TL;DR

• BTC bulls are showing strength, with a single-day increase of 6.83%. ETH and other altcoins also have started to rebound.
• BTC ETFs saw a net inflow of $202 million yesterday, while ETH ETFs saw only minimal outflows.
• In the past 24 hours, over $200 million worth of positions have been liquidated across the network, with the current BTC contract long-to-short ratio remaining generally balanced.
• The Brazilian Securities and Exchange Commission has approved the trading of Solana (SOL) spot ETFs, while the US SOL spot ETFs are still under review.
• New Russian legislation now allows approved mining companies to register through a national database to mine cryptocurrencies.
• In the past 24 hours, the largest financing was a $10 million seed round for the on-chain trading platform Vessel.

Market Analysis

According to Gate.io, as of 12:00 PM on August 9:[1]

BTC —— BTC saw a 24-hour price increase of 6.83%, currently trading around $60,822. Yesterday’s peak price reached $62,763. The price remains above the MA60 in the 15-minute, 1-hour, and 4-hour timeframes, indicating strong bullish sentiment. The support level is set at $59,800.

ETH —— ETH experienced a 12.37% increase over the past 24 hours, currently priced at approximately $2,656. Yesterday’s high was $2,724. In the 15-minute and 1-hour timeframes, the price remains above the MA60. However, in the 4-hour timeframe, the price needs to rise by about 2% to reach the MA60. The support level is around $2,580, with resistance at $2,800.

SOL —— SOL saw a 24-hour increase of 11.65%, currently trading at approximately $161.28. Yesterday’s peak was $163.64. The price remains above the MA60 in the 15-minute, 1-hour, and 4-hour timeframes. There may be minor intraday corrections, with major support at $154 and resistance at $164.

BTC Spot ETF —— According to Coinglass data, US Bitcoin spot ETFs saw a net inflow of $202 million yesterday. GBTC experienced a net outflow of $183 million, while IBIT, FBTC, ARKB, HOLDL, and BTCW all recorded net inflows by the close. Notably, IBIT had a net inflow of $165 million and BTCW $119 million. Overall, institutions and investors are increasing their Bitcoin holdings amid market fluctuations, with bullish sentiment remaining high.

ETH Spot ETF —— Coinglass data indicates that US Ethereum spot ETFs recorded a net outflow of $14.6 million yesterday, with ETHE experiencing the largest outflow at $19.8 million. While the overall outflow rate and scale have slowed, there is strong bullish support, though short-term upward resistance remains significant.[2]

Top Performers

According to Gate.io, based on the trading volume and price performance over the past 24 hours, the following altcoins are trending as of 2:00 PM on August 9:[1]

• CATDOG: CAT-DOG is a meme coin on the Solana ecosystem, inspired by the CATDOG cartoon, featuring a hybrid cat-dog body. The token is fully unlocked.
  Daily Increase: 549.12%, Total Market Cap: $81.5394 million, Gate.io 24-Hour Trading Volume: $5.2636 million

• TOKEN: TokenFi (TOKEN) is a comprehensive tokenization solution platform designed to simplify the asset tokenization and token issuance process, emerging as a hot coin in the RWA sector. The platform offers an intuitive visual interface that allows users to complete the process with just a few clicks, without deep programming knowledge.
  Daily Increase: 42.84%, Total Market Cap: $114 million, Gate.io 24-Hour Trading Volume: $8.3166 million

• DEGEN: Degen is an unofficial reward token issued to community users on the decentralized social network Farcaster. Initially community-driven, it empowers the community through a unique tipping quota system to encourage quality content creation. In March 2024, the Degen development team partnered with Syndicate to launch Degen Chain, an L3 based on the Base chain, with Degen serving as its native gas token.
  Daily Increase: 37.75%, Total Market Cap: $56.055 million, Gate.io 24-Hour Trading Volume: $5.0849 million

