Spot Bitcoin ETFs kicked off the week with an impressive $555.9 million in net inflows on October 14, marking the highest intraday net inflow in over four months. As the week progressed, these investment products continued to see positive momentum, with cumulative inflows reaching $1.6 billion by October 16. Notably, Bitcoin ETFs concluded the week with five consecutive days of inflows, totaling $2.13 billion in BTC and surpassing $21 billion in cumulative flows for the first time.
BTC Breaches $68K
Bitcoin started last week strong, recording a significant 5.12% intraday gain on October 14. This upward trend continued for two more days, allowing the asset to hit a two-month peak above $67,000 on October 15 and eventually surpass $68,000 on October 16. Despite a slight pullback on October 17, the crypto fear and greed index shifted into the greed zone for the first time in six weeks. By the end of the week, Bitcoin closed above $68,000, reflecting an overall gain of 8.7%.
Trump Launches WLFI
GOP presidential nominee Donald Trump introduced the World Liberty Financial (WLFI) token on October 14, a project backed by his family. The team behind WLFI initially whitelisted 100,000 accredited investors in the U.S. The token is exclusively for non-U.S. investors and the whitelisted accredited U.S. investors. However, following its launch on October 15, scammers began impersonating the project in a phishing scheme aimed at stealing funds from unsuspecting users.
The WLFI project aimed to sell 20 billion tokens for $300 million but struggled to meet its target, selling fewer than 800 million tokens for just $11 million as of October 16.
Harris Addresses Crypto; Trump Widens Lead on Polymarket
Democratic nominee Kamala Harris has pledged to implement pro-crypto policies for Black investors. Nevertheless, Trump has continued to widen his lead on Polymarket, a platform where crypto holders can place bets on real-world events, including the 2024 election. Bets on the presidential election have surpassed $2 billion, with Trump currently holding a 59.7% probability of winning, compared to Harris’s 40.4%. Additionally, Trump-themed meme coins such as MAGA Hat (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP) have experienced rapid price movements. As of Sunday, MAGA was down over 6%, STRUMP remained stable, and TREMP saw a slight increase of 0.35%.
Ripple Advances with RLUSD
At the recent Ripple Swell conference, Ripple announced the exchange partners for its Ripple USD (RLUSD) stablecoin, which include Uphold, Bitstamp, Bullish, MoonPay, and Bitso. However, the blockchain payments firm emphasized that it requires regulatory approval to officially launch the stablecoin.
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