Gate Research Institute Daily: On September 6th, the price of BTC fell by 0.28% in 24 hours, and the price of ETH fell by 0.81% in 24 hours, with the market continuing to fluctuate. As the overall market declined, alts fell within 24 hours, and some Tokens pumped due to Favourable Information. In August, ADP employment in the United States increased by only 99,000, far below the expected 145,000, marking the smallest increase since 2021. Decentralized derivative protocol GMX has launched Liquidity treasury GLV to improve capital efficiency and bring higher returns to Liquidity Providers. Four projects announced publicly that they have raised funding, with a total financing exceeding 36 million US dollars.

Market Review

According to gate market data, as of 4:00 on September 6 (UTC+0):

BTC - BTC price fell by 0.28% in the past 24 hours. As of 4:00 on September 6th (UTC+0), the price is approximately $56,74.31. The highest price in the past 24 hours was $59,825, and the lowest price was $55,611. Over the past week, BTC has formed a descending adjustment channel, indicating weak momentum. If it breaks below the previous low of $55,611 in the short term and breaks below the lower channel, there is a possibility of further decline towards the bottom adjustment range of the daily candlestick level.

• ETH - The ETH price fell by 0.81% in the past 24 hours. As of 4:00 AM on September 6 (UTC+0), the price was about $2,396, with the highest price in the past 24 hours being $2,564 and the lowest price being $2,306. ETH has been experiencing a downward trend throughout the day and has been oscillating above the Trading Volume range for several days. The weekend may continue with a volatile market.
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• ETF - According to SoSoValue data, the total net outflow of BTCSpot ETF in United States was $210 million on September 5, and the total net outflow of ETH Spot ETF in United States was $152,000.
• Alts —— As BTC falls, most alts have dropped in the past 24 hours, while some Tokens have pumped due to Favourable Information.
• Three major US stock indexes - As of 4:00 on September 6th (UTC+0), the S&P 500 index fell by 0.30%, the Nasdaq index rose slightly by 0.05%, and the Dow Jones index fell by 0.54%.
• Spot Gold - As of 4:00 on September 6 (UTC+0), the price of Spot Gold is 2,517.66 US dollars/ounce, with a pump of 0.04% during the day.
• Fear and Greed Index - The Fear and Greed Index is 22, indicating that the market is still in a state of extreme fear. The market continues to oscillate with a downward trend, and users are pessimistic about the future market sentiment.

Popular Tokens

According to the gate market data, combined with the volume and price performance in the past 24 hours, as of 4:00 a.m. (UTC+0) on September 6th, the following popular altcoins are:

ChatAI— Single-day increase of about 81.81%, circulating Market Cap is 465 million US dollars.

ChatAI is a social and gaming platform developed based on Solana and driven by AI. ChatAI has accumulated over 200,000 users, mainly distributed in Japan, Taiwan, Hong Kong, Nigeria, Vietnam, etc. Additionally, ChatAI has launched its first AI game, ChatAI Town, based on Stanford's AI game model and OpenAI's Algorithm model.

On September 6th, ChatAI announced that it will soon be listed on two exchanges, which may be an important factor in pushing its price to pump in a single day.

KITE AI— Single-day increase of about 68.28%, volume is 2.57 billion US dollars.

At KITE AI, it turns intelligent chat into real value, allowing users to earn Tokens while communicating.

On September 3, KITE AI launched the "Kite AI Trading Competition" with a prize pool worth $23,000; on September 5, KITE AI released an official tweet "We will witness the peak moment. The journey may be tough, but there will definitely be rich rewards", hinting at future Airdrop plans. Airdrop plans may be an important factor in driving its price to pump in a single day.

GEMS - single-day increase of about 35.54%, circulating market capitalization is 71.1681 million US dollars;

Gems, as a cryptocurrency incubation platform, is committed to identifying the most visionary and technologically advanced blockchain projects. It has a global network of over 3,500 community managers in 140 countries and a record of raising over $196 million to support early-stage enterprises.

On September 5th, Gems announced that it raised approximately $25 million from 4,200 projects in the first phase of private sale, which may be an important factor driving its price to pump in a single day.

