Gate Research Institute Daily Report: On September 27th, BTC and ETH performed strongly, with a 24-hour increase of 3.19% and 2.01% respectively. The current price is testing the resistance level of $66,000. The total net inflow of the US Bitcoin spot ETF was $366 million yesterday, while the US Ethereum spot ETF had a total net outflow of $680,000. Most altcoins have outperformed the overall market, especially in the Cross-chain Communication, BRC-20, and Dog Meme sectors. Avalanche has launched a $40 million subsidy program to pave the way for the 'Avalanche9000' upgrade. In the past 24 hours, only one project in the DEPIN sector publicly announced financing of $10.8 million.

Market Review

According to gate market data, as of September 27, 4:00 (UTC+0):

• BTC —— The price of BTC has risen by 3.19% in the past 24 hours, currently priced at $65,169, with a highest price of $65,807 and a lowest price of $62,677 within 24 hours. It is currently testing the resistance level at $66,000. If it can break through with a strong volume, the next target will be the $70,000 resistance level.

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• ETH - ETH price has risen by 2.01% in the past 24 hours, currently priced at $2,632. The highest price in the past 24 hours was $2,666, and the lowest price was $2,560. Although ETH is also in a rise channel, its trend is weaker compared to BTC and is currently oscillating at high levels.

  

• SOL —— The SOL price has increased by 5.11% in the past 24 hours, with the current price at 156 US dollars. The highest price in the past 24 hours was 158 US dollars, and the lowest price was 147 US dollars. The main resistance level for SOL is at 162 US dollars, showing strong performance, and it is expected to continue to challenge the upper resistance level in the short term.

• ETF - According to SoSoValue data, on September 26th, the total net inflow of Bitcoin spot ETF in the United States was 366 million US dollars, while the total net outflow of Ethereum spot ETF in the United States was 680,000 US dollars.

• Shanzhai Coin - Performing well under the rise of Bitcoin, with most shanzhai coins outperforming the market. Among them, Cross-chain Communication, BRC-20, and Dog meme plate rose by 13.6%, 12.6%, and 12.6% respectively.

• US stock three major indices - S&P 500 index rose 0.40%, Nasdaq index rose 0.60%, Dow Jones index rose 0.62%.

• Spot Gold - The spot gold price is at $2,670.35 per ounce, down 0.08% intraday.

• Fear and Greed Index - The Fear and Greed Index is 61, reaching a new high in nearly a month, indicating a greedy market sentiment. The BTC market has rebounded in the past 24 hours, making investors more optimistic and confident in encryption currencies.

• Popular Tokens

According to gate market data, combined with the volume and price performance in the past 24 hours, the following popular altcoins are:

REEF - Single-day increase of approximately 32.5%, circulating market capitalization is $129 million.

Reef is a fast and scalable L1 blockchain designed for Decentralized Finance, Non-fungible Tokens, and Gaming. Its ecosystem projects include Sqwid, Klever, Hypersign, etc. Investors include NGC Ventures, LD Capital, and others.

Reef's recent partnership with Pigmo has expanded its presence in the blockchain Gamblefi field and attracted more industry attention. In addition, Reef's support and empowerment of developers are also reflected in its collaboration with ViaLabs, further solidifying the value of the Reef chain. These strategic partnerships may be important factors driving its price surge in a single day.

MYRIA - The single-day increase is about 28.0%, with a circulating Market Cap of 9,428 million US dollars.

Myria is a ZK roll-up technology L2 scaling solution based on Ethereum, supporting high-speed, gas-free transaction experience for digital assets and Non-fungible Tokens. There are already over 270 projects and 500,000 users in the ecosystem, continuously driving the platform's growth and innovation.

Recently, the Myria team shared the upcoming mobile game '360 Cricket' and its Web 3.0 technology integration plan in an AMA, sparking market interest in the platform. With the teaser release of a new Non-fungible Token series and PvP mode update, market anticipation for the Myria ecosystem has significantly increased, potentially becoming a key driving factor for this price surge.

XEC - The single-day increase is about 20.1%, with a circulating market cap of 30.25 million US dollars.

eCash is a blockchain project designed for global scalability. Recent technological upgrades have further improved its network performance and user experience.

