THE WEEKLY WRAP
Sentiment is dropping further towards fear this week, hitting 45%.
Australia continues to move towards tighter crypto tax reporting, with the Treasury proposing new requirements for crypto service providers to share transaction information with the ATO. Australians have until October 28th to provide feedback on the proposed changes.
Microsoft, Alphabet and Wells Fargo are among 22 companies that are not embracing tokenisation. The companies are currently opposing plans to tokenise their shares.
Following some major international banks' crypto-related advancements last week, HSBC has launched its Hong Kong dollar-backed stablecoin, RedCoin, bringing blockchain-based payments to millions of PayMe users in Hong Kong.
BTC vs GOLD vs NASDAQ vs ETH vs VAS
🟡 Gold: +0.75%
🟢 Nasdaq: +13.53%
🟣 Vanguard Australian Shares: -3.08%
🟠 Bitcoin: -30.22%
🔵 Ethereum: -43.71%
Nasdaq continues to hold strong, up 13.53% year-to-date, while gold just hits positive territory this week with a gain of 0.75%. Vanguard Australian Shares has slipped further into negative territory, now down 3.08%. Meanwhile, crypto is sitting firmly in the negative, with Bitcoin down 30.22% and Ethereum falling further behind at -43.71%.
Source: https://www.tradingview.com/
BITCOIN:
Bitcoin’s rocky weeks aren’t over, slipping to approximately A$114,000. Despite the figures reflecting global uncertainty, Cardone Capital, a firm managing approximately A$7.5 billion in assets, has taken advantage of Bitcoin's recent dip, purchasing another 16 BTC for approximately A$1.8 million.
Traditional finance continues to dip its toes in the crypto space, with JPMorgan releasing its first long-term Bitcoin return forecast, projecting approximately 10% annualised returns over the next decade.
Bitcoin ETFs started the week strong, pulling in approximately A$1.53 billion between October 19th and 21st. The momentum didn’t last, with around A$1.1 billion flowing back out over the next two days. Despite the turnaround, ETFs still managed to finish last week with approximately A$430 million in net inflows, ending a two-week streak of outflows.
Source: https://www.theblock.co/data/etfs/bitcoin-etf/spot-bitcoin-etf-flows
ETHEREUM:
Due to potential issues with existing smart contracts, Ethereum’s Glamsterdam upgrade’s October 26th testnet launch has been pushed back by developers. Rescheduled dates have not yet been announced.
Robinhood's Ethereum-based Layer 2 network reportedly generated approximately A$73 million in transaction fees during its first quarter, with tokenised stock trading activity increasing more than twentyfold.
Source: https://www.bitunix.com/
Ethereum ETF’s have lost approximately A$1.57 billion in the last three weeks, with another difficult week, recording approximately A$315 million in net outflows, including approximately $157 million withdrawn on October 22nd alone.
Source: https://www.theblock.co/data/etfs/ethereum-etfs/spot-ethereum-etf-total-net-flows
ALTCOINS:
Friday ended with a positive finish to the week, with memecoins leading the way. Pepe (PEPE)jumped approximately 13–14% in 24 hours, bringing its weekly gains to 23%, while FLOKI, BONK, and Shiba Inu (SHIB) recorded increases ranging from 3.3% to 4.9%. Polkadot (DOT) and Cosmos (ATOM) also climbed more than 5%. Osmosis saw another large overnight increase with a 15.94% jump in the last 24 hours.
Celestia (TIA) has also seen some impressive gains throughout October, with another development coming next week. Approximately 5.58 million TIA tokens are set to unlock on October 31st, adding around 0.6% of its total supply to circulation.
Solana’s biggest network upgrade since 202, Alpenglow, went live October 21st, replacing its original consensus system with tech designed to reduce finality from approximately 12.8 seconds to just 150 milliseconds. Solana’s value has failed to see a positive impact from this, dropping from A$153.37 to A$144.53 since the upgrade was activated.
Ripple (XRP) is back in the headlines, with investor Franklin Templeton reportedly adding approximately A$213 million in tokenised fund shares last Friday to the XRP Ledger.
PRESS RELEASE: Cointree announces AFSL application
We're pleased to announce that Cointree has officially submitted its application for an Australian Financial Services Licence (AFSL).
