TL;DR

• Bitcoin is consolidating around $64,000, with ETH and SOL showing similar trends near their upper resistance levels.
• Last Friday, BTC spot ETFs saw net outflows of $170 million, while ETH spot ETFs recorded $6 million in net outflows.
• U.S. Bitcoin spot ETF holdings reached an all-time high of 930,000 BTC.
• Plume Network plans to tokenize approximately $1.25 billion in real-world assets by Q4.
• Solana Mobile officially named its second-generation smartphone “Seeker,” with pre-orders exceeding 140,000 units.
• The SEC approved options contracts related to the iShares Bitcoin Trust ETF,to be listed on Nasdaq.

Market Analysis

According to Gate.io market data, as of 4:00 UTC on September 23:[1]

• BTC —— Bitcoin’s price increased by 0.36% over the past 24 hours, currently trading around $64,200. The 24-hour high reached $64,008, while the low touched $62,370. Bitcoin has found strong support around $62,500 , with resistance at $65,000. The short-term trend shows consolidation at higher levels, with the overall upward trend still intact.[2]

• ETH —— Ethereum’s price dropped by 1.61% over the past 24 hours, currently trading around $2,573. The 24-hour high was $2,621, and the low was $2,525. Ethereum’s price movement mirrors Bitcoin, encountering resistance near $2,800.[3]

• SOL —— Solana’s price fell by 2.33% over the last 24 hours, currently around $144.94. The 24-hour high reached $148.99, and the low was $141.12. SOL has rebounded with other major cryptocurrencies, ending its downward trend, with hourly resistance around $150.[4]
• ETF —— According to SoSoValue data, U.S. Bitcoin spot ETFs saw a total net inflow of $92 million on September 20, with FBTC accounting for the largest inflow at $26 million. In contrast, U.S. Ethereum spot ETFs recorded a net outflow of $2.87 million.[6]
• U.S. Stock Market —— The three major U.S. stock indexes showed mixed results. The S&P 500 fell 0.19%, Nasdaq dropped 0.36%, while the Dow Jones rose 0.09%.[7]
• Spot Gold —— Spot gold is trading at $2,642 per ounce, showing a slight 0.02% increase for the day.
• Fear and Greed Index —— The Fear and Greed Index is at 50, indicating the market is returning to a neutral state, with growing confidence among cryptocurrency investors.[8]

Top Performers

Gate.io Market Data: Top Performing Altcoins in the Last 24 Hours：

SUI —— Daily increase of approximately 7.88%, with a circulating market cap of $4.002 billion and a 24-hour trading volume on Gate.io of $22.94 million.

Sui is a Layer-1 blockchain utilizing the Move programming language and DPoS consensus. Recently, its on-chain TVL hit a new all-time high of over $1.1 billion. On September 19, Circle’s CEO announced the launch of USDC on the Sui Testnet. Additionally, on September 12, Grayscale opened a trust fund for Sui. The recent price surge may be driven by these favorable developments.[9][10]

LOOM —— Daily increase of approximately 4.65%, with a circulating market cap of $89 million and a 24-hour trading volume on Gate.io of $7.30 million.

Loom Network is a blockchain platform-as-a-service (PaaS) solution that supports the development of Ethereum-based applications through sidechains. The launch of LOOM perpetual futures on Kraken on September 7 appears to have sparked increased market activity, potentially driving the price rebound from recent lows.[11][12]

AAVE —— Daily increase of approximately 3.54%, with a circulating market cap of $2.349 billion and a 24-hour trading volume on Gate.io of $24.42 million.

AAVE is a decentralized, non-custodial, open-source money market protocol. Recently, the AAVE community proposed the removal of WBTC to stabilize the platform’s lending assets. In addition, a new proposal suggests launching cbBTC on Aave v3 and deploying it on both the Base chain and Ethereum mainnet, providing more options for Bitcoin holders to participate in DeFi. These developments may be contributing to AAVE’s recent price strength.[13][14]

Data Highlights

Long-Short Ratio and Weighted Funding Rates
According to Coinglass data, as of September 23 (04:00 UTC), the total liquidation of contracts across the market in the past 24 hours reached approximately $115 million, with short positions accounting for over $87 million. The Bitcoin long-short ratio stands at around 1.0462, and both Bitcoin and Ethereum contracts show a predominantly long bias, indicating market participants are optimistic about Bitcoin’s short-term price movement. [15]The weighted funding rate for Bitcoin positions is 0.0054%, while for Ethereum it is 0.0051%.[16]

