TL;DR

• Bitcoin’s price rose by 0.94% in the past 24 hours, while Ethereum increased by 1.34%. As of 04:00 UTC on September 11, BTC was trading at approximately $56,967, and ETH at $2,353.61.
• Among altcoins, sectors like gaming blockchains, storage, and AI agents saw significant gains.
• On September 10, U.S. Bitcoin and Ethereum spot ETFs recorded net inflows of $116.9 million and $11.44 million, respectively.
• Bitcoin mining difficulty has shown an upward trend over the past six months, reaching a new all-time high in September.
• ENS Labs announced that PayPal and Venmo will now support the Ethereum Name Service (ENS).
• In the past 24 hours, three projects announced funding rounds, collectively raising over $17.1 million, focusing on gaming and DeFi sectors.

Market Analysis

Gate.io Market Data (as of 04:00 UTC, September 11):

BTC —— Bitcoin’s price rose by 0.94% over the past 24 hours, reaching approximately $56,967 as of 04:00 UTC on September 11. The overall trend has been a steady upward movement. After breaking through $57,000, it faced resistance near $58,000. The short-term battle between bulls and bears has intensified. If BTC can break through the $58,000 resistance level, further gains are possible; otherwise, it may retrace to the $56,000 support level[1].

ETH —— Ethereum’s price increased by 1.34% over the past 24 hours, reaching approximately $2,353.61 as of 04:00 UTC on September 11. ETH climbed from around 2,388 USDT to 2,400 USDT before pulling back. Both the MA5 and MA10 have crossed above the MA30, forming a golden cross, indicating a short-term bullish trend. The current resistance level is at 2,400 USDT. If trading volume increases and ETH breaks through this resistance, further gains are possible; otherwise, it may face downside risks[2].

ETF —— According to SoSoValue data, on September 10, U.S. Bitcoin spot ETFs saw a net inflow of $116.9 million[3], while U.S. Ethereum spot ETFs experienced a net inflow of $11.44 million, marking the first net inflow after six consecutive days of outflows[4].

Altcoins —— Altcoins continued to rise over the past 24 hours, driven by BTC’s upward momentum. Notable gains were seen in sectors such as gaming blockchains, storage, and AI agents[5].

U.S. Stock Market Indices —— As of 04:00 UTC on September 11, the S&P 500 rose by 0.45%, the Nasdaq increased by 0.84%, while the Dow Jones fell by 0.23%[6].

Spot Gold —— As of 04:00 UTC on September 11, spot gold was priced at $2,517.46 per ounce, with a slight daily increase of 0.04%[7].

Fear & Greed Index —— The Fear and Greed Index shifted from 33 to 37, reflecting a slight improvement in market confidence as BTC prices continued to rise over the past 24 hours. However, sentiment remains in the “fear”territory, indicating an overall cautious and pessimistic outlook[8].

Top Performers

According to Gate.io market data, based on the past 24 hours’ trading volume and price performance, the following are the top-performing altcoins:

Super —— Daily gains of approximately 18.84%, with a circulating market cap of $390 million.

SuperVerse is a Web3 platform focused on NFTs and blockchain gaming, providing a unified framework to integrate next-generation NFT marketplaces with immersive video games, driving transformation in the digital space.

Recently, SuperVerse announced the upcoming release of a new game called Metalcore on September 12, 2024. The game promises a top-tier combat and territorial warfare experience and will offer 30 million tokens as rewards. This price surge may be linked to the project’s recent developments[9].

AERGO —— Daily gains of approximately 16.03%, with a circulating market cap of $45.56 million.

AERGO is an open-source Layer 1 blockchain platform that combines the benefits of public and private blockchains, offering next-generation blockchain solutions tailored for enterprises and government use cases.

On September 10, AERGO’s contract went live on a centralized exchange, which may be a key factor driving its price increase over the past 24 hours.

WOO —— Daily gains of approximately 15.87%, with a circulating market cap of $313 million.

WOO Network is a DeFi platform providing deep liquidity and zero-fee trading, aimed at connecting traders, exchanges, institutions, and other decentralized finance (DeFi) platforms. Its main products include WOO X, which offers zero-fee trading and deep liquidity for retail and institutional investors, and WOOFi Swap, which leverages its liquidity network and institutional market-making technology to provide better prices and lower slippage for decentralized trading.
Recently, WOO Network introduced WOO X Social Trading, which includes features like counter trading, one-click strategy copying, and position isolation risk management. This recent price surge may be tied to these developments[10].

