Gate Research: Bitcoin Dominance Rises, Telegram Founder Released on Bail, Sony Enters Layer 2 Race

AdvancedAug 30, 2024
Gate Research Weekly Review & Outlook: Over the past week, BTC retreated after a brief uptick, falling nearly 3%, while its market dominance reached a new cycle high of 55.95%. ETH mirrored BTC's weakness, dropping over 3.9%. Bitcoin ETFs saw net inflows exceeding $28 million this week, while Ethereum ETFs continued to experience net outflows. Despite Nvidia's earnings beating expectations, its stock plummeted in after-hours trading, triggering a pullback in AI-related tokens. Sony's new Layer 2 solution, Soneium Minato, launched with impressive momentum, seeing 1,000 ETH staked within its first minute. Notably, significant amounts of OP and SUI tokens are set to be unlocked soon. Meanwhile, the viral success of the game "Black Myth: Wukong" has sparked speculation in related meme tokens.
Gate Research: Bitcoin Dominance Rises, Telegram Founder Released on Bail, Sony Enters Layer 2 Race

TL;DR

  • In the past week, BTC retreated to a low after a brief uptick, while its market dominance reached a new cycle high. ETH followed suit, showing weaker performance.
  • Bitcoin ETFs saw net inflows exceeding $28 million this week, while Ethereum ETFs continued to see net outflows of over $25.6 million.
  • TON experienced two network outages but has since recovered. Pavel Durov was released after posting bail.
  • Nvidia’s stock price plunged over 8% in after-hours trading following its Wednesday earnings report, dragging down AI-themed tokens.
  • Sony launched its new Layer 2 solution, Soneium Minato, with a staking event that reached 1,000 ETH in the first minute.
  • Approximately $45 million worth of OP and $53 million worth of SUI are set to unlock.
  • The highly anticipated game, “Black Myth: Wukong”, has sparked a meme-driven frenzy.

Market Analysis

Review and Insights

According to Gate.io market data as of August 29, 4:00 UTC [1]:

  • BTC — Bitcoin experienced a pullback after a three-day rally that peaked at $65,098 on August 23. The price retreated, briefly falling below the $60,000 threshold to a low of $57,864. Over the past week, BTC has declined by 2.99%, despite its market dominance reaching a new cycle high of 55.95%. The weekly chart appears bearish, with the daily chart showing a break below the 60-day moving average. Following the price drop, trading volume has decreased, potentially indicating a period of consolidation before the next significant price movement. [2]
  • ETH — Ethereum mirrors Bitcoin’s movements but exhibits greater vulnerability. This week, ETH declined from a peak of $2,819 to a trough of $2,393, now hovering around $2,500. The downward trend has driven the ETH/BTC ratio near its previous lows, with no apparent recovery in sight. Over the past week, ETH has fallen by 3.91%, breaching the 60-week moving average on the weekly chart. The next key support level lies around $2,300. This lackluster performance suggests that investors are awaiting a fresh narrative to propel Ethereum’s long-term growth. [3]
  • Altcoins — Over the past week, the stablecoin market cap saw a slight increase of 0.43%, while cryptocurrencies excluding BTC and ETH experienced a 2.64% decrease. Altcoin performance was mixed, with most following Bitcoin’s downward trend. However, some sectors demonstrated relative strength, including Tron Meme, PolitiFi Meme, AI, and Parallelized EVM.
  • ETFs — U.S. Bitcoin spot ETFs experienced a shift in momentum, with net outflows of $23.2 million on August 27 and 28, breaking an 8-day streak of net inflows. Despite this, the week’s cumulative net inflows still exceeded $28 million, bringing the total market value to $56 billion. In contrast, U.S. Ethereum spot ETFs have struggled, facing continuous selling pressure from Grayscale. This has resulted in net outflows and declining trading volumes since August 15, with this week alone seeing net outflows of over $25.6 million. [4]
  • U.S. Stock Market — This week, U.S. stocks experienced high-level fluctuations, with the Dow Jones, NASDAQ, and S&P 500 indices declining by 0.20%, 1.80%, and 0.75% respectively. [5] The 30-day Pearson correlation between Bitcoin and the NASDAQ and S&P 500 indices has risen to 0.50 and 0.37, while its correlation with gold has decreased to -0.30. This reflects the divergence in volatility patterns between the crypto market and various financial markets amid the current multi-faceted uncertainty. [6]

This week, Bitcoin’s price fluctuated widely between $58,059 and $64,668, while various altcoin sectors showed mixed performance. According to CoinGecko data, three sectors achieved significant breakthroughs this week: AI Agents, Optimism Superchain ecosystem, and Meme (Cat Themed), rising approximately 27%, 27%, and 16%, respectively, over seven days. These three sectors share a common trait: their technology or narratives are relatively novel, making them hot tracks in the current bull market. (The following token performances are based on 7-day gains) [7]

AI Agents — AI Agents are sophisticated autonomous systems that leverage AI models to execute complex tasks and make intricate decisions without constant human oversight. The meteoric rise of ChatGPT has catapulted AI agents into the spotlight, dramatically increasing market interest. This surge in attention has been further amplified by the bullish AI market in US stocks. As Nvidia’s eagerly anticipated earnings report approached, AI-related sectors experienced a notable uptick. By August 28, 13:00 (UTC+8), the AI Agents sector had witnessed an impressive overall gain of over 21.5% in just seven days. Within this thriving sector, tokens such as AGIX, FET, PHA, and OLAS emerged as standout performers, showcasing particularly remarkable gains.

Optimism Superchain Ecosystem — The Optimism Superchain ecosystem is a multi-chain network built on the Optimism technology stack, designed to facilitate seamless cross-chain interactions and shared security. Recently, this ecosystem has shown significant growth, reflected in the impressive performance of related tokens. CYBER’s price saw an 8.1% increase over seven days, while Fractal’s token FRA experienced a notable 18.7% gain. The upcoming launch of Fractal’s mainnet on September 9 may have contributed to this overall uptrend in the OP ecosystem. GameSwift stood out even more, with its token surging 19.9% over the past week. These price movements indicate growing market confidence and heightened attention towards the Optimism Superchain ecosystem.

Meme (Cat Themed) — The MEME sector has shown eye-catching performance in this bull market. Inspired by internet culture memes and humorous content, related tokens rely more on community enthusiasm and market sentiment for momentum. Influenced by the popularity of meme fair launch platforms like Pump.fun and SunPump, the MEME (Cat-Themed) sector performed exceptionally well over the past week. As of August 28, 5:00 (UTC+0), the sector as a whole rose over 15.8%, with OMNI gaining nearly 125.2% and Cat Poop Joystick surging over 79%.

