TL;DR

• BTC price dropped 1.44% in the last 24 hours, currently priced at $63,074, with resistance at the $64,000 level.
• Sectors such as account abstraction, decentralized identity, and cat-themed memes are seeing strong increases.
• As of September 24, 4 AM (UTC+0), the total net inflow for Bitcoin spot ETFs in the U.S. is $4.56 million, while Ethereum spot ETFs experience $79.21 million net outflows.
• Lombard mints 5,861 LBTC, with a total market cap reaching $368 million.
• The decentralized gaming platform Treasure DAO will launch its Layer2 network on the ZKSync ecosystem.
• Three projects secure over $6 million, focusing on infrastructure and DeFi sectors.
• The LogX Foundation announces the launch of the $LOGX airdrop checker, rewarding users who participated in LogX V1 and the LogX testnet.

Market Analysis

According to Gate.io market data, as of September 24, 4 AM (UTC+0)[1]:

The BTC price dropped by 1.44% in the last 24 hours, currently at $63,074, with a high of $64,733 and a low of $62,725 in the past day. Resistance is at the $64,000 level. The price is currently holding strong at a high level, with the upward trend still intact[2].

The ETH price dropped by 1.56% in the last 24 hours, currently at $2,627, with a high of $2,703 and a low of $2,610 during this period. The price is fluctuating within an upward channel but has not yet effectively broken through the upper resistance at $2,700[3].

ETF —— According to SoSoValue data, on September 23, the total net inflow for Bitcoin spot ETFs in the U.S. was $4.56 million[4], while Ethereum spot ETFs saw a total net outflow of $79.21 million[5].

Altcoins —— With Bitcoin’s rise, many altcoins performed well. Sectors like account abstraction (up 12.45%), decentralized identity (up 7.23%), and cat-themed memes (up 7.02%) saw significant increases[6].

U.S. Stock Indices —— The S&P 500 index rose by 0.28%, the Nasdaq index increased by 0.14%, and the Dow Jones index went up by 0.15%[7].

Spot Gold —— The spot gold price reached $2,632 per ounce, with a slight increase of 0.13% during the day[8].

Fear and Greed Index —— The Fear and Greed Index is at 54, indicating a return to normal market conditions, with increased confidence among users in the cryptocurrency market. This may be related to the recent price recovery of major cryptocurrencies like BTC and ETH, and the Federal Reserve’s monetary policy could also have a positive impact on the crypto market[9].

Top Performers

According to Gate.io market data, based on the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:[1]

COMAI —— A daily increase of approximately 109.9%, with a circulating market cap of $40 million.

Commune is a protocol designed to connect all developer tools into one network, fostering a more shareable, reusable, and open economy. It follows an inclusive design philosophy that maximizes non-opinionated contributions. This means developers can use Commune as a multifunctional tool alongside existing projects and freely integrate other tools they find valuable. Soon it will participate in the UPoW decentralized AI roundtable hosted by Qubic, discussing how to leverage useful proof of work to enhance decentralization within its network, alongside Octa and Dynex.

AIT —— A daily increase of approximately 52.2%, with a circulating market cap of $34 million.

The AIT protocol serves as a platform for data annotation and AI model training. Additionally, AIT manages the Einstein subnet on Bittensor, specializing in mathematics, logic, and data analysis. Recently, the AIT protocol officially joined the Google for Startups cloud program, gaining not only cloud credits but comprehensive access to the world of innovation, which may have contributed to the ongoing rise in AIT’s price.

KARRAT —— A daily increase of approximately 11.1%, with a circulating market cap of $56 million.

The KARRAT protocol is a decentralized gaming infrastructure layer that integrates blockchain with community collaboration, activating the gaming and product ecosystem to advance gaming, entertainment, and AI-driven experiences. The recently launched My Pet Hooligan Marketplace V1 enables trading Hooligans and Zuckbot NFTs using $KARRAT, without royalties or fees, which may be related to this price increase.

