TL;DR

• Over the past 24 hours, both Bitcoin and Ethereum have fluctuated near their support levels.
• The U.S. unemployment rate for August met expectations, but non-farm payroll data came in below expectations. The probability of the Federal Reserve cutting interest rates by 50 basis points in September has dropped to 31%.
• Ether.fi reported $2.19 million in revenue in August, allocating 5% for ETHFI buybacks and liquidity provider (LP) mining.
• OORT has updated its tokenomics model, potentially extending the team’s token unlock period.
• Fractal Bitcoin launched its mainnet and revealed its tokenomics model, with 80% of the tokens expected to be allocated to the community.

Market Analysis

According to Gate.io, as of 4:00 UTC on September 9[1]:

• BTC —— Bitcoin’s price increased by 1.32% over the past 24 hours, currently standing at $55,100. The highest price in the last 24 hours was $55,315, while the lowest was $53,630. BTC found strong support around the $52,500 level, showing signs of short-term consolidationand weakening downtrend.[2].

• ETH —— Ethereum (ETH) price increased by 1.04% in the past 24 hours, currently trading around $2,312. During this period, ETH reached a high of $2,333 and a low of $2,240. Influenced by the broader market, Ethereum’s price has mirrored Bitcoin’s volatility, with short-term support at $2,150[3].

• SOL —— Solana (SOL) price rose by 2.39% in the past 24 hours, currently priced at approximately $130.64. It hit a 24-hour high of $131.67 and a low of $126.61. SOL’s price has rebounded alongside major cryptocurrencies, ending its recent downtrend with support at $120[4].
• ETF —— Last Friday, U.S. Bitcoin spot ETFs saw a net outflow of $170 million, with the largest outflow coming from FBTC, totaling $85 million, signaling a decline in investor demand for BTC[5]. U.S. Ethereum spot ETFs experienced a net outflow of $5.98 million, primarily driven by Grayscale’s ETHE, while BlackRock’s ETHA saw its first net inflow in seven days, amounting to $4.7 million[6].
• U.S. Stock Market Indices —— The three major U.S. stock indices all dropped, with the S&P 500 down 1.73%, the Nasdaq down 2.55%, and the Dow Jones down 1.01%[7].
• Fear & Greed Index —— The index stands at 29, indicating the market is in a state of fear and potential panic selling[8].

Top Performers

According to Gate.io: Top Performing Altcoins in the Past 24 Hours Based on Trading Volume and Price Performance[1]

BTT ——Daily gain of approximately 17.9%, with a circulating market cap of $96.2 million.

BitTorrent is a popular peer-to-peer (P2P) file-sharing protocol, allowing users to freely share large data files, such as movies, TV shows, and audio over the internet. In 2018, BitTorrent was acquired by Tron founder Justin Sun. In February 2019, BitTorrent launched its native token, BTT, to help expand the protocol and incentivize network participants. In February 2021, BitTorrent announced the launch of BitTorrent Chain, a heterogeneous cross-chain interoperability protocol that utilizes a PoS mechanism and sidechains to scale smart contracts[9].
According to official data, BitTorrent now has over 8 million miners, more than 169 million total contracts, and has generated over 2.64 trillion $BTT in total revenue[10].

CVC —— Daily gain of approximately 15.0%, with a circulating market cap of $82.49 million.

Civic is a leading provider of Web3 identity management tools, enabling individuals to easily and privately manage their identities across chains through reusable, on-chain identity representations, while securely accessing their on-chain assets[11].
Civic recently announced collaborations with two Solana NFT DAOs, Claynosaurz and MonkeDAO, and NFT marketplace Tensor. They will host an event on September 19 in Singapore during Solana Breakpoint[12].

AVAX —— Daily gain of approximately 5.6%, with a circulating market cap of $945 million.

Avalanche is a high-performance, interoperable ecosystem designed for decentralized finance (DeFi) applications and enterprise blockchains, boasting transaction confirmation times of less than one second[13].

On September 4, Avalanche will undergo the Avalanche9000 upgrade, its largest upgrade to date. This upgrade will maintain the fast finality and high throughput of Avalanche Subnets while introducing customizable features such as staking options, gas tokens, and governance models[14].

Data Highlights

Contract Liquidations, Funding Rates, and Long/Short Ratio
According to Coinglass data, as of 4:00 UTC on September 9, the total amount of liquidated contracts across the market in the past 24 hours reached approximately $102 million, with short contract liquidations exceeding $74 million[15]. The Bitcoin buy-to-sell ratio is around 0.8305, indicating that market participants hold a pessimistic view of Bitcoin’s short-term price movements, favoring short positions[16]. The weighted funding rate for Bitcoin open positions is -0.0008%, while Ethereum’s weighted funding rate stands at 0.0002%[17][18].

U.S. Unemployment Rate Meets Expectations, Non-Farm Payrolls Slightly Below Forecast
Last Friday (September 6), the U.S. released the August unemployment rate and seasonally adjusted non-farm payroll data. The unemployment rate met expectations, while non-farm payrolls came in slightly below forecast. However, the probability of a 50-basis-point rate cut decreased from 41% to 31%, while the probability of a 25-basis-point rate cut increased from 59% to 69%. The current interest rate stands at 5.25% - 5.5%, with market expectations for a 25-basis-point cut on September 18 rising to 70%.

There are three key reasons why the likelihood of a 50-basis-point cut has decreased: First, although August’s non-farm data slightly missed expectations, it remained within a reasonable range, not indicating a severe downturn. Second, compared to July, non-farm payrolls increased by approximately 50,000, and the unemployment rate dropped to 4.2%, marking the first decline in six months, signaling a recovering labor market. Lastly, wage growth outpaced inflation, and consumer demand remained strong, suggesting resilience in the U.S. economy. As a result, the consensus is that a 50-basis-point cut is less necessary[19][20].