Top Performers

According to data from Gate.io and CoinGecko, the following cryptocurrencies have been trending over the past 7 days:

FET(Fetch.AI)— Fetch.AI is a blockchain platform based on artificial intelligence and machine learning, enabling anyone to share or trade data. Recently, Fetch.ai launched its Innovation Lab, offering up to $10 million in funding for startups building AI agents on the platform. With Nvidia set to release its Q2 earnings report on August 28, potential positive results could drive rotation into the blockchain AI sector. Fetch.AI also recently launched its AI agent network, significantly enhancing the efficiency and scalability of AI applications on the blockchain. Possibly influenced by these factors, FET has seen a 23.05% increase over 7 days, with a circulating market cap of approximately $3.01 billion.

LQTY (Liquity) — Liquity is a decentralized lending protocol that allows users to borrow the stablecoin LUSD against ETH collateral. The platform’s native token, LQTY, is used for staking and liquidity mining. Liquity has announced plans to launch its v2 version in Q4, addressing several key issues from the original version. The upcoming update will eliminate penalties for leveraged positions, introduce support for multiple collateral types, and allow users to set their own interest rates. These enhancements are expected to significantly expand the LUSD ecosystem. Possibly driven by this news, LQTY has seen a 20.58% increase over the past week, with its circulating market cap reaching approximately $780 million. [8]

Render (RENDER)RENDER, the native token of the Render Network, has exhibited remarkable performance lately. The network’s primary function is to provide decentralized computing power for 3D rendering. According to Gate.io data, RENDER has appreciated by $0.827 over the past week, representing a 17.22% increase and showcasing strong bullish momentum. This impressive surge can be attributed to two key factors: First, the network’s recently announced upgrade, which promises to substantially improve rendering efficiency and network throughput. Second, the escalating demand for high-quality 3D rendering, partly driven by the flourishing metaverse trend, has further strengthened RENDER’s value proposition and market standing.

Weekly Spotlights

Hot Topic Review

Telegram Network Restored After Halt, Pavel Durov Released on Bail
Gate Research has been closely monitoring the arrest of Telegram’s founder and developments in the TON ecosystem. On August 29, there was a new development in the arrest case: Telegram founder Pavel Durov was released on a €5 million bail but placed under house arrest. He is required to report to the police station at least twice a week and is not allowed to leave France. The day before his release, Durov was escorted to a Paris court. Notably, on the eve of Durov’s release, the TON network experienced its second block production halt, but has since resumed normal operations.

Telegram is a social media platform that was among the earliest to develop blockchain technology, with its technical achievement (the TON network) gradually growing and expanding. As the second most popular mainstream crypto social media platform after X (formerly Twitter), many crypto communities are built on Telegram. Leveraging Telegram’s massive daily active user base of up to one billion, numerous TON ecosystem projects have gained over a million subscribers, attracting hundreds of thousands or even millions of users. This has drawn a large number of traditional developers and Telegram users into Web3. The legal issues surrounding Telegram’s founder are likely to further impact Telegram’s operations and strategic decisions.

Although the related charges did not specifically target cryptocurrency-related aspects, one charge involves providing cryptographic services and tools.[9] This has caused panic among some TON builders. The recent second block production halt on the TON network has further intensified market concerns about the network’s stability and node capabilities. Furthermore, this arrest has drawn attention from relevant authorities in multiple countries, including the United States and France, reigniting discussions on “freedom of communication.” The decentralized nature and individual data ownership characteristics of Web3 social platforms may lead these projects to face similar legal risks as they scale up. Whether centralized content moderation is necessary has become a consideration for some social projects.

Nvidia Stock Plunges Over 8% in After-Hours Trading Following Earnings Report
AI giant Nvidia (NVDA) released its second-quarter earnings report after the U.S. stock market closed on Wednesday.[10] Nvidia’s second-quarter revenue reached $30 billion, a year-over-year increase of 122%, surpassing analysts’ expectations of $28.86 billion. However, Nvidia raised its third-quarter revenue forecast to $32.5 billion, slightly above the general expectation of $31.77 billion. Following the release of the report, the stock price plummeted by over 8% in after-hours trading.

Looking at the overall financial report data, this quarter’s results only exceeded expectations by a single-digit percentage, which is not considered significantly above expectations. Moreover, the third-quarter revenue forecast is only about 8.3% higher than the second-quarter revenue, which appears modest compared to the previous double-digit revenue growth rates. Possibly influenced by this data, some investors are skeptical about whether the company can maintain continuous revenue growth, thus triggering some bearish sentiment.

Yesterday, AI-themed concept tokens, such as RENDER, FET, and TAO, also experienced some price corrections. As a leader in the semiconductor industry, Nvidia’s financial data fluctuations and product developments greatly influence the AI industry’s progress, further impacting Web3 projects involving AI concepts, especially those requiring hardware infrastructure and computing power. Although the stock price has undergone a short-term adjustment, Nvidia’s AI infrastructure platform Blackwell, will start mass production in the fourth quarter. The Blackwell system can connect 144 GPUs packaged in 72GB200 to the NVLink domain, with a total NVLink bandwidth of 259TB per second for a single rack. NVLink is crucial for low-latency, high-throughput large models. In the long term, Nvidia is expected to continue leading the development of the semiconductor and AI industries.

Viral Success of “Black Myth: Wukong” Sparks Related Memecoin Speculation
“Black Myth: Wukong,” the debut AAA game from Game Science, draws inspiration from the classic Chinese novel “Journey to the West.” Following its recent launch on Steam, the game has achieved remarkable success, generating 1.5 billion yuan in sales and claiming the top spot on global charts. Its player base has already surpassed 2 million users.

The game’s viral success has inadvertently sparked a wave of related meme tokens in the cryptocurrency space. While these tokens have no official affiliation with the game and typically feature low market capitalization, limited trading volume, and high volatility, some have seen price surges of over 500% or even 1000% from their initial values, driven by speculative trading. However, as of this writing, most of these meme coins have lost nearly all their value, with only WUKONG (Sun Wukong) on the Tron blockchain maintaining a modest market cap of around $0.7 million.[11] This phenomenon echoes similar short-lived hype cycles seen with Ketaicoin, inspired by the movie “No More Bets,” and the SQUID token, based on Netflix’s “Squid Game,” both of which quickly faded into obscurity after brief periods of intense speculation.

Note: The tokens mentioned in this article are for research purposes only and should not be considered investment advice.

