Recent outstanding performance of Bitcoin is driven by institutional demand, as stated in a research report by JPMorgan on Wednesday. The report indicates that a large amount of Bitcoin has flowed into larger wallets, indicating demand from institutional investors.

2766 BTC ($96,205,508) was transferred from an unknown wallet to Coinbase.

On October 26th, Bloomberg ETF analyst James Seyffart stated on social media that cryptocurrency asset management company Bitwise has submitted a modified version of its spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC), "just a response to Bitwise's comments and concerns about the SEC," and if Bitwise's product is approved by the SEC, it will be traded under the ticker symbol BITB.

Mexican Senator Indira Kempis is pushing for Bitcoin to become a part of her political agenda, after introducing a bill last year to create a central bank digital currency. Initially, the bill did not mention Bitcoin or decentralized assets, but Kempis modified it to include the cryptocurrency. Despite facing backlash from the crypto community, Kempis remains optimistic and hopes to communicate to the Mexican public where legislators stand on the bill. While Mexico has a blossoming tech scene and a tech-savvy population, the bill still has a long way to go before it becomes law.

The BTC dominance rate, which measures Bitcoin's market value relative to the entire digital asset market, has soared to 54.4%, the highest level since April 2021. A ratio of over 50% means that Bitcoin's market value exceeds the sum of all other cryptocurrencies. The index has fluctuated between 39% and 49% over the past two years until it broke through this range in mid-June. This breakthrough coincided with the news that BlackRock had applied for a spot BTC ETF in the US, causing the Bitcoin price to rise above $30,000. Market data shows that BTC prices have risen 32% in the past month.

The recent surge in Bitcoin's price has resulted in the liquidation of $230 million worth of bearish futures contracts, while the open interest in BTC futures has increased from $13.1 billion to $14 billion. The increase in futures open interest suggests that demand for new leveraged positions outpaced forced closures, indicating a "gamma squeeze" caused by arbitrage desks being forced to hedge short positions. There are several theories circulating on social media, including Changpeng Zhao using BNB as collateral for margin on Venus Protocol to shore up the price of BNB token, but these speculations cannot be confirmed. Despite ongoing speculation regarding the approval of a spot Bitcoin ETF, there is enough evidence to support a healthy influx of funds, justifying a rally beyond the $35,000 mark.

Bitcoin's price has reached $34,795, with a 25% increase in just one week. This has resulted in 82% of all Bitcoin wallet addresses being "In the Money", according to data from IntoTheBlock. The majority of Bitcoin holders are long-term holders, with only 11% being classified as "Investors" or "Whales". Despite the high percentage of holders in a profitable position, there is still a possibility of them selling their holdings to secure gains or protect against losses. However, trend signals suggest that the bullish momentum for Bitcoin may continue, with an increase in "In the Money" holders, buy orders on exchanges, and derivatives.

According to OKX market data, Bitcoin briefly broke through $35,000 and is currently priced at $34,838, with a 24-hour increase of 3.6%.

On October 25th, Nate Geraci, the President of consulting firm The ETF Store, posted on social media that Hashdex recently met with the SEC's Trading and Markets division to discuss their application for a Bitcoin spot ETF (DEFI). In response, Bloomberg's ETF analyst stated that if the SEC finds a way to reject all other Bitcoin ETFs, then Hashdex's application is tailored to each argument previously raised by the SEC, and they believe the SEC cannot deny this.

On October 25th, the encrypted option tool platform Greeks.live posted on social media that the current market sentiment is rapidly cooling. BTC Dvol has fallen from yesterday's highest nearly 70% to the current 55%, and there is almost no spot-future premium. Currently, from the futures and options positions, the upward momentum is insufficient, and the maximum pain points of the main option terms are below $31,000, while the upcoming monthly maximum pain point is only $28,500.

On October 25th, Edward, the managing partner of HTX Ventures, gave a speech titled "New Opportunities and Future of Digital Assets" at Blockchain Life 2023 in Dubai. Edward believes that in 2023, people's interest in BTC spot ETFs and RWAs will continue to grow, attracting more traditional financial institutions to enter the cryptocurrency field and injecting more funds and liquidity into the market, which may be the cornerstone of the next "bull market". At the same time, with the rise of SocialFi such as Friend.tech and Bigtime, the combination of social, gaming and DeFi has become a trend, and more design ideas for xFi or Web3 projects will be seen in the future. In addition, the battle for L2 is far from over, and with the upcoming upgrade of Canquan, the competition in the L2 market will become even more intense. Edward also pointed out that trading innovation has always been the main theme of the cryptocurrency market, and upgrades or innovations in infrastructure trading paradigms may trigger the next market change.

On October 25th, the BitVol (Bitcoin Volatility) index launched by the financial index company T3 Index in conjunction with the Bitcoin options trading platform LedgerX rose to 59.41, with a daily increase of 9.63%. The BitVol index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by the actual option price. It is the volatility inferred from the option's actual price and other parameters except for the volatility σ by using the B-S option pricing formula. The actual price of the option is formed by many option traders competing, so the implied volatility represents the market participants' views and expectations of the future market and is therefore considered the closest to the true volatility at that time.

According to OKX market data on October 25th, Bitcoin rebounded above $34,000 and is currently priced at $34,063.36, with a 24-hour increase of 9.89%.

Stock code IBTC for the BlackRock Bitcoin ETF has been removed from the DTCC website. Cryptocurrency industry expert Gabor Gurbacs explained that it is obvious that certain things can be done in advance (but maybe shouldn't be). In this case, it would be more prudent to verify with regulatory agencies in advance.

According to an interview with Ricardo Salinas Pliego, the third richest man in Mexico and chairman of Grupo Salinas, he discussed the impact of Bitcoin on the economy, especially in Latin America. He said, "Around the world, not just in Mexico or Latin America, we see an increase in inflation tax, which means that people's savings are taken away without their permission, which is very sad, especially for those who rely on this money for retirement. So Bitcoin is a way to prevent this from happening because it will not depreciate." He added, "The importance of Bitcoin lies in its resistance to taxes and many other aspects, but it is specifically applicable to economies with malignant inflation, of which there are several in Latin America." 

Glassnode data shows that as of October 23, more than 80% of Bitcoin addresses are now in a state of profit.

On October 24th, K33 Research senior analyst Vetle Lunde stated that CME Bitcoin futures added a net increase of 4380 BTC in open interest yesterday, bringing the platform's total Bitcoin futures open interest to a new high of 100,375 BTC. Additionally, CME's market share in the Bitcoin derivatives market has risen to 25%, approaching Binance's 29% market share.

Cryptocurrency options trading platform Deribit posted on social media that Deribit's open interest contracts are soaring, with BTC options worth up to $12.4 billion, of which $2.8 billion will expire this Friday. ETH options are worth $6.5 billion, with $1.5 billion expiring this Friday.

Bitcoin reached 17-month highs on October 24th due to the excitement around the potential launch of a Bitcoin spot price ETF in the United States. While no official green light has been given, the event is increasingly viewed as a matter of time. Public Bitcoin ETFs worldwide saw the equivalent of 10% of the year-to-date total in inflows over a single 24-hour period. Despite the highs, some traders remain cautious and believe that Bitcoin could nuke lower in Q1 2024 based on the timing of previous price cycles.

October 24th, Bitcoin mining company Crusoe Energy announced that it has received a $200 million asset-backed financing commitment from investment firm Upper90. The funds raised will be specifically used to purchase more GPUs (Nvidia H100 Tensor Core GPUs) to expand their cloud business.