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IBIT Trading Volume Reaches $14 Million Before Market Opens
According to BlockBeats, on October 7, monitoring by Trader T revealed that IBIT's trading volume reached $14 million before the market opened today. Of this volume, 30% consisted of active buy orders, while 39% were active sell orders.$$

Monthly Market Insights - October 2024
Binance Research (JieXuan Chua, CFA, Joshua Wong, Moulik Nagesh, Kennard Low)
In September 2024, the cryptocurrency market experienced an 8.0% increase in total market capitalization, driven by positive sentiment from the Federal Reserve's decision to lower the federal funds rate and improved U.S. labor market data. The People's Bank of China also reduced interest rates and the reserve requirement ratio to counteract deflationary pressures, injecting 1 Trillion Yuan into the banking system. These favorable global macroeconomic developments led to rallies in major equity markets and the crypto market. However, future economic reports and central bank policies remain crucial to watch.
Wrapped Bitcoin (“wBTC”) continues to uphold its strong market presence, with weekly transactions reaching all-time highs in recent weeks and holding over 65% of the market share. This comes despite controversy surrounding its new 'multi-jurisdictional and multi-institutional' custody model and growing competition in a market that now has over 20 players.
ETH issuance reached ~0.74% annually in September, a high not seen in two years, moving further away from its 'Ultrasound Money' narrative. This shift was driven by reduced network activity, influenced by broader market conditions and Layer 2 (“L2”) cannibalization. Lower transaction fees and burns have prevented ETH from remaining deflationary, resulting in the net positive daily supply changes we now see.
Total on-chain RWAs are at all-time highs at US$12+B (excluding the US$175+B stablecoin market). Private credit is the largest part of the market, accounting for about 70% of all RWA value at US$9.1B, largely attributed to a fintech company called “Figure”. Tokenized treasuries have also experienced explosive growth in 2024, growing from US$769M at the start of the year to over US$2.2B in September. This growth has likely been impacted by US interest rates being at a 23-year high (until the recent rate cut).

#MyFirstSquarePost New to Binance Square, thrilled to share and connect with everyone here! #WLDGrowth