Project Highlight**

This week’s project spotlight is on Soneium, a new blockchain network launched by Sony’s blockchain division on August 23. Soneium is an Ethereum-based Layer 2 solution that utilizes Optimistic Rollup technology. On August 28, Soneium introduced the Soneium Minato testnet and the Soneium Spark developer incubation program. Soneium Minato uses test crypto assets, allowing developers and users to participate risk-free, and has already released a cross-chain bridge connecting to the Soneium Minato testnet.

Simultaneously, the division launched the Spark incubation program for developers and creators, aimed at accelerating ecosystem development and supporting developers and community members in building Web3 applications. The first round of applications will begin in mid-October, covering three areas: DeFi, Web3 experiences, and an Open Category.[12]

Despite being newly launched, infrastructure providers such as Pyth Network, Alchemy, Circle, Graph Protocol, and Chainlink are successively establishing partnerships with Soneium. Additionally, Soneium has formed collaborations with Yay!, a social platform with 8 million users, and StakeStone, a cross-chain liquidity protocol. YAY! and StakeStone initiated their first staking event on August 28 at 13:00 (UTC+0), reaching the staking cap of 1,000 ETH within one minute of launch.[13] The staking event will offer participants rewards including “Yay! Gold” token airdrops, double StakeStone points, and limited NFTs. Furthermore, Astar Network just announced its transition from Astar zkEVM to Soneium L2, with the ASTR token set to be used in multiple projects deployed on Soneium L2.[14]

As one of the giants in the traditional tech sector, Sony has been making frequent moves in the Web3 space recently. Through collaborations with multiple partners, Sony is actively promoting its development in this field, potentially bringing more new users to Web3. The rapid fulfillment of the staking cap within the ecosystem also demonstrates the enthusiastic participation of Web3 investors and builders in Soneium. The new incubation program will provide fresh development opportunities and support for both traditional Web2 teams entering Web3 and native Web3 teams.

Data Highlights

ETF Data
As of August 29, 2:00 (UTC+0), the total assets under management (AUM) of U.S. Bitcoin spot ETFs reached $49.94 billion, accounting for approximately 4.67% of Bitcoin’s total market capitalization, with a total trading volume exceeding $2.39 billion. Despite consecutive net outflows for two days, the week still recorded a net inflow of over $28 million. The IBIT ETF managed by BlackRock has accumulated net inflows of over $21.06 billion, with its net asset value and daily trading volume both more than double that of Grayscale’s GBTC.

U.S. Ethereum spot ETFs have been underperforming, largely due to persistent selling pressure from Grayscale’s ETHE and overall weakness in the Ethereum ecosystem. These ETFs have experienced net outflows for 10 consecutive trading days, with total assets under management (AUM) currently standing at $7.04 billion. This week alone saw a cumulative net outflow of $25.6 million, highlighting the ongoing challenges faced by Ethereum-based investment products in the U.S. market.

Funding Rates
According to Coinglass data [15], the weighted funding rate for Bitcoin positions is 0.0028%, while for Ethereum it’s 0.0030%. Over the past seven days, Bitcoin’s weighted funding rate has been generally positive. Both Bitcoin and Ethereum have been trending downward, with the market entering a state of volatility after a large-scale liquidation of long positions on August 27. In the past 24 hours, Bitcoin’s total network contract holdings decreased by 2.04% to $30.57 billion, while Ethereum’s decreased by 0.42% to $10.5 billion. Currently, the long/short ratio for Bitcoin/Ethereum contracts across the network is predominantly short.

Ethereum Gas
According to Etherscan’s Gas Tracker, the average network fee for Ethereum’s Layer 1 has been less than 2 gwei over the past 7 days, continuing the historically low levels since last week.[16] The reduction in on-chain fees has led to a decrease in ETH burning, resulting in a continuous increase in supply. Over the past 7 days, the supply increased by 16,974 ETH, equivalent to an annual inflation rate of 0.736%.[17]

Whale Movements
On-chain data reveals that several major Ethereum whale accounts have recently conducted large-scale sell-offs, totaling nearly $600 million. This significant liquidation may account for Ethereum’s recent price weakness.

On August 23, the Ethereum Foundation transferred 35,000 ETH to Kraken. Five days later, the ETH price dropped by about 9%. Additionally, Jump Trading deposited a net 88,917 ETH to various centralized exchanges between July 25 and August 6. Notably, on August 5, when the ETH price plummeted by 20%, it coincided with Jump Trading’s massive sell-off. However, after the initial crash on August 5, they seemed to pause further ETH deposits. Currently, Jump Trading still holds 29,000 stETH and 24,600 ETH, totaling approximately $132.4 million.

Another whale has deposited 48,500 ETH to OKX since July 9 and has made two deposits of 25,000 ETH each to Kraken since July 25. These large transactions have to some extent exacerbated the selling pressure in the market.[18]

Market Opportunties

Airdrop Expectations

Corn
Corn is an Ethereum L2 solution that uses Bitcoin as gas. The project completed a $6.7 million funding round on August 19, led by Polychain Capital and other institutions. Corn is dedicated to BTC DeFi innovation and has developed BTCN, a hybrid tokenized bitcoin backed 1:1 by native bitcoin. On August 23, Corn announced the launch of an airdrop campaign, distributing retroactive reward points called Kernel (representing a proportional share in the $CORN airdrop) to eligible users. The snapshot for this batch of airdrops was taken on July 13, 2024, at 4:20 (UTC+8). Additionally, Corn is currently conducting a Galxe points airdrop and a deposit-to-earn points activity. [19]

How to Participate

  1. Earn Galxe points by sharing and completing tasks. The second task is currently ongoing.
  2. Earn points by depositing tokens such as WBTC on the official Corn website.

Story Protocol
Story Protocol is an on-chain intellectual property protocol designed to create, manage, and license on-chain IP, forming a composable “story LEGO brick” ecosystem. The protocol is designed with modularity and scalability in mind, supporting applications such as generative AI, fan platforms, gaming, franchise management, DeFi, social media, and DAOs. In August, Story Protocol completed an $80 million funding round led by a16z, with a valuation of $2.25 billion.[20]

How to Participate:

  1. Visit the official website, connect your social accounts and enter your wallet address to receive test tokens.
  2. Complete steps on the official website such as following social accounts, liking tweets, and joining the community to receive IP assets.
  3. Interact on the Sepolia testnet, upload images and fill in information to register, and register an IP ID.
Note:
The airdrop program and participation methods may be updated at any time. Users are advised to follow the project's official channels to get the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the subsequent distribution of airdrop rewards.

