Todays Top Stories

Uptober Cancelled? FTX Payments Delayed

Uptober is just around the corner! While this month has historically been positive for the market, it’s not just past data driving this sentiment. You might have seen the news that the first batch of payments to victims of FTX would be distributed at the start of the month. Unfortunately, that doesn’t seem to be the whole story.

Sadly, we may have to wait a bit longer. According to the latest Chapter 11 filings, the court has yet to approve the restructuring plan, with the next hearing scheduled for October 7, 2024. Once the plan is approved, the repayment process will be gradual. Creditors with claims under $50,000 might start receiving payments by late 2024, but those with larger claims may have to wait until 2025.

Additionally, former users can expect to recover only 10-25% of their lost assets, as the valuation of crypto holdings will be based on prices at the time of FTX's collapse in November 2022. For context, Bitcoin was priced at around $16,000 when FTX imploded.

If that wasn’t bad enough, it appears FTX, despite all the damage it’s caused, isn’t content to leave it at that! The legal team is insisting on cash payments to comply with bankruptcy laws. If this were to happen, it would create friction for creditors who wish to reinvest the money into the crypto market, as opposed to if they were paid out in crypto directly.

While this isn’t the outcome many were hoping for, Uptober is still very much in play. If all goes well, we might see a severe injection of capital later, potentially sustaining a market pump well into 2025.

Daily Alpha | PUPS to the Moon(Shot)!

Pups continue to break new ground! Over the weekend, it was announced that you can now buy the token on Moonshot, the app that’s being widely considered the ultimate “normie onboarder” for this market cycle. This makes the Farmer Joe-deployed Rune the first token available for purchase using traditional finance methods like Apple Pay and credit cards.

While this is great news for Pups' exposure and the whales holding runes, it’s worth noting that the SPL version of the token is what’s featured on Moonshot. Unfortunately, this means it doesn’t easily open the door for other Runes to follow suit anytime soon.

Moonshot is being touted as potentially as important to a token's success as a Binance listing, once it gains some real traction. On that note, Leonidas, the creator of $DOG, has been active again on X lately, campaigning for Binance to list the token. He’s adamant, however, that he won’t pay the listing fees typically required.

Xverse has even offered to assist Binance with the technical aspects of listing $DOG, but the question remains—will it matter if Moonshot becomes the chosen one?

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Todays Markets

Chart of the Day

^{by @CryptoLandy}

Ordinals

The pullback continues for most Ordinals, with the exception of NodeMonkes, which show strength with an 8% rise in floor price after breaking 0.2 a few days ago.

Volume remains healthy overall during this cooling-off period, with Taproot Witches being the surprise standout, consistently ranking in the top 5 collections by sales volume.

As September draws to a close, it’s no surprise that NodeMonkes emerge as the clear winner, generating the highest sales volume for the month. In fact, the top 4 remain unchanged from the previous 24-hour rankings.

Next month, we may see a wave of new collections launching, thanks to favorable market conditions. Only time will tell if this leaderboard will look different by the end of October, with new names possibly making an appearance.

Runes

DOG continues to lead as the top-selling Rune, generating almost $400K on Sunday—more than double RSIC in second place with $131K.

Based-Internet-Panda saw a rise over the weekend, jumping from 3 sats to 8 sats and solidifying its 4th spot, just ahead of PUPS. $BIP has recently caught the eye of Rune enjoyoors, who view it as the next big opportunity. With a market cap just under $3 million, many believe it to be undervalued given the quality of the content produced and the strength of the community built around it on socials.

Much like Ordinals, the monthly Rune rankings are predictable, with DOG leading by a large margin. Other top Runes have impressive numbers as well. BDC and PUPS have experienced a stellar month with triple-digit growth in floor prices.

However, the unexpected appearance of Bank-Of-Nakamoto-Dollar in 5th place, with nearly $1 million in sales volume, is a surprising one to see. The token is down 73% this month—could it be approaching a bottom?

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