Daily Market Update: October 2, 2023

October 2, 2023

October 2, 2023

BTC is currently trading around $28,300 and ETH around $1,700. Notable gainers in the last 24 hours are BSVRLB, and RUNE. The global crypto market cap is ~$1.15T, up 2.6% over the last day. DeFi Total Value Locked is ~$40b and BTC dominance is around 51%.

Congress passed a last-minute agreement on Saturday to secure funding through mid-November, narrowly sidestepping a government shutdown. It’s a lighter start to the week as several Asian markets observe holidays, including China’s week-long Golden Week. Several US jobs-related data points will follow between Wednesday and Friday. Turning to performance, US stocks are mixed by sector, while developed market sovereign bond yields are generally higher across the board. Crypto has diverged to the upside with majors leading the charge higher.

Notable news includes: as many as nine ETH Futures ETFs have been cleared to launch this morning pending each manager’s operational readiness; Grayscale filed to convert its Ethereum Trust into a spot Ethereum ETF; Coinbase gained a full operating license in Singapore; Nomura’s Laser Digital opened an office in Japan; Brazil revealed plans to issue digital IDs to its more than 200m citizens using a private blockchain; Google Cloud became a validator on Polygon; friend.tech’s revenue surged to over 10k ETH; Dues X Capital launched with ~$1b in assets to be deployed into digital assets, blockchain, and other ventures; millions of dollars tied to the FTX hack is on the move; cyber security experts at ESET warned Lazarus’s new malware is becoming increasingly difficult to detect; and, more than ~$330m was stolen in crypto exploits during September.

Sign up to conveniently receive GSR crypto content in your inbox.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn


This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material.  GSR is not authorised or regulated in the UK by the Financial Conduct Authority.  The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services. This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.