Bitcoin ETFs go parabolic as BTC chases all-time high, dYdX and Consensys mass layoffs

10/30/24 • 7 min

We might not have seen a BTC/USD high at the time of recording, but Bitcoin all-time highs were set in various other currencies as things heat up. This heating up is seen clearly when looking at US spot Bitcoin ETFs, which are having a billboard week with a buying frenzy underway. However, some are already looking to take profits, and one whale doing that is Bhutan's government. Outside of Bitcoin, the FTX estate sues KuCoin over frozen funds, dYdX and Consensys make mass layoffs, and Visa and Coinbase partner for instant buying and selling of crypto with a debit card.
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The past 24 hours have seen Bitcoin pushing within a few percent of all-time highs set in March as analysts highlight just how bullish a setup we're seeing. Bitfinex analysts say we're in a "perfect storm." Outside of Bitcoin, Coinbase continues to rehabilitate crypto company sponsorships of sports with three new partnerships, the exchange's CEO wants the next SEC chair to apologize for damage done to the industry, and Solana flips Ethereum in daily fees as the network's growth continues.
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Next Episode

US spot Bitcoin ETFs pass 1M BTC held, 5% of US voters will vote based on crypto

I said yesterday that the spot Bitcoin ETFs in the US have gone parabolic, and they continued on that trajectory, surpassing 1M BTC held collectively, primarily courtesy of BlackRock, which achieved record inflows. This has worried some analysts though, as ETF FOMO has previously marked local tops. Elsewhere, the venture capital firm, Paradigm, released a public opinion poll that showed 5% of US voters see crypto as the decisive factor in who they vote for, and in a tight election, that could make all the difference. So, for all of this and much more, grab yourself a coffee and stick your headphones on for 10 minutes!
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