Weekly Market Insight: October week 1

English

Market Updates

02 Oct 2023

Headline News

US President Joe Biden signed the bill during the weekend extending 45-days funding bill to keep the government open. US September economic data, including jobs reports on 6th and CPI reports on 12th, would not be delayed. BTC prices rose 6.64% in the past week, relief from the overly concerned about the prospect of shutdown and cheering for the upcoming launch announcement of VanEck Ethereum Future ETF (EFUT), overshadowed the Blackrock, Bitwise, Invesco & Galaxy, Valkyrie, Fidelity and Wisdom Tree BTC Spot ETF delayed announcement. Only VanEck BTC Spot ETF had yet to receive a delayed order, but expected one by 17th October deadline.

Macro-Outlook

Last week, US Personal Income and Spending were both 0.4% month-on-month within the expectation, core PCE Price Index was 0.1% month-on-month, better than expected 0.2%. US Treasury has a rare bear steepening, 10-year closed up 13.9bps while 2-year closed down 6.8bps, indicating markets optimistically believe the economy can handle the higher rates for longer and higher neutral rates after the cuts. Markets expect the 69% rate remains unchanged in November and 54% rate remains unchanged throughout the year.

Upcoming Economic Calendar including,

Monday, 2nd October 10:00pm: US ISM Manufacturing PMI in September

Tuesday, 3rd October 10:00pm: US JOLTs Job Openings in August

Wednesday, 4th October 10:00pm: US ISM Services PMI in September

Friday, 6th October 8:30pm: US Non-Farm Payrolls and Unemployment Rate in September

This week there are multiple Fed committee speeches, including Powell, Williams and more.

Cryptos-Outlook

MicroStrategy acquired an additional 5,445 BTC at the average price of $27,053.

The highly anticipated VanEck EFUT will have 10% of its profits donated to the Protocol Guild, the Ethereum core contributor compensation plan.

EIP-7503 was introduced to facilitate private transaction by burn and remint ETH.

Ethereum Holesky testnet is live.

Trending Protocols

Layer 1 and Layer 2

Polkadot announced to expand support to Parachains from 100 to 1000.

Avalanche introduced Firework, a new database architecture which optimised for storing Merkleised blockchain state from scratch in Rust.

Celestia announced Genesis Drop, distributing 60M TIA tokens to developers, researchers, early adopters, stakers and IBC relayers of Cosmos Hub and Osmosis.

Espresso System and Caldera launched the first public testnet of an OP stacks powered rollup with shared sequencer, Vienna Network.

DFINITY launched the Internet Computer Protocol Asia Alliance with a $20M initiative to support the growth of blockchain and AI development.

Dapps

LooksRare announced an update of LOOK tokenomics, redirects the fees generated to buy back (50%), protocol rewards (10%), treasury (40%), and ending trading rewards which result in wash tradings.

Acala announced to launch compliant secured lending vehicles for BTC with Credora.

Circle announced to launch native EURC on Stellar network.

Injective stakers were opened to STRD airdrop. Operators can deploy Injective nodes with Akash Supercloud now.

Galxe announced v2 with mobile app, seamless cross-chain, user scores, upgraded Discord & Telegram bots and support of multiple addresses to one ID.

f(x) Protocol launched FXN tokens with veToken model, flywheel liquid locker vaults such as Convex and StakeDAO are live as well. f(x) Protocol issues a “stablecoin”, fETH which faces low-volatility exposure to ETH.

Upcoming Alpha: Token Unlock, Governance

Chainlink is expected to announce something big in their Smartcon conference beginning on 2nd October.

Cosmos’ Cosmoverse conference kicks off on 2nd October.

Radiant is launching on Ethereum on 3rd October.

Circle is launching native USDC in Polygon PoS on 10th October.

Yearn, veYFI will be launched on 19th October.

Arbitrum Odyssey has reignited. However, trading volume such as GMX remains stagnant despite daily active users increasing drastically.

dYdX Token Unlocked on 3rd October, amount representing 1.23% of the token supply.

SUI Token Unlocked on 3rd October, amount representing 4.02% of the token supply.

IMX Token Unlocked on 7th October, amount representing 1.55% of the token supply.

X2Y2 Token Unlocked on 9th October, amount representing 4.05% of the token supply.

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