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Binance Research: Activity on L1 generally declined across the board in Q3 Binance Research releases the state of cryptocurrencies in Q3. The report pointed out that the third quarter was a challenging quarter. Under the challenging market environment, the total market value of cryptocurrency fell by 8.6% month-on-month. Nonetheless, institutional adoption continues to gain traction. Layer1 and Layer2: Activity on L1 is generally down across the board. Ethereum L2 shows signs of revival as the launch of Base drives trading activity; DeFi: DeFi total value locked (TVL) fell 13.1% month-on-month to $38.5 billion due to low DeFi yields, a risk-off environment and falling ETH prices; NFT: The third quarter was the worst quarter for NFT sales in the past three years, with sales of $299 million. This can be attributed to the decline in the floor prices of most collections and the price of ETH; Gaming: The gaming sector is led by BNB Chain, Ethereum, and Polygon, accounting for approximately 66% of the market share (calculated by number of games). Ernst & Young: People are buying Bitcoin as an asset, not a payment instrument Paul Brody, global blockchain leader at Ernst & Young, discusses the prospects for cryptocurrency adoption. Brody says people are buying Bitcoin as an asset, not a payment. tool. Skybridge Capital founder predicts Bitcoin valuation could increase 11x if BlackRock Bitcoin ETF is approved Skybridge Capital founder Anthony Scaramucci predicts Bitcoin valuation could double if BlackRock’s spot Bitcoin ETF is approved It will increase 11 times. The probability that the Federal Reserve will keep interest rates unchanged in November is 96.1%. According to CME's "Fed Watch": the probability that the Federal Reserve will keep interest rates unchanged in November is 96.1% in the range of 5.25%-5.50%, and cut interest rates by 25 basis points to the range of 5.00%-5.25%. The probability is 3.9%. The probability of keeping interest rates unchanged by December is 73.0%, the probability of a cumulative interest rate hike of 25 basis points is 24.1%, and the probability of a cumulative 25 basis point interest rate cut is 2.9%. The average daily number of Bitcoin transactions has dropped significantly by 46% since mid-September. Dune data shows that since mid-September, the minting volume of Ordinal inscriptions has dropped significantly, resulting in a decrease in the number of daily confirmed Bitcoin transactions. Inscription casting volume plummeted on September 24, 2023, and has not rebounded since. As of block height 813,333, the inscription casting amount is 35,377,327. From September 1 to September 15, 2023, the average daily number of Bitcoin transactions was 528,503.The situation this month is completely different: from October 1 to October 21, 2023, the average daily number of transactions was 284,704. This means that the average number of daily transactions in the first half of September was 46.13% higher than the first three weeks of October. In September 2023, the average number of confirmed Bitcoin transactions per day was approximately 489,165. In August, the average number of confirmed transactions per day was 464,969; in July, it was 455,893; in June, this number was 404,906. So far, the average number of daily transactions in 2023 is approximately 392,170; in 2022, this number will be 255,085. Although the average daily number of Bitcoin transactions in October fell by 46% compared to September, it increased by 53% compared with the same period the previous year. Bitcoin’s dominance in the cryptocurrency market has increased to more than 49%, a two-year high. Bitcoin’s dominance in the cryptocurrency market has increased to more than 49%, its highest point in more than two years, according to data from The Block. Bitcoin’s dominance has steadily increased, rising from around 38% at the beginning of the year to 48.85% on October 21, the highest level since April 2021. This surge in dominance can be attributed to a year-long rally that has seen Bitcoin’s price soar 81% since the beginning of the year. $BTC