Weekly Fundraising Report

The crypto market witnessed a flurry of fundraising activities this week, spanning various stages from seed rounds to Series D. These investments covered diverse sectors, including Layer 2 networks, NFTs, gaming, and fintech. RootData reports that between August 22 and August 29, 30 projects secured funding, totaling $112.37 million. Let’s examine the top three recipients by funding size:[21]

Space and Time — On August 27, the company completed a $20 million Series A funding round, co-led by renowned investment firms Framework Ventures and Arrington Capital. Space and Time, an innovative blockchain infrastructure company, aims to tackle scalability and decentralization challenges in the blockchain sector through cutting-edge technology. The company’s goal is to boost the overall performance and efficiency of blockchain networks. As applications proliferate and user bases grow, network scalability and efficiency become crucial factors affecting user experience and widespread blockchain adoption. This funding round is expected to empower Space and Time to bolster its R&D efforts, attract top talent, and forge partnerships with industry leaders to collectively advance blockchain technology.

Solayer — On August 27, the company secured $12 million in seed funding, led by Polychain Capital. Big Brain Holdings, Hack VC, and Nomad Capital also participated, valuing Solayer at $80 million post-funding. As a re-staking protocol in the Solana ecosystem, Solayer plans to use the funds to expand its team, integrate new protocols, and prepare for the platform’s second phase. The company aims to launch its native token, which is currently ‘in the design stage’. Notably, Solayer had previously announced a pre-seed round of undisclosed size, attracting angel investors such as Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal. Solayer’s platform allows users to lock their staked assets across various protocols, earning additional rewards in the process.

Gameplay Galaxy — On August 28, the company completed an $11.17 million extended seed round funding, led by Blockchain Capital and Merit Circle. This funding round brought Gameplay Galaxy’s valuation to $71 million. Gameplay Galaxy is a Web3 game development studio focused on providing gamers with a comprehensive Web3 experience. With this funding, Gameplay Galaxy plans to transform its extreme sports game brand into a Web3 ecosystem. It is currently developing its first Web3 game, “Trial Xtreme Freedom”, which is scheduled for official release in the first quarter of next year, along with the issuance of the game token.

What to Watch Next Week

Token Unlock

According to Token Unlocks data, several significant token unlock events are scheduled for next week (August 30 - September 5, 2024). Here are the top 3 unlocks to watch:

OP — Optimism (OP) will unlock 48.27 million OP tokens on August 31, representing 2.64% of its circulating supply. This unlock, valued at nearly $100 million, allocates over 12.75 million tokens to core contributors and 11.4 million to investors. While this unlock accounts for 2.65% of the circulating supply, it’s noteworthy that this percentage has decreased compared to previous unlocks. This gradual reduction in the proportion of unlocked tokens relative to the circulating supply stems from the increasing total supply over time, making each fixed-amount unlock a smaller percentage of the whole.

PRIME — Echelon Prime (PRIME) is set to unlock 6.26 million tokens on August 31, representing 1.68% of its circulating supply. According to Token Unlocks data, the value of these unlocked tokens is approximately $5.4 million. These tokens will be used to support game development and expand the Web3 gaming ecosystem.

Menta (MENTA) — The Menta project is scheduled to unlock 1.51 million tokens on August 31, accounting for 0.5% of its circulating supply. This unlock is part of the project’s token release plan, aimed at gradually introducing more tokens into the market for various network functions and incentives.

Crypto Calendar

In the coming week, the blockchain and cryptocurrency market will see several crucial events, with important macroeconomic data releases potentially having significant impacts on the industry[22] [23] [24]:

Korea Blockchain Week 2024 (KBW2024)
On September 1, Korea Blockchain Week 2024 (KBW2024) will be held in Seoul, South Korea. This annual international blockchain and Web3 event, founded by FACTBLOCK and co-hosted by Hashed, has added a new “Institutional Stage” this year, focusing on institutional interest and applications in Web3. The event is expected to attract over 10,000 participants.[25]

U.S. Manufacturing PMI Data Release for August
On September 3, the U.S. will release its Manufacturing PMI data for August. This data is expected to show continued contraction in the manufacturing sector, which could have broader implications for the economy and potentially support the Federal Reserve’s interest rate policy. Market reactions to this data may influence investment decisions and monetary policy expectations.[26]

Federal Reserve Beige Book Publication
On September 5, the U.S. Federal Reserve will publish its Beige Book, a key report for assessing the state of the U.S. economy. This report could influence market expectations regarding the Fed’s interest rate decisions. Signs of economic slowdown or reduced inflationary pressures might promote expectations of a more accommodative monetary policy, while signals of robust economic activity could suggest potential interest rate increases.[27]



References

  1. Gate.io, https://www.gate.io/price
  2. Gate.io, https://www.gate.io/price/bitcoin-btc
  3. Gate.io, https://www.gate.io/price/ethereum-eth
  4. SoSoValue, https://sosovalue.xyz/tc/assets/etf/us-btc-spot
  5. yahoo finance, https://finance.yahoo.com/markets/
  6. TheBlock, https://www.theblock.co/data/crypto-markets/prices/btc-pearson-correlation-30d
  7. CoinGecko, https://www.coingecko.com/en/categories
  8. LQTY, https://www.liquity.org/blog/licensing-liquity-v2-may-the-fork-be-with-you
  9. Tribunal Judiciaire de Paris,https://www.tribunal-de-paris.justice.fr/
  10. Nvidia, https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2025
  11. CoinMarketCap, https://coinmarketcap.com/currencies/sun-wukong/
  12. Soneium, https://soneium.org/en/blog
  13. X, https://x.com/stake_stone/status/1828765948465270826
  14. X, https://x.com/AstarNetwork/status/1826832310949347807
  15. coinglass, https://www.coinglass.com/
  16. etherscan, https://etherscan.io/gastracker#chart_gasprice
  17. ultrasound, https://ultrasound.money/
  18. X, https://x.com/spotonchain/status/1828744993227604228
  19. Corn, https://blog.usecorn.com/corn-the-genesis-of-the-super-yield-network-f52170ffbe84
  20. Story Protocal, https://docs.story.foundation/docs/introduction
  21. RootData, https://www.rootdata.com/zh/Fundraising
  22. PanNewsLab, https://www.panewslab.com
  23. Jin 10, https://rili.jin10.com
  24. WuBllock123, https://www.wublock123.com
  25. Korea Blockchain Week, https://koreablockchainweek.com/
  26. ISM World, https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/
  27. Federal Reserve, https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm



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Gate Research: Bitcoin Dominance Rises, Telegram Founder Released on Bail, Sony Enters Layer 2 Race

