The European session is opening, and today’s market action is getting interesting.
First, the big news: Russia’s two largest state-owned banks, Sberbank and VTB, have officially opened Bitcoin, Ethereum, and stablecoin trading to 140 million bank customers. Don’t underestimate this: a national banking system directly opening its doors to crypto is worth more than any number of ETF applications.
But the macro backdrop really isn’t looking good. Oil tankers in the Strait of Hormuz keep hitting mines, while the Gulf of Mexico is seeing 60% of production shut down due to a hurricane. Oil prices are surging, and Fed Governor Waller is still calling for more rate hikes, with 10-year Treasury yields threatening to hit 6%. So it’s no surprise that spot ETFs have seen nearly $1 billion in net outflows in October. Big institutions are stepping aside until things blow over—it’s the same old playbook.
There are a few genuinely interesting developments among altcoins: the Aptos Foundation has announced a 2.1 billion token supply cap, halved staking rewards, and a permanent lockup of 210 million tokens—clearly aiming for deflation. Pyth went even further: its DAO voted to use 100% of revenue for buybacks. Projects that use real money to change their tokenomics are far better than those that just make empty promises.
My take: high oil prices and interest rates are weighing on the broader market in the short term, so don’t rush to buy the dip. But looking at a longer time horizon, an entry signal of this scale from Russia is definitely a good thing.
NFA DYOR
#加密货币 #Web3 #区块链 #DeFi #Investing
First, the big news: Russia’s two largest state-owned banks, Sberbank and VTB, have officially opened Bitcoin, Ethereum, and stablecoin trading to 140 million bank customers. Don’t underestimate this: a national banking system directly opening its doors to crypto is worth more than any number of ETF applications.
But the macro backdrop really isn’t looking good. Oil tankers in the Strait of Hormuz keep hitting mines, while the Gulf of Mexico is seeing 60% of production shut down due to a hurricane. Oil prices are surging, and Fed Governor Waller is still calling for more rate hikes, with 10-year Treasury yields threatening to hit 6%. So it’s no surprise that spot ETFs have seen nearly $1 billion in net outflows in October. Big institutions are stepping aside until things blow over—it’s the same old playbook.
There are a few genuinely interesting developments among altcoins: the Aptos Foundation has announced a 2.1 billion token supply cap, halved staking rewards, and a permanent lockup of 210 million tokens—clearly aiming for deflation. Pyth went even further: its DAO voted to use 100% of revenue for buybacks. Projects that use real money to change their tokenomics are far better than those that just make empty promises.
My take: high oil prices and interest rates are weighing on the broader market in the short term, so don’t rush to buy the dip. But looking at a longer time horizon, an entry signal of this scale from Russia is definitely a good thing.
NFA DYOR
#加密货币 #Web3 #区块链 #DeFi #Investing