Sui TVL Surpasses $900 Million, Reaching New High
According to DefiLlama data, as of September 23 (00:00 UTC), Sui’s total value locked (TVL) exceeded $900 million, with a 21.79% increase over the past 7 days. The top three protocols in the Sui ecosystem by TVL are NAVI Protocol ($421 million), Scallop Lend ($222 million), and Suilend ($194 million), which saw increases of 23.11%, 16.61%, and 32.50%, respectively, over the last week.

As shown in the chart below, stablecoins within the Sui ecosystem have seen only minor growth recently, contributing little to the overall TVL increase. SUI’s price rose from $0.80 at the beginning of September to $1.50, an increase of over 87%. Given that the SUI token is a core asset within Sui’s DeFi ecosystem, the recent TVL growth is primarily attributed to the rising price of SUI.[17]

USDT Market Cap Surpasses $119 Billion, Reaching All-Time High
According to DefiLlama data, as of September 23 (00:00 UTC), USDT’s total market capitalization surpassed $119 billion, marking a new all-time high. The steady growth in USDT’s market cap indicates a continued influx of new capital, contributing to improved liquidity in the crypto market.[18]

U.S. Bitcoin Spot ETF Holdings Reach All-Time High
According to Dune data, as of September 23, U.S. Bitcoin spot ETF holdings reached a record high of 930,000 BTC. This suggests that U.S. investors are optimistic about Bitcoin’s price performance following potential interest rate cuts. The increasing inflows into Bitcoin spot ETFs may be one of the factors contributing to Bitcoin’s recent price strength.[19]

Spotlight Analysis

Plume Network Plans to Tokenize $1.25 Billion in Real-World Assets by Q4
Modular Layer 2 solution Plume Network, which focuses on bringing real-world assets (RWA) to the blockchain, announced via its official Twitter account that it plans to tokenize approximately $1.25 billion in real-world assets by the end of Q4 this year. These assets include a $500 million private credit fund (Credbull), a $300 million solar power farm (Plural Energy), various oil and gas mineral rights, and $120 million in Medicaid claims. Token holders will be entitled to receive income generated from these assets.

By tokenizing asset classes traditionally inaccessible to most investors, Plume Network is positioning itself as a major player in the global blockchain arena, attracting high-net-worth investors. For asset holders, tokenization addresses key issues in traditional markets such as low liquidity, long holding periods, and complex transaction processes. Tokenization offers a more flexible way to raise capital, lowers the barrier to entry for investors, and significantly improves fundraising efficiency. Asset categories like private credit and renewable energy are now more accessible to a wider range of investors, providing diversified investment opportunities.

With market expectations of a potential Federal Reserve rate cut, U.S. Treasury yields may decline. In this context, the tokenization of real-world assets could become a key focus for investors seeking stable returns. Plume Network’s ability to bring traditionally hard-to-access asset classes to the blockchain and provide liquidity creates a win-win scenario for investors, asset holders, and the platform itself.[20]

Solana Mobile Unveils Second-Generation Phone ‘Seeker,’ with Over 140,000 Units Pre-Sold
On September 19, Solana Mobile officially named its second-generation Web3 phone “Seeker” and announced that pre-sales have exceeded 140,000 units. Initially launched under the codename “Chapter 2” earlier this year, the early bird price of $450 ended on September 21. In terms of hardware, Seeker features 128 GB of storage, 8 GB of RAM, and a 6.36-inch AMOLED display. It is equipped with a 108 MP primary camera and a 32 MP secondary camera. Solana Mobile also revealed that Seeker’s battery performance has improved compared to its predecessor, the Saga, though specific details have yet to be disclosed. The following table provides a detailed comparison between the first-generation Saga and another Web3 phone, Jambo.

