Diversitas

Crypto Market Pulse👀

• Daily netflow for $BTC ETFs: +$555.9💸
• Japanese public company Metaplanet buys 106 $BTC 👌
• German listed company Samara Asset Group to buy $BTC using $33M bond💪
• Korean Virtual Assets Committee to hold a meeting to discuss the approval of Bitcoin ETFs 👀
• It's been 215 days since the ATH, with the longest record being 230 days🤔

1. Market Overview

This week saw another test of our weekly trendline, but the market managed to close well above it. Bulls successfully defended the $60K range, driving the price back up📈

With the U.S. elections just three weeks away, we expect upward momentum to build. Trump, currently leading in the polls and known for his pro-crypto stance, could further fuel a rally as the election approaches. Historically, elections tend to be bullish for risk-on assets, setting the stage for a potential market bounce👀 $BTC

2. ETF Flows

Despite the lack of exciting price action this week, we saw positive ETF flows for both Bitcoin and Ethereum, indicating steady institutional interest👌

• BTC ETFs Weekly Flow: +$348.5 million
• ETH ETFs Weekly Flow: +$1.9 million

This continued inflow suggests growing confidence in the market, even during periods of price consolidation.

3. On-Chain Data

• Coinbase Premium: Negative🤔
• Exchange Reserves: Extremely Low✅
• MVRV Ratio: 1,95 (cycle top usually above 3.7)✅
• Open Interest: Moderate✅
• Funding Rates: Low✅
• Fear and Greed Index: 48 (Neutral)✅

As the market continues to consolidate within a tight range, it’s important to highlight the growing stablecoin balances on exchanges. Historically, larger stablecoin holdings have often signaled upcoming increases in Bitcoin’s price.

Since January, $USDT (ERC20) balances on exchanges have surged by 146%, from $9.2 billion to $22.7 billion, despite Bitcoin’s price remaining relatively flat. This growing liquidity suggests that Bitcoin is primed for an impulsive upward move in the near future👀

4. Top Weekly News

Mt. Gox Pushes Repayment Deadline to 2025

https://www.theblock.co/post/320746/mt-gox-pushes-repayment-deadline-to-2025

Japan's Metaplanet Buys Another $6.7M Worth of Bitcoin

https://www.coindesk.com/business/2024/10/07/japans-metaplanet-buys-another-67m-worth-of-bitcoin/

MicroStrategy Aims for Trillion-Dollar Valuation as Bitcoin Bank

https://coinmarketcap.com/community/articles/670946be9cc5683764f66e1a/

Former President Trump Leads Harris by 10 Points — Polymarket

https://cointelegraph.com/news/former-president-trump-gains-10-point-lead-harris-polymarket

Bitcoin Options Show Post-US Election Bullish Bets

https://www.theblock.co/post/320250/bitcoin-options-us-election-bullish-bets-volatility?utm_source=twitter&utm_medium=social

Consumer Price Increases Cooled, but Not as Much as Expected

https://www.nytimes.com/2024/10/10/business/inflation-cpi-report.html

South Korea to Review Lifting Ban on Spot Crypto ETFs

https://www.theblock.co/post/320385/south-korea-to-review-lifting-ban-on-spot-crypto-etfs