Market updates

Bitget Hot Takes (September 25 - October 01)

Beginner

2023-10-02 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• The rise in BGB prices slowed down a bit, but that didn’t affect its liquidity much.

• The SEC delayed the decisions on several spot Bitcoin ETFs into next year; nine futures Ethereum ETFs are expected to begin trading today.

• Crypto disgraces: Su Zhu and Bitboy Crypto arrested, SBF’s trial about to start.

• US$208 million lost in the Huobi and Mixin Network hack.

The Rise In BGB Prices Slowed Down A Bit

ETH surpassed BTC and other major cryptocurrencies to end the week with a 4.9% increase ahead of the launch of 9 new futures Ethereum ETFs on October 02, 2023. Meanwhile, BGB price hit its weekly high of US$0.4589 on September 28 before slowing down and trading in an extremely tight range over the weekend. Indicators are suggesting that the token is having a decent upward momentum and there’s still some time to capture this value increase.

wow

The price volatility of Top 5 cryptocurrencies and BGB over the last 4 weeks are 0.0177, 0.0164, 0.0133, 0.0175 and 0.0086, respectively, meaning that the Top 5 are twice as volatile as BGB. It also means that BGB is less likely to move in opposite directions than the others, mostly up.

7d rolling

In anticipation of the upcoming Ether ETFs, we’ve seen a surge in ETH 7D volume, hence the increasing volume-to-mcap ratio. However, BGB liquidity remained well above Bitcoin, BNB and XRP despite the price slowdown, indicating a still-bustling market.

7dma

That comes from the stable demand for the BGB token. According to an anonymous Telegram survey, at least 200 users claimed to own at least 100,000 BGB or ca. 45,000 (at current levels).

bgb survey

If you are a sceptic, then maybe join the 1-1,000 BGB squad first? After all, BGB has always proved itself to be a good investment. You can check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

A Good Week Overall For Crypto

With the rate hike pressure temporarily lifted, markets are welcoming back the green. The global market cap increased by 6.5% to Oct 01’s closing value of US$1,153,673,853,135, followed by a neutral sentiment. That led to a back-to-normal state of activities, with Bitget’s spot volume and crypto OI all experiencing a rise.

bitget hot takes 1002

As expected, the SEC pushed the deadline for the decision on Ark 21Shares, Global X, BlackRock, Bitwise, Invesco Galaxy Digital, and Valkyrie’s spot Bitcoin ETF applications, clearly taking advantage of the allotted 240 day-period. On the other hand, the race for futures Ethereum ETFs seems to be much more achievable: there are nine ETFs by familiar asset managers (VanEck, Bitwise, ProShares, Valkyrie, Volatility Shares and Kelly ETFs) expected to begin trading today (October 02). Bitwise has confirmed the launch date of their Ethereum Strategy ETF and Bitcoin Ether Equal Weight Strategy ETF, whilst VanEck already released two short ads (see here and here) on September 28 for the soon-to-be-approved Ethereum Strategy ETF.

SEC

Source: Bloomberg

Some bad news of the week must be the 5,000 ETH Huobi hack and the US$200 million attack against the Hong Kong-based P2P cross-chain transfer protocol Mixin Network. Huobi investor Justin Sun acknowledged the hack but reassured that losses are covered and funds are SAFU. While Huobi is operating as normal, Mixin Network has suspended deposits and withdrawals ‘once the vulnerabilities are confirmed and fixed’. In the latest update, the team says that ‘losses are not as significant as estimated’ but ‘specific reimbursement rules still need some time’.

The Latest Bitget News

As a leading voice of the crypto industry, of course, Bitget wouldn’t miss TOKEN2049 for the world. Our managing director Gracy Chen took part in a panel discussion about challenges and opportunities for exchanges on September 14 and gave an exclusive interview for CoinGape about how CEXs can operate in a decentralised world. Prior to that, she revealed Bitget’s plan to amp up the regional exchanges, data analytics firms, media organisations and other entities with a US$100 million fund named EmpowerX. Having just celebrated our 5-year anniversary, Bitget already outlines future plans for the expansion of our ecosystem, with EmpowerX being the first step.

Notable daily gainers include CAL1/USDT (+175.1%), ETHF/USDT (+166.2%), CRETA/USDT (+120.1%) and TIP/USDT (+110.3%). Bitget Spot Trading’s volume increased by 16.9%, and Bitget Futures Markets’s average crypto OI by 3.8%, average Bitcoin OI by 0.8% in the last 7 days, meaning Bitcoin dominance on the futures market has been down by another 2.9%. Don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget!

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