Intel Report 30/9

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Analyst Note
For the time being, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Email us at adam@secret3.com for any feedback! - Adam, Lead Researcher.

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Summary
GM, Bitcoin's recent rally to $66,000 has driven substantial inflows into Bitcoin ETFs, with over $1.1 billion flowing in this week alone. This surge in institutional interest has been accompanied by increased retail engagement, as evidenced by rising downloads of Coinbase's app. Meanwhile, altcoins have shown mixed performance, with XRP experiencing a notable 5% gain driven by rising open interest. However, the crypto community remains cautious, as some analysts point to signs that Bitcoin may not be ready for a new all-time high, citing factors such as retail investor hesitation and bearish sentiment in Asian markets.

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News Headlines
💰 FTX Creditors to Receive Only 10-25% of Their Crypto Back

• FTX creditors will only receive 10-25% of their cryptocurrency back, according to revised bankruptcy documents.

• The decision has led to frustration among creditors, with concerns about the bankruptcy plan's legal protections for administrators.

🛡️ Sophisticated Phishing Attack Drains $32M in spWETH

• A wallet was compromised in a phishing attack, resulting in a loss of 12,083 Spark Wrapped Ethereum (spWETH) valued at $32 million.

• The attack utilized sophisticated phishing software targeting users through fake decentralized applications.

🚨 Malicious Crypto Wallet Drainer on Google Play Steals $70K

• A malicious crypto wallet drainer on Google Play existed for several months, stealing over $70,000 from users.

• The app masqueraded as WalletConnect, a legitimate tool for linking crypto wallets, attracting over 10,000 downloads.

📈 Ethereum Underperforms Bitcoin, but ETH/BTC Pair May Be Ripe for Turnaround

• Ethereum has been significantly underperforming Bitcoin in recent months, hitting lows not seen since 2021.

• Technical analysis of the ETH/BTC pair shows a symmetrical triangle pattern indicating indecision among traders.

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Market Metrics

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Fundraising & VC
No fundraising data today.