U.S. spot bitcoin ETFs attract over $550M in largest one-day inflow since June
On October 14, United States spot Bitcoin exchange-traded funds (ETFs) experienced a major surge in inflows, marking their largest one-day net inflow since early June. Over $555.9 million flowed into 11 different Bitcoin ETFs, propelling Bitcoin prices to a two-week high of $66,500. This marks a significant moment for the cryptocurrency market, especially as institutional and advisory investors seem to be driving the trend rather than just retail traders, according to Nate Geraci, President of the ETF Store.
Leading the pack was the Fidelity Wise Bitcoin Origin Fund (FBTC), which saw an impressive $239.3 million in inflows, its highest since June 4. The Bitwise Bitcoin ETF (BITB) followed with more than $100 million in inflows, and BlackRock’s iShares Bitcoin Trust (IBIT) received $79.6 million. Other notable contributors included the Ark 21Shares Bitcoin ETF (ARKB), which attracted just under $70 million, and the Grayscale Bitcoin Trust (GBTC), which experienced its first inflow for October at $37.8 million.
Bloomberg ETF analyst Eric Balchunas pointed out the impressive growth of Bitcoin ETFs compared to gold-based ETFs. While Bitcoin has set new all-time highs five times since the beginning of the year, gold has broken its own record 30 times. However, Bitcoin ETFs have significantly outperformed gold ETFs, attracting over $19 billion in net inflows compared to just $1.4 billion for gold.
In contrast, Ethereum-focused funds lagged behind, with only minor inflows, such as the $14.3 million to BlackRock’s iShares Ethereum Trust (ETHA). Other funds, including Bitwise, VanEck, Franklin, and Grayscale, saw no notable movement in Ethereum investments.
Source: Cointelegraph
Solana surges: TVL reaches $6.1B amidst meme coin frenzy
Solana’s ecosystem has experienced significant growth in October, with its total value locked (TVL) surpassing $6.1 billion, the highest since January 2022. This increase in TVL, a key indicator of user trust and engagement, reflects growing confidence in the platform.
Over 40 million SOL tokens are now locked in DeFi protocols, up from 14 million at the start of 2024. This growth is attributed not just to SOL’s rising market price but also to increased user demand and participation in DeFi projects.
Raydium, a decentralized exchange on Solana, has been a major contributor to this growth, adding $600 million to the $1 billion increase in Solana’s TVL since early October. Raydium’s success is largely driven by the surge in meme coin trading activity.
The meme coin market on Solana has exploded, with a total market capitalization exceeding $11.2 billion and daily trading volumes approaching $4 billion. This trend has significantly boosted Raydium’s trading activity, helping it capture a 22% market share in September with $21.5 billion in trading volume.
Solana’s network activity has also reached new heights, with over 4 million daily active addresses in October, consistently staying above 3 million since September. The network is also seeing record numbers of new addresses created daily, indicating fresh capital inflows and growing user interest.
These developments have positively impacted SOL’s price, currently trading around $156. Market analysts suggest that if SOL breaks past the $159 resistance level, it could potentially reach $200.
The surge in TVL, active addresses, and meme coin activity collectively signals strong demand for Solana and its potential for further growth in the cryptocurrency market.
Source: Coinpaprika
Coinbase’s Base overtakes Arbitrum as top ethereum layer 2 by TVL
Base, a Layer 2 Ethereum network developed by Coinbase, has surpassed Arbitrum to become the largest Ethereum rollup in terms of total value locked (TVL). According to data from DeFiLlama, Base now has a TVL of $2.49 billion spread across 366 protocols, slightly exceeding Arbitrum’s $2.39 billion. A significant portion of Base’s TVL, over $1.3 billion, comes from the decentralized exchange Aerodrome.
This achievement places Base among the top five blockchain networks by TVL, behind only major Layer 1 chains like Ethereum, Tron, Solana, and BNB Chain. Base operates as an optimistic rollup using the OP Stack, processing transactions off the main Ethereum blockchain and periodically committing data back to it.
Base also leads in user activity among Layer 1 rollups, with approximately 1.5 million daily active addresses. To manage this increased activity, Base recently raised its block gas target from 10 to 13 Mgas/s, part of a strategic plan to gradually expand network capacity and increase transaction processing capability.
Eden Au, Research Director at The Block, noted that Base’s rapid growth demonstrates the commitment of Coinbase and app developers to Ethereum’s rollup-centric vision. However, in terms of decentralization, Base is still in its early stages, described as an optimistic stage 0 rollup in the “training wheels” phase.
Currently, Base lacks a fraud-proof system, meaning users must trust the block proposer to submit accurate L1 state roots. However, Base’s core developers have included fraud proofs in their roadmap and are reportedly working on their implementation, indicating future improvements in the network’s security and decentralization.
Source: The Block