FameEX Morning Crypto News Recap | October 31, 2024

U.S. Bitcoin Spot ETF Net Asset Ratio Surpasses 5% for the First Time in History

According to SoSoValue data, the Bitcoin spot ETF's total net asset value reached $72.545 billion, with the net asset ratio (market value to total Bitcoin market cap) hitting 5.07%, marking the first time it has exceeded 5%.

After Bitcoin's Strong Surge, Market Shifts Focus to Friday's US Non-Farm Payrolls Report

Bitcoin recently surged past $73,000, driven by strong spot ETF inflows, global monetary easing, and rising prospects of a pro-crypto U.S. presidential win for Donald Trump. This week, market attention shifts to Friday’s non-farm payrolls report, a crucial gauge of U.S. employment health.

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

BlackRock's Bitcoin ETF has reached a market cap of over $30 billion in just 293 days, a faster achievement compared to gold ETFs, which took 1,790 days to hit the same milestone.

Hong Kong Government to Propose Stablecoin Legislation by Year-End

At the 2024 Hong Kong SmartCon conference, Deputy Secretary Chan Ho-lim announced that Hong Kong completed its public consultation on stablecoin regulation, gathering over 100 responses in two months. The government plans to submit draft stablecoin legislation to the Legislative Council by year-end.

Whale Accumulates 2,000 BTC in Two Weeks, Gains Unrealized Profit of $6.3 Million

On October 30, Lookonchain reported that a whale recently acquired an additional 600 BTC (worth $43.33 million). Over the past two weeks, this whale has accumulated a total of 2,000 BTC (valued at $144.82 million) with an unrealized profit of $6.3 million.

U.S. Treasury Advisory Committee Flags Significant Risks in USDT, Recommends CBDC Adoption

The U.S. Treasury's Wall Street Advisory Council conducted an analysis on tokenization, noting its substantial potential. In reviewing stablecoins, the council identified significant risks with Tether’s USDT, recommending a transition toward central bank digital currencies (CBDCs) to enhance stability and reduce financial risks associated with private stablecoins.

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