TL;DR

• Yesterday, BTC sharply rebounded after dipping below $58,000, with a one-hour K-line closing up 3.68%, followed by fluctuations between $58,000 and $60,000.
• Over the past 24 hours, modular blockchains, BTC inscriptions, and Trump-themed meme coins have seen significant gains.
• On the first trading day of the week, Bitcoin spot ETFs had a net inflow of $27.87 million, while Ethereum spot ETFs saw a net outflow of $4.93 million.
• Recently, both Ethereum’s daily burn rate and Bitcoin miners’ daily income have reached their lowest levels of the year.
• Ethereum’s daily burn rate hit a yearly low, with Layer 2 becoming the primary hub for transaction activity within the ecosystem.
• MakerDAO proposed closing WBTC lending and reducing Spark’s WBTC lending ratio to zero.
• Several projects, including Chibi Clash, SuiNS, and Orderly Network, announced airdrops or released tokenomics designs.

Market Review

• BTC —— On August 12, BTC swiftly rebounded after dipping below $58,000. It surged past $60,000 within an hour, then pulled back to around $60,700 before consolidating. As of noon on August 13, BTC was trading at $59,045, fluctuating between $58,000 and $60,000. The short-term support level is at $58,000.[1]
• ETH —— On August 12, ETH mirrored BTC’s movement, rebounding after a brief pullback and stabilizing above $2,600. Market forces are balanced, with the key focus on breaking the $2,700 resistance level. The short-term support level is around $2,530.[2]
• Altcoins —— Altcoins have begun to recover, with significant gains in modular blockchains, BTC inscriptions, and Trump-themed meme coins.
• ETFs —— U.S. Bitcoin spot ETFs saw a net inflow of $27.87 million yesterday, while Ethereum spot ETFs had a net inflow of $4.93 million.[3]
• U.S. Stock Indices —— The S&P 500 index edged up by 43 basis points, the Nasdaq rose by 0.21%, while the Dow Jones fell by 0.36%.[4]
• Spot Gold —— Gold prices increased to $2,475 per ounce, up 0.12% on the day.

Top Performers

According to Gate.io, as of 10:00 AM on August 13, the top trending tokens over the past 24 hours with a market cap over $100 million are[3]:

SAGA —— Up approximately 32% in a single day. Saga is a modular Layer 1 blockchain platform designed to simplify the process for developers to deploy dedicated blockchains. It offers blockchain as a service (RaaS). This surge is likely due to the official launch of Saga’s liquidity fragmentation solution, the Liquidity Concentration Layer, on August 13. This new solution introduces a new business line for Saga, which has positively impacted its fundamentals.

SATS——Up approximately 24.16% in a single day. SATS is a BRC-20 token that honors Satoshi Nakamoto, derived from “satoshi,” the smallest unit of Bitcoin. The recent surge may be attributed to BTC ecosystem wallet leader Unisat’s plan to launch the Fractal Swap feature in September, which will use BRC-20 SATS as gas fees. If this feature is launched, the utility of SATS will be further enhanced.

CRV —— Up approximately 22.23% in a single day. Curve is a decentralized liquidity pool exchange on Ethereum that provides highly efficient stablecoin trading. Launched in January 2020, Curve enables users to trade stablecoins with low slippage and low fees.

The 45th U.S. President Donald Trump’s X (formerly Twitter) account was recently unlocked. Early on August 13 (Beijing time), Trump and Elon Musk had a live conversation on X.[6] These events have refocused market attention on Trump-related meme tokens. Considering Elon Musk’s influence in the crypto world and the effect of Trump-related meme tokens following his assassination attempt, many speculators are rapidly investing in these tokens or or issuing new ones. As a result, this sector has seen a sharp rise. As of 10:00 AM on August 13, MAGA was up 11.72% in 24 hours; TRUMPCOIN was up 21.54% in 24 hours; and FIGHT was up 8.22% in 24 hours.

Spotlight Analysis

Ethereum’s Daily Burn Rate Hits Yearly Low, Layer 2 Becomes Main Hub for Ecosystem Activity
According to The Block data, on August 10, the daily ETH burn rate on the Ethereum network hit a yearly low of 121.23 ETH. Although there has been some recovery in recent days, it remains at a relatively low for the year. Data from Ultra Sound Money reports that the daily ETH supply is approximately 2,600 ETH, with 467.86 ETH burned in the past 24 hours. Recently, ETH has entered an inflationary period.

