TL;DR

• BTC rose 2.24% in 24 hours, reaching approximately $64,361 and hitting a resistance level of $64,500.
• Bitcoin spot ETFs saw a total net inflow of $136 million, while Ethereum spot ETFs experienced $62.51 million in inflows.
• The SEC has settled with TrueCoin LLC and TrustToken Inc. over the stablecoin TrueUSD.
• Eleven users affected by the recent Banana Gun security breach will receive full compensation of $3 million from the company’s treasury.
• Wintermute has proposed issuing 250 million ARB tokens.

Market Analysis

Based on Gate.io market data as of September 25, 7 AM (UTC+0):[1]

BTC —— The price of BTC has increased by 0.77% over the past 24 hours, currently standing at approximately $63,829. During this period, the highest price reached $64,812.4, while the lowest was $62,739.8. On the daily chart, BTC has recently rebounded to the $64,500 resistance level, with the trend requiring further confirmation in the coming days.[2]

ETH—— The price of ETH dipped 1.30% in the past 24 hours, currently around $2,615. During this period, the highest price was $2,673.62, and the lowest was $2,592.05. The current price remains within the $2,500 to $2,780 consolidation range, with a market trend requiring a breakout from this range.[3]

Altcoins—— Some altcoins have performed notably well, with most tokens in the top 100 by market capitalization (excluding stablecoins) posting gains. Several tokens saw increases of over 5%, including Layer 1 tokens like SEI, SUI, and ICP. Notably, SEI led the gains with an increase of approximately 29%, likely due to Vertex’s announcement of SEI trading rewards for Q2 and a general improvement in market sentiment.[4]

ETF —— According to SoSoValue data, Bitcoin spot ETFs experienced a total net inflow of approximately $136 million on September 24, with BlackRock’s IBIT accounting for the largest portion at $98.89 million. [5]Ethereum spot ETFs saw a net inflow of $62.51 million.[6]

U.S. Stock Indices —— According to TradingView data, the Dow Jones Index rose by 0.20%, the S&P 500 gained 0.25%, and the Nasdaq increased by 0.56% yesterday.[7]

Spot Gold —— As of September 25, 4 AM (UTC+0), the gold price stands at $2,667 per ounce, reflecting a 0.37% increase over the past 24 hours. The price peaked at $2,670 per ounce, marking a new historical high.[8]

Fear and Greed Index —— The Fear and Greed Index rose from 54 to 59, indicating a shift back to greed in the market. More investors may see potential for further gains and are actively buying. While this rise suggests optimism, continued increases in the index could indicate that the market is approaching overbought territory, posing risks for a short-term correction.[9]

Top Performers

Based on Gate.io market data as of September 25, 8 AM (UTC+0), and considering the trading volume and price performance over the past 24 hours, the following altcoins are trending:[1]

KARRAT—— The token has seen a daily increase of 26.9%, with a circulating market cap of $78.39 million.

The KARRAT protocol serves as a decentralized gaming infrastructure layer, supported by the $KARRAT token and a truly decentralized community that shares a common vision of embracing the new era of gaming, entertainment, and AI products. The token’s recent price surge is likely due to the growing popularity of AI and gaming concepts, driving sector momentum.

AITECH——The token has experienced a daily increase of 25.33%, with a circulating market cap of $110 million.

$AITECH is a deflationary utility token for AI infrastructure, designed for renting high-performance GPUs in the GPU marketplace, discovering AI tools in the AI marketplace, and participating in early-stage AI projects through its Launchpad. The recent price surge may be attributed to growing interest in crypto-related AI projects following the Federal Reserve’s interest rate cuts.

ICE——The token has risen by 22.74% in a single day, with a circulating market cap of $57.5 million.

ION is a Layer 1 blockchain that offers a comprehensive suite of decentralized services, including digital identity verification, social media interaction, content delivery, and secure data storage. These integrated services aim to enhance user capabilities, improve privacy, and facilitate seamless digital interactions globally. The recent price increase is likely due to the launch of the ICE token on six exchanges in September, which significantly boosted liquidity.