In terms of software, Seeker comes with the Seed Vault wallet, co-developed with Solflare Wallet, offering a seamless self-custody experience where users can confirm transactions with a double-tap. The Solana dApp Store has introduced a rewards tracking feature and improved its navigation system for enhanced dApp discovery. Additionally, exclusive dApp products for Seeker are set to launch in the future.[21][22][23]

SEC Approves Options Contracts for iShares Bitcoin Trust ETF on Nasdaq
On September 20, the U.S. Securities and Exchange Commission (SEC) approved Nasdaq Inc.’s application to list options contracts for the iShares Bitcoin Trust ETF. This approval aims to mitigate the inherent volatility of Bitcoin. The SEC emphasized that this will enable investors to hedge their Bitcoin positions in the options market, ensuring orderly trading. Several other exchanges have also submitted applications to introduce options products for the iShares fund and other spot Bitcoin ETFs.[24]

This SEC approval for listing options related to ETFs lays the groundwork for future Bitcoin options offerings. The introduction of hedging strategies opens up new opportunities for quantitative and risk-averse investors, potentially increasing the liquidity of spot ETFs. As more Bitcoin-related financial products receive approval, the barriers to launching similar tools for other crypto assets are likely to lower. While the introduction of options trading might initially heighten market volatility, in the long term, it is expected to provide stronger support for spot Bitcoin prices.

Funding News

RootData Report, September 20-22, 2024 - 3 Projects Secured Funding：[25]

Grass Network —— Decentralized Physical Infrastructure Network (DePIN) project Grass Network announced the completion of its Series A funding, though the amount was not disclosed. The round was led by Hack VC, with participation from Polychain Capital and others. Previously, Grass raised $3.5 million in seed funding in December last year, led by Polychain Capital. Grass allows users to monetize their internet connection by selling unused network resources and currently has over 2 million users.

Octra —— Privacy infrastructure project Octra secured $4 million in pre-seed funding, led by Finality Capital Partners, with participation from Builder VC and other investors. Octra is a fully homomorphic encryption (FHE) blockchain network supporting isolated execution environments, offering programmable privacy for developers. The platform features a custom consensus mechanism that combines Proof of Work (PoW) and Proof of Stake (PoS), utilizing machine learning (ML) for node selection to ensure data security.

GraFun —— BNB Chain-based meme coin launchpad platform GraFun completed a funding round, though the specific stage and amount were not disclosed. The project has partnered with DWF Labs to support token launches on the GraFun platform and enhance liquidity. Recently, GraFun introduced an innovative bond curve model called “Fair Curve,” designed to address common issues in traditional memecoin launches, such as price manipulation and pump-and-dump schemes, ensuring a more equitable token distribution process.

Airdrop Opportunities

Hamster Kombat —— Hamster Kombat is set to launch its HMSTR token on the TON blockchain on September 26, with an airdrop for players. The total supply is 100 billion tokens, with 60% allocated for Season 1 rewards and 15% for Season 2. A warm-up event started on September 21, allowing players to accumulate diamonds in preparation for Season 2, which is expected to launch in Q3 2024. HMSTR pre-launch spot trading is now live on Gate.io.[26]

How to Participate:

1. Increase passive income, complete tasks, and achievements to earn more in-game currency and boost your airdrop allocation.
2. Invite friends and join the Telegram channel to earn additional rewards.
3. Play mini-games and partnered games to collect keys and enhance your chances in the airdrop.

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/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. X, https://x.com/jerallaire/status/1836009972968341734
10. Gate.io, https://www.gate.io/trade/SUI_USDT
11. LOOM, https://x.com/krakenpro/status/1832093936069783835
12. Gate.io, https://www.gate.io/trade/LOOM_USDT
13. AAVE, https://governance.aave.com/t/arfc-onboard-cbbtc-to-aave-v3-on-base-and-mainnet/18988
14. Gate.io, https://www.gate.io/trade/AAVE_USDT
15. CoinGlass, https://www.coinglass.com/LiquidationData
16. CoinGlass, https://www.coinglass.com/LongShortRatio
17. DefiLlama, https://defillama.com
18. DefiLlama, https://defillama.com/stablecoin/tether
19. Dune, https://dune.com/hildobby/btc-etfs
20. Plume network, https://x.com/plumenetwork/status/1837628925738209431
21. X, https://x.com/solanamobile/status/1837127426805223714
22. Solana, https://solana.com/news/saga-reveal
23. Jambo, https://jambophone.xyz/
24. HK News, https://hk.investing.com/news/stock-market-news/article-632995
25. Rootdata, https://www.rootdata.com/Fundraising
26. Hamster Kombat, https://x.com/hamster_kombat/status/1837236545759162602

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