XMRUSD Monero

Bitcoin ETFs reach $2.1 billion in weekly inflows, with IBIT leading

Last Friday, Bitcoin ETFs saw their fifth consecutive day of inflows, with net entries reaching $273.71 million, totaling approximately $2.1 billion for the week. ARK 21Shares (AMEX:ARKB) led with $109.86 million, followed by BlackRock’s iShares (NASDAQ:IBIT) with $70.41 million.

Of the $2.1 billion total, IBIT alone attracted over $1.1 billion in inflows last week, marking its best performance since March 2024. This allowed IBIT to surpass the Vanguard Total Stock Market ETF (AMEX:VTI), securing the third spot in cumulative year-to-date flows. With $22.8 billion under management, IBIT is considered one of the largest ETFs, reflecting investors’ growing interest in Bitcoin through traditional investment vehicles.

According to Bloomberg analyst Eric Balchunas, European investors have allocated more than $105 billion into Bitcoin ETFs in the U.S. by October, a historic record. He highlighted that this significant flow was driven by the superior performance of U.S. ETFs compared to their European counterparts. Capital inflows accounted for 75% of the momentum that helped Bitcoin surpass $50,000 in February 2024, though the price remains below $70,000.

Ethereum ETFs closed with a modest $1.91 million in net inflows from the Bitwise Ethereum ETF (AMEX:ETHW). Ethereum ETFs marked their third consecutive positive week, accumulating $78.89 million in weekly inflows.

Hunter Horsley, CEO of Bitwise, stated that Ethereum ETFs saw lower volumes due to their launch timing, which occurred during a period of low investment activity. While Bitcoin ETFs attracted more attention, Horsley emphasized that BlackRock (NASDAQ:ETHA) and Fidelity (AMEX:FETH) funds remain among the 25 fastest-growing ETFs. He also mentioned that the absence of staking in Ethereum ETFs does not significantly impact results, but he sees future growth potential.

Bitcoin dips after hitting $69K high, traders see support at $66K

Bitcoin (COIN:BTCUSD) reached an intraday high of $69,431 near the Asian market open before dipping 1.6% to $67,410 at the time of publication. This followed the asset’s largest weekly close in five months. Traders like Jelle and Emperor suggest BTC may test support between $66,000 and $63,300, with possible deeper pullbacks. According to Keith Alan, BTC needs to close above $69,000 to challenge all-time highs.

QCP Capital indicates that macroeconomic factors from Japan and China are expected to benefit risk assets like Bitcoin. Traders are also focused on the U.S. election in two weeks, with Donald Trump, a crypto advocate, leading on the Polymarket prediction platform.

Sui launches blockchain hub in Dubai to incubate developers and quick solutions

Sui Network (COIN:SUIUSD), developed by Mysten Labs, opened a center in Dubai aimed at incubating blockchain developers and entrepreneurs. Sui co-founder Kostas Chalkias compared the initiative to leading an army of engineers, aiming to create quick solutions for governmental issues through smart contracts. The hub, in collaboration with Ghaf Group, is the first in a global series and seeks to make Dubai a center for hackathons and blockchain innovation. Dubai has attracted the Web3 community with clear and accessible regulations.

DYDX rises 32%, but profit-taking could lead to correction

DYDX (COIN:DYDXUSD) surged 32% on Sunday, driven by the hype of dYdX Day in Dubai. However, investors began taking profits, marking the first peak in seven months. Given the Relative Strength Index (RSI) indicating overbought conditions, the token may face further pressure. If support at $1.16 is breached, the altcoin could face a larger correction, undoing recent gains.

ApeCoin surges over 100% with the launch of ApeChain

ApeCoin (COIN:APEUSD) is gaining investor attention with a weekly rise of 103.1%, driven by the launch of the ApeChain blockchain network on October 20. The token rose from $0.861 to a high of $1.74 before correcting to $1.54 at the time of publication. Integration with the LayerZero protocol and increased demand for tokens within the Yuga Labs ecosystem bolstered trading volume, though the Relative Strength Index suggests a potential correction.

SOL could skyrocket based on bullish technical pattern

Analyst Peter Brandt identified a “cup and handle” pattern on the weekly chart of Solana (COIN:SOLUSD), suggesting that the price could surge by over 2,000%. This technical pattern indicates a potential breakout above the $205 resistance, with a price projection around $4,500 by 2025-2026. However, despite the optimistic setup, studies show that only 61% of cup-and-handle patterns reach their expected targets.

AI scam targets XRP holders with fake Chris Larsen video

A new AI scam is circulating on YouTube, featuring a fake video of Ripple co-founder Chris Larsen. In the video, Larsen claims that Ripple will return 150 million XRP (COIN:XRPUSD), encouraging holders to visit a website to double their assets. The unlisted YouTube video is shared via email, directing users to send funds to a scam address. This fraud is similar to past scams involving Elon Musk.

18 people arrested in Japan over Monero scam

Japanese police arrested 18 individuals, including Yuta Kobayashi, the leader of a fraudulent scheme involving Monero (COIN:XMRUSD). The arrests, made on October 21, followed an investigation into 900 fraudulent transactions that caused approximately $667,216 in losses. This is the first case in Japan where Monero was tracked to identify and dismantle a criminal network, despite its strong privacy features.

Coinbase CEO supports pro-crypto candidates in U.S. elections

Brian Armstrong, co-founder and CEO of Coinbase Global (NASDAQ:COIN), expressed support for pro-crypto Republican candidates in the upcoming November elections. On October 20, Armstrong highlighted John Deaton and David McCormick, both running for Senate. Armstrong criticized Senator Elizabeth Warren’s anti-crypto stance and praised McCormick as the “best crypto candidate” in Pennsylvania. While endorsing these candidates, Armstrong did not endorse a presidential candidate but reaffirmed Coinbase’s focus on crypto-friendly policies.

Stripe acquires Bridge for $1.1 billion in its largest purchase

Stripe, the payments processing giant, acquired the stablecoin platform Bridge for $1.1 billion, according to TechCrunch. The deal, Stripe’s largest acquisition to date, has not yet been officially commented on by the companies. Founded by former Coinbase executives, Bridge facilitates stablecoin payments and raised $58 million in funding this year. The acquisition follows Stripe’s integration of the USD Coin (COIN:USDCUSD) stablecoin into its platform, expanding its support for digital payments.

Bitcoin mining deal failure in Kentucky results in legal dispute

In eastern Kentucky, Mohawk Energy, co-founded by Senator Brandon Smith, reached an agreement with HBTPower to operate a Bitcoin mining facility. According to Wired.com, after promising hopes of revitalizing the region, the relationship soured when the warehouse was never activated. HBT filed a lawsuit alleging contract breach by Mohawk, while the company countersued for unpaid rent and fees. The project now faces uncertainties, with the potential failure of an initiative that promised jobs and local development.