Crypto Spot Volume Surges and Bullish Sentiment Takes Hold
Crypto markets are experiencing a significant upturn
Loads of Interest
Bitcoin options open interest hit a record $15.37 billion on October 27th across all exchanges. This impressive growth
Safety Net
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Initially, Bitcoin had a strong positive correlation with the S&P 500, Nasdaq Composite, and gold during market turmoil. Now, it correlates with gold (0.65) while moving in opposition to equities (S&P 500 at -0.7). Bitcoin aligning with gold during stock slumps reflects its status as a safe haven, similar to gold. Amidst global and macroeconomic uncertainties
Critical Mentions
Last week, pageviews on Bitcoin's Wikipedia page skyrocketed to 13,490, marking the highest numbers since June 2022 and the first time surpassing 10,000 since November 2022. These fluctuations reflect a surge in casual interest in Bitcoin amidst recent price movements, even though the heightened attention was short-lived.
NFT marketplace volumes have largely followed a declining trend since February. Last month, NFT volumes were the lowest since June 2021, reflecting a wane in the previous hype. Though October's volumes on Ethereum are slightly lower than September ($278 million last month compared to $270 million so far in October), they still have room to grow.
Data & Insights is a weekly newsletter and article series by The Block Research Analyst Rebecca Stevens that highlights recent trends and top charts