Crypto Market Highlights: FTX Surge, ETH Fees, and Top Token Unlocks: News of September 30, 2024

Bitsgap - 30 Sep 2024

BTC dominance falls on last day of the quarter

CoinShares reported that digital asset investment products experienced inflows totaling $1.2 billion for the third consecutive week, driven by market anticipation of sustained dovish monetary policy in the U.S. Bitcoin accounted for the majority of these inflows, attracting $1 billion, while Ethereum reversed its five-week outflow trend by securing $87 million in new investments.

ETH hits highest fees in 3 months

ETH hit $45M in weekly fees, the highest since June 10, 2024. While Bitcoin's 'digital gold' narrative captures more attention in traditional finance, Ether's growing network activity and price performance continue to impress.

Over the past 30 days, Bitcoin has demonstrated a strong correlation with both gold and equities. This alignment could be viewed positively, as these assets are currently reaching all-time highs (ATHs).

Bitcoin correlation to Tradfi Assets

🔓 Top 7 Token Unlocks of the Coming Week

A significant wave of token unlocks is set to take place next week, with some of the largest amounts being released. Here are the top seven tokens by unlock value:

Sui ($SUI): $146.77 million
Optimism ($OP): $59.25 million
Immutable ($IMX): $55.72 million
dYdX ($DYDX): $12.08 million
Worldcoin ($WLD): $9.90 million
Echelon Prime ($PRIME): $7.71 million
Galxe ($GAL): $6.96 million

These upcoming unlocks are expected to draw significant market attention.

Bithumb Eyes Nasdaq Listing with Samsung Securities as Lead Underwrite

Bithumb, South Korea's second-largest cryptocurrency exchange, revealed during an extraordinary shareholders' meeting that it is exploring a potential listing on the Nasdaq in the United States. The exchange aims to go public in the second half of next year, with Samsung Securities serving as the lead underwriter. Bithumb currently holds a market share of approximately 10% to 20%.

FTX Token Surges 113% – What Triggered the Rise

FTX token prices surged due to speculation about upcoming creditor repayments, with many expecting $16 billion to enter the market by October 1. However, Sunil, representing the largest creditor group, clarified the repayment plan hearing is set for October 7. Despite this, the token's price spike has driven active deposits to a ten-month high, as investors prepare for a possible $19 billion inflow.

Top Gainers: $TAO, $AR, $SEI, $SUI, $WIF, $CFX.