FameEX Morning Crypto News Recap | October 31, 2024

U.S. Bitcoin Spot ETF Net Asset Ratio Hits Historic High, Surpassing 5%

SoSoValue data reveals that the Bitcoin spot ETF's net asset value has reached $72.545 billion, with its net asset ratio (market value relative to Bitcoin's total market cap) at 5.07%—the first time this ratio has surpassed 5%.

Following Bitcoin's Strong Surge, Market Turns Attention to Friday's US Non-Farm Payroll Report

Bitcoin has surpassed $73,000, fueled by robust spot ETF inflows, global monetary easing, and the increasing likelihood of a pro-crypto U.S. presidential victory for Donald Trump. This week, focus turns to the upcoming U.S. non-farm payrolls report on Friday, a critical measure of employment health and an indicator of economic stability.

BlackRock's Bitcoin ETF Reaches $30 Billion Market Cap in Just 293 Days

BlackRock's Bitcoin ETF achieved a market cap exceeding $30 billion in only 293 days, significantly outpacing gold ETFs, which required 1,790 days to reach the same level.

Hong Kong to Introduce Stablecoin Legislation by Year-End

Speaking at the 2024 Hong Kong SmartCon conference, Deputy Secretary Chan Ho-lim confirmed that Hong Kong has concluded its public consultation on stablecoin regulation, receiving over 100 responses within two months. The government aims to present draft stablecoin legislation to the Legislative Council by the end of the year.

Whale Acquires 2,000 BTC in Two Weeks, with $6.3 Million in Unrealized Profit

Lookonchain reported on October 30 that a whale recently purchased an additional 600 BTC, valued at $43.33 million. Over the last two weeks, this whale has accumulated a total of 2,000 BTC, worth approximately $144.82 million, and holds an unrealized profit of $6.3 million.

U.S. Treasury Advisory Committee Highlights Major Risks in USDT, Advocates for CBDC Adoption

The U.S. Treasury’s Wall Street Advisory Council analyzed tokenization, recognizing its strong potential. However, in assessing stablecoins, the council flagged considerable risks tied to Tether’s USDT and recommended shifting toward central bank digital currencies (CBDCs) to improve financial stability and mitigate risks linked to privately issued stablecoins.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​