Futures Market

BTC Buy-Sell Ratio
On August 8, Bitcoin saw a daily price increase of over 10%. According to Coinglass data, the total network liquidation volume over the past 24 hours was approximately $220 million, with short contract liquidations accounting for over $160 million. As of 8:00 AM on August 9 (GMT+8), the Bitcoin buy-sell ratio was around 0.92, indicating that market participants are pessimistic about Bitcoin’s short-term price movement.[3]

Contract Long-Short Ratio
According to Coinglass data, as of 8:00 AM on August 9 (GMT+8), Bitcoin’s weighted funding rate for open positions was 0.0029%, while Ethereum’s was -0.0017%. Over the past 24 hours, the overall long-short ratio for Bitcoin contracts remained balanced, whereas Ethereum contracts leaned predominantly long.[4]

Spotlight Analysis

Russia Legalizes Bitcoin and Cryptocurrency Mining
On August 8, Russian President Vladimir Putin signed a law enabling approved mining companies to register through a national database for cryptocurrency mining. This law will take effect in November 2024. Small individual miners can also mine digital currencies without formal registration if their energy consumption stays below a specified threshold.

Oversight of the newly legalized mining industry will be managed by the Bank of Russia, the Ministry of Finance, and the Cabinet of Ministers , who will develop more precise regulatory requirements in the coming months. However, the law also bans large-scale cryptocurrency advertising within Russia.[5]

The implementation of this law is expected to further drive global adoption and acceptance of cryptocurrencies, enhancing the industry’s status. Legalizing crypto mining will also improve the overall security and resilience of the crypto network, promoting a healthier market environment.

Brazilian Securities Commission Approves First Solana Spot ETF
On August 8, the Brazilian Securities and Exchange Commission (CVM) officially approved the world’s first Solana spot ETF. This investment product, offered by QR Asset Management—the company behind Bitcoin and Ethereum ETFs—will be managed by Vortx. Currently, the ETF is in its pre-operational phase and still requires approval from B3 (the main stock exchange in Brazil) due to regulatory reasons. The launch is expected within 90 days. In previous weekly reports, Gate Research highlighted that multiple investment and asset management firms, including VanEck and 21Shares, have already submitted Solana spot ETF S-1 filings to the U.S. Securities and Exchange Commission (SEC).

Based on market interest and the number of filings submitted by asset management firms, SOL is seen as the token most likely to gain approval for a spot ETF after ETH. It is currently the most applied-for cryptocurrency in terms of related approvals.

Data Highlights

Fear and Greed Index
The Fear and Greed Index has shifted from yesterday’s extreme fear level of 20 to a neutral 48, indicating that market sentiment is stabilizing. Investors are becoming more optimistic about the crypto market but remain cautious. Currently, Bitcoin’s price is gradually recovering , with the overall market sentiment reflecting a watchful waiting approach.[6]

Macro Index
According to CME’s “FedWatch Tool,” there is a 43.5% probability that the Federal Reserve will cut interest rates by 25 basis points in September. while the probability of a 50 basis point cut is 56.55%. By November, the probability of a cumulative 50 basis point cut is 28.2%, a 75 basis point cut is 51.9%, and a 100 basis point cut is 19.9%. If the Federal Reserve implements rate cuts, macroeconomic activity is likely to be stimulated. As a “risk asset,” cryptocurrencies could attract greater and more widespread investor interest and capital inflows.[7]

Funding News
According to RootData, on August 8, 2024, several significant funding rounds took place in the blockchain and Web3 sectors. The details are as follows:[8]

Vessel: Vessel is an integrated on-chain trading platform focused on spot, perpetual contracts, and innovative AMM DEX trading. It aims to provide users with an exceptional trading experience by combining the speed of centralized exchanges (CEX) with the transparency and security of decentralized finance (DeFi). By leveraging advanced zero-knowledge (ZK) proof technology, Vessel enhances both security and scalability by enabling efficient off-chain transaction processing and seamless on-chain verification. In its recently completed seed funding round, Vessel raised $10 million from leading investment institutions including Sequoia Capital, the Avalanche Foundation, and the Algorand Foundation. This funding will be used to deepen the integration of CEX and DEX advantages, enhance liquidity, and drive innovation in ZKP solutions within the DeFi sector.

