TL;DR

• After dropping below $49,000 on August 5th, BTC has rebounded to $56,000 and is approaching $57,000.
• The U.S. Bitcoin spot ETF saw a net outflow of $148.5 million yesterday, while the Ethereum spot ETF had a net inflow of $98.3 million.
• Multiple altcoin sectors rebounded by over 10%, with tokens such as NEIRO, ORBS, and MEW increasing by more than 20%.
• Both the U.S. stock market and the cryptocurrency market have recovered from the sharp decline on August 5th over the past two days.
• The Ronin Bridge was hacked, resulting in a loss of approximately $12 million, but the stolen assets were subsequently returned by a white hat hacker.
• Several projects, including Mode, Zircuit, and Aigiso, have announced the start of airdrops.

Market Analysis

• BTC —— According to Gate.io, the cryptocurrency market experienced a sudden drop on August 5th, with BTC falling below $49,000 at its lowest. However, it has since started recovering, with Bitcoin’s price steadily rising over the past two days. As of today, BTC has stabilized above $56,000 on the 1-hour chart and is testing $57,000.
• ETH —— ETH dropped to a low of $2,100 on August 5th, but recovered 15% by the end of the day. On August 6th and 7th, ETH experienced modest rebounds. As of today, ETH is fluctuating around $2,500 on the 1-hour chart, currently trading at $2,516.[1]
• ETF —— The U.S. Bitcoin spot ETF saw a net outflow of $148.5 million yesterday, while the Ethereum spot ETF experienced a net inflow of $98.3 million.[2]
• Sectors —— Over the past 24 hours, several sectors saw significant rebounds, with sectors such as Solana Meme and Tap to Earn posting gains of over 20%.[3]
• Major U.S. Stock Indices —— The S&P 500 index rose by 1.04%, the Nasdaq index increased by 1.03%, and the Dow Jones index went up by 0.76%.

Top Performers

According to Gate.io market data, here are the top-performing tokens over the past 24 hours (with gains and market capitalizations exceeding $100 million)[4]:

NEIROETH —— NEIROETH is a MEME token issued on Ethereum, inspired by the Shiba Inu named Neiro, adopted by “Kabosu Mama” after the death of Kabosu, the famous Dogecoin prototype. Its price surged to a daily high of $0.083, making an increase of about 33.12% It is currently priced at $0.2375. The 24-hour trading volume is $1.3715 million, with a circulating market capitalization of $213 million, ranking it 269th by market cap.

ORBS —— ORBS aims to be the preferred blockchain infrastructure for developers and projects looking to deploy next-generation DeFi and Web 3.0 applications. It saw a daily increase of approximately 24.63%, currently priced at $0.02767. The 24-hour trading volume is $201,500, with a market capitalization of $118 million, ranking it 375th by market cap.

MEW —— MEW is a cat-inspired meme coin, also known as the “cat in the dog world.” It was launched on the Solana network on March 22, 2024. MEW has a total supply of 88,888,888,888 tokens and employs a deflationary mechanism where 1% of each transaction is permanently burned, aiming to gradually reduce the supply. It saw a daily increase of approximately 21.07%, currently priced at $0.005964. The 24-hour trading volume is $24.07 million, with a market capitalization of $522 million, ranking it 150th by market cap.

NOT—— Notcoin is a click-to-earn game based on the TON blockchain. Players earn Not tokens by clicking on the Notcoin icon on the screen. Since its launch in January 2024, it has quickly attracted over 35 million users, becoming a popular product in the GameFi and TON ecosystem. It saw a daily increase of approximately 19.74%, currently priced at $0.01211. The 24-hour trading volume is $11.70 million, with a market capitalization of $1.248 billion, ranking it 84th by market cap.

ORCA —— ORCA is a Solana-based automated market maker (AMM) decentralized exchange (DEX) and was one of the first general-purpose AMMs launched on Solana. According to DeFiLlama data, its total value locked (TVL) has reached $234 million. It saw a daily increase of approximately 17.05%, currently priced at $2.47. The 24-hour trading volume is $370,900, with a market capitalization of $127 million, ranking it 362nd by market cap.

