TL;DR

• Over the past 24 hours, Bitcoin rose 3.33%, while Ethereum gained 1.94%. As of 04:00 UTC on September 10, BTC was trading around $56,868, and ETH at approximately $2,344.47.
• Altcoins are seeing widespread gains following BTC’s rebound, with notable growth in sectors like Bitcoin sidechains, cat-themed cryptocurrencies, and AI agents.
• As of 04:00 UTC on September 10, the S&P 500 and Nasdaq both rose by 1.16%, while the Dow Jones increased by 1.2%. Spot gold prices dipped 0.09%, settling at $2,504.02 per ounce.
• U.S. Bitcoin spot ETFs saw a net inflow of $28.72 million, while Ethereum spot ETFs experienced a net outflow of $5.2 million.
• The development team behind Web3 social platform Friend.Tech announced they relinquished control of the platform’s smart contract. Following the news, the governance token’s price plunged by over 30% in 24 hours.
• On September 10, three projects announced funding rounds, with the largest securing $10 million. The total funding exceeded $16 million, covering sectors such as gaming, AI, and oracles.

Market Analysis

Gate.io Market Data (as of 04:00 UTC, September 10) [1]:

BTC —— Over the past 24 hours, Bitcoin’s price increased by 3.33%, reaching approximately $56,868 as of 04:00 UTC on September 10. During this period, BTC’s price fluctuated between $54,589.1 and $58,060.7. The 24-hour candlestick chart indicates a steady upward trend with growing short-term momentum. If Bitcoin can break through the short-term resistance level of $58,060.7, it could see further gains. Traders should closely monitor trading volume for any significant changes.[2]

ETH ——Over the past 24 hours, Ethereum’s price rose by 1.94%, reaching approximately $2,344.47 as of 04:00 UTC on September 10. During this period, ETH’s price peaked at $2,380.16 and hit a low of $2,273.35. The overall trend for ETH remains strong, with bullish sentiment increasing. Although there are signs of profit-taking near the $2,380 level, the overall upward trajectory persists[3].

ETF —— According to SoSoValue data, on September 9, U.S. Bitcoin spot ETFs recorded a net inflow of $28.72 million[4], while U.S. Ethereum spot ETFs saw a net outflow of $5.2 million[5].

Altcoins —— Over the past 24 hours, altcoins have experienced broad gains alongside Bitcoin’s rebound, with significant growth seen in sectors like Bitcoin sidechains, cat-themed cryptocurrencies, and AI agents[6].

U.S. Stock Indexes —— As of 04:00 UTC on September 10, the S&P 500 and Nasdaq indexes both rose by 1.16%, while the Dow Jones increased by 1.2%[7].

Spot Gold —— As of 04:00 UTC on September 10, spot gold prices dipped by 0.09%, settling at $2,504.02 per ounce[8].

Fear & Greed Index —— The Fear & Greed Index stands at 33, indicating the market is still in a state of fear. Despite a recent recovery in BTC prices over the past 24 hours, overall sentiment towards the crypto market remains cautious[9].

Top Performers

According to Gate.io Market Data, based on trading volume and price performance over the past 24 hours, the following altcoins are notable[1]:

RPL —— Rocket Pool saw a 24-hour price increase of approximately 22.1%, with a circulating market cap of $239 million.

RPL (Rocket Pool) is a decentralized staking service protocol on Ethereum that allows users to participate in Ethereum 2.0 staking without running their own nodes. The RPL token is used for network governance and incentive mechanisms, with node operators required to stake RPL to earn higher rewards. Rocket Pool provides a flexible and secure staking experience by decentralizing nodes and simplifying the staking process[10]. \
On September 9, RPL contracts were listed on centralized exchanges, which likely contributed to its significant single-day price surge.

FTM —— Fantom experienced a 24-hour price increase of approximately 15.74%, with a circulating market cap of $1.359 billion.

FTM (Fantom) is a high-performance Layer 1 blockchain network based on DAG technology, designed to offer fast, low-cost transactions and smart contract execution. It uses a consensus algorithm called Lachesis, providing high scalability and security, making it suitable for a variety of applications, including DeFi and NFTs. \
Recently, Fantom rebranded as Sonic Labs and introduced a significant upgrade plan, including the launch of a new high-throughput Layer 1 blockchain and a native Layer 2 bridge to Ethereum. This announcement likely contributed to the continued rise in FTM’s price[11].

APE —— ApeCoin saw a 24-hour price increase of approximately 13.83%, with a circulating market cap of $573 million.

