Overview

Bitcoin has made a strong breakthrough above $71,000. Alongside this price surge, BTC open interest across all markets has reached a historic high, indicating a potential risk of leverage cleansing in the current market.

Daily Macro

Bitcoin Market: Bitcoin’s price surged to $71,000, while gains in the altcoin market remain modest. The ETH/BTC rate continues to show a downward trend.

Bitcoin ETF: Preliminary reports on October 29 indicate a net inflow of $477 million last day.

Ethereum ETF: Preliminary reports on October 29 show a net outflow of $1.13 million last day.

Macroeconomic Data: Market attention is centered on political events, including the upcoming U.S. elections, changes in monetary supply, and international developments in Bitcoin mining—factors that have been influencing recent price trends.

Daily Focus

ACH

Reason for Focus: Alchemy Chain is set to implement a stablecoin revenue mechanism, positioning ACH as the utility token for Alchemy Chain. Users will be able to use ACH or fiat currency to pay gas fees and transaction costs, with on-chain profits and other revenues seamlessly convertible to fiat.

Related Token Performance (24H):

ACH: +11.1%

Market Outlook: Alchemy Chain aims to support Alchemy Pay’s operational needs and reshape the integration of crypto and fiat payments, boosting token adoption. While positive, this does not guarantee a sustained price increase for ACH.

Next Focus

ETH

Reasons for Focus: Vitalik has announced “The Splurge,” the next phase of the Ethereum protocol’s development, with a key goal of optimizing EVM to reach a high-performance, stable “endgame” state.

Market Outlook: Ethereum’s lackluster performance has long been a point of criticism. Whether this new upgrade can reverse ETH’s downtrend remains to be seen.

CoinEx Daily：Bitcoin Surges Past $71,000; BTC Open Interest Reaches All-Time High