TL;DR

• BTC and ETH prices fell on Monday, with BTC dipping below $59,000.
• In the past 24 hours, total network contract liquidations have surpassed $160 million, with over $130 million in long positions being liquidated.
• Both BTC and ETH ETFs saw net outflows last Friday, primarily due to significant outflows from Grayscale ETFs.
• Bitcoin (BTC) reserves on centralized exchanges (CEX) have significantly decreased, indicating a rise in user demand for self-custody.
• Over the past 24 hours, funding activity in the crypto market mainly focused on infrastructure and decentralized investment platforms.

Market Analysis

According to Gate.io market data, as of 4:00 PM (GMT+8) on August 12[1]:

BTC —— The BTC price dropped by 4.01% over the past 24 hours, currently around $58,859. The highest price in the past 24 hours was $61,831, and the lowest was $57,656. After briefly dipping below the 4-hour MA50 line (around $58,000), Bitcoin’s price quickly rebounded, showing signs of recovery. Throughout the day, the price fluctuated between $57,500 and $60,000.

ETH —— The ETH price dropped by 4.02% over the past 24 hours, currently around $2,572. The highest price in the past 24 hours was $2,719, and the lowest was $2,509. As of 4:00 PM (GMT+8) on August 12, ETH’s 1-hour MA5 line crossed above the MA10 line, indicating signs of recovery. The support level is at $2,480, and the resistance level is at $2,700.

SOL —— The SOL price dropped by 6.14% over the past 24 hours, currently around $147.17. The highest price in the past 24 hours was $157.95, and the lowest was $141.13. As of now, SOL’s 1-hour MA5 line has crossed above the MA10 line, indicating signs of recovery. The support level is at $140, and the resistance level is at $157.

BTC Spot ETF —— According to Coinglass data, U.S. Bitcoin spot ETFs saw net outflows of $89.7 million last Friday. Among them, GBTC had net outflows of $77 million, while FETC and BITB also experienced net outflows. Only IBIT had a net inflow of $9.6 million. Overall, institutional buying interest was low on the last trading day of the week.

ETH Spot ETF —— According to Coinglass data, U.S. Ethereum spot ETFs saw net outflows of $15.8 million last Friday, primarily due to Grayscale’s ETHE, which had outflows of $41.7 million. Excluding ETHE, other ETFs showed net inflows, with BlackRock’s ETHA seeing a net inflow of $19.6 million[2].

Top Performers

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

• AGLA: Angola has shown strong market performance by enabling users to turn everyday moments into NFTs. The token saw a single-day increase of 51.11%, with a total market cap of $14.9175 million and a 24-hour trading volume of $33.7831 million on the Gate platform. Angola is a decentralized platform for digital media creators and intellectual property holders, focusing on photography and visual arts. Its governance token, AGLA, plays a crucial role in platform governance, transactions, and creator incentives.
• RARE: SuperRare has shown strong market engagement, with a single-day increase of 34.61%. The total market cap is $64.3363 million, and the 24-hour trading volume on Gate is $2.3819 million. SuperRare is an innovative NFT art platform that enables artists to create and sell digital artworks using smart contract technology, earning royalties in the process. The platform has generated over $3 million in royalty income for artists. SuperRare is transitioning from a centralized platform to a decentralized autonomous organization (DAO) through its governance token, RARE, to foster community participation and management. Additionally, SuperRare has introduced a collector royalty program, enabling collectors to earn royalties on resold artworks, which is a novel initiative in the art market. These measures aim to further incentivize artists and collectors, driving the growth of the crypto art market.
• SUI: The SUI token showed impressive market performance with a single-day increase of 16.06%. Its total market cap stands at $2.563 billion, and the 24-hour trading volume on Gate is $23.7174 million. On August 7, 2023, Grayscale Investments launched the Grayscale Sui Trust, focused on the native SUI token of the Sui protocol, which significantly boosted the SUI token price. Sui is a high-performance blockchain developed by the Mysten Labs team, composed of former Meta employees, and was officially launched in May 2023. The SUI token has a max supply of 10 billion, with 5% in circulation at the mainnet launch. Sui aims to achieve high speeds and scalability without compromising security, utilizing the Move programming language, parallel transaction processing, and a Delegated Proof of Stake (DPoS) consensus mechanism. It can handle up to 100,000 transactions per second (TPS) while keeping transaction fees extremely low, around $0.001.
• MAGA: With a circulating supply of 43,997,357 TRUMP and a total supply of 46,502,452 TRUMP, MAGA (TRUMP) coin has demonstrated high market activity in terms of both market cap and 24-hour trading volume. Inspired by Donald Trump’s “Make America Great Again” slogan, this meme coin was launched in August 2023 and has gained over 24,000 followers on social media, particularly on the X platform, reflecting its significant market popularity and trading volume. An innovative aspect of the MAGA coin is that the development team plans to allocate a portion of the supply to support Trump-related projects and political activities, enhancing community engagement and a sense of purpose.

