of 2.3%. Tether Gold (XAUT) has a market capitalization of approximately $1.492 billion, and PAX Gold (PAXG) has a market capitalization of approximately $1.188 billion. (Note: Tokenized gold refers to physical gold represented digitally on a blockchain platform. These tokens are backed by an equivalent amount of physical gold held in custody by the issuing institution.)
Alameda Research deposited 500 BTC to BitGo 7 hours ago
According to Onchain Lens monitoring, Alameda Research deposited 500 BTC worth approximately US$62.15 million to BitGo 7 hours ago.
