TL;DR

• Bitcoin and Ethereum experienced declines, with Bitcoin dropping to $57,500 and Ethereum falling to $2,435.
• Bitcoin ETFs saw total net outflows of $175 million yesterday, while Ethereum ETFs had balanced inflows and outflows.
• Symbiotic’s TVL surpassed $1.5 billion, reflecting a 23.55% increase in the past month.
• BlackRock’s Bitcoin spot ETF (IBIT) recorded net outflows for the first time since May.
• WazirX plans to hold its first meeting on September 2 to discuss restructuring and the suspension of applications.
• Six projects announced new funding, with the largest amount raised being $4 million, totaling $11.25 million in funding.

Market Analysis

According to Gate.io, as of 04:00 (UTC+0) on September 2[1]:

• BTC —— Bitcoin’s price fell by 2.84% over the past 24 hours, currently trading around $57,500. The highest price in the last 24 hours was $58,959, and the lowest was $57,129. Bitcoin encountered resistance at the key 4-hour MA20 level of $58,703, leading to a subsequent downward trend. The next support level is at $56,200.[2]

• ETH —— Ethereum’s price dropped by 3.48% over the past 24 hours, currently trading around $2,435. The highest price in the last 24 hours was $2,515, and the lowest was $2,399. Ethereum’s price decline mirrored Bitcoin’s, with short-term support now at $2,330.[3]

• SOL —— Solana’s price has dropped by 5.04% over the past 24 hours, currently trading around $129.72. The highest price in the last 24 hours was $136.11, and the lowest was $127.74. Solana has shown relative weakness, with its decline exceeding that of other major cryptocurrencies, as it continues to follow the downward trend along the 4-hour MA5. The next support level is at $110.[4]
• Hot Sectors—— In the past 24 hours, only the AI Agents sector saw a gain of 0.9%, while all other sectors experienced declines, influenced by the broader market downturn.[5]
• ETFs —— Bitcoin spot ETFs experienced outflows for the fourth consecutive day last Friday, with BlackRock’s IBIT recording its first net outflow since May. Ethereum spot ETFs saw no net inflows, reflecting the overall bearish market sentiment.
• U.S. Stock Market —— The three major indices showed gains—S&P 500 rose by 1.01%, Nasdaq by 1.13%, and Dow Jones by 0.55%.[6]
• Fear & Greed Index —— The Fear & Greed Index stands at 26, indicating a high level of fear and increased market volatility.[7]

Top Performers

According to Gate.io, the following altcoins have demonstrated strong performance over the past 24 hours, based on trading volume and price movements:

• CXT —— Increased by approximately 11.73% in a single day, with a circulating market cap of $46.28 million. Covalent is a leading modular data infrastructure layer focused on addressing long-term data availability and verifiability challenges in artificial intelligence. Recently, Covalent announced a $990,000 reward for operators in Q2, an 83% increase from the previous quarter, which has enhanced its appeal. The project also underwent rebranding.
• ACA —— Increased by approximately 7.11% in a single day, with a circulating market cap of $64.12 million. Acala is a decentralized finance network and liquidity hub on Polkadot, offering a range of DeFi solutions including Acala Swap, Acala Dollar (aUSD), DOT Staking LST (LDOT), and Acala EVM+.
• REEF —— Increased by approximately 6.89% in a single day, with a circulating market cap of $18.23 million. Reef is a fast, scalable Layer 1 blockchain designed for DeFi, NFT, and gaming applications. Its ecosystem includes projects like Sqwid, Klever, and Hypersign,backed by investors such as NGC Ventures and LD Capital. On August 31, Reef announced plans to host X Space events with various Web3 projects starting in September, and to discuss blockchain collaborations with a CeFi and DeFi aggregator.[8]

