TL;DR

• Bitcoin and Ethereum have both experienced a downward trend over the past 24 hours, reflecting cautious market sentiment.
• Bitcoin spot ETFs recorded a net outflow of $21.85 million yesterday, while Ethereum spot ETFs saw a net outflow of $13.52 million.
• An increase in stablecoin supply might signal a potential upswing in the crypto market.
• Over 170,000 people globally now hold crypto assets worth more than $1 million, doubling from last year.
• Five projects announced new funding rounds in the past 24 hours, raising a total of $12.6 million across sectors like DeFi and infrastructure.
• Orderly Network has launched airdrops and staking, while Nubit has begun the third phase of its testnet tasks.

Market Analysis

According to Gate.io, as of August 27, 4:00 AM (UTC+0):

• BTC —— Over the past 24 hours, Bitcoin has experienced a downward trend, falling from a high of $65,000 to around $62,977. Short-term moving averages (MA5, MA10, MA30, MA60) indicate bearish sentiment. The current support level is near $62,955, and breaking below this could trigger further declines. Trading volume remains steady, so it’s important to watch for signs of stabilization. As of 4:00 AM (UTC+0) on August 27, BTC is priced at $62,977, down about 1.76% over the last 24 hours[1].
• ETH —— Ethereum’s price trend closely mirrored Bitcoin’s over the past 24 hours. After an initial decline, ETH entered a consolidation phase, with short-term moving averages trending downward and no significant rebound. The key support level is around $2,666. A short-term rebound may occur if this support holds and trading volume increases; otherwise, further decline may follow. As of 4:00 AM (UTC+0) on August 27, ETH is priced at $2,685.4, down approximately 2.14% in the last 24 hours[2].
• Altcoins —— Most altcoins followed BTC’s downward movement over the past 24 hours, although tokens like NULS, REI, and HTM bucked the trend with significant gains.
• ETFs —— U.S. Bitcoin spot ETFs saw a net inflow of $20.25 million yesterday[3], while Ethereum spot ETFs recorded a net outflow of $13.23 million[4].
• U.S. Stock Indices —— The S&P 500 fell 0.32%, the Nasdaq dropped 0.85%, and the Dow Jones rose 0.16%[5].
• Spot Gold —— As of 4:00 AM (UTC+0) on August 27, spot gold prices slipped to $2,509.15 per ounce, down 0.36% for the day[6].
• Fear & Greed Index —— The Fear & Greed Index dropped from 55 to 48, reflecting neutral market sentiment following Bitcoin’s recent decline. Overall, market sentiment remains stable, but future movements should be closely monitored[7].

Top Performers

According to Gate.io, as of August 27, 4:00 AM (UTC+0):

Top Gainers in the Last 24 Hours (Tokens with Circulating Market Cap Over $50 Million)[8]

NULS —— 24-hour gain of approximately 28.77%, with a circulating market cap of $53.78 million. Founded in 2017, NULS is a modular open-source blockchain platform that uses a microservices architecture . It aims to reduce the cost and complexity of blockchain development through flexible tools like ChainBox. NULS supports smart contracts, cross-chain interactions, and provides an Ethereum-compatible environment, making it suitable for a wide range of enterprise applications. The recent surge may be related to the announcement of NULS/USDT perpetual contracts on several centralized exchanges[9].

REI —— 24-hour gain of approximately 23.65%, with a circulating market cap of $63.08 million. REI Network is an EVM-compatible blockchain project that aims to provide a lightweight, high-performance blockchain compatible with Ethereum. Its features include near-zero transaction fees and a hybrid consensus mechanism (DPoS+BFT). The network supports seamless migration of dApps from the Ethereum ecosystem and offers fee-free transactions through innovative tokenomics. The recent price increase may be linked to REI Network’s new partnerships with blockchain projects like Yuku and Digibuy, as well as a 15.80% increase in on-chain TVL over the past 24 hours[10].

