*Preface:
Over the past 24 hours, Bitcoin and Ethereum have dropped by 3.03% and 3.65%, respectively, with current prices at $59,212 and $2,529. The ETH/BTC exchange rate remains at 0.04. The Crypto Market Fear & Greed Index is at 26, indicating a state of fear.

Market Trending

The Federal Reserve’s rate cut in September is almost certain: CME “FedWatch” data shows a 67% probability of a 25 basis point rate cut and a 33% probability of a 50 basis point rate cut in September. During the weekend, BTC led the market in a significant drop, falling below $58,000 on Sunday, with a slight rebound yesterday, now fluctuating around $59,000. Last week, BTC spot ETFs saw a net outflow of $277 million, while ETH spot ETFs had a net outflow of $12.6 million. On-chain gas fees for ETH have remained below 1 Gwei. In market hotspots, Ethervista’s native token, VISTA, which emerged from the community, surged past $31 before pulling back, now priced at $22.19, with a 24-hour increase of 1359%. With the hot launch of Pizza Swap, mainstream tokens in the Bitcoin ecosystem have seen a 10% increase, with ORDI and SATS showing the strongest gains. The Telegram click-to-earn game, Hamster Kombat, announced that its token TGE event and airdrop are scheduled for September 26. Since its launch this spring, the project has attracted over 300 million players, with Telegram data showing over 80 million active players in the past month. It’s definitely worth watching.

Spot Bitcoin ETF Flows

Yesterday, with the U.S. stock market closed, there was no net inflow or outflow for Bitcoin spot ETFs. During the week of August 26 to August 30, 2024, as Bitcoin prices continued to weaken, Bitcoin spot ETFs experienced a significant decline. GBTC dropped by $119.2 million, while non-GBTC funds dropped by $158 million, totaling a decrease of $277.2 million. Yesterday, Bitcoin prices slightly rebounded above $59,000, leading to a brief rally in the cryptocurrency market, but the future trend remains unclear.

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Daily Spotlight

Today’s hot project is SATS, with a 24-hour increase of 15.96%. SATS is a BRC-20 token based on the Bitcoin blockchain, with a total supply identical to Bitcoin. Each SATS has a unique serial number. SATS has no pre-mining or private sales; all SATS are generated through the minting function on the Unisat platform. SATS is currently the project with the most holders on BRC-20, converting the smallest unit of Bitcoin, Satoshi, into a tradable and collectible token. Previously, Unisat announced that SATS would be used as the gas fee token on the future Fractal Bitcoin chain. With the launch of Pizza Swap on the Fractal Bitcoin chain yesterday, Bitcoin’s ecosystem has regained attention. SATS peaked at 0.000000315 yesterday, maintaining a steady upward trend.

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The Word on the Street

Bitcoin miners’ revenue dropped to a 12-month low in August. Bitcoin miners’ revenue fell to a 12-month low in August 2024, mainly due to the April halving event. According to Bitcoin monitoring platform Bitbo, August’s mining revenue was approximately $827 million, lower than any month since September 2023, and well below the peak of nearly $2 billion in March 2024. JPMorgan’s report noted that the fourth Bitcoin halving event reduced daily mining output and revenue opportunities, impacting miners’ profit margins and profitability. JPMorgan’s five monitored publicly-listed Bitcoin mining companies saw their mining volume drop by 28% in the second quarter.
In response to declining revenue, Bitcoin miners are adjusting their business models. Companies like Core Scientific, Hive Digital Technologies, and Hut 8 are investing in artificial intelligence applications, while others like Bitdeer Technologies Group are improving mining efficiency. Bitdeer reported a year-over-year gross profit increase of about 50% in the second quarter of 2024.

Potential Airdrop

On September 2, Ethereum Layer 2 solution Kroma completed a Series A financing round, with the exact amount undisclosed. This round of financing was participated in by Asia Advisors Korea, Gate Ventures, ICC, Planetarium, Presto, and RFD Capital. This funding will support Kroma’s mission to make Web3 more accessible through its advanced Layer 2 solution powered by Kroma’s zk-proof library, Tachyon. Kroma aims to make Web3 more accessible through intuitive, gamified real dApps.