Through the Avalanche consensus mechanism, eCash achieves nearly instant transaction finality, while the "Regular Heartbeat" upgrade optimizes block time consistency and combats mining switching behavior. In addition, eCash introduces customizable and tradable usernames, as well as the eCash Agora platform, to assist creators in tokenizing their network and monetizing non-fungible tokens. These innovative features, along with improvements to developer tools, may be important factors driving the rise in XEC price.

Highlight Data

Bitcoin ETF net inflow was $366 million yesterday According to Sosovalue data, the net inflow of the US Bitcoin spot ETF was USD 366 million on September 26, with a total daily turnover of USD 2.43 billion. The cumulative net inflow was USD 18.31 billion, and the total value of BTC managed by the ETF was USD 60.03 billion, accounting for 4.70% of the total market capitalization.

Ethereum ETF saw a net outflow of $680,000 yesterday According to Sosovalue data, the US Ethereum spot ETF had a net outflow of $680,000 yesterday (September 26), with a total daily trading volume of $257 million. The cumulative net inflow total is $5.82 billion, and the total value of ETH managed by the ETF is $7.22 billion, accounting for 2.28% of the total market capitalization.

Funding rate, long/short ratio, liquidation volume, buy/sell ratio of Bitcoin contracts According to Coinglass data, as of 4:00 (UTC+0) on September 27th, the Bitcoin funding rate was 0.0072%, and the Ethereum funding rate was 0.0069%【17】. In the past 24 hours, the overall Bitcoin contract ratio has been dominated by shorts, while the Ethereum contract ratio has been dominated by longs, creating a divergence【18】. The total liquidation amount of contracts on the entire network in the past 24 hours is approximately 142 million US dollars, with the liquidation amount of short contracts exceeding 94.76 million US dollars.

South Korea's Bitcoin premium index hits a new low of -1.16 in the past year, with the market sentiment shifting towards altcoins As of September 26th, the Bitcoin premium index in South Korea has dropped to a new low of -1.16 in the past year, indicating that the trading price of Bitcoin in the Korean market is lower than the global average. The continuous decline in this trend reflects a significant decrease in investor demand for Bitcoin, and the market sentiment has changed. With the Bitcoin price on the Korean exchange at a discount, more and more traders are starting to pay attention to altcoins with higher beta values in search of higher investment returns.

This change may be related to the expectations of a rate cut in the United States and the market's interest in other encryption currencies. Investors are looking for alternative assets to generate returns in the current environment, so they are turning to altcoins as a popular choice. This trend shows a change in market participants' risk appetite, reflecting a weakening confidence in Bitcoin and a pursuit of higher-risk assets. With the dynamic changes in the market, more investors may reevaluate their asset allocations in the coming months.

Hot Spot Reviews

XION and Sei Network Integration: Driving Innovation in Cross-Chain Interoperability and User Experience XION is integrating the Sei network into its high-speed multi-virtual machine ecosystem, introducing chain abstraction technology. This integration combines Sei's high-performance environment for developers with XION's user-centric Layer 1 blockchain to promote the development of cross-ecosystem consumer-grade applications. The integration also introduces seamless flow of IBC native assets and accounts, enhancing cross-chain interoperability and expanding XION's chain abstraction solution to a wider range of developers and users. As a high-speed Layer 1 blockchain, SEI has a parallel EVM structure that can process thousands of transactions in just 380 milliseconds. Through this partnership, SEI will gain support from XION's 3.6 million users, further enhancing liquidity and unifying developers across networks. The combination of XION and SEI not only enhances technological capabilities but also solves the issues of user, liquidity, and developer fragmentation in the Web3 ecosystem, accelerating the mainstream adoption of blockchain technology. [21]

Avalanche launches a $40 million grant program to pave the way for the 'Avalanche9000' upgrade The Avalanche Foundation has announced the launch of a $40 million grant program aimed at incentivizing developers to create innovative protocols in the blockchain ecosystem. This program, called Retro9000, is strategically designed to attract and support developers working on Avalanche public chain before the upcoming Avalanche9000 upgrade.