HTM —— 24-hour gain of approximately 36.49%, with a circulating market cap of $42.90 million. Hatom is a decentralized finance (DeFi) protocol built on the MultiversX blockchain, offering services such as lending, staking, and stablecoin generation. It automatically adjusts interest rates via smart contracts and allows users to earn interest or obtain loans by staking assets. The native token, HTM, is used for governance and security, enabling users to participate in protocol decisions and earn rewards. According to data from DeFiLlama, on-chain TVL has grown by about 19.63% over the past seven days, which may have contributed to the recent price surge[11].

Data Highlights

Bitcoin ETFs recorded a total net outflow of $21.54 million yesterday According to SoSoValue data, U.S. Bitcoin spot ETFs saw a net inflow of $203 million on August 26, with a total daily trading volume of $1.2 billion. This marks the eighth consecutive day of net inflows. The cumulative net inflow amount stands at $17.86 billion, with these ETFs now managing $58.27 billion worth of BTC, representing 4.65% of Bitcoin’s total market capitalization.

Ethereum ETFs recorded a total net outflow of $13.23 million yesterday
According to SoSoValue data, U.S. Ethereum spot ETFs saw a net outflow of $13.23 million on August 26, with a total daily trading volume of $125.6 million. This marks the eighth consecutive day of net outflows. The cumulative net outflow amount stands at $477.8 million, with these ETHs now managing approximately $7.47 billion, representing 2.30% of Ethereum’s total market capitalization.

Solana’s Daily Transaction Fees Drop to Multi-Month Lows as On-Chain Meme Frenzy Cools Off
As of 4:00 AM (UTC+0) on August 27, data from The Block shows that the total daily transaction fees paid on the Solana blockchain, measured in USD, have fallen to their lowest level since early May 2024. On Monday, Solana’s daily transaction fees dropped to $639,000, representing a 65% decline from the peak of $1.83 million reached on August 8 and an 87% drop from the all-time high of $5.08 million recorded on March 18. According to Gate.io data, the market value of the top five memecoins on the Solana network has depreciated over the past month. Specifically, Dogwifhat、Bonk、Popcat、Book , and Cats in a Dogs World have dropped by 28%, 30%, 18%, 14%, and 34%, respectively. This suggests that the devaluation of memecoins has significantly impacted Solana’s daily transaction fees[12].

Memecoins generally lack substantial technical support or real-world application, with their value driven primarily by market hype and speculative behavior. Due to this lack of intrinsic value, memecoins tend to experience high price volatility.

Over 170,000 People Worldwide Now Hold More Than $1 Million in Crypto Assets, Doubling from Last Year
According to a report by New World Wealth and Henley & Partners, the number of crypto millionaires worldwide has surged by 95% over the past year, driven by the rise of Bitcoin ETFs and other crypto assets. Currently, 172,300 people globally hold over $1 million in crypto assets, up from 88,200 last year. The number of Bitcoin-only millionaires more than doubled, reaching 85,400[13].

Spotlight Analysis

Stablecoin Supply Shows Positive Signs, Indicating a Potential New Crypto Market Rally
Recently, the supply of Tether (USDT), USD Coin (USDC), and DAI has increased by 14%, 13%, and 12%, respectively, while PayPal USD (PYUSD) supply surged by 300%, mainly on the Solana network. The stablecoin market has continued its upward trend over the past week, with its value increasing by $1.3 billion. The largest stablecoin, USDT, expanded its supply by 820 million tokens during this period, with its market cap rising from $116.88 billion to $117.7 billion[14].

In the weekly market review and outlook published by Gate Research on August 23, the report highlighted that the total market cap of stablecoins has reached a new high, potentially paving the way for further recovery in the crypto market. As a bridge between the fiat and crypto worlds, an increase in stablecoin supply often indicates that capital is flowing into the crypto market, expanding the pool of funds available for trading and investment. Stablecoins allow holders to quickly enter or exit liquidity positions, helping to hedge against market risks during periods of volatility. Additionally, stablecoins play a crucial role in over-the-counter (OTC) crypto trading[15].

