Daily News | BTC Oscillates and Falls, STX Production Will Be Halved

2024-09-02, 04:27

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## Crypto Daily Digest: Bitcoin miners' August earnings hit a new low for the year, STX will see a halving
According to Farside Investor data, the US spot <a href="/vi/price/<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin</a>-btc" target="_blank" class="blog_inner_<a href="/vi/price/link-ln" target="_blank" class="blog_inner_link">link</a>">Bitcoin</a> ETF had a net outflow of $175 million last Friday, marking four consecutive days of net outflows last week. Among them, BlackRock IBIT has no inflow or outflow of funds, and the main outflow of funds comes from ARKB and GBTC.

Last Friday, there was no inflow or outflow of funds in the US spot <a href="/vi/price/<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ethereum</a>-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs, and the overall trading volume of the ETH ETFs was sluggish.

**<a href="/vi/price/<a href="/price/stacks-stx" target="_blank" class="blog_inner_link">stacks</a>-stx" target="_blank" class="blog_inner_link">Stacks</a> is expected to successfully upgrade on September 15, and STX production will be halved**

According to official sources, after the successful upgrade of Stacks Nakamoto this month, the reward will be halved according to new consensus rules, with only 500 STX tokens awarded per Bitcoin block. According to the plan, the official expects to conduct a hard fork at a height of 861,500 in the Stacks block, activating all new Stacks Nakamoto rules and simultaneously achieving a halving of production while improving the efficiency of the Stacks network. Based on the current block height, the upgrade is expected to be successfully completed around September 15.

It is reported that the current Stacks blockchain adopts the POX mining mechanism, where miners pledge Bitcoin and reward STX tokens. Each Bitcoin block rewards 1,000 STX tokens.

**Bitcoin miners' August earnings hit a new low for the year**

According to TheBlock data, Bitcoin miners' profits hit a new low for the year in August, generating a total of $851.36 million in subsidies and fees, of which $20.76 million came from on-chain fees.

The mining revenue in August decreased by $99.75 million compared to July, and the on-chain trading fees contributed by users decreased by $4.14 million compared to the previous month. Between block heights of 855,014 and 859,303, Bitcoin miners mined a total of 4,289 blocks, Foundry USA mined 1,248 blocks, accounting for 29.10%, and Antpool mined 1,074 blocks, accounting for 25.04%.

**Sui co-founder: The monthly unlocking volume of SUI accounts for about 2.6% of the circulating supply and is still decreasing**

Sui co-founder and CEO evan.sui responded to discussions on social media about "SUI's annual inflation rate exceeding 250%" by saying, "We welcome criticism. This is the only way we can become better. SUI's monthly unlocking volume accounts for about 2.6% of the circulating supply and is still decreasing.

In addition, Even also stated that SUI is one of the few supply fixed POS chains, rather than having an inflation rate of 5% -8% like most other chains.

## Market Trends: The overall market is fluctuating and falling, and IMX will face large unlocking opportunities
### Mainstream Coins
BTC has fluctuated and fallen, currently hovering around $57,000. The BTC ETF once again experienced a significant outflow of $175 million on the last trading day;

ETH also performed weakly, falling below $2,400 this morning. The ETH ETFs had no inflow or outflow of funds on the previous trading day, and the trading volume of the ETH ETFs was far below expectations;

Altcoins are widely available, and the market is silent without any obvious hotspots;

In terms of data indicators, today's AHR999 index is 0.6, which is one step closer to the bottom fishing indicator; The Fear & Greed Index is 26, indicating a sustained state of fear in the market sentiment.

### Market Hotspots:
This week, IMX and TAIKO will have a large unlocking: Taiko will unlock 12 million TAIKOs at 20:00 on September 5, worth approximately $19.32 million, accounting for 19.02% of the circulating supply; Immutable will unlock 32.47 million IMX tokens worth approximately $44.17 million at 8:00 am (Beijing time) on September 6, accounting for 2.06% of the circulating supply;

FRONT Token Migration: Frontier token FRONT will be migrated to Self Chain token SLF in a 1:1 ratio, but the total amount of SLF tokens will be significantly increased. The total amount of FRONT tokens is only 90 million, while the total amount of SLF tokens is 360 million. In fact, this is a dilution for FRONT token holders, which is also facing huge questioning in the community.

## Macroeconomics: US stocks collectively closed higher last Friday, and this week the Fed will release non farm payroll data for August
The three major indexes of the US stock market collectively closed higher, with the S&P 500 index rising 1.01% to 5648.40 points; The Dow Jones Industrial Average rose 0.55% to 41563.08 points; The Nasdaq index rose 1.13% to 17713.62 points. Last week, the Dow Jones Index rose 0.94% in a week, the Nasdaq Index fell 0.92% in a week, and the S&P 500 Index rose 0.24% in a week.

In addition, the benchmark 10-year Treasury yield is 3.91%, and the 2-year Treasury yield, which is most sensitive to the Fed's policy rate, is 3.91%.

Among the popular US stocks, Apple fell 0.34%, Microsoft rose 0.97%, Nvidia rose 1.51%, Google C rose 1.05%, Google A rose 0.99%, Amazon rose 3.71%, Meta rose 0.60%, TSMC rose 1.51%, Tesla rose 3.80%, and AMD rose 2.11%.

Looking ahead to the next week, the United States will release heavyweight data such as seasonally adjusted non farm payroll, unemployment rate, and average hourly wage for August. The Federal Reserve will hold its interest rate meeting on September 17-18, and unless there are major unexpected events, there is no doubt that the Fed will start its interest rate cut cycle in September. The problem lies in the magnitude of the rate cuts. According to currency market pricing, investors currently believe that the probability of the Federal Reserve cutting interest rates by 25 basis points in September is about 70%.
### Conclusion
Overall, the market is still in a period of volatility and adjustment in the short term, with major cryptocurrencies such as BTC and ETH showing weak performance, and the sentiment in the Altcoin market being sluggish. Investors should closely monitor the changes in key support and resistance levels, as well as the impact of the upcoming large-scale unlocking events of IMX and TAIKO on the market.

Under the continuous state of fear in market sentiment and the influence of multiple negative factors, it is recommended that investors remain cautious and avoid making large transactions in a highly uncertain market environment. Meanwhile, pay attention to potential bottom fishing opportunities, but wait for clearer market signals before making decisions.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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