Data Highlights

Bitcoin ETF Sees Modest Inflow of $4.56 Million
According to SoSoValue data, on September 23, the U.S. Bitcoin spot ETF saw a net inflow of $4.56 million, with a total trading volume of $949 million for the day. The cumulative net inflow amounts to $17.7 billion, with the total value of BTC managed by the ETF at $57.91 billion, accounting for 4.63% of the total market capitalization.[10]

Ethereum ETF Faces Outflow of $79.21 Million
According to SoSoValue data, on September 23, the U.S. Ethereum spot ETF experienced a net outflow of $79.21 million, with a total trading volume of $167 million for the day. The cumulative net outflow amounts to $687 million, with the total value of ETH managed by the ETF at $7.2 billion, accounting for 2.25% of the total market capitalization.[11]

Gold Price Soars to New Height of $2632 Per Ounce
This groundbreaking price level highlights the ongoing strong performance of the gold market, attracting significant attention from investors and analysts. The continued rise in gold prices may be driven by several factors, including the Federal Reserve’s recent interest rate cuts and expectations of potential further cuts, which strengthen support for gold prices. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, while increasing global economic uncertainty boosts demand for safe-haven assets.[12]

Tokenized Precious Metals Market Exceeds $1 Billion
According to data from RWA.xyz, the market size for tokenized precious metals just surpassed the $1 billion threshold. Tether’s XAUT market capitalization increased from $384 million to $491 million, becoming one of the main driving forces, while Paxos’ PAXG remains the largest product.[13]

Currently, global financial institutions, including HSBC, are not only offering tokenized gold to retail investors but also supporting technological advancements, such as developing post-quantum cryptography for tokenized gold. With the emergence of gold NFTs and tokenized gold-backed stablecoins, more token projects are beginning to surface.[14]

Spotlight Analysis

Lombard Mints 5,861 LBTC (Worth $368 Million)
On September 23, Lombard published its weekly summary, reporting that it has minted 5,861 LBTC, with a total market capitalization reaching $368 million. This marks a 16% increase from the previous week, equivalent to 806 bitcoins. The number of users rose from 6,888 to 7,692, indicating growth in various deposit scales and demonstrating sustained demand for LBTC across diverse groups. Notably, the Bitcoin LST product eBTC, issued by Etherfi, has achieved a market capitalization of $131 million, having increased by $100 million in just two weeks, showcasing rapid growth.[15]

Lombard has also shared its roadmap for developing the safest Bitcoin LST, planning to promote LBTC throughout the industry. The project is currently in its second phase, with the next six months focused on creating a secure and user-friendly Bitcoin LST. This will involve gradual expansion into areas like Layer 2 through ongoing integration in the DeFi sector.

“Mars Tide” Meme Coin Surge
Recently, the “Mars Tide” meme coin has gained attention on the market, spurred by several crypto KOLs. Among them, the token TERMINUS, with the contract address 0xcbde0453d4e7d748077c1b0ac2216c011dd2f406, has become the highest-valued meme coin, currently exceeding $40 million in market capitalization and reaching 6,350 unique holders. One user purchased TERMINUS tokens for $135 on September 8 and has held them since, with a total value exceeding $720,000 as of September 24, 12:00 UTC.[16]

Meanwhile, other meme coin projects like lowercase Terminus, THOGcoin, and TakingETH 2 Mars have also seen price increases. However, they have struggled to maintain market sentiment, preventing these projects from achieving sustained price strength.

Risk Warning: Meme coin prices are highly volatile and carry significant risks, potentially leading to principal loss. This platform does not guarantee the authenticity or future development of any meme coin projects, and the information provided does not constitute investment advice. Please ensure you thoroughly understand and assess the risks associated with the projects and the market before investing.

Treasure DAO Approves Migration to ZKSync, Plans Mainnet Launch in Two Months
On September 23, the decentralized gaming platform Treasure DAO announced the upcoming launch of its Layer 2 chain on the ZKSync ecosystem, with plans to go live on the mainnet within the next two months. The proposal received 99.5% support from the community, and Treasure will leverage ZK Stack technology to underpin its core products. Additionally, Treasure plans to introduce a public testnet called “Topaz,” allowing game developers and players to explore and build in the new environment.

Moreover, Treasure announced that its core products—including applications, the marketplace, Magicswap, and Treasure Connect—will be fully upgraded to support ZK Stack technology. Treasure also revealed partnerships with over ten games to assist them in seamlessly migrating to the new Layer 2 chain. The protocol will collaborate with Matter Labs, the core development team behind ZKSync, to provide comprehensive transition services. Community meetings will be held in the coming weeks to further discuss transition details and future innovation directions.

Harris Voices Support for Cryptocurrency and AI Innovation
According to Bloomberg, U.S. Vice President Kamala Harris publicly expressed her support for cryptocurrency and artificial intelligence for the first time at a Wall Street fundraising event on September 16. Harris stated that, as president, she would “encourage the development of innovative technologies like artificial intelligence and digital assets, while ensuring the protection of consumers and investors.” This statement reflects her commitment to promoting technological innovation and plans to incorporate it into future government agendas.

