Morning Minute | Bitcoin ETFs See Biggest Day in Months

TylerD's Market Summary

💰 Bitcoin ETFs See 4-Month Highs

Q4 is historically a huge month for Bitcoin.

Average returns over the last 10 years are +22.9%, +46.8% and +5.5% for October, November and December respectively.

With October specifically finishing green 8 out of 10 times (thus the name "Uptober").

Only 3 times in the past decade has September closed green - and in those scenarios, Q4 was huge.

And it looks like the ETFs are trying to make that scenario happen.

What Happened?

It was a good week for the Bitcoin ETFs, which saw inflows for seven consecutive trading days.

On Friday alone, the ETFs recorded $494M in inflows, their largest single-day in nearly four months.

Ark and 21Shares' ARKB fund led with $203.1 million, followed by Fidelity's FBTC and BlackRock's IBIT with $123.6 million and $110.8 million, respectively.

Total accumulated funds in the ETFs are now approaching $40B (discounting the $20B in outflows from Grayscale).

Analysts attribute this surge to the rising price of Bitcoin and growing investor confidence in the asset.

What's Next?

It looks like Bitcoin options traders are getting bullish and targeting $75,000.

The crypto perps exchange Deribit saw significant call buying at that $75k level as traders speculate on a big Q4.

This comes after Bitcoin officially put in a higher high on the weekly chart, closing yesterday around $65,600 (before falling overnight), closing 3 straight weeks of higher highs.

If the price does break through that $75,000 level, many believe it's "open sky" to $90k-$100k.

And Uptober is about to begin.

Buckle up...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $3.4M on the day; Solana was next with $1.9M, and then Bitcoin with $1.6M
• ETH NFT leaders were mixed on the weekend but down 5-10% on the week); Punks +2% at 28 ETH, Pudgy -1% at 10.3, BAYC +2% at 10.95 ETH, Azuki -5% at 5.33
• Ready Player Cat (+55%) and Yogapetz (+42%) were notable top movers
• BTC NFT leaders were mixed on the weekend but closing a very green week; NodeMonkes +8% at 0.194 BTC, Puppets -2% at 0.13 BTC, OMB even at 0.19, Quantum Cats -2% at 0.25
• The Runes leaders were slightly red with the Bitcoin dip with DOG -4% at $405M mc, RSIC even at $80M mc, PUPS -4% at $76M and BILLION DOLLAR CAT -7% to $41M
• Solana NFTs were mostly red on the day and the week; Mad Lads -1% at 49 SOL, SMB Gen 2 -1% at 23.5, DeGods -2% at 14.5 SOL, Claynos -3% at 12.25
• Pudgy Penguins introduced the Pudgy Arcade with the Polar Challenge game going live in various arcades across the USA

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and/or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are down 1-3% this morning; BTC -3% at $63,570; ETH -2% at $2,600, SOL -1% at $154
• Memecoin majors were mostly red after a green weekend; DOGE -5%, SHIBA -8%, PEPE -5%, WIF +4%, BONK +1%, POPCAT +1%, and MOG -2%
• The Bitcoin ETFs saw their highest day of inflows since June on Friday with $494M
• FTX Creditors may begin receiving payments this week though specific details are mixed
• MOODENG was featured on Saturday Night Live this weekend, with the memecoin ending rallying to $300M on Sunday before falling back to $225M overnight
• The SEC settled with Mango Market for unregistered sale of securities charges

🚀 Memecoin Movers 

• $RDOG (+49%, $10M market cap, SOL)
• $MARS (+30%, $18M market cap, ETH)
• $3AC (+20%, $70M market cap, ETH)
• $SCF (+20%, $80M market cap, SOL)
• $RETARDIO (+14%, $75M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Ready Player Cats (56%, 0.17 ETH Floor)
• Realms (46%, 0.28 ETH)
• Yogapetz (42%, 0.03 ETH)
• Hedz (37%, 1.28 ETH)
• Nouns (30%, 3.7 ETH)

🗓 Upcoming Mints and Events

Today is a big day to start the week mostly focused in the art sector.

The Shape platform is debuting today with the "Shape Rotation" mint, and Martin Grasser is doing a drop with AOI and Velocity Series.

Then tonight, the Eigenlayer tokens unlock, trading around a $6B valuation in pre-markets.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Martin Graser x AOI - Intervals 11:00 a.m. ET)
• Shape - launch (12:00 p.m. ET)
• Deekay Motion - DeePie (12:00 p.m. ET)
• Eigenlayer - token transfers (12:00 a.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.