Data Highlights

Bitcoin ETF saw a net outflow of $175 million last Friday, while Ethereum ETF outflows remained flat
According to SoSoValue data, U.S. Bitcoin spot ETFs experienced a net outflow of $175 million on Friday, August 30, with a total daily trading volume of $1.54 billion. The cumulative net inflow into Bitcoin spot ETFs stands at $17.6 billion, with the total value of BTC managed by these ETFs amounting to $53.78 billion, representing 4.61% of Bitcoin’s total market capitalization. The market has witnessed four consecutive days of outflows, and notably, BlackRock’s IBIT, the largest Bitcoin spot ETF by net assets, recorded its first net outflow since May, reflecting the prevailing bearish sentiment in the market. [9]

U.S. Ethereum Spot ETF had no net inflows on Friday, August 30, with a daily trading volume of $174 million. The cumulative net outflow amounts to $477 million, and the total value of ETH managed by these ETFs is approximately $6.971 billion, representing 2.3% of Ethereum’s total market capitalization.[10]

Bitcoin Miners’ August Revenue Hits Yearly Low
Data from September 1 indicates that Bitcoin miners’ revenue in August reached a yearly low, decreasing by $99.75 million compared to July, marking the lowest level in 2024. Bitcoin miners’ income primarily consists of block rewards and transaction fees. The recent market cooldown and reduced on-chain activity are likely the main reasons for the decline in miners’ revenue. On August 5, Bitcoin briefly fell below $49,000.[11]

Symbiotic TVL Surpasses $1.5 Billion, Increasing by 23.55% Over the Past Month
As of 04:00 (UTC+0) on September 2, DeFiLlama data shows that Symbiotic’s Total Value Locked (TVL) has surpassed $1.5 billion, reflecting a 23.55% increase over the past month. Launched just three months ago, Symbiotic announced the completion of a $5.8 million seed funding round in June, led by Paradigm and Cyber Fund. Currently, Symbiotic allows users to re-stake Lido’s stETH alongside assets that are natively incompatible with EigenLayer. The recent rise in TVL has been primarily driven by stETH, with other assets supported by Symbiotic, such as ENA, USDE, and protocol-wrapped ETH, contributing only a small portion. Symbiotic is set to launch its mainnet in Q3, with 14 DeFi protocols, including Frax and EtherFi, joining its ecosystem.[12]

Spotlight Analysis

WazirX to Hold First Meeting on September 2 to Discuss Restructuring and Moratorium Application
WazirX recently announced on the X platform that it will hold its first Townhall meeting on September 2 at 8:00 AM (UTC+0) to discuss its restructuring plans and the Moratorium Application. This application, if approved, will protect WazirX from creditor enforcement during the moratorium period. Previously, WazirX filed a six-month debt restructuring application with the Singapore High Court to ensure smooth progress in its restructuring efforts and allow sufficient time for negotiations with partners. This application automatically triggered a 30-day moratorium.[13]

WazirX anticipates that after the restructuring, losses from the recent cyberattack will be proportionally distributed among unsecured creditors. Users within the same category will receive token compensation based on their asset share on the platform. The successful implementation of the restructuring plan, coupled with effective communication with creditors and partners, may provide WazirX with additional time to restore normal operations.

Self Chain Token Dilution After Rebranding Leads to Governance Rights Erosion
On August 30, Self Chain, a project with a fully diluted market cap of $62.5 million, underwent rebranding, changing its token symbol from FRONT to SLF. Prior to the rebranding, the total token supply was 90 million. According to the previously announced tokenomics, the rebranding increased the total supply to 360 million tokens, with 221 million tokens locked. The theoretical exchange ratio between old and new tokens was expected to be 1:4, but in practice, it was 1:1.

This exchange diluted the governance rights of some users while granting the team more control. Gate.io provided detailed explanations and warnings about this issue during the token swap upgrade. [14] However, community feedback indicates that several exchanges failed to adequately disclose the situation to users, leading some to exchange at the 1:1 ratio and later find their governance rights diluted. This sparked strong protests within the community. After several community members revealed the situation in late August, the SLF token price was impacted, dropping from around $0.80 to below $0.60.