AdvancedAug 30, 2024
Gate Research Weekly Review & Outlook: Over the past week, BTC retreated after a brief uptick, falling nearly 3%, while its market dominance reached a new cycle high of 55.95%. ETH mirrored BTC's weakness, dropping over 3.9%. Bitcoin ETFs saw net inflows exceeding $28 million this week, while Ethereum ETFs continued to experience net outflows. Despite Nvidia's earnings beating expectations, its stock plummeted in after-hours trading, triggering a pullback in AI-related tokens. Sony's new Layer 2 solution, Soneium Minato, launched with impressive momentum, seeing 1,000 ETH staked within its first minute. Notably, significant amounts of OP and SUI tokens are set to be unlocked soon. Meanwhile, the viral success of the game "Black Myth: Wukong" has sparked speculation in related meme tokens.
Gate Research: Bitcoin Dominance Rises, Telegram Founder Released on Bail, Sony Enters Layer 2 Race

TL;DR

  • In the past week, BTC retreated to a low after a brief uptick, while its market dominance reached a new cycle high. ETH followed suit, showing weaker performance.
  • Bitcoin ETFs saw net inflows exceeding $28 million this week, while Ethereum ETFs continued to see net outflows of over $25.6 million.
  • TON experienced two network outages but has since recovered. Pavel Durov was released after posting bail.
  • Nvidia’s stock price plunged over 8% in after-hours trading following its Wednesday earnings report, dragging down AI-themed tokens.
  • Sony launched its new Layer 2 solution, Soneium Minato, with a staking event that reached 1,000 ETH in the first minute.
  • Approximately $45 million worth of OP and $53 million worth of SUI are set to unlock.
  • The highly anticipated game, “Black Myth: Wukong”, has sparked a meme-driven frenzy.

Market Analysis

Review and Insights

According to Gate.io market data as of August 29, 4:00 UTC [1]:

  • BTC — Bitcoin experienced a pullback after a three-day rally that peaked at $65,098 on August 23. The price retreated, briefly falling below the $60,000 threshold to a low of $57,864. Over the past week, BTC has declined by 2.99%, despite its market dominance reaching a new cycle high of 55.95%. The weekly chart appears bearish, with the daily chart showing a break below the 60-day moving average. Following the price drop, trading volume has decreased, potentially indicating a period of consolidation before the next significant price movement. [2]
  • ETH — Ethereum mirrors Bitcoin’s movements but exhibits greater vulnerability. This week, ETH declined from a peak of $2,819 to a trough of $2,393, now hovering around $2,500. The downward trend has driven the ETH/BTC ratio near its previous lows, with no apparent recovery in sight. Over the past week, ETH has fallen by 3.91%, breaching the 60-week moving average on the weekly chart. The next key support level lies around $2,300. This lackluster performance suggests that investors are awaiting a fresh narrative to propel Ethereum’s long-term growth. [3]
  • Altcoins — Over the past week, the stablecoin market cap saw a slight increase of 0.43%, while cryptocurrencies excluding BTC and ETH experienced a 2.64% decrease. Altcoin performance was mixed, with most following Bitcoin’s downward trend. However, some sectors demonstrated relative strength, including Tron Meme, PolitiFi Meme, AI, and Parallelized EVM.
  • ETFs — U.S. Bitcoin spot ETFs experienced a shift in momentum, with net outflows of $23.2 million on August 27 and 28, breaking an 8-day streak of net inflows. Despite this, the week’s cumulative net inflows still exceeded $28 million, bringing the total market value to $56 billion. In contrast, U.S. Ethereum spot ETFs have struggled, facing continuous selling pressure from Grayscale. This has resulted in net outflows and declining trading volumes since August 15, with this week alone seeing net outflows of over $25.6 million. [4]
  • U.S. Stock Market — This week, U.S. stocks experienced high-level fluctuations, with the Dow Jones, NASDAQ, and S&P 500 indices declining by 0.20%, 1.80%, and 0.75% respectively. [5] The 30-day Pearson correlation between Bitcoin and the NASDAQ and S&P 500 indices has risen to 0.50 and 0.37, while its correlation with gold has decreased to -0.30. This reflects the divergence in volatility patterns between the crypto market and various financial markets amid the current multi-faceted uncertainty. [6]

This week, Bitcoin’s price fluctuated widely between $58,059 and $64,668, while various altcoin sectors showed mixed performance. According to CoinGecko data, three sectors achieved significant breakthroughs this week: AI Agents, Optimism Superchain ecosystem, and Meme (Cat Themed), rising approximately 27%, 27%, and 16%, respectively, over seven days. These three sectors share a common trait: their technology or narratives are relatively novel, making them hot tracks in the current bull market. (The following token performances are based on 7-day gains) [7]

AI Agents — AI Agents are sophisticated autonomous systems that leverage AI models to execute complex tasks and make intricate decisions without constant human oversight. The meteoric rise of ChatGPT has catapulted AI agents into the spotlight, dramatically increasing market interest. This surge in attention has been further amplified by the bullish AI market in US stocks. As Nvidia’s eagerly anticipated earnings report approached, AI-related sectors experienced a notable uptick. By August 28, 13:00 (UTC+8), the AI Agents sector had witnessed an impressive overall gain of over 21.5% in just seven days. Within this thriving sector, tokens such as AGIX, FET, PHA, and OLAS emerged as standout performers, showcasing particularly remarkable gains.

Optimism Superchain Ecosystem — The Optimism Superchain ecosystem is a multi-chain network built on the Optimism technology stack, designed to facilitate seamless cross-chain interactions and shared security. Recently, this ecosystem has shown significant growth, reflected in the impressive performance of related tokens. CYBER’s price saw an 8.1% increase over seven days, while Fractal’s token FRA experienced a notable 18.7% gain. The upcoming launch of Fractal’s mainnet on September 9 may have contributed to this overall uptrend in the OP ecosystem. GameSwift stood out even more, with its token surging 19.9% over the past week. These price movements indicate growing market confidence and heightened attention towards the Optimism Superchain ecosystem.

Meme (Cat Themed) — The MEME sector has shown eye-catching performance in this bull market. Inspired by internet culture memes and humorous content, related tokens rely more on community enthusiasm and market sentiment for momentum. Influenced by the popularity of meme fair launch platforms like Pump.fun and SunPump, the MEME (Cat-Themed) sector performed exceptionally well over the past week. As of August 28, 5:00 (UTC+0), the sector as a whole rose over 15.8%, with OMNI gaining nearly 125.2% and Cat Poop Joystick surging over 79%.