In this cycle, driven by macroeconomic expectations and other factors, leading cryptocurrencies like BTC have seen impressive gains. In a low-interest-rate environment, investors are generally seeking higher-yield alternative investments and may allocate more funds to risk assets, including cryptocurrencies. As the overall market cap of cryptocurrencies rises, significant off-exchange capital is entering the crypto market. Much of this capital participates through means such as ETFs, with holding stablecoins being a primary method for these investors to engage in the market.

Polygon, Avalanche, and ZKsync Official Discords Hacked in Succession
In the past two days, the official Discord servers of the L1 network Avalanche and the L2 chain ZKsync were both attacked, following a similar incident on Polygon’s Discord. Polygon is currently undergoing a critical network upgrade, with plans to migrate its native token MATIC to a new token, POL, on September 4. This upcoming major change has garnered significant user attention, providing an opportunity for hackers who have exploited the situation by spreading fake airdrop information to deceive users.

The Avalanche team quickly identified and addressed the breach and is now working to restore the server’s normal operations. However, just an hour after the Avalanche vulnerability was exploited, ZKsync’s official Discord was also compromised. Hackers posted a fake “second round airdrop” plan, promising to distribute free ZK tokens to lure users into clicking malicious links. Some members of the ZKsync team have acknowledged the breach and are actively working to mitigate the situation.

Previously, Polygon’s Chief Information Security Officer, Mudit Gupta, stated on the X platform that the team has regained access to the Polygon community Discord and is working to remove all changes made by the hackers to ensure the platform’s security[16].

Funding News

According to RootData, on August 26, five projects publicly announced their funding rounds, with the highest amount raised being $5 million. The total funding amounted to $12.6 million, covering sectors such as DeFi and infrastructure. Here are the details of the top three projects by funding amount[17]:

OneBalance —— On August 26, OneBalance announced the completion of a $5 million funding round, with participation from notable investors such as Vasiliy Shapovalov and banteg. OneBalance is a Web3 trust account framework that aims to simplify and unify the Web3 user experience by integrating chain abstraction, gas abstraction, and permission management. The platform is designed to eliminate the complexity and fragmentation users face when interacting with applications across different blockchains. Following the funding announcement, OneBalance stated, “We believe the transition to a better web3 user experience requires an inclusive, collaborative, and community oriented approach…This is why we approached the best builders and community members in the space for our first round of fundraising. This way we know we are building for the best and with the best.”[18].

Bolt —— On August 26, Bolt announced the completion of a $4.6 million seed round led by Cyber Fund, with participation from Robot Ventures and other institutions. Bolt is a protocol on the Ethereum blockchain that implements a pre-confirmation mechanism, aiming to enhance Ethereum’s transaction efficiency by achieving sub-second confirmation times. Bolt allows block proposers to provide credible commitments to the contents of their blocks, reducing the current average confirmation time of around seven seconds. This is achieved through pre-confirmations and inclusion guarantees, making transactions faster and more secure. The protocol operates off-chain, ensuring proposers adhere to their commitments through economic incentives, without requiring modifications to Ethereum’s core code. Bolt is planned to be launched first on the Helder testnet, with mainnet deployment expected by the end of the year[19].

BTA Protocol —— On August 26, BTA Protocol announced the completion of a $1.5 million Series A funding round led by Athena Ventures, with participation from well-known investment institutions such as RippleBank and CoinIX. BTA Protocol is a decentralized ecosystem built on the Bitcoin blockchain, designed to enhance user interaction with digital assets on the Bitcoin chain. The protocol offers a range of decentralized finance (DeFi) applications, including staking protocols, liquidity protocols, Range Stable Protocols (RSP), launch pools, and lending protocols. The funds will be used to further develop and innovate the protocol’s technology, aiming to expand Bitcoin blockchain’s potential in the decentralized finance sector[20].

On August 26, BSCS announced the completion of a strategic funding round, though the amount raised has not yet been disclosed. BSCS is an incubation platform that provides comprehensive support and resources for blockchain startups. The new funds are intended for platform upgrades, expanding marketing and community activities, and launching a joint incubation program[21].On the same day, Origami Finance announced the completion of a $1.5 million seed funding round, with valuation details yet to be disclosed. The new funds will be used to develop its automated leverage protocol, which is being launched on Ethereum and BeraChain. This protocol will integrate with third-party lending protocols such as Aave and Compound, enabling automated exposure to Yield Bearing Tokens (YBT), thereby improving capital efficiency while reducing liquidation and bad debt risks[22].