Data Highlights

Bitcoin Mining Difficulty Hits New All-Time High, Increasing 3.58% to 92.67 T
According to data from BTC.com, Bitcoin’s mining difficulty has fluctuated significantly over the past six months, showing an overall upward trend. Notably, difficulty began to rise sharply from late June, reaching a new peak in September. The latest adjustment occurred at block height 860,832, on September 11 at 03:25 (UTC+0), with a 3.58% increase in mining difficulty to 92.67 T, marking another all-time high[11].

Solana Fees Drop to a Three-Month Low
According to data from The Block, total fees generated by the Solana network have fallen to their lowest level in three months. On August 31, Solana generated approximately 3,800 SOL in fees. Although this figure has slightly rebounded, it remains largely unchanged, with daily fees around 4,500 SOL as of 00:00 UTC on September 11. This is a significant drop compared to Q2, when daily fees easily exceeded 10,000 SOL[12].

The decline in Solana fees may be linked to the waning popularity of Pump.fun, whose revenue has sharply decreased in recent weeks. On September 11, Pump.fun generated only $425,000 in fees, an 82% drop from its July 30 peak of $2.31 million in a single day[13].

Bitcoin ETFs Saw a Net Inflow of $116.9 Million Yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs recorded a daily net inflow of $116.9 million on September 10, with a total trading volume of $712 million. The cumulative net inflow now stands at $17.04 billion, with the total value of BTC managed by these ETFs reaching $52.2 billion, representing 4.59% of Bitcoin’s total market capitalization[14].

Ethereum ETFs Break Six-Day Outflow Streak with $11.44 Million Net Inflow
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a daily net inflow of $11.44 million on September 10, following six consecutive days of net outflows. The total daily trading volume reached $102 million. The cumulative net outflow stands at $562 million, while the total value of ETH managed by these ETFs is approximately $6.53 billion, accounting for 2.28% of Ethereum’s total market capitalization[15].

Fear & Greed Index Rises to 37
As market sentiment gradually improves and Bitcoin prices recover, the Fear & Greed Index has risen to 37. While still in the “fear” zone, this marks a slight easing of panic. It suggests that investor fear has moderated, though market sentiment remains cautious, with many investors adopting a wait-and-see approach toward the near-term market trends[16].

Spotlight Analysis

ENS Labs Announces Partnership with PayPal and Venmo
On September 10, ENS Labs announced that PayPal and Venmo will support the Ethereum Name Service (ENS), potentially reaching over 270 million U.S. users. Following the announcement, the price of ENS tokens surged by 4.07% in a short period[17]. This integration allows users to simplify cryptocurrency transfers by using ENS names instead of manually inputting complex blockchain addresses, reducing the risk of errors. The collaboration offers a more intuitive and user-friendly experience for managing digital assets, while also providing users familiar with Web2 payment platforms with an easier transition into the world of cryptocurrencies.

PayPal has been actively involved in the blockchain space, with its stablecoin PayPal USD (PYUSD) surpassing a $1 billion market cap at the end of last month[18]. PYUSD has also been launched on the Solana network. Through its partnership with ENS, PayPal and Venmo users will benefit from a simpler cryptocurrency transfer process, further reducing operational complexity and security risks.

ENS is an open blockchain-based protocol similar to the Internet’s Domain Name System (DNS). It simplifies cryptocurrency transfers and blockchain operations by mapping complex blockchain addresses to easy-to-remember names. Since its launch, ENS has seen consistent growth in its user base[19]. By partnering with PayPal and Venmo, ENS is accelerating the adoption of its technology, offering a more convenient and secure user experience in the crypto market.

dYdX Community Proposes $5 Million DYDX Token Distribution to Traders
Recently, the dYdX community initiated a proposal to launch Season 6 of the incentive program, suggesting the allocation of $5 million in DYDX tokens from the community treasury to 2,850 eligible accounts. The goal is to reward genuine trading activity on the platform and discourage wash trading or manipulative behavior[20].

The proposal, introduced by Chaos Labs, outlines how the $5 million in DYDX tokens will be distributed to traders. It details the reward mechanism, criteria for qualifying users, anti-fraud measures, distribution specifics, and how the incentives can be optimized to boost activity on the dYdX platform. The plan also includes a testing phase on the testnet, followed by a community vote to determine its implementation.

According to the voting page, the voting period lasts for three days, ending on September 14 at 05:22 UTC. So far, the voter turnout stands at 29.69%, below the required quorum. Among cast votes, 79.47% are in favor, 0.04% are against, and 20.5% abstained[21].

As of 04:00 UTC on September 11, DYDX has dropped by 2.65% over the past 24 hours, with a current market cap of $201 million[22].

