TL;DR

• Over the past 24 hours, BTC briefly dropped to a support level of $65,300 before rebounding, and is currently fluctuating between $65,700 and $67,000.
• The U.S. Bitcoin spot ETF had a net outflow of $18.3 million yesterday, while the Ethereum spot ETF saw a total net inflow of $33.7 million.
• The trending sectors over the past 24 hours include Payment, CeFi, and SocialFi, with notable tokens including XEM, WAVES, and XRP.
• Vitalik delivered a speech at EDCON 2024 titled “The Next 10 Years of Ethereum”.
• The Russian Duma passed a bill on cross-border digital currency payments, allowing cross-border digital currency settlements and transactions starting September 1.
• The Ethereum Layer 2 network, Movement Network, which uses the Move language, has launched its public testnet.

Market Analysis

• BTC —— According to Gate.io, after failing to break through the $70,000 resistance on the 29th, Bitcoin prices fell by over 4,000 points. In the past 24 hours, it dropped to $65,300 and is now fluctuating between $65,700 and $67,000.[1]
• ETH —— In the past 24 hours, ETH prices fluctuated between $3,350 and $3,260. It briefly dipped below $3,240 early on the 31st before quickly rebounding to around $3,280. It is currently at $3,298.71, with a daily decline of 0.47%.[2]
• ETF —— The U.S. Bitcoin spot ETF had a net outflow of $18.3 million yesterday, while the Ethereum spot ETF saw a total net inflow of $33.7 million, marking the first net inflow day since July 24th.[3]
• Sectors —— In the past 24 hours, 5 out of 14 sectors saw gains, while 9 sectors experienced losses. Noteworthy sectors include Payment (+4.82%), CeFi (+1.98%), and SocialFi (+1.12%). On the downside, DePIN (-3.05%), GameFi (-2.69%), DeFi (-2.36%), and Meme (-2.22%) saw declines.
• U.S. Stock Indices —— The S&P 500 rose 0.5%, the Nasdaq fell 1.28%, and the Dow Jones dropped 0.5%. Nvidia’s price dropped 7% yesterday, marking its largest decline in over three months and reducing its market cap by $193 billion.
• Spot Gold —— Fell to $2,405.76 per ounce, down 0.24% for the day.

Top Performers

According to Gate.io market data, the hottest tokens in the past 24 hours are as follows (tokens with a significant price increase and a circulating market cap over $100 million)[4]:

XEM —— Daily increase of approximately 19.69%, currently priced at $0.02422. The 24-hour trading volume is $1.983 million, with a total market cap of $217 million.
Introduction: Founded in 2015, the NEM blockchain project is a digital asset management platform capable of creating systems for fintech, logistics tracking, initial coin offerings (ICOs), notarization, decentralized identity verification, and more.
XEM Spot Trading Link: https://www.gate.io/trade/XEM_USDT

WAVES —— Daily increase of approximately 10.06%, currently priced at $1.31. The 24-hour trading volume is $634,300, with a total market cap of $131 million.
Introduction: Waves is a community-based decentralized open-source public blockchain designed for building scalable and user-friendly applications. It is tailored for large-scale business and consumer use, aiming to bring the benefits of blockchain technology to traditional businesses and end users.
WAVES Spot Trading Link: https://www.gate.io/trade/WAVES_USDT

XRP —— Daily increase of approximately 8.99%, currently priced at $0.6511. The 24-hour trading volume is $24.32 million, with a total market cap of $36.316 billion.
Introduction: Ripple, also known as XRP, is a global cross-border payment network created by Ripple Labs. It is based on a distributed ledger and enables secure, instant, and nearly free global financial transactions of any size.
XRP Spot Trading Link:https://www.gate.io/trade/XRP_USDT

Spotlight Analysis

Vitalik’s Speech: The Next 10 Years of Ethereum
Event Overview: On July 30, Ethereum founder Vitalik Buterin delivered a speech titled “The Next 10 Years of Ethereum” at the Ethereum Developer Conference (EDCON 2024) held in Tokyo [5] . During the conference, he not only reviewed the changes of Ethereum over the past decade but also looked ahead to its development prospects for the next ten years. This includes user experience, smart contract wallets, the expansion of blockchain use cases, wallet UI innovations, implementation of scaling strategies, front-end standardization, and multi-chain experiences. Additionally, he emphasized the new roles and responsibilities of builders.

