Digital assets firm Gemini has shared key crypto market updates for the past week including how US Spot Bitcoin ETFs have managed to reverse their inflow streak. In addition to this, Tether (USDT) reached new heights, as Bitcoin (BTC) price approaches the critical $70K mark ahead of the upcoming US elections.
Gemini’s extensive weekly digital assets market report has examined notable crypto price movements, as well as provided informative insights on market developments.
Gemini noted a few takeaways from their latest update:
- US spot bitcoin ETFs saw $79 million in net outflows Tuesday, reversing a seven-day inflow streak that had brought in over $2.6 billion: The outflows came mainly from Ark and 21Shares’ ARKB fund.
- Bitcoin prices inched closer to $70,000 at the start of the week when futures open interest surged to over $40 billion: But prices subsequently pulled back mid-week as investors pared their gains.
- Tether’s USDT has hit a record $120 billion market cap, which could set the stage for a bullish October finish in the crypto market: Historical trends suggest that a rise in stablecoin supply can precede rallies in bitcoin and ethereum.
- Bitcoin’s hashrate has reached a new peak of 703 EH/s, a 6% gain over the past week: This surge coincides with higher mining profitability as transaction fees rise and Bitcoin’s price strengthens.
- Binance exec leaves prison: Binance’s Tigran Gambaryan was released from Nigerian prison Wednesday so he can receive medical treatment for the numerous ailments he suffered while in captivity.
In a separate update share by Talos, it was noted that he crypto market rally took a breather this week, with the “total market cap just below $2.3 trillion and bitcoin dominance hovering above 57.5%.”
Talos pointed out that among the blue chips, bitcoin edged “down 1.7% from the previous week, and ether dropped 3.9%.”
In the US-listed spot ETF space, ether ETFs saw “cumulative daily net inflows of $42.6 million over the past five trading days, while bitcoin ETFs posted strong inflows of $1.15 billion, led by BlackRock.”
Talos added that since the launch of US-listed spot bitcoin ETFs, BlackRock has “accumulated $23.5 billion in inflows, Fidelity has drawn $10.9 billion, while Grayscale has faced a net outflow of $20 billion during the same period.”
Among layer 1s, the update from Talos noted that Solana “led the pack with a 10.8% weekly gain. Solayer, the restaking protocol on the Solana network, announced BGSOL, a liquid restaking token (LRT) developed in collaboration with Bitget Exchange and Solayer Labs.”
BGSOL introduced a fresh approach to staking “on Solana, blending user rewards with direct integration into Bitget’s suite of services.”
BGSOL differs from other liquid staking tokens due “to its integration with Bitget’s platform, benefiting both individual users and the exchange.”
As users convert their SOL to BGSOL, they earn staking rewards “while supporting Bitget’s operations through automatic delegation to its Autonomous Validation System (AVS).”
Talos further noted in a blog post that this launch “builds on the earlier success of BNSOL and bbSOL, two liquid restaking tokens introduced by Binance and Bybit in partnership with Solayer.”
Talos also mentioned in its blog post these digital tokens appear to have showcased the “benefits of exchange-backed LRTs, allowing users to earn rewards while taking advantage of faster transaction speeds on Solana.”