U.S. SEC Tightens Cryptocurrency Regulations in 2024, Total Fines Reach $4.68 Billion
According to BeInCrypto, the U.S. Securities and Exchange Commission (SEC) imposed $4.68 billion in fines on the cryptocurrency industry in 2024, a dramatic 3,018% increase from $150 million in 2023. The largest fine was levied against Terraform Labs and its founder, Do Kwon, amounting to $4.68 billion. The penalty was related to allegations of misleading investors and the illegal sale of unregistered securities tied to their algorithmic stablecoin TerraUSD (UST)[23].

This year, the SEC shifted its regulatory focus from minor violations to targeting more significant cases with broader market implications. This change in enforcement strategy reflects the SEC’s increased scrutiny of the crypto industry, particularly against activities that could pose major risks to the market. The average fine per case in 2024 reached approximately $426 million, underscoring the SEC’s determination to enforce compliance through heavy penalties. However, this aggressive regulatory stance may raise concerns that overly stringent regulation could stifle innovation within the industry.

Funding News

According to RootData[24], three projects publicly announced funding rounds in the past 24 hours, with the largest raising $8 million. The total funding exceeded $17.1 million, covering sectors such as gaming and DeFi:

Syrupal Protocol — Syrupal Protocol announced the completion of a $3.75 million seed round, with investors yet to be disclosed. Syrupal Protocol is an on-chain decentralized finance (DeFi) platform focused on options trading and structured products. It aims to provide users with advanced financial tools to manage risk and optimize returns.

CASTILE — CASTILE raised $8 million in a funding round led by SevenX Ventures and Aptos Labs. CASTILE, developed by Nytro Lab, is a blockchain-based Roguelike role-playing game (RPG) deployed on the Aptos chain. The game blends traditional Roguelike mechanics with RPG elements and integrates an NFT marketplace, allowing players to trade in-game cards.

Moku — Moku secured $5.35 million in funding, led by Sky Mavis and A16Z GAMES, with participation from Arca, hiFramework, 32bitventures, and Ronin co-founder Jeff Zirlin. Moku is a Web3 game publishing platform built on the Ronin blockchain, designed to offer a creative and collaborative ecosystem for game developers and players.

Airdrop Opportunities

SoMon
SoMon (short for Social Monster) is a decentralized Web3 social application platform built on the OpenSocial protocol, providing users with decentralized social forum services. Users can create and join communities around topics of interest, creators, and fan bases. SoMon’s developer, OpenSocial Labs, has disclosed $11 million in funding from prominent investors, including Portal Ventures, SNZ Capital, and Gate.io Labs.

Since its launch on June 19, 2024, SoMon has experienced rapid growth. According to Dune data, the platform now boasts over 220,000 on-chain users and more than 7 million on-chain activities, with over 60,000 active addresses in the past 24 hours[25]. On September 5, SoMon officially announced its Q3 airdrop event on the X platform[26]. Users can participate in the event through the following steps:

1. Visit the SoMon website and complete the registration process.
2. Engage in social tasks on the website, such as checking in, posting, liking, and earning badges.
3. Earn tribe points by creating or joining tribes and inviting others to join.
4. Complete designated tasks on SoMon’s Discord and X platforms.

Reference：

1. Gate, https://www.gate.io/trade/BTC_USDT
2. Gate, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
5. Coingecko,https://www.coingecko.com/en/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate, https://www.gate.io/bigdata/homeindex
9. X,https://x.com/SuperVerse/status/1833218357446762660
10. Woo,https://woo.org/blog/woo-x-introduces-countertrading-to-overhaul-social-trading
11. Btc.com, https://btc.com/btc/insights-difficulty
12. The,block, https://www.theblock.co/data/on-chain-metrics/solana
13. DefiLlama, https://defillama.com/protocol/pump?fees=true&revenue=true&denomination=SOL
14. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
15. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
16. Gate, https://www.gate.io/bigdata/homeindex
17. X, https://x.com/ensdomains/status/1833536140529570039
18. CoinMarketCap, https://coinmarketcap.com/currencies/ethereum-name-service/
19. Dune, https://dune.com/queries/650661/1209226
20. X,https://x.com/dydxfoundation/status/1833447537627320797
21. Mintscan, https://www.mintscan.io/dydx/proposals/152
22. Gate, https://www.gate.io/price/dydx-dydx
23. Beincrypto, https://beincrypto.com/us-sec-crypto-fine-2024/
24. Rootdata, https://www.rootdata.com/Fundraising
25. Dune, https://dune.com/somon/somon-owo
26. X,https://x.com/SoMon_OwO/status/1831669721588248774

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