Event Impact: Vitalik’s speech has strengthened the community’s confidence in the future development of Ethereum. Furthermore, his discussion on scaling strategies, the application of zero-knowledge proofs, and technological standardization provided a clearer roadmap for the sustainable development of the Ethereum ecosystem. As a result, this event has a potentially long-term positive impact on the Ethereum ecosystem.

Russian Duma Passes Bill on Cross-Border Digital Currency Payments
Event Overview: On July 30, the Russian State Duma passed a law [6] that will allow cross-border digital currency settlements and transactions under an experimental legal framework (EPR) starting from September 1, 2024. This law provides a legal foundation for innovations in the digital currency financial market and grants the Bank of Russia regulatory and authorizing functions.

Event Impact: The passing of this law provides a clear regulatory framework for cross-border digital currency payments in Russia, offering legitimacy to the cross-border use of digital currencies through an official legal framework. This enhances the confidence of market participants in cryptocurrencies. Additionally, the Russian Duma previously passed a bill legalizing crypto mining. In the long term, this is positive news for the overall crypto market, strengthening efforts to establish a compliant foundation for cryptocurrency use.

Data Highlights

Fear and Greed Index (FGI)
The Fear and Greed Index dropped from 67 to 61. Over the past day, the market has seen a pullback, dampening enthusiasm. However, the current market sentiment remains in the greed range, indicating that investors are still relatively optimistic about the market’s direction.

Bitcoin ETF Single-Day Net Outflow of $18.3 Million Yesterday
According to Sosovalue data [3] , the U.S. Bitcoin spot ETF had a single-day net outflow of $18.3 million on July 30, with a total daily trading volume of $1.37 billion. The cumulative net inflow totals $17.69 billion, with the total value of BTC managed by ETFs currently at $58.51 billion, accounting for 4.48% of Bitcoin’s total market capitalization.

Ethereum ETF Net Inflow of $33.67 Million Yesterday
According to Sosovalue data [3] , the U.S. Ethereum spot ETF had a single-day net inflow of $33.67 million on July 30, with a total daily trading volume of $563.2 million. This marks the first net inflow day for the Ethereum spot ETF since July 24. The cumulative net outflow totals $405.9 million, with the total value of ETH managed by ETFs currently at $9.17 billion, accounting for 2.32% of Ethereum’s total market capitalization.

Harris Leads Trump by 1 Percentage Point in Latest Poll
According to the weekly poll conducted by Morning Consult from July 26 to 28 [7-8] , Democratic presidential candidate Harris leads Republican candidate Trump among registered voters with 47% support compared to Trump’s 46%. On the prediction market Polymarket, Trump’s chances of becoming the next U.S. president have fallen to 59%, while Harris’s chances have increased to 38%.

Market Opportunities

Funding Information
According to RootData, three projects received funding yesterday, with amounts ranging from $3.4 million to $7 million. These projects are in the AI, liquid staking, and NFT exchange sectors. Here are the details:

Hyperbolic
Introduction: Hyperbolic is an open AI cloud service provider aiming to integrate global GPU computing resources and utilize blockchain technology to offer verifiable and secure AI services. The project addresses industry bottlenecks related to computing resource costs and allocation.
Funding Round: Seed Round
Funding Amount: $7 million
Investors: Led by Polychain and Faction, with participation from Bankless Ventures, Nomad Capital, LongHash Ventures, and the NEAR Foundation [9] .

Mintify
Introduction: Mintify is an NFT trading tool designed for professional traders, currently supporting ecosystems such as Ethereum, Base, and Blast.
Funding Round: Undisclosed
Funding Amount: $3.4 million
Investors: Participated by ARCA, Cumberland, Psalion, Master Ventures, Zeneca, GM Capital, and Spencer VC [10] .