Spotlight Analysis

Ronin Bridge Hacked, Losing about $12 Million; Stolen Assets Returned by White Hat Hacker
On August 6th, the Ronin Bridge was attacked, resulting in the theft of approximately 4,000 ETH and 2 million USDC, totaling around $12 million. Following the attack, community users encountered issues with asset display and withdrawals. According to SlowMist, the vulnerability in the Ronin Bridge was due to an unintended modification of weight, allowing funds to be extracted without multiple signatures [5]. Later that same day, after negotiations with the project team, the white hat hacker returned around $10 million worth of ETH, with the USDC expected to be returned subsequently. Ronin plans to reward the hacker with $500,000 and will undergo an audit before reopening the protocol [6].

The Ronin Bridge attack further highlighted the security risks inherent in the cross-chain bridge sector and impacted user trust. Investors may reassess their strategies for holding crypto assets, exercising more caution when choosing bridging services. Following the attack, the RONIN token experienced significant price volatility, dropping to a low of $1.23 before rebounding to $1.47, possibly influenced by the successful negotiation news.

U.S. Stocks and Cryptocurrencies Rebound Significantly
On the evening of August 6th, U.S. stocks opened with a strong rally. The three major indices saw substantial gains, with the Dow Jones Industrial Average surging over 800 points at its peak, the Nasdaq Composite rising by as much as 2.6%, and the S&P 500 increasing by more than 2.4% at one point. Near the close, the gains narrowed somewhat, with the Dow finishing up 0.76%, the S&P 500 up 1.04%, and the Nasdaq up 1.03%. Goldman Sachs CEO David Solomon recently commented that the recent pullback in the U.S. stock market might still be healthy. He believes there is no risk of a recession in the U.S. economy and expects the Federal Reserve to avoid emergency rate cuts, anticipating one or two rate cuts this fall [7].

At the same time, the cryptocurrency market also saw a significant rebound. Major cryptocurrencies experienced notable price increases, with Bitcoin and Ethereum leading the way. After falling below $49,000, BTC recovered to over $56,000 and tested the $57,000 level. ETH, which had dropped to a low of $2,100, rebounded to $2,500 and fluctuated around this mark, currently priced at $2,516.

Data Highlights

Fear and Greed Index Rises from 17 to 29
The cryptocurrency market experienced a significant drop this Monday, causing the Fear and Greed Index to plummet to 17, its lowest level since July 2022. However, as market conditions improved on Tuesday and Wednesday, the index rose to 29. Despite this increase, the current market sentiment remains within the fear range. This reflects a potentially cautious attitude among investors towards market trends, indicating that overall market enthusiasm is still subdued.

Bitcoin ETF Net Outflow Reaches $148.5 Million Yesterday
According to Sosovalue data [8], U.S. Bitcoin spot ETFs experienced a net outflow of $148.5 million on August 6th. The total trading volume for the day was $2.2 billion. The cumulative net inflows amount to $17.19 billion, with the total value of BTC managed by these ETFs now at $51.47 billion, representing 4.61% of Bitcoin’s market capitalization.

Ethereum ETF Net Inflow Reaches $98.3 Million Yesterday
According to Sosovalue data [9], U.S. Ethereum spot ETFs saw a net inflow of $98.3 million on August 6th. The total trading volume for the day was $330.1 million. The cumulative net outflows amount to $363.6 million, with the total value of ETH managed by these ETFs now at $7.006 billion, representing 2.36% of Ethereum’s market capitalization.

DEX Trading Volume Exceeds $20.2 Billion, Third Highest in History
According to DefILlama data, DEX trading volume reached $18.2 billion on August 5th, marking the third highest level in history. The top three blockchains by trading volume were Ethereum, Solana, and Arbitrum, with transaction amounts of $7.3 billion, $3.3 billion, and $2.3 billion, respectively [10].

Market Opportunities

Funding Information

According to RootData, four projects received funding yesterday, with amounts ranging from $2 million to $5.7 million. These projects cover sectors such as chain abstraction, GameFi, and RWA (Real-World Assets). Below are the specific details [11]:

Khalani Network
Description: Khalani Network is a decentralized solver infrastructure for intent-driven applications, focusing on chain abstraction. It aims to eliminate the complexities of direct interactions with the blockchain.
Funding Round: Seed Round
Funding Amount: $2.5 million
Investors: Led by Ethereal Ventures, with participation from Nascent, Maelstrom Capital, Figment Capital, and others.

Curio
Description: Curio is a web3 gaming studio currently developing a social strategy game called Duper. In this rich 2D world, players can gather resources, build and defend bases, command armies, and capture opponents’ towers. Unlike other crypto games that focus on on-chain assets, Curio stores all game logic and state changes on the blockchain.
Funding Round: Seed Round
Funding Amount: $5.7 million
Investors: Led by Bain Capital Crypto and SevenX Ventures, with participation from Robot Ventures, Formless Capital, TCG Crypto, and others.