Top Performers

According to data from Gate.io and CoinGecko, the following cryptocurrencies have been trending over the past 7 days:

FET(Fetch.AI)— Fetch.AI is a blockchain platform based on artificial intelligence and machine learning, enabling anyone to share or trade data. Recently, Fetch.ai launched its Innovation Lab, offering up to $10 million in funding for startups building AI agents on the platform. With Nvidia set to release its Q2 earnings report on August 28, potential positive results could drive rotation into the blockchain AI sector. Fetch.AI also recently launched its AI agent network, significantly enhancing the efficiency and scalability of AI applications on the blockchain. Possibly influenced by these factors, FET has seen a 23.05% increase over 7 days, with a circulating market cap of approximately $3.01 billion.

LQTY (Liquity) — Liquity is a decentralized lending protocol that allows users to borrow the stablecoin LUSD against ETH collateral. The platform’s native token, LQTY, is used for staking and liquidity mining. Liquity has announced plans to launch its v2 version in Q4, addressing several key issues from the original version. The upcoming update will eliminate penalties for leveraged positions, introduce support for multiple collateral types, and allow users to set their own interest rates. These enhancements are expected to significantly expand the LUSD ecosystem. Possibly driven by this news, LQTY has seen a 20.58% increase over the past week, with its circulating market cap reaching approximately $780 million. [8]

Render (RENDER)RENDER, the native token of the Render Network, has exhibited remarkable performance lately. The network’s primary function is to provide decentralized computing power for 3D rendering. According to Gate.io data, RENDER has appreciated by $0.827 over the past week, representing a 17.22% increase and showcasing strong bullish momentum. This impressive surge can be attributed to two key factors: First, the network’s recently announced upgrade, which promises to substantially improve rendering efficiency and network throughput. Second, the escalating demand for high-quality 3D rendering, partly driven by the flourishing metaverse trend, has further strengthened RENDER’s value proposition and market standing.

Weekly Spotlights

Hot Topic Review

Telegram Network Restored After Halt, Pavel Durov Released on Bail
Gate Research has been closely monitoring the arrest of Telegram’s founder and developments in the TON ecosystem. On August 29, there was a new development in the arrest case: Telegram founder Pavel Durov was released on a €5 million bail but placed under house arrest. He is required to report to the police station at least twice a week and is not allowed to leave France. The day before his release, Durov was escorted to a Paris court. Notably, on the eve of Durov’s release, the TON network experienced its second block production halt, but has since resumed normal operations.

Telegram is a social media platform that was among the earliest to develop blockchain technology, with its technical achievement (the TON network) gradually growing and expanding. As the second most popular mainstream crypto social media platform after X (formerly Twitter), many crypto communities are built on Telegram. Leveraging Telegram’s massive daily active user base of up to one billion, numerous TON ecosystem projects have gained over a million subscribers, attracting hundreds of thousands or even millions of users. This has drawn a large number of traditional developers and Telegram users into Web3. The legal issues surrounding Telegram’s founder are likely to further impact Telegram’s operations and strategic decisions.

Although the related charges did not specifically target cryptocurrency-related aspects, one charge involves providing cryptographic services and tools.[9] This has caused panic among some TON builders. The recent second block production halt on the TON network has further intensified market concerns about the network’s stability and node capabilities. Furthermore, this arrest has drawn attention from relevant authorities in multiple countries, including the United States and France, reigniting discussions on “freedom of communication.” The decentralized nature and individual data ownership characteristics of Web3 social platforms may lead these projects to face similar legal risks as they scale up. Whether centralized content moderation is necessary has become a consideration for some social projects.

Nvidia Stock Plunges Over 8% in After-Hours Trading Following Earnings Report
AI giant Nvidia (NVDA) released its second-quarter earnings report after the U.S. stock market closed on Wednesday.[10] Nvidia’s second-quarter revenue reached $30 billion, a year-over-year increase of 122%, surpassing analysts’ expectations of $28.86 billion. However, Nvidia raised its third-quarter revenue forecast to $32.5 billion, slightly above the general expectation of $31.77 billion. Following the release of the report, the stock price plummeted by over 8% in after-hours trading.

Looking at the overall financial report data, this quarter’s results only exceeded expectations by a single-digit percentage, which is not considered significantly above expectations. Moreover, the third-quarter revenue forecast is only about 8.3% higher than the second-quarter revenue, which appears modest compared to the previous double-digit revenue growth rates. Possibly influenced by this data, some investors are skeptical about whether the company can maintain continuous revenue growth, thus triggering some bearish sentiment.

Yesterday, AI-themed concept tokens, such as RENDER, FET, and TAO, also experienced some price corrections. As a leader in the semiconductor industry, Nvidia’s financial data fluctuations and product developments greatly influence the AI industry’s progress, further impacting Web3 projects involving AI concepts, especially those requiring hardware infrastructure and computing power. Although the stock price has undergone a short-term adjustment, Nvidia’s AI infrastructure platform Blackwell, will start mass production in the fourth quarter. The Blackwell system can connect 144 GPUs packaged in 72GB200 to the NVLink domain, with a total NVLink bandwidth of 259TB per second for a single rack. NVLink is crucial for low-latency, high-throughput large models. In the long term, Nvidia is expected to continue leading the development of the semiconductor and AI industries.

Viral Success of “Black Myth: Wukong” Sparks Related Memecoin Speculation
“Black Myth: Wukong,” the debut AAA game from Game Science, draws inspiration from the classic Chinese novel “Journey to the West.” Following its recent launch on Steam, the game has achieved remarkable success, generating 1.5 billion yuan in sales and claiming the top spot on global charts. Its player base has already surpassed 2 million users.

The game’s viral success has inadvertently sparked a wave of related meme tokens in the cryptocurrency space. While these tokens have no official affiliation with the game and typically feature low market capitalization, limited trading volume, and high volatility, some have seen price surges of over 500% or even 1000% from their initial values, driven by speculative trading. However, as of this writing, most of these meme coins have lost nearly all their value, with only WUKONG (Sun Wukong) on the Tron blockchain maintaining a modest market cap of around $0.7 million.[11] This phenomenon echoes similar short-lived hype cycles seen with Ketaicoin, inspired by the movie “No More Bets,” and the SQUID token, based on Netflix’s “Squid Game,” both of which quickly faded into obscurity after brief periods of intense speculation.

Note: The tokens mentioned in this article are for research purposes only and should not be considered investment advice.