Data Highlights

Bitcoin Spot ETF Sees Approximately $136 Million in Net Inflows on September 24
According to SoSoValue data, the U.S. Bitcoin spot ETF recorded net inflows of about $136 million on September 24, marking four consecutive days of inflows. The total trading volume for the day reached $1.11 billion, bringing cumulative net inflows to $17.83 billion. Currently, the total value of BTC managed by ETFs stands at $58.67 billion, representing 4.62% of Bitcoin’s total market capitalization. Of the $136 million in single-day inflows, BlackRock’s IBIT accounted for $98.89 million, or 73%.[10]

Ethereum Spot ETF Records $62.51 Million in Net Inflows on September 24
According to SoSoValue data, the U.S. Ethereum spot ETF saw net inflows of $62.51 million on September 24, with a total trading volume of $180 million for the day. Cumulative net outflows now total $545 million, while the total value of ETH managed by ETFs is $7.2 billion, representing 2.26% of Ethereum’s total market capitalization.[11]

Wintermute Proposes Issuance of 250 Million ARB Tokens
Wintermute has submitted a proposal to the Arbitrum DAO to allocate 250 million ARB tokens to support the Arbitrum Foundation in developing strategic partnerships. The proposal highlights budget constraints, locked funds, and slow unlock processes as barriers to securing agreements with multiple partners. By increasing funding, the proposal aims to better support the growth of the Arbitrum ecosystem, particularly in expanding the Orbit chain and collaborating with traditional financial institutions.

In contrast to other Layer 2 solutions that allocate around 7.5% to 20% of their total token supply for incentives, Arbitrum currently offers only 1.8% of its total tokens for this purpose. The proposal enjoys approximately 99% support, indicating a high likelihood of approval. If passed, a portion of the 250 million ARB tokens will be distributed to new protocols, injecting fresh energy into Arbitrum and providing additional incentives for active applications and protocols within the ecosystem.[12]

Market Value of POS Public Chain Staking Exceeds $500 Billion
As of September 25 at 4:00 AM (UTC+0), the market cap of staking in POS public chains reached $507.1 billion, marking a 24-hour increase of 2.07%. Over the past week, the top five POS public chains saw their staking market cap rise by more than 10%, with Sui experiencing the highest growth. Its staking market cap hit $13.88 billion, reflecting a 46.3% increase over seven days and a 24-hour gain of 15.26%. Currently, SUI has a staking ratio of 78.84% and an annual staking yield of 3.09%.[13]

Spotlight Analysis

SEC Settleswith TrueCoin LLC and TrustToken Inc. Over TrueUSD Stablecoin Allegations
On September 25, the Securities and Exchange Commission (SEC) reached a settlement with TrustToken and TrueCoin to resolve fraud allegations regarding TrueUSD (TUSD). Each company will pay a fine of $163,766, with TrueCoin also required to issue refunds. The SEC previously questioned the unregistered issuance of TUSD investment contracts by TrueCoin and TrustToken, alleging misleading representations about the safety and asset backing of the investment opportunities. Earlier this year, TUSD’s stability was called into question due to its depegging from the U.S. dollar.[14]

TrueUSD (TUSD) is the first U.S. dollar-pegged stablecoin that is audited daily by an independent third-party organization, with one TUSD token corresponding to one U.S. dollar. [15]Between February and March of this year, TUSD experienced significant depegging, likely influenced by market panic. During this period, two anonymous investors made substantial purchases, helping TUSD regain its peg.

The SEC’s settlement with TrueCoin LLC and TrustToken Inc. reaffirms the legitimacy of stablecoins in financial markets. The fines and refunds reflect the regulatory body’s commitment to protecting investor interests. As the regulatory environment continues to evolve, the stablecoin market may see further innovations and standardization. Market participants should closely monitor regulatory developments and adjust their strategies to comply with new requirements.

