Here are some of the main topics that occurred in the crypto space over the past week:
1) Bitcoin ETF Developments: Bitcoin-related ETFs have been in the spotlight. BlackRock’s Bitcoin ETF saw a significant inflow of $184.4 million, signaling positive interest and increased market participation. Analysts expect this to enhance liquidity in the market, although debates continue about its long-term impact
2) EigenLayer Token Launch: The Ethereum-based EigenLayer, a protocol that allows for restaking assets, unlocked its native token, EIGEN. There was notable interest in this launch, with some predicting the token to trade around $4 and its fully diluted value potentially reaching $6.7 billion
3) NFT Market Slump: NFT sales have continued to decline, with September marking the lowest sales volume since early 2021. Total sales dropped to $296 million, a stark contrast to the $1.6 billion peak earlier this year. Despite the drop in transaction numbers, the average value per transaction increased slightly
4) PayPal's PYUSD Shrinks: PayPal’s stablecoin, PYUSD, saw a 30% reduction in its market cap within a month, partly due to declining DeFi yields on the Solana network
5) Gemini Exchange Leaving Canada: Gemini, the Winklevoss twins' crypto exchange, announced that it will close all Canadian customer accounts by the end of 2024 due to regulatory challenges