Project Highlight**

This week’s project spotlight is on Soneium, a new blockchain network launched by Sony’s blockchain division on August 23. Soneium is an Ethereum-based Layer 2 solution that utilizes Optimistic Rollup technology. On August 28, Soneium introduced the Soneium Minato testnet and the Soneium Spark developer incubation program. Soneium Minato uses test crypto assets, allowing developers and users to participate risk-free, and has already released a cross-chain bridge connecting to the Soneium Minato testnet.

Simultaneously, the division launched the Spark incubation program for developers and creators, aimed at accelerating ecosystem development and supporting developers and community members in building Web3 applications. The first round of applications will begin in mid-October, covering three areas: DeFi, Web3 experiences, and an Open Category.[12]

Despite being newly launched, infrastructure providers such as Pyth Network, Alchemy, Circle, Graph Protocol, and Chainlink are successively establishing partnerships with Soneium. Additionally, Soneium has formed collaborations with Yay!, a social platform with 8 million users, and StakeStone, a cross-chain liquidity protocol. YAY! and StakeStone initiated their first staking event on August 28 at 13:00 (UTC+0), reaching the staking cap of 1,000 ETH within one minute of launch.[13] The staking event will offer participants rewards including “Yay! Gold” token airdrops, double StakeStone points, and limited NFTs. Furthermore, Astar Network just announced its transition from Astar zkEVM to Soneium L2, with the ASTR token set to be used in multiple projects deployed on Soneium L2.[14]

As one of the giants in the traditional tech sector, Sony has been making frequent moves in the Web3 space recently. Through collaborations with multiple partners, Sony is actively promoting its development in this field, potentially bringing more new users to Web3. The rapid fulfillment of the staking cap within the ecosystem also demonstrates the enthusiastic participation of Web3 investors and builders in Soneium. The new incubation program will provide fresh development opportunities and support for both traditional Web2 teams entering Web3 and native Web3 teams.

Data Highlights

ETF Data
As of August 29, 2:00 (UTC+0), the total assets under management (AUM) of U.S. Bitcoin spot ETFs reached $49.94 billion, accounting for approximately 4.67% of Bitcoin’s total market capitalization, with a total trading volume exceeding $2.39 billion. Despite consecutive net outflows for two days, the week still recorded a net inflow of over $28 million. The IBIT ETF managed by BlackRock has accumulated net inflows of over $21.06 billion, with its net asset value and daily trading volume both more than double that of Grayscale’s GBTC.

U.S. Ethereum spot ETFs have been underperforming, largely due to persistent selling pressure from Grayscale’s ETHE and overall weakness in the Ethereum ecosystem. These ETFs have experienced net outflows for 10 consecutive trading days, with total assets under management (AUM) currently standing at $7.04 billion. This week alone saw a cumulative net outflow of $25.6 million, highlighting the ongoing challenges faced by Ethereum-based investment products in the U.S. market.

Funding Rates
According to Coinglass data [15], the weighted funding rate for Bitcoin positions is 0.0028%, while for Ethereum it’s 0.0030%. Over the past seven days, Bitcoin’s weighted funding rate has been generally positive. Both Bitcoin and Ethereum have been trending downward, with the market entering a state of volatility after a large-scale liquidation of long positions on August 27. In the past 24 hours, Bitcoin’s total network contract holdings decreased by 2.04% to $30.57 billion, while Ethereum’s decreased by 0.42% to $10.5 billion. Currently, the long/short ratio for Bitcoin/Ethereum contracts across the network is predominantly short.

Ethereum Gas
According to Etherscan’s Gas Tracker, the average network fee for Ethereum’s Layer 1 has been less than 2 gwei over the past 7 days, continuing the historically low levels since last week.[16] The reduction in on-chain fees has led to a decrease in ETH burning, resulting in a continuous increase in supply. Over the past 7 days, the supply increased by 16,974 ETH, equivalent to an annual inflation rate of 0.736%.[17]

Whale Movements
On-chain data reveals that several major Ethereum whale accounts have recently conducted large-scale sell-offs, totaling nearly $600 million. This significant liquidation may account for Ethereum’s recent price weakness.

On August 23, the Ethereum Foundation transferred 35,000 ETH to Kraken. Five days later, the ETH price dropped by about 9%. Additionally, Jump Trading deposited a net 88,917 ETH to various centralized exchanges between July 25 and August 6. Notably, on August 5, when the ETH price plummeted by 20%, it coincided with Jump Trading’s massive sell-off. However, after the initial crash on August 5, they seemed to pause further ETH deposits. Currently, Jump Trading still holds 29,000 stETH and 24,600 ETH, totaling approximately $132.4 million.

Another whale has deposited 48,500 ETH to OKX since July 9 and has made two deposits of 25,000 ETH each to Kraken since July 25. These large transactions have to some extent exacerbated the selling pressure in the market.[18]

Market Opportunties

Airdrop Expectations

Corn
Corn is an Ethereum L2 solution that uses Bitcoin as gas. The project completed a $6.7 million funding round on August 19, led by Polychain Capital and other institutions. Corn is dedicated to BTC DeFi innovation and has developed BTCN, a hybrid tokenized bitcoin backed 1:1 by native bitcoin. On August 23, Corn announced the launch of an airdrop campaign, distributing retroactive reward points called Kernel (representing a proportional share in the $CORN airdrop) to eligible users. The snapshot for this batch of airdrops was taken on July 13, 2024, at 4:20 (UTC+8). Additionally, Corn is currently conducting a Galxe points airdrop and a deposit-to-earn points activity. [19]

How to Participate

  1. Earn Galxe points by sharing and completing tasks. The second task is currently ongoing.
  2. Earn points by depositing tokens such as WBTC on the official Corn website.

Story Protocol
Story Protocol is an on-chain intellectual property protocol designed to create, manage, and license on-chain IP, forming a composable “story LEGO brick” ecosystem. The protocol is designed with modularity and scalability in mind, supporting applications such as generative AI, fan platforms, gaming, franchise management, DeFi, social media, and DAOs. In August, Story Protocol completed an $80 million funding round led by a16z, with a valuation of $2.25 billion.[20]

How to Participate:

  1. Visit the official website, connect your social accounts and enter your wallet address to receive test tokens.
  2. Complete steps on the official website such as following social accounts, liking tweets, and joining the community to receive IP assets.
  3. Interact on the Sepolia testnet, upload images and fill in information to register, and register an IP ID.
Note:
The airdrop program and participation methods may be updated at any time. Users are advised to follow the project's official channels to get the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the subsequent distribution of airdrop rewards.