The event attracted celebrities such as Anne Hathaway, Whoopi Goldberg, and Billy Porter, with ticket prices ranging from $500 to $1 million. Harris specifically emphasized that artificial intelligence and cryptocurrency are essential components of her vision for an “opportunity economy,” aimed at enhancing the competitiveness of the United States through technological innovation. Data from Polymarket indicates that Harris is leading in four out of six key swing states, with a 51% chance of winning the presidency.[17]

Additionally, Donald Trump has increased his engagement with the cryptocurrency community, recently promoting his son’s DeFi project, World Liberty Financial, at the Bitcoin-themed bar PubKey in Greenwich Village, New York.[18]

Funding News

On September 23, three projects announced funding rounds, with the highest amount reaching $4 million. The total funding exceeded $6 million, focusing on infrastructure and DeFi sectors:[19]

Zulu Network —— Zulu Network has completed a seed round of funding, with the amount undisclosed. Investors include Draper Dragon, CGV, PANONY, and D11 Labs. The architecture of Zulu Network sets a new standard for scalability and interoperability within the Bitcoin ecosystem. It combines the security of the Bitcoin blockchain with EVM compatibility, enabling developers to create decentralized applications that leverage the strengths of both Bitcoin and Ethereum.

Helix Labs —— Helix Labs has completed a $2 million funding round, with major investors including Tribe Capital and EMURGO Ventures. The protocol aims to maximize returns for non-Ethereum L1 asset holders through re-staking, while supporting liquidity abstraction for MoveVM Rollup and OmniVM in the future. This initiative will unlock approximately $12 billion in liquidity within the Cardano ecosystem, allowing ADA holders to earn liquidity staking tokens while staking ADA, which can then be bridged to the DeFi ecosystem via Movement.[20]

LogX —— LogX, a DeFi super application, has announced the completion of its latest funding round, raising $4 million with Gate Labs participating as a strategic investor. This funding will help LogX expand its decentralized trading platform and introduce leveraged prediction market features, aiming for a launch on the TON blockchain by the end of 2024. Since its launch in 2023, LogX has attracted over 1 million users and surpassed $20 billion in trading volume, with this financing expected to further enhance its product offerings and market reach across more than 50 blockchains.[21]

Airdrop Opportunities

LogX
The LogX Foundation has announced the launch of the $LOGX Airdrop Checker, rewarding users who participated in LogX V1 and the LogX testnet. Eligible users can claim tokens for free, with no transaction fees required. LogX focuses on providing liquidity solutions for perpetual contracts, aggregating liquidity from various chains. Users won’t need to pay gas fees or execute multiple transactions for each operation.[22]

In the first quarter, 12% of tokens will be allocated to all users up to this point, with 9% unlocking at the Token Generation Event (TGE) and the remaining 3% after the lock-up period ends. Users holding more than 50,000 $LOGX will see 50% of their airdrop allocation start at TGE, subject to a 3-month lock-up period. Any unallocated tokens will return to a future community rewards pool.

How to Participate:

1. Visit: https://app.logx.network/airdrop-checker

2. Check your eligibility for the airdrop and claim your $LOGX tokens.
   
   
   Reference：

3. Gate.io, https://www.gate.io/price

4. Gate.io, https://www.gate.io/trade/BTC_USDT
5. Gate.io, https://www.gate.io/trade/ETH_USDT
6. SosoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
7. SosoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
8. Coingecko, https://www.coingecko.com/en/categories
9. Yahoo Finance, https://finance.yahoo.com/markets/
10. Investing, https://www.investing.com/currencies/xau-usd
11. Gate.io, https://www.gate.io/bigdata/homeindex
12. SosoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
13. SosoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
14. Investing, https://www.investing.com/currencies/xau-usd
15. RWA, https://app.rwa.xyz/commodities
16. X, https://x.com/RWA_xyz/status/1838267967265788130
17. X, https://x.com/Lombard_Finance/status/1837957176436183330
18. Gmgn, https://gmgn.ai/eth/address/0x105a76b05bd6d799fc28ebec7ff99d762cb9ea4c
19. Bloomberg, https://www.bloomberg.com
20. Reuters, https://www.reuters.com
21. Rootdata, https://www.rootdata.com/Fundraising
22. GlobeNewswire, https://www.globenewswire.com
23. X, https://x.com/LogX_trade/status/1837848353058799974

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Disclaimer
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