Pentagon Games —— Pentagon Games is a cutting-edge zkEVM blockchain game publisher dedicated to revolutionizing the XR metaverse through deep learning and Web3 technology. The company’s ambitious vision is to create a new immersive gaming experience that transcends the boundaries of traditional games. By integrating artificial intelligence, augmented reality, virtual reality, and zero-knowledge proof EVM blockchain technology, Pentagon Games aims to provide players with a seamlessly integrated and highly interactive gaming environment. In its recent seed funding round, Pentagon Games secured $6 million from notable investors including Binance Labs, Animoca Brands, and Republic Capital. This funding will bolster the company’s efforts to further innovate and expand in the gaming and metaverse sectors.

TONX —— As part of the TON ecosystem, TONX has launched an innovative SuperApp platform designed to provide developers with the tools and resources needed to expand Web3 applications. This platform enables developers to quickly build and launch the next generation of Web3 economic projects. At The Open Summit in Taipei, TONX announced the completion of a $4 million funding round, led by SNZ Ventures and Summer Ventures. This investment further strengthens TONX’s leadership position within the Web3 ecosystem. Notably, one of TONX’s co-founders, Dr. Awesome Doge, is also a key member of the TON core development team. This funding will be instrumental in driving the development and innovation of Web3 technology.

Airdrop Opportunity

IBO —— Developed and operated by the Seal community, the BTC ecosystem launchpad platform IBO initiated its second staking phase on August 7. This phase supports the staking of RGB++ assets via Seal, enabling participants to receive airdrops of the first project token, STB.

The total supply of STB tokens for the initial Seal to Earn project is 21 million, with 20% allocated for airdrops to Seal stakers on the IBO platform. The first batch of STB tokens has already been released and is currently trading at 215 CKB/STB. In the future, users will be able to earn rewards by staking STB and participate in protocol governance and decision-making. Additionally, Stable++ is seeking more partnerships within the Bitcoin DeFi ecosystem to enhance the utility and adoption of STB. The IBO platform, part of the CKB ecosystem, will initially support RGB++ layer assets and plans to include UTXO ecosystems such as BCH and Dogechain in the future.

Zircuit —— The EVM-compatible ZK Rollup, Zircuit, has launched the first phase of its mainnet. Users can now bridge their funds to the Zircuit mainnet and interact with projects within the Zircuit ecosystem. The official launch will also feature the Zircuit Mainnet Festival, where ZRC tokens will be distributed. Users will have the opportunity to earn rewards proportional to the gas fees spent on the Zircuit network. Additionally, Zircuit has opened the claim process for its first-season airdrop. Users who staked assets during the first-season points activity can now claim their tokens. The second phase of the mainnet is scheduled to launch in August.

Term Finance —— Term Finance is a decentralized lending protocol that utilizes an auction model to support scalable fixed-rate/term lending. It brings together borrowers and lenders in a fair and transparent auction process, establishing a single market clearing rate for all participants, regardless of size.

How to Participate:

1.Register: Sign up using an invitation code or referral link;
2.Link Social Accounts: Connect your X (formerly Twitter) and Discord accounts for easy login;
3.Check Bonus Eligibility: Verify your eligibility for any bonuses;
4.Participate: Engage in fixed-term lending by participating in periodic auctions;
5.Track: Learn how to maximize your points through Term’s tracking dashboard.

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. Cointelegraph, https://cointelegraph.com/news/russia-legalizes-bitcoin-cryptocurrency-mining
6. Gate.io, https://www.gate.io/zh/bigdata/homeindex
7. CEM Group, https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
8. Rootdata, https://www.rootdata.com/zh/Fundraising

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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.