Data Highlights

BTC Buy-Sell Ratio
As of 3:00 PM (GMT+8) on August 12, Coinglass data shows that the total network contract liquidation amount in the past 24 hours was approximately $167 million, with over $130 million in long contracts liquidated. The BTC buy-sell ratio is around 0.94, indicating that market participants are pessimistic about Bitcoin’s short-term price movement[3].

Contract Long-Short Ratio
According to Coinglass data, as of 3:00 PM (GMT+8) on August 12, the weighted funding rate for Bitcoin positions was 0.0105%, and for Ethereum positions, it was 0.0056%. Over the past 24 hours, the overall long-short ratio for Bitcoin contracts has remained balanced, while the long-short ratio for Ethereum contracts has been predominantly long[4].

Fear and Greed Index
The Fear and Greed Index has dropped from yesterday’s fear level of 39 to an extreme fear level of 25, indicating a further deterioration in market sentiment. This heightened panic among investors may lead to more selling, potentially driving market prices down further. However, extreme fear can sometimes signal a potential buying opportunity, as markets may rebound. Investors should use this index in conjunction with other market analysis tools and indicators to mitigate the risks associated with relying on a single metric[5].

Spotlight Analysis

CEX Bitcoin Holdings Hit Three-Year Low According to CryptoQuant data, Bitcoin (BTC) holdings on centralized exchanges (CEX) have significantly decreased. Since July 1, 2024, a total of 163,285 BTC have been withdrawn from CEX, bringing the holdings down to their lowest point since August 12, 2021. The current holding stands at 2,681,105 BTC, with an approximate total value of $160.8 billion, based on a price of $60,000 per BTC. Meanwhile, Ethereum holdings on CEX have seen a slight increase of 202,038 ETH during the same period. However, this is still a decrease of 15,287,225 ETH compared to the high of 32,172,673 ETH on August 12, 2021. Since July, the number of wallet addresses holding more than 0.1 BTC has been rising.

This data shift suggests that investors are moving Bitcoin from exchanges to more private addresses, suggesting reduced market liquidity and increased scarcity. Additionally, retail or small to medium-sized investors are also increasing their Bitcoin holdings. Since July, the number of addresses holding at least 0.1 BTC has risen by 26,906, possibly reflecting expectations of future price increases[6].

Funding News

According to RootData, from August 9 to August 12, 2024, several significant funding rounds were completed in the blockchain and Web3 sectors. The details are as follows[7]:

Nexio —— Bitcoin Rollup network Nexio completed a $2.2 million Pre-Seed funding round, led by Lattice, with participation from HTX Ventures, Artichoke Capital, Morningstar Ventures, Sharding Capital, and notable angel investors. Nexio aims to leverage parallelization technology by integrating Facebook’s Move virtual machine into the Bitcoin ecosystem to address smart contract vulnerabilities in EVM-based scaling solutions and multi-signature bridge designs, while also reducing transaction costs and increasing throughput. Nexio’s technology combines zk-Rollup, multiparty computation threshold signature schemes, and the Fractal interpreter. They plan to launch a permissionless testnet within the next 6 to 12 months, followed by a mainnet solution. The project aims to support over 30,000 transactions per second while keeping fees below $0.01 [8].