Several factors may contribute to this situation:

1. Decrease in Mainnet Transaction Activity: Market adjustments and a cautious investor attitude have led to reduced trading activity, resulting in extremely low on-chain gas fees. According to Etherscan data, Ethereum gas fees have stayed below 10 Gwei for most of the past week, only briefly exceeding 10 Gwei during large transactions, and remaining under 5 Gwei more than half the time.[7]
2. Increase in Layer 2 Transaction Activity: Following the Cancun upgrade, most Layer 2 transaction fees have dropped below $0.01 per transaction, further reducing the fees passed back to the mainnet. The low fees of Layer 2 solutions have attracted many mainnet users. Recently, Layer 2 platforms like Base and Manta Pacific, along with Layer 3 gaming platforms like XAI and Proof of Play Apex, have reached new real-time TPS highs. In terms of on-chain activity, Layer 2 solutions like Base, Taiko, and Arbitrum have surpassed the mainnet.[8]

Despite these market conditions and the influence of Layer 2 solutions leading to a short-term inflationary phase for Ethereum, the slowing outflow and recent net inflows of ETH ETFs could soon counteract the inflationary supply pressure. Additionally, data from L2beat shows that the TVL (Total Value Locked) in Layer 2, calculated in ETH, has reached an annual high. Since Rollup was confirmed as a core part of Ethereum’s roadmap, the application and capital within Layer 2 solutions have been steadily increasing. Compared to the mainnet, Layer 2 is becoming a “golden land” for the development of new applications and protocols, with several high-activity Layer 2 solutions worth watching.[9]

MakerDAO Proposes to Halt WBTC Lending and Reduce Spark’s WBTC Lending Ratio to Zero
Recently, digital asset custodian BitGo announced it is transferring control of its WBTC product to a joint venture with the Hong Kong company BiT Global. The lack of publicly disclosed details about the joint venture, the specifics of the transfer, audit information of the involved companies, and subsequent WBTC governance has raised public concerns about transparency, openness, and the centralization of WBTC. In response, MakerDAO, the largest collateralized lending protocol in the industry, has proposed a community initiative to reduce the share of WBTC in its collateral pool.

MakerDAO’s proposal has further heightened market attention and concerns about the potential ripple effects of the event. WBTC (Wrapped Bitcoin) is an ERC20 token on the Ethereum network pegged 1:1 to Bitcoin. According to Coingecko, the total issuance value of WBTC exceeds $9.1 billion. Dune data shows that over 41% of WBTC is used in lending ecosystems, with MakerDAO being the largest user (acceptor). Additionally, nearly 32.7% of WBTC is used for direct trading. If MakerDAO significantly reduces the WBTC collateral ratio, WBTC could face massive redemptions. Despite the on-chain 1:1 peg, limited liquidity could lead to a liquidity crisis. Besides MakerDAO, protocols such as AAVE, SparkDAO, and Compound also involve WBTC products, and a large-scale de-pegging event could trigger a chain reaction of risks.

Currently, the MakerDAO proposal is still in the discussion stage, and BitGo is providing further explanations and disclosures about the situation. Gate Research will continue to monitor this event closely.

Data Highlights

DeFi Movements
Navi is a leading native all-in-one liquidity protocol on Sui, enabling users to participate as liquidity providers or borrowers within the Sui ecosystem. According to DefiLlama, the project’s Total Value Locked (TVL) has been steadily increasing, reaching an all-time high of $322.58 million today due to positive developments within the Sui ecosystem. Currently, the largest lending pool in Navi is the USDC pool, with a supply APY of 3.39% and a borrow APY of 24.40%.[9]

Fear and Greed Index Rises from 25 to 31
Yesterday, Bitcoin’s price dipped to $57,642, causing the Fear and Greed Index to drop to 25. Following a slight market recovery, the index rose to 31 but remains in the fear zone. This reflects that investors’ sentiment toward the market may still be relatively pessimistic, with market enthusiasm dampened[1].

Bitcoin ETF Sees $148.5 Million Net Outflow Yesterday
According to Sosovalue data[4], U.S. Bitcoin spot ETFs saw a net outflow of $148.5 million on August 12, with a total daily trading volume of $2.2 billion. The cumulative net inflow stands at $17.19 billion, and the total value of BTC managed by these ETFs is $51.47 billion, accounting for 4.61% of Bitcoin’s total market cap.

Ethereum ETF Sees $98.3 Million Net Inflow Yesterday
According to Sosovalue data[4], U.S. Ethereum spot ETFs experienced a net inflow of $98.3 million on August 12, with a total daily trading volume of $330.1 million. The cumulative net outflow stands at $363.6 million, and the total value of ETH managed by these ETFs is $7.006 billion, accounting for 2.36% of Ethereum’s total market cap.