Airdrop Opportunity

Movement Network
Introduction: Movement Network is an Ethereum Layer 2 network using the Move language. To date, Movement has completed a $3.4 million pre-seed funding round and a $38 million Series A funding round.
Project Progress: On July 30, Movement Network launched its public testnet. Users can participate in Movement testnet tasks to potentially receive token airdrops. The team announced that they are prepared for large-scale applications, with six Web3 projects successfully deployed and a mainnet TVL of $160 million [11] .

Dmail Network
Introduction: Dmail Network is a next-generation blockchain-based email platform that integrates messaging, asset management, and data storage functionalities. The second season of Dmail Network’s airdrop is now live.
Airdrop Distribution Time: By 23:59 UTC on July 31, 2024 (7:59 AM Beijing time on August 1, 2024) [12] .
Airdrop Quantity: 5.88 million $DMAIL tokens (including 1.38 million tokens unclaimed from the first season).

Layer3
Introduction: Layer3 is an omnichain identity and distribution protocol where users can explore various communities and complete tasks in the form of bounties, contests, and projects to earn rewards.
Airdrop Distribution Time: Starting from July 30, 2024, UTC [13] .
Token Allocation: The total supply of L3 is 3,333,333,333 tokens: 51% reserved for the community, 25.3% allocated to core contributors, 23.2% allocated to investors, and 0.5% allocated to advisors. The initial airdrop is 7.5% of the total supply, with 200 million L3 (6%) allocated to early users and S1 participants, and 50 million L3 (1.5%) allocated to S2 participants.
Trading Information: The Layer3 token (L3) is now trading on Gate.io. Trading link: https://www.gate.io/zh/trade/L3_USDT

Liquidswap
Introduction: Liquidswap is the first DEX on the Aptos ecosystem, with a TVL currently exceeding $26.53 million. It has received $6 million in funding.
Airdrop Distribution Time: Starting from 08:00 UTC on July 30, 2024 (16:00 Beijing time on July 30, 2024) [14] .
Token Allocation: The initial airdrop will account for 5% of the total supply, with 69% unlocked at the TGE (Token Generation Event), and the remaining portion unlocked over 4 months. Additionally, 10% of the total supply will be allocated for staking rewards and future airdrops.

JupiterDAO
Introduction: Jupiter is the most important DEX aggregator in the Solana ecosystem, with a TVL currently reaching $606 million. The JUP airdrop will end on July 31, so users who have not yet claimed it should do so promptly.
Airdrop End Time: Ends at 15:00 UTC on July 31, 2024 (23:00 Beijing time on July 31, 2024) [15-16].
Token Allocation: The initial circulating supply of JUP is 1.35 billion tokens, with 1 billion tokens allocated for the airdrop, 250 million tokens for the launchpool, 50 million tokens for CEX market making, and 50 million tokens for on-chain LP requirements.

Reference：

1. Gate.io, https://www.gate.io/price/bitcoin-btc
2. Gate.io, https://www.gate.io/price/ethereum-eth
3. Sosovalue, https://sosovalue.com/zh
4. Gate.io, https://www.gate.io/price/view/crypto-gainers
5. Foresightnews, https://foresightnews.pro/article/detail/65461
6. Ria.ru, https://ria.ru/20240730/gosduma-1962953668.html
7. Forbes, https://www.forbes.com/sites/saradorn/2024/07/30/trump-vs-harris-2024-polls-harris-leads-trump-by-1-point-in-latest-survey/
8. Polymarket, https://polymarket.com/event/presidential-election-winner-2024?tid=1722391569329
9. Hyperbolic, https://x.com/hyperbolic_labs/status/1818269892367495655
10. Mintify, https://x.com/Mintify/status/1818270848228135354
11. Movement, https://x.com/movementlabsxyz/status/1818301050035781845
12. Dmailofficial, https://x.com/Dmailofficial/status/1818123502794526993
13. Layer3FDN, https://x.com/Layer3FDN/status/1818218510511665504
14. PontemNetwork, https://x.com/PontemNetwork/status/1817662459886399737
15. JupiterDAO, https://x.com/jup_dao/status/1817785382412693760
16. Weremeow, https://x.com/weremeow/status/1752327545411023124?s=20

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