Avalanche9000 is expected to be the largest-scale upgrade of the Avalanche public chain since its mainnet launch in 2020. It aims to make the first-layer blockchain on the Avalanche public chain more economical, customizable, and maintainable. The specific date of Avalanche9000 has not been determined, but the testnet will be launched in October. [22]

Vitalik: Robot market making DEX is an intersection use case of encryption and artificial intelligence, with broad prospects On September 27th, Ethereum co-founder Vitalik Buterin posted on social media, 'As I mentioned in my earlier posts this year, the cross-use case of encryption/artificial intelligence has been evident for a decade, which is the DEX of robot market makers. There are many promising avenues to expand it to prediction markets and adjudication games in DAOs.'

The advantages of robot market making are that it can operate 24/7 without the limitation of human operation, ensuring that there are always buyers and sellers in the market, and providing continuous liquidity. This solves the problem of liquidity shortage caused by human factors in traditional markets. At the same time, robot market making allows ordinary users to enjoy market making services similar to large institutions, lowering the threshold for entering the trading market and increasing market participation.

The case of the US Department of Justice's lawsuit against Tornado Cash developers will enter the trial phase. On September 27th, the Southern District Court of New York rejected Tornado Cash developer Roman Storm's request to dismiss the criminal lawsuit, stating that his arguments regarding freedom of speech and lack of notice were insufficient to overturn the Department of Justice's reasonable charges. Currently, Roman Storm's trial is scheduled to begin on December 2nd in New York and is expected to last for two weeks. If convicted of the three charges, he could face a maximum of 45 years in prison.

Tornado Cash is an Ethereum mixing protocol that provides anonymous transaction functionality, but it faces serious legal risks and regulatory pressure due to its widespread use in money laundering and other illegal activities. Previously, in August last year, Roman Storm and Roman Semenov were accused of conspiring to launder money and violating relevant regulations. Since its launch in 2019, Tornado Cash has been sanctioned and legally prosecuted multiple times for its use in money laundering, with key events including the prosecution of its developers, the deletion of project code, and the arrest of co-founders, ultimately leading to various legal and policy issues related to encryption currencies.

The legal compliance issues of Tornado Cash will have far-reaching effects on future encryption projects, mainly reflected in the balance between privacy and compliance. The project needs to find new solutions between providing privacy protection and complying with regulatory requirements, and may introduce optional KYC procedures to meet compliance needs. How to balance the anonymity inherent in encryption with market compliance is a crucial issue that future encryption market projects need to carefully consider.

Financing News

According to RootData statistics, only 1 project publicly announced funding in the past 24 hours, with a funding amount of $10.8 million, involving the DEPIN sector:

Mawari - Completed a strategic financing of $10.8 million, with investors including Borderless Capital, 1kx, Lead, and Blockchange. Mawari Network is a Decentralization 3D and XR content delivery platform, planning to launch on the Solana mainnet in the first quarter of 2025, and will conduct node license sales in the fourth quarter of this year to expand its infrastructure. It breaks the bottleneck of real-time rendering infrastructure supply and the lack of local computational power on XR devices. The project achieves this goal by orchestrating a Decentralization network composed of GPU-driven nodes running the Mawari engine. The Mawari engine is a proprietary technology stack that can render interactive 3D content and efficiently stream it in real-time to a large number of mobile XR devices.

Airdrop Opportunity

WalletConnect WalletConnect project announced Airdrop WCT tokens on September 24th, which are an important part of the WalletConnect network, used to drive the on-chain user experience (UX) ecosystem. WCT supports network functionality, empowering users, applications, and wallet communities to drive a better on-chain future through shared incentives. Users holding WCT can actively participate in governance and project upgrades.【25】

The WCT Airdrop is designed to reward users and builders who have contributed to the development of the network, Web3, and on-chain user experience. The registration for the first season of Airdrop will start on September 24, 2024, and end on October 18. The eligibility audit results will be announced in November. The first season of Airdrop will distribute 50 million WCT, accounting for 5% of the initial total supply.

📖: https://www.gate.io/learn/articles/gate-research-bitcoin-spot-etf-sees-net-inflow-of-360-million-market-strongly-rebounds-with-significant-gains-across-multiple-sectors/4241?ch=GDR_twi_20240927&utm_campaign=TR_bGTedAV7&utm_content=&utm_medium=CPM&utm_source=CH_Lr4c6egS&utm_term=