Fed comments on DeFi, ETF flows jump, and report highlights crypto’s maturation

Crypto markets had a strong week, with the Nasdaq Crypto Index™ (NCI™) up 9.1%, led by Solana (SOL) gaining 9.9%, ether (ETH) up 9.8% and bitcoin (BTC) rising 9.3%. BTC touched $69,000 on Sunday, as election optimism helped spark $2.2B inflows in crypto products during the week.

“DEFI and Stablecoins can benefit financial system”, Fed governor says

Federal Reserve Governor Christopher Waller explored the relationship between centralized and decentralized finance (DeFi), arguing that DeFi brings technological innovations that can increase financial system efficiency, adding that stablecoins can lower global payment costs while acknowledging their risks and the need for regulation.

US election optimism possible catalyst for $2.2B inflows in crypto products

Crypto investment products saw an inflow of $2.2 billion last week, the largest since July, potentially driven by optimism surrounding the US election outcome. The US led the inflows, while other countries like Canada and Sweden experienced outflows. Bitcoin was the highlight, drawing in $2.13 billion, as trading volumes rose 30% and assets under management in crypto products approached $100 billion.

Report from Coinbase and Glassnodes claims crypto market matured dramatically in 2024

According to an Oct. 15 report by Coinbase and Glassnode, the crypto markets have matured significantly this year, with billions of dollars flowing into crypto ETFs and a substantial increase in transaction volumes on blockchain networks. The growth was driven by the success of Bitcoin ETFs, the rising adoption of stablecoins, and the development of Ethereum scalability solutions like layer-2 rollups, the report claims.

From Hashdex: Our Research Team has recently released Hashdex’s Q3 2024 Market Pulse, covering our quarterly market update, key storylines in the digital asset space, and ecosystem developments that are impacting crypto’s investment case. Click here to read it and get up-to-date with the crypto’s latest state as 2024 came to an end.