SoSo Daily Oct 14 | Political shift to Republicans drives $407 million in weekly inflows to crypto funds, CoinShares says

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM UTC0 time on October 14, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.40 trillion US dollars, witnessing an increase of 3.67% compared to yesterday; the total trading volume is 116.28 billion US dollars, marking an increase of 100% from the previous day.

According to sosovalue, the price of $BTC is 65,677 USD, an increase of 5.06% from yesterday. The market cap of $BTC is 1.30 trillion USD, accounting for 54.1% of the total market cap; $BTC's 24-hour trading volume is 41.11 billion USD, making up 35.4% of the total trading volume.
The price of $ETH is 2,627.2 USD, up 7.39% from yesterday; the market cap of $ETH is 316.28 billion USD, representing 13.2% of the total market cap; $ETH's 24-hour trading volume is 20.18 billion USD, comprising 17.4% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.3% of the total cryptocurrency market cap, and their combined trading volumes constitute 52.8% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:55 UTC0 time, according to sosovalue, the top five token gainers are:
Top 1 gainer is Peng. As of 17:55 today, its market cap is 25.84M, with a coin price of 0.25840 USD, witnessing a 24-hour increase of 36.6%.
The second is Memecoin. As of 17:55 today, its market cap is 413.78M, with a coin price of 0.014560 USD, witnessing a 24-hour increase of 34.6%.
The third is Foxy. As of 17:55 today, its market cap is 35.12M, with a coin price of 0.011706 USD, showing a 24-hour increase of 31.9%.
In fourth place is BOOK OF MEME. As of 17:55 today, its market cap is 692.96M, its coin price is 0.010043 USD, with a 24-hour rise of 31.3%.
In fifth place is Turbo. As of 17:55 today, its market cap is 780.01M, its coin price is 0.011305 USD, increasing by 29.2% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 16 sectors, 16 are up and 0 are down. Notably, GameFi, Meme, and $ETH sectors are worth mentioning.
GameFi sector has risen 8.06% relative to the UTC 0 time, led by gains in MAVIA (24.5%), KARRAT (19.7%), and bigtime (19.3%).
Meme sector has increased 7.44% relative to UTC 0, with meme (35.2%), FOXY (32.2%), and BOME (30.8%) leading the rise.
$ETH sector has risen 7.42%, with $eth (7.42%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Net inflows into global crypto funds run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares returned to net inflows of $407 million last week following $147 million worth of outflows the week prior, according to CoinShares. Recent investor decisions have likely been more influenced by the upcoming U.S. elections than monetary policy outlooks, CoinShares Head of Research James Butterfill noted on Monday. U.S.-based funds dominated last week’s net inflows, adding $406 million—likely due to the current political nature of the flows, in Butterfill’s view. Bitcoin-based investment products witnessed net inflows totaling $419 million for the week, making it the “primary beneficiary of recent political shifts,” Butterfill said. Multi-asset investment products also fared well, marking their 17th consecutive week of net inflows, albeit a modest $1.5 million worth. Furthermore, blockchain equity ETFs witnessed one of the largest weekly inflows of the year, bringing in $34 million — likely in response to recent bitcoin price rises, Butterfill added. However, Ethereum-based products continued their negative spell, with $9.8 million exiting the funds globally last week, despite $1.9 million in net inflows to the U.S. spot Ethereum ETFs.
Next news:Samara Asset Group plans to issue a bond worth up to $32.8 million to expand its bitcoin holdings and investment portfolio. Pareto Securities has been appointed to manage the bond issuance.
Next news:Solv Protocol's SolvBTC product has more than 20,000 $BTC staked ($1.24 billion) deployed across 10 major blockchain networks.
Next news:Crypto Custodian Copper Appoints Former SEC Advisor Amar Kuchinad as New Global CEO
Next news:According to Bitget market data, Bitcoin has broken through 65,000 USDT, currently priced at 65,085.00 USDT, with a daily increase of 3.55%.
Next news:Digital asset trading software provider Talos Trading Inc. plans to double its workforce in the Asia-Pacific region over the next 12 months. Talos raised $40 million in Series A funding in 2021, led by a16z, with participation from PayPal Ventures and Fidelity Investments.
Next news:The newly formed Hyper Foundation will be issuing a native token called HYPE ahead of the launch of the HyperEVM on mainnet. Eligible users can choose to receive HYPE and a Hypurr NFT. Details about the token airdrop will be shared later. Hyperliquid's daily transaction volume has surpassed $1 billion, possibly due to its points reward campaign.
Next news:U.S. Vice President Kamala Harris plans to support a cryptocurrency regulatory framework that protects Black men who invest in crypto as part of a proposal to build wealth for Black men. The proposal, called the 'Opportunity Agenda for Black Men,' also includes plans for forgivable loans to Black entrepreneurs, a health initiative, and the legalization of recreational marijuana. Harris' approach has been criticized for narrowly framing crypto around Black men and limiting their role to consumers.
Next news:The bitcoin price rose above $64,000 briefly during Monday afternoon trading in Asia, as analysts said the cryptocurrency gained on the back of the rebound seen in Chinese equities. China’s Finance Minister outlined the country’s plans to provide a fiscal stimulus package to reinvigorate its economy. The Shanghai Composite Index rose 2.12% so far today. Bitcoin has been moving sideways, around $62,500 to $63,000 over the weekend. Most non-stablecoin cryptocurrencies on the top 20 list also rose in price. Looking ahead, China’s Q3 GDP data release and earnings reports from major U.S. banks could influence the market this week.
Next news:According to the official announcement, Binance has postponed the launch time of BinanceStakedSOL (BNSOL) as cross-margin collateral, which was originally scheduled for October 14, 2024, at 16:00, until further notice. Additionally, the launch time for the BNSOL/SOL trading pair on isolated margin has also been postponed from the originally scheduled October 14, 2024, at 16:00 to October 14, 2024, at 19:30.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.