Peter Thiel-Backed Fund Investments Past $67 Million Despite Market Slump

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Table of Content

In today edition we talk about

• VanEck Analyst Predicts Strong Bitcoin Surge Leading to 2024 U.S. Elections

• Solana Overtakes Ethereum in Daily Fees, Reaches $2.5 Million in 24 Hours

• -Peter Thiel-Backed Fund Drives Infinex NFT Investments Past $67 Million Despite Market Slump

• Election Betting Platform Kalshi to Accept USDC Deposits as Competition Grows

VanEck Analyst Predicts Strong Bitcoin Surge Leading to 2024 U.S. Elections

VanEck’s head of digital assets research, Matthew Sigel, sees a “very bullish setup” for Bitcoin ahead of the U.S. presidential election on Nov. 5. In an Oct. 28 CNBC interview, Sigel noted similarities between Bitcoin’s current trajectory and its performance in 2020, where a period of quiet was followed by high volatility and significant price increases once election results were in.

Bitcoin recently surged past $69,000, nearing the symbolic $70,000 level. VanEck’s research outlines an ambitious long-term forecast for Bitcoin, with a potential base price of $2.9 million per coin by 2050. A more optimistic outlook places Bitcoin’s value above $52.3 million, assuming it gains greater influence in global trade and economies. Sigel added that if Bitcoin were to secure just 2% of global central bank reserves, VanEck’s model estimates a price around $3 million per coin.

Solana Overtakes Ethereum in Daily Fees, Reaches $2.5 Million in 24 Hours

On Oct. 28, Solana's daily transaction fees surged past Ethereum's, hitting $2.54 million compared to Ethereum's $2.07 million, according to DefiLlama data. This growth makes Solana the fifth-largest protocol by daily fees in the crypto market. The increase is largely driven by heightened trading on Raydium, Solana's leading decentralized exchange, which generated over $3.41 million in fees within 24 hours.

However, Ethereum remains dominant in long-term fee generation. Over the past 30 days, Ethereum accrued nearly $134.6 million in fees, securing its place as the leading blockchain by fees.

Peter Thiel-Backed Fund Drives Infinex NFT Investments Past $67 Million Despite Market Slump

Infinex’s NFT collection, Patrons, has exceeded $67.7 million in total investments within six weeks of its launch, with support from Peter Thiel’s Founders Fund, even as the broader NFT market sees declines. The collection, announced as a step toward a "post-CEX era," provides users with non-custodial access to onchain protocols and DApps.

Infinex celebrated the milestone in an Oct. 28 announcement, with Patrons NFTs now available for trade on OpenSea, starting at a floor price of 1.22 ETH (around $3,086). Other backers include Solana Ventures and Moonrock Capital. While Infinex NFTs have performed well, the wider market remains bearish—major collections like CryptoPunks and BAYC are trading over 75% below their peak values, and Ethereum-based NFT sales volume dropped by 34% in the last 30 days.

Election Betting Platform Kalshi to Accept USDC Deposits as Competition Grows

Kalshi, a prediction marketplace, will start accepting deposits in the stablecoin USD Coin (USDC) as it competes with top Web3 betting platform Polymarket ahead of the U.S. November elections. Kalshi confirmed this move on Oct. 28, with crypto deposits managed by ZeroHash, a payments platform.

On Oct. 7, Kalshi launched election betting contracts, becoming the first U.S.-approved election prediction market after a major legal win in September. Rival platform Polymarket, which holds $2.6 billion in election bets, currently leads the market. Meanwhile, Robinhood introduced election betting contracts for select users.

Kalshi’s election market has attracted $87 million in bets as of Oct. 23, with both Kalshi and Polymarket showing high odds in favor of former President Trump. Analysts believe that prediction markets like Kalshi and Polymarket offer unique insights into public sentiment, often rivaling traditional polls.

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