"The Ethereum ETF Failed Because Whales Dumped" - And Other Convenient Lies

State of the Market

This part can be named just like, “Short-Term Holders: Masters of Panic-Selling". In a move that screams "Oh no, I bought the top!" short-term Bitcoin holders have collectively yeeted $3 billion worth of BTC to exchanges at a loss. That’s right—our friends who’ve been hodling for less than 155 days decided to jump ship, sending BTC into a frenzy of back-to-back 3.7% declines. 🤦‍♂️

These brave souls, who bought aggressively during the euphoric pump to $66K, apparently couldn’t handle the heat when prices dipped. So, they did what any rational investor would do: panic-sold. Meanwhile, long-term holders, the Bitcoin equivalent of zen monks, sipped their tea and calmly watched the market chaos unfold. Minimal losses, minimal stress. 🍵 #ZenHodlers

Bitcoin Breaks $60K: The Struggle is Real. After Middle East tensions flared up, Bitcoin decided to take a nose-dive to a two-week low of $59,860, smashing through support levels like an action hero kicking down a door. $61,318? Gone. $61,438? Forget about it. 👊💥 

Now, with the added spice of weakening U.S. economic data and geopolitical uncertainty, further drops could be in the cards. If BTC can’t hold that precious $60,000 level, we could be looking at a free-fall down to $58,000 or even $52,000. Yeah, that's a big oof. 😬 

Traders are currently holding their breath, with the 200-day EMA at $59,890 acting like Gandalf at the bridge of Khazad-dûm: "You shall not pass!" 📉🧙‍♂️ Will it hold the line? 

Meanwhile, in the McDonald's nearest to your location…

Chart of the Day. Ethereum’s October Drama: ICO Whales, ETF Flops 🎭💸

Remember those lucky few who got in on Ethereum’s ICO back in the day, when ETH was cheaper than a Starbucks latte? Yeah, they’ve decided it’s time to cash out, and the result? A casual 12% price drop from October 1st to 3rd. 🤷‍♂️ Apparently, diamond hands turn to paper real fast when you’re sitting on a crypto fortune that could buy an island—or at least a mansion with a crypto-mining basement.

Add to that the underwhelming demand for the Ether ETF, which promised to be the "next big thing" but its price action ended up feeling more like the final season of Game of Thrones—full of hype but kinda disappointing. 🐉💀

Active Addresses Are Poppin’ But Price? Not So Much 📈🤷‍♂️

Now, before you start doomscrolling, here’s the silver lining: Ethereum’s network activity is actually flexing hard. Active addresses shot up by 27%, and dApps are doing their thing, living their best decentralized lives. 💪 But network activity alone isn’t enough to slap a band-aid on this price dip. ETH holders need some serious incentives, not just promises of “good things coming.” It’s like getting a gym membership—you know it’s good for you, but where’s the instant payoff? 💪🍩

Most Important News of the Day.

The SEC is not taking the recent Ripple case ruling lying down. They’re appealing the district court’s decision, claiming it throws decades of securities law under the bus. Because, you know, who needs consistency in legal precedent when you can just keep throwing spaghetti at the wall? 🍝

In a bold move, Franklin Templeton has filed for a new Bitcoin and Ethereum index ETF with the SEC. It’s like they looked at the crypto party and thought, “Hey, let’s join in on the fun!” This signals that institutional adoption is heating up faster than your neighbor's BBQ on a summer weekend. 🔥

Fidelity is getting closer to joining the ranks of the top 10 Bitcoin holders—bye-bye, US government! If they keep this up, they might as well start giving out Bitcoin loyalty cards. "Spend $10,000 and get 1 free Bitcoin!" Who knew institutional adoption would feel like a competitive sport? 🏆

JPMorgan suggests that rising geopolitical tensions and looming elections could make Bitcoin the go-to hedge against currency debasement. So, if you're looking for a new hobby, maybe it's time to start painting your Bitcoin stash in gold and putting it on display. "Look, darling, our new investment art piece!" 🎨✨

PayPal has completed its first transaction using its PYUSD stablecoin with Ernst & Young. Talk about putting the “fun” in “fundamental transactions!” Who knew stablecoins could actually be useful beyond just chilling in a wallet? 📅🤝

SWIFT is gearing up to test cross-border digital asset transactions by 2025. It’s like they finally decided to join the 21st century. At this rate, we might see them hosting a webinar on “How to Crypto” soon. Sign me up! 📅🖥️

An HBO documentary titled “Money Electric” is set to investigate the identity of Bitcoin’s enigmatic creator, with claims that Len Sassaman could be Nakamoto. Get ready for some juicy conspiracy theories and rabbit holes—because nothing says “trustworthy” like a masked figure with a laptop. 🕵️‍♀️💻

Our Daily Pick. Storj, a Cloud Storage for the Bold and Brave ☁️💾

Imagine a world where your data isn't locked up in a data center somewhere, guarded by a grumpy security guard named Carl. Enter Storj—a decentralized cloud storage platform that uses blockchain to store your precious files securely and affordably. Think of it as the Robin Hood of cloud storage, stealing from the rich data centers and giving to the poor (you!). 🏹💰

What’s It Used For?

It can store personal files, back up your precious cat memes 🐱, or even host your aspiring influencer website. Just remember, if your website gets famous, you might have to start charging for cat meme access! 💸

Who's Behind This Magic?

Founded in 2014 by the dynamic duo Shawn Wilkinson and John Quinn (who sounds like they should be in a buddy cop movie), the current CEO is Ben Golub. He’s probably the guy at the office with a lot of cool tech gadgets, just saying. 🤓🔧

Who’s Got Their Back?

Storj is like that kid who always has rich friends—it's backed by heavyweight venture capital firms like Draper Fisher Jurvetson and Andreessen Horowitz. You know, the kind of folks who make the rest of us look like we’re still saving up for a fancy coffee. ☕

How Much Have They Raised?

They've raised over $30 million. That's right—$30 million! Not quite enough to buy a yacht, but definitely enough to make it rain at a tech conference! 💸🌧️

What about its tokenomics? 🪙

• Circulating Supply: 391,914,412 STORJ

• Total Supply: 424,999,998 STORJ

• Market Cap: $144,351,466 ranked at #277

What Are Its Superpowers?

• Decentralization: This superhero ensures data is scattered across many nodes, making it more secure and resilient than a cat landing on its feet. 🐾

• Security: Advanced encryption protects your data like a digital Fort Knox (minus the awkward guard shifts). 🔒

• Cost-Effectiveness: Because who doesn’t want to save a few bucks while storing their Netflix binge lists? 🍿

• Scalability: Storj can grow faster than your friend’s collection of action figures! 🤖

What Problem Does It Solve?

Storj is tackling the age-old problem of centralized control—because who wants a single point of failure? It’s the data equivalent of saying, “I’m not putting all my eggs in one basket.” 🥚🐥

Core Concepts.

• Decentralized Network: Storj operates on a decentralized network of nodes that contribute storage space and computational resources, like a community potluck where everyone brings a dish! 🍲

• Tokenization: STORJ tokens are the currency of this land. Get ready to throw some tokens around! 💸🎊

• Encryption: No one likes nosy neighbors, and Storj ensures your data stays private. 🕵️‍♂️

Final Thoughts.

In a world where cloud storage can feel like a trip to the dentist, Storj offers a refreshing, decentralized alternative. With its security features and cost-effectiveness, it’s a serious contender. Just keep an eye on those challenges—after all, every hero has their kryptonite! 🦸‍♂️⚡️