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Discord-LOTR DAO-harry.eth 199 days, 5 hours ago
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CryptoMarket Analysis: OCT 2


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Total MarketCap: $1.09T (-1.86%)
Fear & greed index: 50 (Neutral)
BTC dom: 50.37% (0.14%)
DOW: 34,838
S&P 500: 4516
NASDAQ: 14,032




BTC: $27,575 (▼ 1.47%)
ETH: $1,665 (▼ 3.1%)
Solana: $23.75 (▼ 2.732%)



__Overview:__

"Uptober" has kicked off with a significant surge, with BTC and ETH currently standing at 28.5K and 1740, respectively, at the time of this update. This sudden move has left many wondering about the driving forces behind it. Allegedly, around $400 million worth of BTC shorts and $200 million worth of ETH shorts were liquidated, bringing relief to many in the market.

Furthermore, today marks the potential approval of several ETH futures ETFs, including those from VanEck, Bitwise, Proshares, Valkyrie, Hashdex, and Vol Shares. While this approval is widely anticipated and should already be priced into the market, the mass approval of these ETFs could draw mainstream attention and act as a "buy the news" event, despite the trend this year leaning more towards "sell the news." It's a unique dynamic that could be a game-changer, though not definitive. On the other hand, it's worth noting that more spot BTC ETFs have been delayed, likely pushing their approval into next year. The recent price action on ETH futures ETFs indicates that we can expect a substantial rally when BTC spot ETFs are eventually approved, setting the stage for an exciting 2024.

<https://www.coingecko.com/>

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