Spotlight Analysis

Ether.fi August Revenue Reaches $2.19 Million, 5% Allocated for ETHFI Buyback and LP Mining
Ether.fi announced that its August revenue totaled $2.19 million, with 5% (approximately $109,000) allocated for the buyback of ETHFI tokens and liquidity provider (LP) mining. Currently, ETHFI has a market cap of $226 million, representing just 0.04%. The buyback is expected to be completed by September 15, potentially causing short-term price volatility[21].

Notably, Ether.fi passed a proposal in August to increase the monthly buyback allocation for ETHFI tokens from a maximum of 5% to 25%, allowing for 5% to 25% of monthly revenue to be flexibly used for buybacks. This move aims to boost community confidence and improve liquidity during market downturns. To implement dynamic liquidity management, Ether.fi plans to collaborate with Arrakis Finance, utilizing auto-rebalancing and strategy adjustment technologies. However, since only 5% of August revenue was used for the buyback, rather than the community-anticipated 25%, the gap between expectations and execution has led to some dissatisfaction, which could impact Ether.fi’s market performance and community support[22].

OORT Updates Tokenomics, Extends Team Token Unlock Period
On September 8, decentralized AI and DePIN project OORT announced an update to its tokenomics model to enhance decentralization, increase transparency, and ensure sustainable ecosystem growth. The token lock-up period for the founding team has been extended from four years to six years. Of the 1.3 billion tokens originally reserved for mining rewards, excluding the 100 million tokens already distributed and reserved, the remaining 1.2 billion tokens will be allocated as follows:

1. 400 million $OORT tokens will be distributed as rewards for OORT Edge nodes over five years.
2. The remaining 800 million tokens will be locked in a smart contract starting September 15, 2024, with a five-year lock-up period. After the lock-up period, 100 million tokens will be released in the first year, with the annual release amount halving each subsequent year.

The primary goal of OORT’s updated tokenomics is to lock or extend the lock-up period for more tokens, reducing selling pressure and potentially boosting short-term token prices[23].

Fractal Bitcoin Mainnet Launches, Announces Tokenomics: 80% to be Allocated to the Community
At 3:00 UTC on September 9, Bitcoin scaling solution Fractal announced the official launch of its mainnet, along with the mining of its first block. Fractal also introduced a mainnet bootstrapping program to reward active Bitcoin users and launched the first season of developer incentives. Additionally, Fractal will roll out a governance platform based on OP_CAT, allowing token holders to vote on key proposals[24].

According to Fractal’s tokenomics model, the total supply is capped at 210 million tokens, with 80% allocated to the community and 20% to the team and contributors. Of the total supply, 50% will be distributed through Proof-of-Work (PoW) mining, 15% reserved for the ecosystem treasury, and 10% for community grants, with a maximum annual distribution of 10% over 10 years. Another 5% is allocated for a token presale, and 15% for core contributors, with both the presale and team tokens unlocking in the seventh month after launch and releasing linearly until the end of month 12. Additionally, 5% is reserved for advisors, with an annual distribution cap of 20% over five years[25].

Funding News

According to RootData, One SocialFi Project Secured Funding Between September 6 and September 9, 2024[26]

Blabla — SocialFi project Blabla announced the completion of its seed round, though the funding amount has not been disclosed. Blabla, founded by former members of TikTok and Meta, is built on the Solana blockchain. The project integrates short videos into Web3, enabling users and creators to receive fair compensation through decentralized mechanisms and a transparent reward system.

Airdrop Opportunities

Over Protocol
Layer 1 protocol Over Protocol launched its mainnet on September 4. Two key ecosystem programs, OverFlex and OverScape, will also go live alongside the mainnet. An airdrop is expected, aimed at rewarding community members who have contributed to the ecosystem over the past year. Users should stay tuned for further airdrop announcements[27].

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/price/bitcoin-btc
3. Gate.io, https://www.gate.io/price/ethereum-eth
4. Gate.io, https://www.gate.io/price/solana-sol
5. SoSoValue, https://sosovalue.xyz/tc/assets/etf/us-btc-spot
6. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
7. Yahoo Finance, https://finance.yahoo.com/markets/
8. Gate.io, https://www.gate.io/bigdata/homeindex
9. Gate.io, https://www.gate.io/trade/BTT_USDT
10. BTT, https://x.com/BitTorrent/status/1831226700010868839
11. Gate.io, https://www.gate.io/trade/CVC_USDT
12. X, https://x.com/civickey/status/1831681191566524463
13. Gate.io, https://www.gate.io/trade/AVAX_USDT
14. X, https://x.com/zerokn0wledge_/status/1831351634892365902
15. Coinglass, https://www.coinglass.com/LiquidationData
16. Coinglass, https://www.coinglass.com/LongShortRatio
17. Coinglass, https://www.coinglass.com/pro/AvgFunding/BTC
18. Coinglass, https://www.coinglass.com/pro/AvgFunding/ETH
19. Bureau of Labor Statistics, https://www.bls.gov/news.release/empsit.nr0.htm
20. CME Group, https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
21. X, https://x.com/ether_fi_Fdn/status/1832190186630922549
22. Ether.fi, https://governance.ether.fi/t
23. X, https://x.com/oortech/status/1832613400293110235
24. X, https://x.com/fractal_bitcoin/status/1832945367509504481
25. X, https://x.com/fractal_bitcoin/status/1832765873528180750
26. Rootdata, https://www.rootdata.com/Fundraising
27. Over Protocol, https://beincrypto.com

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