Crypto Spot Volume Surges and Bullish Sentiment Takes Hold
Data & Insights is an article series from The Block Research Analyst Rebecca Stevens.

Crypto Spot Volume Surges and Bullish Sentiment Takes Hold

The 7-day moving average of daily spot volume on centralized exchanges reached $24.12 billion on October 26th, the highest level since March.

Crypto markets are experiencing a significant upturn as the 7-day moving average of daily spot volume on centralized exchanges reached $24.12 billion on October 26th, the highest level since March. This positive momentum was partly sparked by a recent rumor about BlackRock's spot Bitcoin ETF, which temporarily boosted Bitcoin's price. This positive outlook is also benefiting other cryptocurrencies, as the bullish sentiment surrounding Bitcoin spills over into the broader crypto ecosystem.

Loads of Interest

Bitcoin options open interest hit a record $15.37 billion on October 27th across all exchanges.

Bitcoin options open interest hit a record $15.37 billion on October 27th across all exchanges. This impressive growth stems from Bitcoin's price rise and increasing speculation on a spot ETF approval. Monthly Bitcoin options volumes are also on track to hit record highs.

Safety Net

BTC's 30-day correlation to gold is 0.65 while its correlation to the S&P500 is -0.7.

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 like inflation and political tensions, Bitcoin is gaining favor due to its detachment from any specific nation.

Critical Mentions

Last week, pageviews on Bitcoin's Wikipedia page skyrocketed to 13,490, marking the highest numbers since June 2022.

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.

October's volumes on Ethereum are slightly lower than September ($278 million last month compared to $270 million so far in October) but still have room to grow.

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 from The Block’s Data Dashboard. Sign-up to receive Data & Insights in your inbox every Monday for free. Previous articles in the series are available with a subscription to The Block Pro.

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