Elmnts
Description: Elmnts is a tokenized commodity ecosystem designed for investors. It focuses on democratizing mineral rights and royalties in the oil and gas sector, aiming to provide diversified returns for investor portfolios built using DeFi.
Funding Round: Pre-Seed Round
Funding Amount: $2 million
Investors: Led by Foundation Capital, B+J Studios, and Graph Ventures, with participation from Anagram, Asymmetric, Outliers Fund, and others.

Zoth
Description: Zoth is an ecosystem that bridges traditional finance and on-chain finance, focusing on liquidity and Real-World Assets (RWA). Its first product, ZOTH – Fixed Income (ZOTH-FI), is an institutional-grade fixed-income market offering RWAs such as cross-border trade finance, treasury bills, and sovereign bonds.
Funding Round: Strategic Financing
Funding Amount: $4 million; in April, Zoth completed a $2.5 million seed round led by Blockchain Founders Fund. On August 6, Zoth announced on its official Twitter that it expanded its strategic financing round to $4 million.
Investors: Participating investors include Borderless Capital, Wormhole, Momentum 6, Taisu Ventures, and Outlier Ventures.

Airdrop Opportunity

Mode
Description: Mode Network is a modular Layer 2 solution based on the OP Stack, focusing on the DeFi sector and utilizing Optimism’s Bedrock upgrade. Mode has implemented a contract revenue-sharing incentive at the protocol layer. Applications and users expanding the Mode blockchain will directly receive a portion of the network sequencer’s profits.
Airdrop Distribution Date: August 6, 2024 (UTC)
Token Allocation: The first-quarter airdrop is now open for claiming. This airdrop is available to users holding assets on the Mode Network. The total supply of Mode tokens is 10 billion, with 5.5% allocated for the airdrop [12].

Zircuit
Description: Zircuit is an EVM-compatible zero-knowledge rollup featuring AI-driven sequencer-level security, with a current Total Value Locked (TVL) exceeding $2.5 billion.
Airdrop Distribution Date: August 6, 2024 (UTC)
Token Allocation: The first-phase mainnet launch of Zircuit has commenced, and the first-quarter airdrop is now available for claiming. The airdrop constitutes 7% of the total ZRC token supply, with 262,200 addresses eligible. Additionally, the second-quarter event has also started, with 14% of ZRC tokens reserved for future rewards [13-14].

Aigisos
Description: Aigisos blockchain is built on the Redundant State Byzantine Fault Tolerance (RSBFT) consensus engine and Dymension, featuring parallel security chains and an innovative consensus algorithm.
Airdrop Distribution Date: August 6, 2024 (UTC)
Token Allocation: Aigisos announced an airdrop of 90 million AIG tokens, accounting for 9% of the total supply. The airdrop targets include users of the Aigisos Phoenix incentivized testnet, DYM stakers, Gitcoin donors, mainstream derivative DEX users, Earndrop contributors, among others. Users can check their airdrop eligibility on the Aigisos Discord [15].

Reference：

1. Gate.io,https://www.gate.io/zh/trade/ETH_USDT
2. Sosovalue,https://sosovalue.com/zh/assets/etf/us-btc-spot
3. CinGecko,https://www.coingecko.com/en/categories
4. Gate.io,https://www.gate.io/zh/price/view/crypto-gainers
5. SlowMist,https://x.com/SlowMist_Team/status/1820783952145355247
6. Ronin,https://x.com/Ronin_Network
7. Bloomberg Markets,https://x.com/markets/status/1820898597275066678
8. Sosovalue,https://sosovalue.xyz/zh/assets/etf/us-btc-spot
9. Sosovalue,https://sosovalue.xyz/zh/assets/etf/us-eth-spot
10. DefiLlama,https://defillama.com/dexs
11. Rootdata,https://www.rootdata.com/zh/dashboard
12. Modenetwork,https://x.com/modenetwork/status/1820570219007398367
13. Zircuit,https://www.zircuit.com/blog/mainnet-phase-1-is-live
14. Zircuit,https://docs.zircuit.com/tokenomics/zircuit-token-zrc
15. Aigisos,https://aigisos.medium.com/aigisos-genesis-rolldrop-8de869192404

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