Weekly Fundraising Report

The crypto market witnessed a flurry of fundraising activities this week, spanning various stages from seed rounds to Series D. These investments covered diverse sectors, including Layer 2 networks, NFTs, gaming, and fintech. RootData reports that between August 22 and August 29, 30 projects secured funding, totaling $112.37 million. Let’s examine the top three recipients by funding size:[21]

Space and Time — On August 27, the company completed a $20 million Series A funding round, co-led by renowned investment firms Framework Ventures and Arrington Capital. Space and Time, an innovative blockchain infrastructure company, aims to tackle scalability and decentralization challenges in the blockchain sector through cutting-edge technology. The company’s goal is to boost the overall performance and efficiency of blockchain networks. As applications proliferate and user bases grow, network scalability and efficiency become crucial factors affecting user experience and widespread blockchain adoption. This funding round is expected to empower Space and Time to bolster its R&D efforts, attract top talent, and forge partnerships with industry leaders to collectively advance blockchain technology.

Solayer — On August 27, the company secured $12 million in seed funding, led by Polychain Capital. Big Brain Holdings, Hack VC, and Nomad Capital also participated, valuing Solayer at $80 million post-funding. As a re-staking protocol in the Solana ecosystem, Solayer plans to use the funds to expand its team, integrate new protocols, and prepare for the platform’s second phase. The company aims to launch its native token, which is currently ‘in the design stage’. Notably, Solayer had previously announced a pre-seed round of undisclosed size, attracting angel investors such as Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal. Solayer’s platform allows users to lock their staked assets across various protocols, earning additional rewards in the process.

Gameplay Galaxy — On August 28, the company completed an $11.17 million extended seed round funding, led by Blockchain Capital and Merit Circle. This funding round brought Gameplay Galaxy’s valuation to $71 million. Gameplay Galaxy is a Web3 game development studio focused on providing gamers with a comprehensive Web3 experience. With this funding, Gameplay Galaxy plans to transform its extreme sports game brand into a Web3 ecosystem. It is currently developing its first Web3 game, “Trial Xtreme Freedom”, which is scheduled for official release in the first quarter of next year, along with the issuance of the game token.

What to Watch Next Week

Token Unlock

According to Token Unlocks data, several significant token unlock events are scheduled for next week (August 30 - September 5, 2024). Here are the top 3 unlocks to watch:

OP — Optimism (OP) will unlock 48.27 million OP tokens on August 31, representing 2.64% of its circulating supply. This unlock, valued at nearly $100 million, allocates over 12.75 million tokens to core contributors and 11.4 million to investors. While this unlock accounts for 2.65% of the circulating supply, it’s noteworthy that this percentage has decreased compared to previous unlocks. This gradual reduction in the proportion of unlocked tokens relative to the circulating supply stems from the increasing total supply over time, making each fixed-amount unlock a smaller percentage of the whole.

PRIME — Echelon Prime (PRIME) is set to unlock 6.26 million tokens on August 31, representing 1.68% of its circulating supply. According to Token Unlocks data, the value of these unlocked tokens is approximately $5.4 million. These tokens will be used to support game development and expand the Web3 gaming ecosystem.

Menta (MENTA) — The Menta project is scheduled to unlock 1.51 million tokens on August 31, accounting for 0.5% of its circulating supply. This unlock is part of the project’s token release plan, aimed at gradually introducing more tokens into the market for various network functions and incentives.

Crypto Calendar

In the coming week, the blockchain and cryptocurrency market will see several crucial events, with important macroeconomic data releases potentially having significant impacts on the industry[22] [23] [24]:

Korea Blockchain Week 2024 (KBW2024)
On September 1, Korea Blockchain Week 2024 (KBW2024) will be held in Seoul, South Korea. This annual international blockchain and Web3 event, founded by FACTBLOCK and co-hosted by Hashed, has added a new “Institutional Stage” this year, focusing on institutional interest and applications in Web3. The event is expected to attract over 10,000 participants.[25]

U.S. Manufacturing PMI Data Release for August
On September 3, the U.S. will release its Manufacturing PMI data for August. This data is expected to show continued contraction in the manufacturing sector, which could have broader implications for the economy and potentially support the Federal Reserve’s interest rate policy. Market reactions to this data may influence investment decisions and monetary policy expectations.[26]

Federal Reserve Beige Book Publication
On September 5, the U.S. Federal Reserve will publish its Beige Book, a key report for assessing the state of the U.S. economy. This report could influence market expectations regarding the Fed’s interest rate decisions. Signs of economic slowdown or reduced inflationary pressures might promote expectations of a more accommodative monetary policy, while signals of robust economic activity could suggest potential interest rate increases.[27]



References

  1. Gate.io, https://www.gate.io/price
  2. Gate.io, https://www.gate.io/price/bitcoin-btc
  3. Gate.io, https://www.gate.io/price/ethereum-eth
  4. SoSoValue, https://sosovalue.xyz/tc/assets/etf/us-btc-spot
  5. yahoo finance, https://finance.yahoo.com/markets/
  6. TheBlock, https://www.theblock.co/data/crypto-markets/prices/btc-pearson-correlation-30d
  7. CoinGecko, https://www.coingecko.com/en/categories
  8. LQTY, https://www.liquity.org/blog/licensing-liquity-v2-may-the-fork-be-with-you
  9. Tribunal Judiciaire de Paris,https://www.tribunal-de-paris.justice.fr/
  10. Nvidia, https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2025
  11. CoinMarketCap, https://coinmarketcap.com/currencies/sun-wukong/
  12. Soneium, https://soneium.org/en/blog
  13. X, https://x.com/stake_stone/status/1828765948465270826
  14. X, https://x.com/AstarNetwork/status/1826832310949347807
  15. coinglass, https://www.coinglass.com/
  16. etherscan, https://etherscan.io/gastracker#chart_gasprice
  17. ultrasound, https://ultrasound.money/
  18. X, https://x.com/spotonchain/status/1828744993227604228
  19. Corn, https://blog.usecorn.com/corn-the-genesis-of-the-super-yield-network-f52170ffbe84
  20. Story Protocal, https://docs.story.foundation/docs/introduction
  21. RootData, https://www.rootdata.com/zh/Fundraising
  22. PanNewsLab, https://www.panewslab.com
  23. Jin 10, https://rili.jin10.com
  24. WuBllock123, https://www.wublock123.com
  25. Korea Blockchain Week, https://koreablockchainweek.com/
  26. ISM World, https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/
  27. Federal Reserve, https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm



Gate Research
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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.

Author: Carl.Y、Rita、Jerry
Translator: Sonia
Reviewer(s): Edward
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