According to Whale Alert data, 1517 BTC (approximately $52,009,789) was transferred from a Bybit address to an unknown wallet.

According to data from Tongbuke, on October 30th, the correlation coefficient between Bitcoin and cross-asset prices is as follows: The 30-day correlation coefficient between Bitcoin and the S&P 500 is 0.28, with a weekly cumulative decline of 0.02. The 30-day correlation coefficient between Bitcoin and gold is -0.177, with a weekly cumulative decline of 0.003. The 30-day correlation coefficient between Bitcoin and the US dollar is -0.31, with a weekly cumulative decline of 0.13. Note: 1. A positive correlation coefficient value indicates a positive correlation; a negative value indicates a negative correlation. 2. A correlation coefficient value ≤ 0.5 indicates a low degree of correlation; 0.5 to 0.8 indicates a significant correlation; ≥ 0.8 indicates a high degree of correlation.

Nayib Bukele, a Bitcoin advocate and the president of El Salvador, received strong public support after being officially nominated for re-election by his party on October 26th. He has now submitted paperwork to run for president again in the country's upcoming 2024 elections in February. Bukele stated that we need five more years to continue improving our country.

On October 30th, the BitVol (Bitcoin Volatility) Index, launched by financial index company T3 Index in collaboration with Bitcoin options trading platform LedgerX, rose to 56.66, with a daily increase of 6.52%.  

Michael Saylor, the founder of MicroStrategy, stated in a recent article discussing Bitcoin's dominance that when people examine the cumulative returns brought by Bitcoin, its outstanding performance becomes apparent. In a total asset return table shared by Saylor, Bitcoin's return rate reached an astonishing 1,120,785% from 2011 to 2023, equivalent to an annualized return rate of 147.5%, a staggering number. Compared to traditional asset classes such as the US Nasdaq 100 Index or US large-cap stocks, these numbers are impressive, as both assets, while performing strongly themselves, fall far behind Bitcoin's return rate. According to the shared data, the US Nasdaq 100 Index has risen 613% since 2011, while US large-cap stocks have risen 315%.

Bitcoin News claimed on social media that a Bitcoin whale has purchased over 30,000 BTC (worth $1 billion) in the past 5 days.

Due to concerns about an impending recession in the US economy, the S&P 500 index, a major US stock market index, has fallen more than 10% from its peak of 4,577 points on July 31st. The Dow Jones Industrial Average fell 1.7% in the last week of October 2023, slightly below 32,420 points. This week, the 10-year US Treasury yield broke the 5% mark for the first time since 2007. In addition, more and more investors seem to be turning to gold as a "safe haven" for US Treasury bonds. The commodity rose to $2,000 per ounce for the first time since May, and Bitcoin broke the $35,000 mark for the first time since March 2022. Economists warn that the rise in US Treasury yields will eventually make them more attractive than stocks. When this happens, it will stimulate capital to flow from stocks to US Treasury bonds, leading to a lack of important investment funds for businesses and contributing to higher borrowing costs.

On October 29th, the BitVol (Bitcoin volatility) index, launched by financial index company T3 Index in partnership with Bitcoin options trading platform LedgerX, dropped to 53.19, a daily decrease of 2.44%. Note: The BitVol index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by actual option prices. It is the volatility derived by using the B-S option pricing formula and inputting the actual option price and other parameters except for the volatility σ into the formula. The actual price of an option is formed by competition among many option traders, so implied volatility represents the market participants' views and expectations of the future market, thus being viewed as the closest to the actual volatility at that time.

This week’s Crypto Biz looks at BlockFi’s emergence from bankruptcy, BlackRock’s spot Bitcoin ETF developments, Worldcoin’s operator payment scheme upgrades and more.

Bitcoin's advance this week coupled with gains across all digital asset sectors, highlighting the breadth of the crypto rally.