Digital Asset Funds See Largest Weekly Inflows Since July 2022, Singapore Launches International Tokenization Pilot
Market Update
- This week is a busy one for macro events, with the BOJ, FOMC, and BOE all having monetary policy meetings, beginning with the BOJ tomorrow and the FOMC on Wednesday. It is expected that the FOMC will hold interest rates steady and signal that any further rate hikes will be contingent on financial conditions and economic data. As investors await, the SPY and QQQ have both gained approximately 0.80% today. Crypto markets are stalling, with $BTC declining 1.16% and $ETH decreasing 0.25%. Render ($RNDR) has been one of the top performers over the last seven days, rising over 31% as investors look ahead to OpenAI's DevDay conference next week.
- Digital asset investment products saw inflows of $326 million last week, the largest weekly inflows since July of 2022. 90% of flows were directed towards Bitcoin, while Solana generated the second most, at $24 million. The strong inflows represent the fifth consecutive week of positive flows, as optimism around a Bitcoin spot ETF continues to rise. Although $326 million represents the largest inflows in over a year, it still is only the 21st largest amount all-time, indicating investors are allocating a cautious but growing amount. 12% of inflows were from U.S.-based investors, while Canada, Germany, and Switzerland comprised the lion’s share at 82%. Total assets under management reached $37.8 billion, which marks the largest AUM since May of 2022, just before the Terra Luna collapse. It’ll be interesting to continue watching flows data as the January deadlines for ETF decisions approach.
- The Monetary Authority of Singapore (MAS) has partnered with the Japanese, Swiss, and UK governments to launch Project Guardian, a tokenization pilot program to advance the industry across fixed income, foreign exchange, and asset management products. Under Project Guardian, the pilot program will specifically aim to advance discussions on digital asset policy, identify potential risks, develop industry standards, promote interoperability, create regulatory sandboxes, and share knowledge across borders. All group members have recognized the potential efficiencies tokenization can bring to traditional finance and believe as the pilots grow in scale and sophistication, there will be a greater need for cross-border collaboration. Together, they hope to support the sustainable growth of the digital asset ecosystem.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Avalanche has successfully regained the former lows which were broken in late August which helps to improve its technical pattern and join suit in the rally which has begun in many Cryptocurrencies in recent weeks. Daily $AVAX charts show last week's ability to have exceeded early October peaks at $10.84 along with having recouped former lows from both June 2023 and December 2022. This is a constructive technical development that suggests $AVAX has likely made an intermediate-term bottom and trends should be bullish for gains into 2024. Initially, one of the stronger areas of intermediate-term resistance lies just above $14. This lines up with a 38.2% Fibonacci retracement ratio of the entire bear market decline along with lining up near June 2023 lows. Above that allows for a push up to $16. Dips should be buyable in the days/weeks ahead near $10 and provide attractive support for pullbacks.
Daily Important Metrics
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All metrics as of October 30, 2023 11:24 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $669B | $34,247 | ↓ -0.62% | ↑ 107% | |
 ETH | $216B | $1,794 | ↑ 0.04% | ↑ 50% | ↓ -57% |
 SOL | $15B | $34.63 | ↑ 5.35% | ↑ 250% | ↑ 143% |
 ADA | $10B | $0.2969 | ↓ -0.02% | ↑ 20% | ↓ -86% |
 DOGE | $9.7B | $0.0685 | ↓ -1.23% | ↓ -2.32% | ↓ -109% |
 LINK | $6.2B | $11.12 | ↓ -0.10% | ↑ 100% | ↓ -6.39% |
 MATIC | $5.9B | $0.6373 | ↑ 0.19% | ↓ -16% | ↓ -123% |
 DOT | $5.4B | $4.29 | ↑ 0.37% | ↓ -1.28% | ↓ -108% |
 NEAR | $1.2B | $1.26 | ↑ 1.53% | ↓ -0.81% | ↓ -108% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -18% | $26.33 | ↑ 5.03% | ↑ 218% | ↑ 111% |
| BITW | ↓ -35% | $17.50 | ↑ 1.16% | ↑ 226% | ↑ 119% |
| ETHE | ↓ -26% | $13.31 | ↑ 4.72% | ↑ 180% | ↑ 73% |
| BTCC | ↓ -0.22% | $6.23 | ↑ 1.47% | ↑ 106% | ↓ -1.12% |
News
QUICK BITS
CoinDesk Singapore, Japan, UK, Swiss Regulators Plan Asset Tokenization Pilots Project Guardian seeks to advance digital asset tokenization pilots in fixed income, foreign exchange and asset management products. |
Bitcoin.com Anthropic’s $2 Billion Deal With Google Brings Hope to FTX Creditors A few weeks back, a coalition of creditors from FTX, known as the “FTX 2.0 Coalition,” shed light on how the defunct exchange’s vested interest in Anthropic cou... |
MARKET DATA
CoinDesk DeFi Market Recovers From 30-Month Low as Volume Hits Highest Point Since March The total value of all assets locked on decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion after being at its lowest point s... |
Coin Telegraph CME becomes second-largest Bitcoin futures exchange as open interest surges The surge in CME Bitcoin futures OI has helped the regulated derivatives platform attain a 25% market share in Bitcoin... |
Bitcoin.com On October 29, 2023, Bitcoin’s difficulty rose 2.35%, reaching a record 62.46 trillion. This uptick represented the fourth consecutive rise over the preceding s... |
FUNDRAISING AND M&A
The Block Thai banking giant KBank acquires Satang exchange to grow crypto business KBank said in a stock exchange filing that it has acquired the local exchange through a subsidiary. |
PRODUCT UPDATES AND PARTNERSHIPS
Coin Telegraph Standard Chartered-owned crypto platform Zodia launches in Hong Kong Demand for crypto in Hong Kong is mainly driven by institutional investors rather than retail customers, Zodia CEO sai... |
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