Surging Inflows and Institutional Shifts Drive Market Momentum

Happy Monday, TM Family!

Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

Let's dive in! 

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 Now let's get back to the top stories of the day.

Bitcoin shattered its previous records this weekend, surging above $125,000, driven by unprecedented institutional demand through spot ETFs.

U.S. listed Bitcoin ETFs alone pulled in $3.24B in net inflows last week, the second-highest on record, led by BlackRock's IBIT with $1.8B. This influx, totaling nearly $6B across global crypto ETPs, reflects a delayed reaction to the Fed's rate cuts and weak jobs data, amplifying the "debasement trade" where BTC acts as a hedge against fiscal uncertainty.

Amid the ongoing U.S. government shutdown, Polymarket bettors predict a prolonged disruption lasting beyond October 15 but under a month, potentially delaying new ETF approvals for altcoins like SOL and XRP while boosting safe-haven flows into BTC.

However, Strategy (formerly MicroStrategy) paused its weekly BTC acquisitions for the first time since April, holding steady at 640,031 BTC valued at $79.4B with $3.9B in Q3 unrealized gains, signaling a strategic HODL amid peak valuations.

For investors, this rally underscores BTC's resilience, but the pause from a key accumulator like Strategy could temper short-term momentum; watch for consolidation around $120K-$125K as altcoins rotate in.

Bitmine Immersion Technologies continues its aggressive accumulation of Ethereum, adding 179,251 ETH worth $821M last week to reach 2.83 million ETH, over 2% of the total supply, and pushing its crypto/cash holdings to $13.4B.

Chairman Tom Lee emphasizes ETH's role in AI workloads and financial infrastructure, with the firm targeting 5% of Ethereum's supply while planning to stake for yield. This move aligns with Grayscale's groundbreaking launch of staking in its U.S.-listed spot Ethereum ETFs (ETHE and ETH) and Solana Trust (GSOL), offering rewards that potentially yield passive income for investors while securing the networks.

With Ethereum ETFs seeing $1.48B in inflows last week, bringing YTD to $13.7B, these developments signal strong institutional conviction in PoS assets. Crypto natives should note the supply dynamics: Bitmine's hoard could reduce the circulating ETH, while staking integration in regulated products lowers barriers for traditional finance (tradfi) entry. Watch ETH's push toward $5K if inflows persist.

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Now, let's continue with the top stories of the day.

Galaxy Digital has entered the retail arena with the launch of GalaxyOne, a unified app offering zero-commission trading for crypto (BTC, ETH, SOL, PAXG), over 2,000 U.S. stocks/ETFs, and high-yield cash accounts, 4% APY for all users and up to 8% for accredited investors via institutional lending.

Built on the acquired Fierce platform, it competes directly with Robinhood and Coinbase, offering features such as auto-reinvestment and future staking/lending expansions. Shares of Galaxy (GLXY) jumped 10% following the announcement, reflecting market enthusiasm for bridging the gap between crypto and traditional finance (tradfi).

For investors, this lowers the on-ramps for retail adoption, potentially increasing liquidity in SOL and ETH. However, the 8% yield note isn't FDIC-insured, so risk assessments should be made against network slashing or counterparty issues. Galaxy's institutional backing positions it as a credible hybrid play.

DeFi activity heats up with PancakeSwap's CakePad rollout, a streamlined platform for early token access that eliminates the need for staking or lock-ups, burning 100% of fees to accelerate CAKE's 4% annual deflation.

Lighter DEX opened its public mainnet as an Ethereum-settled zk-perps venue with custom circuits for fair, low-latency trading, kicking off Season 2 points through 2025.

Meanwhile, Aster DEX's rapid rise in perp volume (briefly topping Hyperliquid) faces scrutiny after DefiLlama delisted data due to suspicious XRP volumes mirroring those of Binance, hinting at possible wash trading amid its token's 1,500% surge.

Solana solidifies its dominance in tokenized stocks, capturing 95.6% of DEX volume over the past month via platforms like xStocks and Remora, enabling 24/7 arbitrage on assets like Tesla, with over $70M in cumulative trades.

These innovations highlight DeFi's maturation: CakePad boosts BNB Chain liquidity, Lighter enhances Ethereum perpetuals security, but Aster's controversy warns of data integrity risks, and Solana's RWA edge could drive further TVL inflows if traditional finance integrations expand.

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That's all for today. Let's talk tomorrow.