Airdrop Opportunities

Nubit
Nubit is a Bitcoin-native data availability layer focused on addressing challenges related to scalability, transaction finality, and data availability within the Bitcoin network. Additionally, Nubit has designed a trust-minimized bridging system based on Payment Channel Networks (PCN) to securely and efficiently manage transaction fees and validator rewards, thereby enhancing Bitcoin’s security and user experience. Nubit has successfully completed several funding rounds, raising a total of $12 million. The most recent seed round was led by Polychain Capital, with participation from investors such as Nomad Capital. These funds will be used to develop Nubit’s highly secure and scalable data availability layer, supporting various applications within a multi-chain ecosystem.

Nubit has launched three phases of testnet tasks:

1. Phase One: Social tasks, which involve linking Twitter, Discord, and Telegram accounts.
2. Phase Two: Light node tasks, requiring users to deploy and run a Nubit testnet node on their personal computer or cloud server.
3. Phase Three: Telegram tasks, where users need to log in to the activity page via the link https://alpha.nubit.org, connect their wallet, and link their Telegram account to earn Nubit points by interacting with the application.

Currently, the tasks for Phase Two have concluded, Phase One is ongoing, and Phase Three tasks began on August 23[23].

Orderly Network
Orderly Network is a decentralized finance (DeFi) protocol incubated by NEAR Protocol and WOO Network, designed to provide a robust liquidity layer for Web3 trading. Orderly offers spot trading, leveraged trading, perpetual contracts, and lending services, with community liquidity pools that provide users with stable returns. The project has secured $20 million in funding to support ecosystem expansion and product development. The ORDER spot trading pair is now available on Gate Exchange, with the trading link at https://www.gate.io/zh/trade/ORDER_USDT[24].

On August 26, Orderly Network announced the launch of its token airdrop claim and staking features. Starting August 28 at 8:00 AM, VALOR rewards, along with trading and market-making incentives, will begin to be distributed.

Steps to Claim the Orderly Airdrop:

1. Visit the WOO DEX official website and connect your crypto wallet.
2. Click on “Deposit” to deposit NEAR tokens and approve the transaction, ensuring you complete at least one transaction.
3. After completing the transaction, you can withdraw your funds[25].

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. Soso Value, https://sosovalue.xyz/assets/etf/us-btc-spot
4. Soso Value, https://sosovalue.xyz/assets/etf/us-eth-spot
5. Nasdaq, https://www.nasdaq.com/market-activity/index/spx
6. Investing.com, https://cn.investing.com/currencies/xau-usd
7. Gate.io, https://www.gate.io/bigdata/homeindex
8. Gate.io, https://www.gate.io/price
9. Gate.io, https://www.gate.io/price/nuls-nuls
10. Gate.io, https://www.gate.io/price/rei-network-rei
11. Gate.io, https://www.gate.io/price/hatom-htm
12. The block, https://www.theblock.co/data/on-chain-metrics/solana
13. Henletglobal, https://www.henleyglobal.com/publications/crypto-wealth-report-2024
14. Dune, https://dune.com/queries/3195033
15. Gate Research, https://www.gate.io/learn
16. X, https://x.com/Mudit__Gupta/status/1827235421979603352
17. Rootdata, https://www.rootdata.com/Fundraising
18. X, https://x.com/OneBalance_io/status/1828130297088745646
19. X, https://x.com/boltprotocol_
20. X, https://x.com/BTA_Protocol
21. X, https://www.bscs.finance/
22. Rootdata, https://www.rootdata.com/Projects/detail/Origami%20Finance?k=MTIwMzY%3D
23. Nubit, https://x.com
24. Orderlynetwork, https://x.com/orderlynetwork/status/1827979307831967954?s=46
25. Mirror, https://mirror.xyz/vicoindao.eth/FodOZj6FW7Tsmrx9b6NG-eIKVzaN9I_jPBZlekHydfQ

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