【Daily Crypto Market Briefing】October 7: 💥💥💥 Market trends
BTC traded lower amid volatility, while altcoins broadly declined. U.S. stocks continued to rise.
💥💥💥💥💥 Market highlights:
1. Solana ecosystem token ORCA surged about 36%. A new governance proposal plans to use 10% of protocol fees for xORCA buyback rewards and another 10% for open-market buybacks. It is also considering acquiring a Solana DeFi protocol. ORCA funding rates were around -0.10%; bullish fundamental expectations, combined with a short squeeze, fueled the rally.
2. Cross-chain token ZRO rose about 9.4%. The LayerZero Foundation continued open-market buybacks, while the market also traded on expectations for the ATLAS platform. However, the unlocking of about 23.63 million ZRO on October 20 could create potential selling pressure.
3. AI computing-power token RENDER rose about 6.3%, while liquid staking token ETHFI gained about 6.1%. ETHFI partnered with Ethena to launch a yield-bearing stablecoin. Meanwhile, longer Ethereum staking queue times boosted expectations for demand for liquid staking.
4. AVAX rose about 3.9%, INJ gained about 4.2%, and TIA climbed about 3.6%. Funds shifted from small-cap AI tokens to RWA, derivatives, and modular blockchains, but a broad altcoin rally has yet to take shape.
5. Small-cap token MINA plunged about 24%. No major project-related negative news emerged at the same time; the decline was mainly driven by profit-taking after its earlier doubling and a technical breakdown. MINA funding rates fell to around -0.14%, indicating increasingly crowded short positions and elevated volatility risk.
6. OKX reportedly completed a funding round at a $25 billion valuation. Circle, Ripple, SC Ventures, Qube, and others reportedly participated. The report did not disclose the amount raised, and OKX has yet to issue an independent announcement.
BTC traded lower amid volatility, while altcoins broadly declined. U.S. stocks continued to rise.
💥💥💥💥💥 Market highlights:
1. Solana ecosystem token ORCA surged about 36%. A new governance proposal plans to use 10% of protocol fees for xORCA buyback rewards and another 10% for open-market buybacks. It is also considering acquiring a Solana DeFi protocol. ORCA funding rates were around -0.10%; bullish fundamental expectations, combined with a short squeeze, fueled the rally.
2. Cross-chain token ZRO rose about 9.4%. The LayerZero Foundation continued open-market buybacks, while the market also traded on expectations for the ATLAS platform. However, the unlocking of about 23.63 million ZRO on October 20 could create potential selling pressure.
3. AI computing-power token RENDER rose about 6.3%, while liquid staking token ETHFI gained about 6.1%. ETHFI partnered with Ethena to launch a yield-bearing stablecoin. Meanwhile, longer Ethereum staking queue times boosted expectations for demand for liquid staking.
4. AVAX rose about 3.9%, INJ gained about 4.2%, and TIA climbed about 3.6%. Funds shifted from small-cap AI tokens to RWA, derivatives, and modular blockchains, but a broad altcoin rally has yet to take shape.
5. Small-cap token MINA plunged about 24%. No major project-related negative news emerged at the same time; the decline was mainly driven by profit-taking after its earlier doubling and a technical breakdown. MINA funding rates fell to around -0.14%, indicating increasingly crowded short positions and elevated volatility risk.
6. OKX reportedly completed a funding round at a $25 billion valuation. Circle, Ripple, SC Ventures, Qube, and others reportedly participated. The report did not disclose the amount raised, and OKX has yet to issue an independent announcement.