By Kapil Rajyaguru
Bitcoin Dominance Soars to 59% as Ethereum Gains Ground
The past week witnessed a significant uptick in Bitcoin’s price, peaking around $68,000 with 12% rise in the last week. This rally pushed Bitcoin to a three-week high, spurred by increased whale activity and heightened interest among institutional investors and over $1.4 bn inflows into Bitcoin ETFs.
Ethereum followed suit, climbing alongside Bitcoin, rising over 9% in the last week and currently trading above $2600. The upcoming Ethereum protocol upgrades and rising on-chain activity have fueled investor optimism, contributing to its price stability in a higher range.
While Bitcoin’s dominance has grown, reaching around 59% of the total crypto market cap, several altcoins have shown notable gains. Noteworthy altcoins like Solana, Chainlink, and Avalanche saw substantial price gains, driven by project-specific developments and integrations that captured investor attention.
BlackRock’s Spot Bitcoin ETF Records Largest Inflow Since July with $393.4 mn
Moving on… BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), experienced a massive net inflow of $393.40 million on October 16th. According to data from SoSoValue, this figure represents the largest influx since July 22, when IBIT saw $526.7 million in new investments.
Franklin Templeton’s EZBC recorded $11.79 million, and Ark and 21Shares’ ARKB saw $11.51 million in inflows. Other funds, such as Invesco’s BTCO, attracted $6.43 million, and VanEck’s HODL garnered $5.75 million. Valkyrie’s BRRR, too, recorded a minor inflow of $1.92 million.
Ethereum Founder Vitalik Buterin Shares Future Objectives for ‘The Surge’
Meanwhile, Vitalik Buterin, the co-founder of the Ethereum network, has outlined several objectives paramount to the future development of the blockchain. These goals are tailored to improve The Surge, the second phase of Ethereum’s developmental roadmap, which aims at scaling the network using rollups.
It is worth mentioning that the key goals of The Surge include at least 100,000 transactions per second on Ethereum and its L2s, preserving the decentralization and robustness of the Ethereum L1, maximum interoperability between L2s, and some L2s inheriting Ethereum’s core properties like trustlessness, openness, and censorship resistance.
Tesla Moves Entire $760 mn Bitcoin Stash To An Unknown Wallet
In another interesting development, Elon Musk’s Tesla has moved almost its entire stash of 11,500 BTC worth around $760 million, according to Arkham Intelligence.
There were 26 transactions in total on Oct. 15 to various w9allet addresses, it revealed. The Tesla holdings had been dormant for two years up until these latest transactions. The wallet balance is
Monochrome Launches Australia’s First Spot Ethereum ETF
Elsewhere, Monochrome Asset Management has launched Australia’s first spot Ethereum exchange-traded fund (ETF) on the Cboe exchange following the asset’s approval in the U.S. market.
The Monochrome Ethereum ETF (IETH), began trading on Monday, October 14, which offers Australian investors a new way to access the cryptocurrency.
The asset manager secured top industry players for the IETH launch. BitGo and Gemini to provide crypto custody services, and State Street Australia to act as the fund administrator.
Italy Plans to Raise Crypto Capital Gains Tax from 26% to 42%
Moving on… As countries all over the world are mulling over imposing stringent digital currency regulations, Italy has decided to increase its capital gains tax on crypto (BTC) from 26% to 42%.
Vice Economy Minister Maurizio Leo announced this change during a press conference discussing the country’s budget for 2025. This announcement comes after measures approved by the Council of Ministers on Tuesday evening, which are intended to generate resources to support families, youth, and businesses.
UN Agency Calls for Urgent Action on Crypto-Enabled Crimes in Southeast Asia
Meanwhile… The United Nations Office on Drugs and Crime (UNODC) expressed deep concern about crypto’s role in facilitating illicit activities across Southeast Asia.
It notes that the existing underground banking infrastructure, including underregulated casinos, junkets, and illegal online gambling platforms, has increasingly adopted crypto as a tool for crime.
Delhi Police And Binance Collaborate To Uncover Renewable Energy Investment Scam Involving 100,000 USDT
In a significant operation, the Delhi Police, with assistance from cryptocurrency exchange Binance, successfully dismantled a large-scale renewable energy scam orchestrated by the fraudulent entity M/s Goldcoat Solar.
This elaborate scheme deceived numerous investors by claiming government backing and promising substantial returns from investments in solar power projects. The operation led to several arrests and the recovery of over 100,000 USDT in digital assets.
Bollywood Meets Blockchain: Shemaroo Teams Up with RECRD for Digital Revolution
And lastly… Sui-backed SocialFi platform RECRD announced a collaboration with the Indian entertainment giant Shemaroo Entertainment. Under this collaboration, Shemaroo will become a platinum member of RECRD, share some of its biggest Bollywood cinema IPs, and enhance the experience of movie fans through blockchain technology.
This move by Shemaroo is futuristic and one of its kind in the industry. Shemaroo is one of the largest owners of entertainment IP worldwide and this partnership will convert its Bollywood movies and music into digital collectibles.
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