Pokémon Company Secures NFT Patent
Recently, the Pokémon Company, the owner of the iconic Pokémon IP, obtained a patent related to distributed ledger technology and NFTs. This patent enables users to freely trade and exchange cards for deck building or collection purposes via an NFT platform, while also generating transaction fee revenue.[15]

With its rich history and massive user base, the digitalization of Pokémon characters and cards into NFTs not only adds collectible value but could also unlock new economic potential for these characters. In addition to the Pokémon Company, several traditional gaming companies, such as Ubisoft and SEGA, are also exploring the NFT space.

Funding News

According to RootData, between August 30 and September 2, 2024, six projects publicly announced their successful funding rounds, covering various sectors such as gaming, payments, and Web3 services. Excluding projects that did not disclose their funding amounts, the highest amount raised was $4 million, with a total of $11.25 million secured. The top three funded projects are[16]:

Legend of Arcadia —— The Free-to-Play strategy card game Legend of Arcadia announced the completion of a $4 million seed round. Built on the BNB Chain, this Play-to-Earn card game incorporates GameFi 2.0 concepts, offering players new gameplay experiences, including PvP and PvE battles, staking, and mining.

Verofax —— Web3 service provider Verofax raised $3 million in its latest funding round. The funds will be used to advance projects in the Middle East and the European Union, including AI-driven guides tailored for the Gulf Cooperation Council region and sports fan guides for audiences in the EU and North America. Verofax leverages technologies such as augmented reality, blockchain, and artificial intelligence to enhance marketing experiences for tourists, shoppers, and brands.

Kredete —— Cross-border remittance platform Kredete secured $2.25 million in seed funding, led by BFF with participation from Techstars. Kredete is designed to build credit for African immigrants in the U.S. while addressing international remittance challenges across 20 African countries.

Airdrop Opportunities

Hamster Kombat
The Telegram ecosystem game Hamster Kombat has announced the launch of its HMSTR token on the TON blockchain, with an airdrop planned for players on September 26.

Hamster Kombat is a Tap-to-Earn game that integrates a cryptocurrency exchange simulator. The Hamster Kombat team recently revealed that the token generation event and airdrop will take place on September 26. Gate.io has already initiated pre-launch trading of the HMSTR token, allowing users to stake USDT to mint tokens in advance and trade them on the spot market.[18]

Ethermail
EtherMail is a Web3 email service built on the Ethereum blockchain. The project has recently opened Pool 0 and Pool 1 for EMT token airdrop claims. The steps to claim your airdrop are as follows:[17]

1. Visit the EtherMail official website and click on the $EMT menu in the top right corner.
2. Select either the Pool 0 or Pool 1 airdrop pool.
3. Click “View Pool Status” to access the airdrop claim page.
4. Complete the claim process to receive your EMT tokens.

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. Coingecko, https://www.coingecko.com/en/categories
6. Yahoo Finance, https://finance.yahoo.com/markets/
7. Gate.io, https://www.gate.io/zh/bigdata/homeindex
8. X, https://x.com/Reef_Chain/status/1829575171708977524
9. SoSoValue, https://sosovalue.com/assets/etf/us-btc-spot
10. SoSoValue, https://sosovalue.com/assets/etf/us-eth-spot
11. Dune, https://dune.com/queries/2700647/4494191
12. Defillama, https://defillama.com/protocol/symbiotic#tvl-charts
13. X, https://x.com/WazirXIndia/status/1829865575776207204
14. Gate.io, https://www.gate.io/announcements/article/38688
15. J-platpat, https://www.j-platpat.inpit.go.jp/c1801/PU/JP-2024-064018/11/ja
16. Rootdata, https://www.rootdata.com/zh/Fundraising
17. Ethermail, https://ethermail.io/
18. Hamster Kombat, https://hamsterkombatgame.io/

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