Highlight Data

BTC Runes total issuance exceeds 50 million According to IntoTheBlock data, the total minting volume of BTC Runes rune has exceeded 50 million. As shown in the figure below, the minting volume is steadily increasing, indicating that the Runes rune ecosystem still has a sustainable usage scenario. Despite the initial explosive speculation has passed, the stable user traffic and community of Runes may generate high-quality projects and protocols in the future, thereby driving the explosive growth of the Runes rune ecosystem.

BTCSpot ETF total net outflow of $210 million on September 5th According to Sosovalue data, the US BTCSpot ETF had a net outflow of $210 million on September 5th, with a total daily trading volume of $1.35 billion. The cumulative net inflow amount is $17.06 billion, and the total value of BTC managed by the ETF is $50.73 billion, accounting for 4.58% of the total BTC market capitalization. Among the $210 million net outflow on that day, Fidelity's FBTC accounted for $149 million, or 71%.

Ether Spot ETF saw a total net outflow of $152,000 on September 5th According to Sosovalue data, the US ETH Spot ETF had a net outflow of $152,000 on September 5th, with a total daily trading volume of $108 million. The cumulative net outflow is $562 million, and the total value of ETH managed by the ETF is $6.49 billion, accounting for 2.28% of the total Market Cap of Ethereum.

The exchangeStable Coin on Ethereum has decreased from 374.9 billion USD to 341.7 billion USD According to Nansen data, ETH on-chain has been continuously flowing out of exchangeStable Coin for several days since August 26, decreasing from $37.49 billion to $34.17 billion. This is a reversal of the rising trend of Stable Coin deposits from August 3 to August 25. At the same time, the market rebounded from early August to the end of August and began to pull back. When a large amount of Stable Coin flows out of the exchange, it may indicate that investors are transferring funds to their cold wallets or withdrawing funds, or that investors intend to hold Stable Coin instead of other cryptocurrencies. This may indicate a bearish sentiment in the market, with uncertain future market trends and a rise in risk aversion. The continued outflow of Stable Coin may lead to a decrease in liquidity on the exchange, potentially increasing future volatility.

In August, ADP added 99,000 jobs in the United States, a new low since 2021. In August, the ADP employment in the United States increased by 99,000, far below the expected 145,000, marking the smallest increase since 2021. Meanwhile, the July data was revised from 122,000 to 111,000. This further indicates that the labor market is entering a slowdown phase. ADP employment refers to the changes in the employment of private companies in the United States each month. This data is published by ADP in the United States and is used to measure the changes in the employment of private companies, serving as one of the indicators for predicting the state of the US labor market. An increase in ADP employment may indicate an increase in economic activity, while a decrease may suggest a reduction in economic activity.

Hot Comments

GMX launches GLV to increase capital utilization in liquidity mining Decentralized derivative protocol GMX has launched Liquidity Vaults (GLV) in order to introduce a dynamic Liquidity allocation mechanism that automatically adjusts funds based on utilization and demand, and then allocates them to different GM pools. This mechanism ensures that Liquidity flows to the most needed trading pairs, providing traders with better Depth Liquidity and improving capital efficiency for Liquidity Providers (LPs).

The first GLV Vault [WETH-USDC] has been launched on Arbitrum, covering trading pairs such as ETH, DOGE, Near, ATOM, SHIB, XRP, LTC, etc., and the fund allocation will be dynamically adjusted in the GM pool according to market demand. If the vault performs well, other GLV vaults may be launched in the future. The introduction of GLV not only enables Liquidity of GMX V2 to be provided through a single GM pool, but also through an automatically rebalanced GLV pool. Liquidity providers can earn income through Margin Trading, lending, and exchange transactions.

From the figure below, it can be seen that the Lock-up Position amounts for BTC/USD and ETH/USD are the highest, reaching 120 million USD and 100 million USD respectively, but their fund utilization rates are only 24.5% and 23.38% respectively. The fund utilization rate of the GMX/USD trading pair is the highest, at 75.66%. This indicates that the fund utilization rate of some trading pairs in the GMX market is not high, and GLV can adjust the Liquidity allocation based on these dynamics to improve capital efficiency and bring higher returns to Liquidity Providers.