Market Opportunities

Funding News
According to RootData, only one project publicly announced funding in the past 24 hours:[12]

Ion Protocol
Introduction: Ion Protocol is a Collateralized Debt Position (CDP) issuer that accepts various types of Liquid Staking Tokens (LST) and staked asset-backed deposits. Users can freely deposit various staked/re-staked collateral and mint allETH from them.

Ion Protocol raised $4.8 million in this funding round, led by gumi Cryptos Capital, with participation from Robot Ventures, BanklessVC, NGC Ventures, Finality Capital, and SevenX Ventures. In July last year, Ion Protocol raised $2 million in a pre-seed round.

Airdrop Opportunities

Chibi Clash
Introduction: Clash/Survivor is a Roguelike survival game where players equip heroes to defeat enemies. It employs a play-to-keep mechanism. The game raised $3 million in a private funding round on May 31, 2022, and claims to be the first AI game on the Base ecosystem, utilizing generative AI technology.
Airdrop Distribution Date: August 13, 2024 (UTC)
Token Distribution Method: The total supply of CLASH tokens is 5 billion, allocated as follows: 30% for ecosystem rewards, 30% for the treasury/ecosystem fund, 14.535% for the team, 12.9% for investors, 4.525% for advisors, 1% for KOLs/partners, and 7% for liquidity management.[15]

SuiNS
Introduction: SuiNS is a domain name service within the Sui blockchain ecosystem. Mysten Labs, the development team behind Sui, participated in its seed round financing.
Airdrop Distribution Date: Not yet announced. The tokenomics design was released on August 9.
Token Distribution Method: The NS token allocation is as follows: 57% to the treasury, 28% to core contributors and early supporters, 10% to community members interacting with the SuiNS protocol, and 5% reserved for future active participants in SuiNS governance.[16]

Orderly Network
Introduction: Orderly Network is a liquidity platform built on the NEAR protocol that leverages smart contracts for peer-to-peer trading , providing users with risk management and shared asset pools. Established in April 2022, Orderly Network is a joint incubation by NEAR and WOO Network.
Airdrop Distribution Date: August 2024, with the exact date yet to be determined.
Token Distribution Method: The total supply of ORDER tokens is 1 billion, allocated as follows: 55% for ecosystem development, 20% for the Orderly team and advisors, 15% for strategic investors, 10% reserved in the foundation treasury for liquidity management, etc.
Of the total supply, 13.3% is allocated for the airdrop.[17]

deBridge
ntroduction: deBridge is a secure interoperability layer for Web3, enabling the decentralized transfer of arbitrary messages and values across different blockchains. Cross-chain transaction verification is conducted by a network of independent validators, who are elected and governed by deBridge. Validators maintain blockchain infrastructure, with each running a deBridge node to sign all transactions through deBridge smart contracts on various blockchains.
Airdrop Distribution Date: Not yet announced. On August 12, the DBR token distribution eligibility page was launched.
Token Distribution Method: The total supply of DBR is 1 billion tokens, with an initial circulating supply of 180 million tokens. At launch: 10% will be allocated to the community and initial launch, 5% to the deBridge Foundation, and 3% to the ecosystem.[18]

Reference：

1. Gate.io,https://www.gate.io/price/bitcoin-btc
2. Gate.io,https://www.gate.io/zh/price/ethereum-eth
3. Gate.io, https://www.gate.io/zh/price
4. Sosovalue, https://sosovalue.com/zh
5. Nasdap, https://www.nasdaq.com/market-activity/index/spx
6. X, https://x.com/realDonaldTrump/status/1823144316014911820
7. Etherscan, https://etherscan.io/gastracker#heatmap_gasprice
8. L2beat, https://l2beat.com/scaling/activity
9. L2beat, https://l2beat.com/scaling/summary
10. NaviProtocal, https://app.naviprotocol.io/market
11. Gate.io, https://www.gate.io/bigdata/homeindex
12. RootData, https://www.rootdata.com/Fundraising
13. TheBlock, https://www.theblock.co/data/on-chain-metrics/ethereum/burned-eth-after-eip-1559-daily
14. Nucleusearn, https://x.com/nucleusearn/status/1823000206172143816
15. ClashFoundation, https://x.com/ClashFoundation
16. Mystenlabs, https://mystenlabs.com/blog/decentralization-of-suins
17. Orderly, https://orderly.network/blog/orderly-network-ORDER-staking
18. deBridge, https://x.com/deBridgeFdn/status/1822969227550298196
19. Dune, https://dune.com/21co/wbtc

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