Bitcoin ETFs See Biggest Day in Months

Plus traders eye $75k as Uptober is set to begin.

TylerD

Sep 30, 2024

TylerD's Market Summary

GM!

Today's top news:

Crypto majors fall after bullish weekly close; BTC -3% at $63,680
Meme leaders dip after weekend rally, WIF leads
MOODENG falls to $220M after SNL skit, still up 4x on week
Eigenlayer tokens unlock tonight, trading $6B on pre-market
Pudgy's introduce Pudgy Arcade across the USA

💰 Bitcoin ETFs See 4-Month Highs

Q4 is historically a huge month for Bitcoin.

Average returns over the last 10 years are +22.9%, +46.8% and +5.5% for October, November and December respectively.

With October specifically finishing green 8 out of 10 times (thus the name "Uptober").

Only 3 times in the past decade has September closed green - and in those scenarios, Q4 was huge.

And it looks like the ETFs are trying to make that scenario happen.

Historically when September is green - Q4 is huge!

What Happened?

It was a good week for the Bitcoin ETFs, which saw inflows for seven consecutive trading days.

On Friday alone, the ETFs recorded $494M in inflows, their largest single-day in nearly four months.

Ark and 21Shares' ARKB fund led with $203.1 million, followed by Fidelity's FBTC and BlackRock's IBIT with $123.6 million and $110.8 million, respectively.

Total accumulated funds in the ETFs are now approaching $40B (discounting the $20B in outflows from Grayscale).

Analysts attribute this surge to the rising price of Bitcoin and growing investor confidence in the asset.

The ETFs are certainly doing their part to set up a green Q4

What's Next?

It looks like Bitcoin options traders are getting bullish and targeting $75,000.

The crypto perps exchange Deribit saw significant call buying at that $75k level as traders speculate on a big Q4.

This comes after Bitcoin officially put in a higher high on the weekly chart, closing yesterday around $65,600 (before falling overnight), closing 3 straight weeks of higher highs.

If the price does break through that $75,000 level, many believe it's "open sky" to $90k-$100k.

And Uptober is about to begin.

Buckle up...

It was a strong end to September for the BTC ETFs - how will October look?

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

Ethereum led NFT trading volume with $3.4M on the day; Solana was next with $1.9M, and then Bitcoin with $1.6M
ETH NFT leaders were mixed on the weekend but down 5-10% on the week); Punks +2% at 28 ETH, Pudgy -1% at 10.3, BAYC +2% at 10.95 ETH, Azuki -5% at 5.33
Ready Player Cat (+55%) and Yogapetz (+42%) were notable top movers
BTC NFT leaders were mixed on the weekend but closing a very green week; NodeMonkes +8% at 0.194 BTC, Puppets -2% at 0.13 BTC, OMB even at 0.19, Quantum Cats -2% at 0.25
The Runes leaders were slightly red with the Bitcoin dip with DOG -4% at $405M mc, RSIC even at $80M mc, PUPS -4% at $76M and BILLION DOLLAR CAT -7% to $41M
Solana NFTs were mostly red on the day and the week; Mad Lads -1% at 49 SOL, SMB Gen 2 -1% at 23.5, DeGods -2% at 14.5 SOL, Claynos -3% at 12.25
Pudgy Penguins introduced the Pudgy Arcade with the Polar Challenge game going live in various arcades across the USA

Pudgy Arcade is going live across the country

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and/or airdrop news from the day:

Hamster Kombat's token is down to $370M as the TON game's token continues to disappoint
Initia raised $2.5M in 2 hours on Cobie's Echo platform following its private $14M Series A raise
Eigenlayer has a token unlock at midnight EST tonight, with $EIGEN trading over $4 on pre-markets

EIGEN is trading over a $6B mc in pre-markets ahead of unlock tonight

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

Crypto majors are down 1-3% this morning; BTC -3% at $63,570; ETH -2% at $2,600, SOL -1% at $154
Memecoin majors were mostly red after a green weekend; DOGE -5%, SHIBA -8%, PEPE -5%, WIF +4%, BONK +1%, POPCAT +1%, and MOG -2%
The Bitcoin ETFs saw their highest day of inflows since June on Friday with $494M
FTX Creditors may begin receiving payments this week though specific details are mixed
MOODENG was featured on Saturday Night Live this weekend, with the memecoin ending rallying to $300M on Sunday before falling back to $225M overnight
The SEC settled with Mango Market for unregistered sale of securities charges

MOODENG hit a local top after an appearance on SNL - where will it go from here?

🚀 Memecoin Movers

$RDOG (+49%, $10M market cap, SOL)
$MARS (+30%, $18M market cap, ETH)
$3AC (+20%, $70M market cap, ETH)
$SCF (+20%, $80M market cap, SOL)
$RETARDIO (+14%, $75M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

Ready Player Cats (56%, 0.17 ETH Floor)
Realms (46%, 0.28 ETH)
Yogapetz (42%, 0.03 ETH)
Hedz (37%, 1.28 ETH)
Nouns (30%, 3.7 ETH)

🗓 Upcoming Mints and Events

Today is a big day to start the week mostly focused in the art sector.

The Shape platform is debuting today with the "Shape Rotation" mint, and Martin Grasser is doing a drop with AOI and Velocity Series.

Then tonight, the Eigenlayer tokens unlock, trading around a $6B valuation in pre-markets.

See the full list and dive in for more details with Swizzy's daily mint monitor.

Martin Graser x AOI - Intervals 11:00 a.m. ET)
Shape - launch (12:00 p.m. ET)
Deekay Motion - DeePie (12:00 p.m. ET)
Eigenlayer - token transfers (12:00 a.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.