All profits from L2 tokens or other project tokens owned by Vitalik will be donated On September 6th, Vitalik Buterin, co-founder of Ethereum, stated on X platform that he will donate all L2 tokens or other project token earnings for supporting public goods or broader charitable causes (such as biomedical research) in the Ethereum ecosystem. Since 2018, he has not sold or retained any Ethereum profits for personal gain. He also emphasized that in the future, he does not plan to invest in any L2 or other token projects, and his goal is to support things that he thinks are valuable but undervalued by the ecosystem.

As of September 6, 6:00 (UTC+0), Vitalik Buterin's cryptocurrency holdings amount to approximately $573 million. Most of it comes from his ETH holdings, about 240,069 tokens.

Mastercard partners with Mercuryo to launch non-custodial Cryptocurrency payment debit card Payment giant Mastercard has partnered with European encryption payment infrastructure provider Mercuryo to launch a euro-denominated debit card. The card allows users to spend their cryptocurrencies directly at merchants that accept Mastercard. The self-hosted Wallet gives users full control over the security of their assets without relying on centralized platforms. The service fees include a €1.6 issuance fee, a €1 monthly maintenance fee, and a 0.95% withdrawal fee charged by Mercuryo.

As an important participant in the global financial market, Mastercard's credit card transactions reached $3.445 trillion at the end of 2023, while debit card and prepaid card transactions amounted to $4.437 trillion, with a card issuance of 1.024 billion. This collaboration is expected to promote the popularity of Crypto Assets and further eliminate barriers between encryption assets and traditional payment systems.

Financing News

According to RootData, on September 5th, a total of 4 projects publicly announced their financing, with the highest financing amount being 30 million US dollars, and a total financing exceeding 36 million US dollars, involving DePIN, Decentralized Finance, and gaming zone:

Balance —— Balance completed a $30 million financing, led by Andreessen Horowitz (a16z) and Galaxy Interactive, with participation from Gate Labs, Animoca Brands, DWF Labs, Amber Group, Aptos, etc. Balance is a Web3 gaming ecosystem platform that integrates social functions, Balance Wallet, Balance ID, and zkEVM technology to achieve scalability and security of Decentralization.

Vanilla Finance - Vanilla Finance announced the completion of a new round of strategic financing, with HTX Ventures, UOB Ventures, ABCDE Labs, Pluto, Paper Ventures, Open Space, Y2, and others participating, with the specific amount undisclosed. Vanilla Finance is a Decentralization derivatives trading platform that has achieved a volume of over $3 billion and attracted 500,000 users.

Arris - Decentralized Finance ecosystem aggregation Airdrop platform Arris announces the completion of a new round of financing, with institutions such as CGV FoF, K24 Ventures, DMAIL.AI, Alco Holdings participating, and the specific amount has not been disclosed. Arris is an on-chain interactive aggregation rise platform, aiming to create a Decentralized Finance ecosystem aggregation Airdrop platform that integrates DEX, IMO, and DAO.

Puffpaw - The DePIN project in the Berachain ecosystem, Puffpaw, has completed a $6 million seed funding round. It was led by Lemniscap Ventures, with participation from Spartan Group, Hypersphere Ventures, Folius Ventures, Volt Capital, Social Graph Ventures, and other institutions and investors. Puffpaw uses blockchain technology to track users' smoking habits and helps them earn token rewards by reducing nicotine intake through the 'vape-to-earn' mechanism.

Airdrop Opportunity

EigenLayer EigenLayer is a Decentralization-based stake protocol. Through EigenLayer, users can not only earn Interest by staking, but also use stake tokens to support other potential projects for additional rewards. The project has announced its second season Airdrop plan, distributing a total supply of 5% EIGEN Tokens, approximately 86 million tokens.

The Airdrop will start on September 17, 2024, and the Token allocation is as follows:

• Stakers and Node Operators: In the second quarter, users who staked ETH or EIGEN Token will receive a total of 70 million EIGEN Tokens.
• Ecosystem Partners: Qualified AVS, LRT, Rollup, RaaS projects, as well as major contributors in the EigenLayer ecosystem, will receive 10 million EIGEN Tokens.
• EigenLayer Community: Early supporters, contributors, and projects that have supported EigenLayer since its establishment will be allocated 6 million EIGEN Tokens.

This Airdrop plan is not only aimed at rewarding stakers and the community's contributions, but also further promoting the development of Decentralization and community participation in the EigenLayer ecosystem.

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