APE, developed by Yuga Labs, is an ERC-20 token primarily used for governance and utility within the Bored Ape Yacht Club (BAYC) ecosystem. APE grants community members voting rights, access to exclusive content, and participation in transactions and gaming activities within the ecosystem. \
Recently, ApeCoin announced the launch of the BluePrint initiative, which will introduce consumer-facing applications and plans to roll out the ApeChain blockchain network in the future. This price surge is likely tied to the progress of these developments[12].

Data Highlights

Bitcoin ETF Net Inflow of $28.72 Million Yesterday
According to SoSoValue data, U.S. Bitcoin spot ETFs saw a single-day net inflow of $28.72 million on September 9, with a total daily trading volume of $1.6 billion. The cumulative net inflow now stands at $16.92 billion, with the total value of BTC managed by these ETFs reaching $51.31 billion, accounting for 4.56% of Bitcoin’s total market capitalization[13].

Ethereum ETF Net Outflow of $5.2 Million Yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs experienced a net outflow of $5.2 million on September 9, with a total daily trading volume of $124 million. The cumulative net outflow has reached $573.5 million, while the total value of ETH managed by these ETFs is approximately $6.43 billion, accounting for 2.28% of Ethereum’s total market capitalization[14].

Catizen Revenue Surpasses $23 Million, Ranks #1 in Telegram App Revenue
As of September 7, Catizen has attracted 34 million players within six months of its launch, making it the top revenue-generating app on Telegram. The game has accumulated 800,000 paying users, with an average revenue of approximately $33 per user[15].
According to DappRadar, over the past 24 hours, the number of unique active addresses interacting with Catizen’s smart contracts reached 313,000, ranking first among all Ton ecosystem applications and fourth among blockchain gaming projects. Catizen has quickly gained traction on Telegram, thanks to its innovative yet simple “play-to-earn” model, solidifying its position in the blockchain gaming space.
Notably, Catizen’s token, $CATI, is set to be listed on the Gate.io exchange, with official trading starting on September 20 at 10:00 AM (UTC). Pre-market trading for $CATI is already live on Gate.io, currently priced at $0.4870, reflecting a 6.23% increase over the past 24 hours.

Spotlight Analysis

Merlin Chain Releases 2024 H1 Report: TVL Surpasses $3.9 Billion, On-Chain Transaction Volume Reaches $3 Billion
The Bitcoin Layer 2 network, Merlin Chain, released its 2024 first-half report yesterday. The report shows that Merlin Chain’s total value locked (TVL) exceeded $3.9 billion, with 88% consisting of native assets like Bitcoin and Ordinals. Bridge transaction volume reached $16 billion, while spot and perpetual contract trading volumes hit $1.6 billion and $1.4 billion, respectively, solidifying Merlin Chain’s position as a major Bitcoin liquidity hub.
The number of unique addresses grew to 1.9 million, with a total of 12.7 million transactions completed. Notably, 80% of Merlin Chain’s users are holders of native Bitcoin assets. The network has attracted over 200 DApps, spanning DeFi, Bitcoin derivatives, and the metaverse, further solidifying its role in the Bitcoin ecosystem.
Merlin Chain’s governance token, $MERL, has completed 20% of its distribution, with only 0.4% of the total supply to be released to the community over the next 12 months to ensure long-term market stability and growth[16].
Merlin Chain launched at a peak price of $1.25, but as of 04:00 UTC on September 10, the price had dropped to approximately $0.24, reflecting an 82.17% decline[17].

Friend.Tech Team Announces Relinquishment of Smart Contract Control
On September 8, the development team behind the Web3 social platform Friend.Tech announced on X (formerly Twitter) that they have relinquished control of the platform’s smart contract. This move sparked widespread concern, as the team transferred control of the smart contract to a “black hole” (burn) address on Ethereum, locking the current system and preventing any future changes to fees or functionalities. However, this also means that the team has permanently lost control over the smart contract, and no further upgrades or improvements to the platform will be possible[18].
This decision severely impacted investor confidence, resulting in a price drop of over 30% for its native token, FRIEND, within 24 hours, hitting an all-time low. Launched in August 2023, Friend.Tech quickly gained popularity, once surpassing Ethereum in daily revenue. However, after the initial hype faded, the platform’s TVL (Total Value Locked) and new user numbers saw significant declines over the past six months. Despite launching a V2 version and a token airdrop in an attempt to revive interest, these efforts have had little effect. The decision to relinquish contract control seems to be the team’s response to this situation[19].
On-chain data reveals that between December 2023 and June 2024, the Friend.Tech team transferred a total of 19,477 ETH to exchanges, potentially cashing out approximately $52.4 million if fully sold. Of this amount, the platform’s fee collection address transferred 7,821 ETH (around $16.85 million) in December 2023[20], while its Gnosis Safe Proxy address gradually moved 11,656 ETH (approximately $35.55 million) between January and June 2024[21], sparking community speculation about a potential “soft rug” by the project team.