BasedVC —— The decentralized investment platform BasedVC announced the completion of a $2 million seed round, bringing its post-money valuation to $15 million. This funding round was supported by Neo Tokyo, Kongz Capital, and several angel investors, including Mario Nawfal, Crypto Banter, Ashcrypto, and Kmanu[9]. The BasedVC team revealed that the platform generated over $65 million in revenue over the past year and has invested in more than 50 cryptocurrency projects. BasedVC aims to enable community and retail investors to participate in pre-seed and private funding rounds, thereby avoiding the high risks associated with public rounds, and to raise funds from strategic communities like Neo Tokyo. Additionally, BasedVC is focused on expanding its SaaS investment platform and plans to launch its native cryptocurrency token later this year[10].

Televerse —— Blockchain gaming infrastructure provider Televerse announced the completion of a $1 million seed round. This round was led by Summer Capital, with participation from Awakening Ventures, Precision Edge Capital, and Manta Network founder Victor Ji. Televerse’s mission is to build gaming infrastructure on Telegram’s TON, aiming to seamlessly transition Web 2 mobile gamers and studios into the Web 3 world. Their vision is to drive the mass adoption of blockchain technology through Web 3 gaming. They are developing a developer game kit and game box platform for mini-games, allowing users to easily bridge their games to Telegram and integrate blockchain technology. The Televerse team, led by experienced former WeChat mini-game team leaders, has introduced unique mechanisms like Proof-of-PFP to effectively connect game developers with the community. The new funds will be used to expand the engineering team, enhance platform capabilities, and drive user growth within the growing TON ecosystem.[11]

Airdrop Opportunity

Aethir —— The decentralized real-time rendering network Aethir announced on July 31, 2024, that it is opening the claim process for 20 million ATH tokens for Checker Node holders, with the claim period lasting until August 14. To further incentivize participation, users can stake their rewards in the ATH-AI pool for a chance to earn an additional 30 million ATH tokens. Aethir completed a $9 million Pre-A round of funding in July 2023, led by prominent institutions such as HashKey Capital, valuing the company at $150 million[12].

Matr1x —— As a metaverse brand, Matr1x announced on August 5, 2024, the launch of the first phase of the MAX token airdrop rewards. Users holding premium Matr1x Pioneer Badge NFTs can redeem 800 MAX tokens per NFT. Additionally, the project will distribute a total of 10 million MAX tokens based on users’ MAX scores. Matr1x, known for its popular self-developed games Matr1x FIRE, Matr1x WAR, and Matr1x EVOLUTION, has raised over $20 million in funding, including $10 million rounds in September 2022 and November 2023, with backing from prominent institutions such as HashKey Capital and SevenX Ventures. The airdrop claim process remains ongoing.[13]

Layer 3 —— Layer 3, an all-chain identity and distribution protocol, announced the launch of its airdrop claim process on July 29. Users can stake L3 tokens to earn rewards, but unstaking requires a 7-day withdrawal period. Tokens held by the team, venture capitalists, and advisors will remain locked for 12 months and cannot be staked during this period. Layer 3 has raised a total of $21.2 million, including a $2.5 million seed round in September 2021, a $3.7 million strategic round in December 2022, and a $15 million Series A round in June 2024. The airdrop claim process remains ongoing.[14]

Reference：

1. Gate.io, https://www.gate.io/zh/price
2. Coinglass, https://www.coinglass.com/bitcoin-etf
3. Cryptoquant,https://cryptoquant.com/asset/btc/chart/derivatives/taker-buy-sell-ratio?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
4. Coinglass, https://www.coinglass.com/LongShortRatio
5. Gate.io, https://www.gate.io/zh/bigdata/homeindex
6. Cryptoquant, https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
7. Rootdata, https://www.rootdata.com/Fundraising
8. X, https://x.com/buildnexio/status/1821563345045946770
9. Pitchbook, https://pitchbook.com/profiles/investor/592431-22
10. Basevc, https://basedvc.fund/
11. X, https://x.com/televerseton/status/1821850051687162224?s=46
12. X, https://x.com/AethirCloud/status/1818499727924904075
13. Matr1x, https://matr1x.io/max-event
14. Layer 3, https://claim.layer3foundation.org/

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