Banana Gun to Fully Compensate $3 Million Loss for 11 Users Following Security Incident
Recently, several users of the Telegram Bot project Banana Gun reported that their wallets were attacked, resulting in the unauthorized transfer of funds. After an investigation, the team identified 11 affected users, with a total loss of $3 million in crypto assets. The attack primarily targeted experienced traders and “smart money” users within the crypto industry. Banana Gun’s EVM and Solana bots were also impacted and trading was temporarily halted.[16]

On September 25, Banana Gun announced on X that their EVM and Solana bots are back online, with only a two-hour transfer delay and no other restrictions. The company will fully compensate all affected users without raising funds through token sales.

A thorough investigation by Banana Gun’s development team and external experts revealed a potential vulnerability in the Telegram messaging oracle, which was likely the cause of the attack. Following the resolution of the issue, Banana Gun has implemented enhanced security measures and reactivated the bots. Future safeguards will include, but are not limited to, adding two-factor authentication, conducting thorough reviews of front-end and back-end code, and collaborating with security teams for audits.

Notably, the attack primarily targeted experienced users who typically have stronger security awareness and operational skills. This incident highlights that even technically adept traders cannot completely dodge security risks, underscoring the complexity and variety of potential vulnerabilities in the current Web3 ecosystem. As the complexity of DeFi and bot applications increases, especially for similar projects on the TON chain, ongoing enhancements in security measures will be essential to prevent future attacks.

Funding News

According to Rootdata investment data, from September 23 to September 24, 2024, two projects secured funding, with the largest being Daylight, which raised $6 million, contributing to a total of $10 million in funding. Project details are as follows:[17]

Daylight — Daylight is a wallet information tracking platform functioning as a wallet aggregator, currently integrated with major wallets like MetaMask. It offers users personalized activity suggestions, including airdrop claims, NFT minting, and game task rewards. This funding round was led by Framework Ventures, raising a total of $6 million.

Meridian — Meridian serves as the local liquidity layer for Movement, aiming to securely scale and support efficient capital flow through the Move programming language. On September 24, Meridian announced the completion of a $4 million seed funding round, co-led by ParaFi Capital and Borderless Capital, with participation from Amber Group and others. The project plans to expand its global team by actively recruiting talent in engineering, product development, and marketing. Currently, the Move ecosystem accounts for only a small portion of on-chain liquidity and trading volume, and Meridian aims to bridge this gap by leveraging the security and composability of the Move language.

Airdrop Opportunities

Sonic
According to official news from Sonic Labs, Sonic is set to launch its mainnet in December and will airdrop 200 million tokens. Key details include:[18]

• Applications built and submitted on Sonic will benefit from up to 90% gas fee subsidies on user and contract transactions.
• The platform aims to achieve over 10,000 TPS (transactions per second) with an average confirmation time of around 1 second.
• Sonic will introduce its native stablecoin.
• A secure gateway to Ethereum will be established to facilitate cross-chain transactions and interoperability.
• Developers can receive grant support through the Sonic BOOM and Innovators Fund to promote project development.

Further details on participation and airdrop claiming steps will be announced through the official channels.

Reference：

1. Gate.io, [ttps://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. Coingecko, https://www.coingecko.com/en/categories
5. SoSoValue， ttps://sosovalue.xyz/assets/etf/us-btc-spot
6. SoSoValue， https://sosovalue.xyz/assets/etf/us-eth-spot
7. Yahoo Finance, https://finance.yahoo.com/markets/
8. Investing，https://www.investing.com/currencies/xau-usd
9. Gate.io，https://www.gate.io/bigdata/homeindex
10. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
11. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
12. Arbitrum，https://snapshot.org
13. Staking Rewards，https://www.stakingrewards.com/assets/proof-of-stake
14. SEC，https://www.sec.gov/newsroom/press-releases/2024-145
15. Gate.io, https://www.gate.io/price/trueusd-tusd
16. X, https://x.com/BananaGunBot/status/1838660010387116484
17. Rootdata，https://www.rootdata.com/Fundraising
18. AC，https://x.com/AndreCronjeTech/status/1838767816436257274

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform, providing readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the Link to learn more


Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.