Snapshot Labs Officially Launches New On-Chain Voting Protocol — Snapshot X
Snapshot, a decentralized voting platform widely used for governance and decision-making in decentralized autonomous organizations (DAOs), has been adopted by over 75,000 projects since its launch. On September 9, 2024, Snapshot Labs officially released its new on-chain voting protocol, Snapshot X. This protocol leverages Starknet’s ZK-Rollup technology to offer gas-free on-chain voting, aiming to provide DAOs with a more secure, decentralized, and cost-efficient voting experience[22].
In addition, the Snapshot X system introduces a transaction relayer called Mana, allowing users to vote by signing transactions with their Ethereum wallets, which are then relayed to the Starknet network. This eliminates the need for users to directly manage Starknet accounts, simplifying their participation in on-chain governance. Overall, this innovation not only addresses the high gas fees typically associated with DAO on-chain voting but also enhances the convenience and security of the voting process, offering community members a more accessible way to engage.

Funding News

According to RootData[23], three projects announced new funding rounds on September 10, with the highest raise amounting to $10 million, totaling over $16 million across gaming, AI, and oracle sectors:

Vibes —— Announced the completion of a $2 million seed round, with participation from notable investors including Bryan Pellegrino, CEO of LayerZero, Gabriel Dizon, founder of YGG, and Amber, an executive at Dapper Labs. Developed by blockchain gaming studio Orange Cap Games, Vibes is a digital and physical collectible card game based on the Pudgy Penguins IP.

PIN AI—— Completed a $10 million funding round, with participation from a16z CSX, Hack VC, Illia Polosukhin (co-founder of NEAR Protocol), and Anagram/Lily Liu (Chair of the Solana Foundation). PIN AI is an open-source personal AI platform that aims to process and manage massive cross-platform data streams through a decentralized network, turning billions of smartphones into AI-powered personal assistants.

Blocksense Network —— A ZK Rollup-based oracle network, announced the completion of a $4 million seed round led by Permutation, with participation from a16z’s Crypto Startup Accelerator (CSX), Scott Moore, and Public Works. BlockSense allows anyone to become a data provider on the network by staking BlockSense tokens, with nodes operating running oracle scripts and broadcasting the results to the network.

Airdrop Opportunities

DeBox
A Web3 social platform based on decentralized identity (DID), DeBox aims to provide decentralized social features and services for Web3 communities and users. In addition to basic chat functions, the platform has launched features like BOX (similar to a Friend.tech Key with optimized pricing curves) and deswap (a Swap tool). The disclosed funding amount is $2 million, with key investors including ABCDE Capital, DWF Labs, and Amber Group. \
According to Dune data, as of September 10, the total transaction volume of DeBox-related protocols reached $490 million, with deswap contributing approximately 82.9% of that volume[24]. \
On September 9, DeBox announced the tokenomics for its native token, BOX. The total supply of BOX is 1 billion tokens[25].

The ecosystem points vDBX can be exchanged 1:1 for BOX, with the exchange to be made available in the future. Currently, vDBX can be obtained through the following methods:

1. Purchasing vDBX from DeBox’s OTC market;
2. Earning vDBX by using DeBox’s Swap tool, deswap;
3. Claiming vDBX by holding the DeBox ecosystem NFT, DGS.

It is important to note that only vDBX purchased through DeBox’s OTC market will be unlocked at the time of TGE (Token Generation Event), while vDBX earned through deswap and claimed via holding “DGS” will be subject to a vesting period.

Reference：

1. Gate, https://www.gate.io/zh/price
2. Gate, https://www.gate.io/trade/BTC_USDT
3. Gate, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. Coingecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate, https://www.gate.io/bigdata/homeindex
10. Gate, https://www.gate.io/price/rocket-pool-rpl
11. 0xSonicLabs, https://x.com/0xSonicLabs/status/1830640968334524850
12. Apecoin, https://x.com/apecoin/status/1831369517567775109
13. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
14. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
15. CatizenAI, https://x.com/CatizenAI/status/1832443610450817242
16. X, https://x.com/BitmapTech/status/1833059046381035876
17. Gate, https://www.gate.io/price/merlin-chain-merl
18. X, https://x.com/friendtech/status/1832581118165709140
19. Dune, https://dune.com/queries/2955704/4897594
20. Arkham,https://platform.arkhamintelligence.com
21. Arkham,https://platform.arkhamintelligence.com
22. SnapshotLabs,https://x.com/SnapshotLabs/status/1833075127422239196
23. Rootdata，https://www.rootdata.com/Fundraising
24. Dune，https://dune.com/debox/overview
25. DeBox_Social,https://x.com/DeBox_Social/status/1832996480900300911

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