Crypto Pulse——10/7 Market Trends and Hot Project Analysis

Preface:
In the past 24 hours, Bitcoin and Ethereum have dropped by 1.79% and 2.49%, respectively, with current prices at $62,698 and $2,436. The ETH/BTC rate remains stable at 0.04. The crypto market’s Fear & Greed Index is at 49, indicating neutrality.

Market Trending

Following a market-wide rebound the day before, a slight correction occurred yesterday, with Bitcoin falling below the $63,000 mark. Major altcoins followed suit with a 3% drop. Last week, the S&P 500 saw a small 0.22% rise, driven by stronger-than-expected jobs data, boosting hopes for a soft landing by the Federal Reserve. Key data to watch this week includes Wednesday’s Fed meeting minutes and Thursday’s CPI report. Additionally, the upcoming U.S. election remains a focal point for long-term investors.
Public Chain Sector: SUI surged after a major unlock, with a market cap nearing $20 billion, leading the current round of gains. Legacy chains like ETH and SOL underperformed. Meme Sector: NEIROCTO topped the gainers’ list, with a 70% increase in three days. POPCAT set new all-time highs, becoming the first cat-themed meme coin to surpass a $1 billion market cap. Political-themed tokens like MAGA, STRUMP, and TRUMP surged as the U.S. election and Trump’s rallies heated up.

Spot Bitcoin ETF Flows

U.S. Bitcoin spot ETFs saw a net inflow of $233.8 million yesterday, with BlackRock’s IBIT receiving $96.5 million, Fidelity’s FBTC $103.7 million, BITB $13.1 million, ARKB $12.6 million, BTCO $2.5 million, and HODL $5.4 million.
Meanwhile, U.S. Ethereum spot ETFs saw a net inflow of $7.4 million, with ETHA receiving $14.7 million, while ETHE experienced an outflow of $8.4 million.

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Daily Spotlight

Today’s hot project is CFX, with a 24-hour gain of 10.8%.
Conflux Network (CFX) is a public blockchain project founded in 2018, originating from the research lab of Turing Award winner Dr. Andrew Yao at Tsinghua University. Conflux’s consensus algorithm is based on a unique directed acyclic graph (DAG) structure called Tree-Graph, allowing the network to confirm multiple blocks simultaneously and process transactions in parallel, significantly improving transaction throughput. CFX is Conflux Network’s native utility token used for network consensus, ecosystem incentives, governance, and staking.
Conflux is often regarded as China’s premier public chain. Recent stimulus policies have driven the Chinese stock market to its largest single-day gain since 2008, boosting investor sentiment and liquidity. As a result, Conflux surged by 10.8% in 24 hours, reaching a peak of $0.2065.

Check Out the Latest Prices, Charts, and Data of CFX/USDT Spot and CFXUSDT Perp!

The Word on the Street

FTX Bankruptcy Plan Approved.
On October 8, U.S. Bankruptcy Court Judge John Dorsey in Delaware approved crypto exchange FTX’s bankruptcy plan, initiating the process of distributing funds to creditors.
According to the plan, 98% of creditors will receive around 119% of their claim value in cash within 60 days of the plan’s effective date. Between $14.7 billion and $16 billion will be returned to creditors. FTX CEO and Chief Restructuring Officer John J. Ray III commented, “Looking ahead, we are prepared to return 100% of bankruptcy claims plus interest to non-governmental creditors through one of the largest and most complex asset distributions in bankruptcy history. The bankruptcy estate is working to finalize the arrangements for distributions to creditors across more than 200 jurisdictions worldwide.”

Project Upgrade

Layer3 Expands to Solana, Supports L3 Staking via Wormhole.
On October 8, Layer3 announced its expansion to the Solana network, creating a consumer distribution layer for Solana protocols. This expansion is supported by L3 tokens provided natively through Wormhole on Solana.
New features include optional token migration via Wormhole & Portal, new leaderboards, rewards, user progress, and community structure, as well as L3 staking on Solana via Wormhole.