Gate Research Institute: Bitcoin spot ETF net inflow of 3.6 billion US dollars, the market rebounded strongly, and multiple sectors increased significantly
BTC and ETH performed strongly, with a 3.19% and 2.01% increase in the past 24 hours, respectively. Currently, the price is testing the resistance level at $66,000.
The total net inflow of Bitcoin spot ETF in the United States yesterday was 3.66 billion US dollars, and the total net outflow of Ethereum spot ETF in the United States was 680,000 US dollars.
Many altcoins have outperformed the broader market, especially Cross-chain Communication, BRC-20, and Dog meme coin sectors.
XION and Sei Network Integration: Driving Innovation in Cross-Chain Interoperability and User Experience
Avalanche launches a $40 million grant program paving the way for 'Avalanche9000' upgrade.
The US Department of Justice's lawsuit against Tornado Cash developers will enter the trial phase.
In the past 24 hours, only 1 project in the DEPIN sector announced that it has received a financing of $10.8 million.
Market Commentary
According to gate market data, as of 4:00 on September 27 (UTC+0) [1]:
BTC —— The price of BTC has risen by 3.19% in the past 24 hours, and the current price is $65,169, with the highest price in the past 24 hours being $65,807 and the lowest price being $62,677. Currently, it is testing the $66,000 resistance level. If it can break through with volume, the next target will be the $70,000 resistance level.【2】
ETH - ETH price rose by 2.01% in the past 24 hours, currently priced at $2,632, with a 24-hour high of $2,666 and a low of $2,560. Although ETH is also in a rising channel, its trend is weaker compared to BTC, currently oscillating at a high level.【3】
SOL - The price of SOL has risen by 5.11% in the past 24 hours, and the current price is 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 is expected to continue to challenge the upper resistance level in the short term.【4】
ETF - According to SoSoValue data, the total net inflow of Bitcoin spot ETF in the United States on September 26 was 366 million US dollars [5], and the total net outflow of Ethereum spot ETF in the United States was 680,000 US dollars [6]
Altcoins - performed well under the rise of Bitcoin, with most altcoins outperforming the market. Among them, Cross-chain Communication, BRC-20, and Dog Meme Plate rose by 13.6%, 12.6%, and 12.6% respectively. [7]
U.S. three major indexes - the S&P 500 rose 0.40%, the NASDAQ rose 0.60%, and the Dow Jones rose 0.62%. 【8】
Spot Gold - The spot gold price is $2,670.35 per ounce, down 0.08% intraday.[9]
Fear and Greed Index - The Fear and Greed Index is at 61, reaching a new high in the past month, indicating a greedy market sentiment. BTC price has rebounded in the past 24 hours, and the market sentiment has become more optimistic, strengthening investors' confidence in encryption currencies. 【10】
Popular Tokens
According to the gate market data, combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows:
REEF - The daily increase is about 32.5%, with a circulating market value of 129 million US dollars.
Reef Reef is a fast and scalable L1 blockchain built for Decentralized Finance, Non-fungible Token, and Gaming. The ecosystem projects include Sqwid, Klever, Hypersign, etc. The investors include NGC Ventures, LD Capital, etc.
Reef's recent collaboration with Pigmo has expanded its presence in the blockchain Gamblefi sector, attracting more industry attention. In addition, Reef's support and empowerment of developers has been reflected, and its collaboration with ViaLabs further consolidates the value of the Reef chain. These strategic partnerships may be important factors driving its price surge in a single day. [11]
MYRIA —— The daily increase is about 28.0%, with a market capitalization of 94.28 million U.S. 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 more than 270 projects and 500,000 users in the ecosystem, continuously driving the growth and innovation of the platform.
Recently, the Myria team shared their upcoming mobile game '360 Cricket' and its Web 3.0 technology integration plan during an AMA, sparking market interest in the platform. With the release of a new Non-fungible Token series and PvP mode updates, market expectations for the Myria ecosystem have increased significantly, which may be an important driving factor for this price increase. 【12】【13】
XEC - Up approximately 20.1% in a single day, with a circulating market value of 30.25 million US dollars.
eCash is a blockchain project designed for global scalability. Recently launched multiple technology upgrades further enhance its network performance and user experience.
Through the Avalanche pre-consensus mechanism, eCash achieves almost 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, which helps creators tokenize and monetize non-fungible tokens on its network. These innovative features, along with the improvement of developer tools, may be important factors driving the rise in XEC price. [14][15]
Highlights Data
Bitcoin ETF saw a net inflow of 366 million US dollars yesterday
According to Sosovalue data, the net inflow of Bitcoin spot ETF in the United States yesterday (September 26) was 366 million US dollars, with a total daily trading volume of 2.43 billion US dollars. The cumulative net inflow amount is 18.31 billion US dollars, and the total value of BTC managed by the ETF is 60.03 billion US dollars, accounting for 4.70% of the total market capitalization.
Ethereum ETF 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 amount is $582 million, 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, Bitcoin Bid/Ask Ratio
According to Coinglass data, as of 4:00 on September 27th (UTC+0), the Bitcoin holding weighted funding rate is 0.0072%【16】, and the Ethereum holding weighted funding rate is 0.0069%【17】. In the past 24 hours, the overall Bitcoin contract long/short ratio is mainly short, while the Ethereum contract is mainly long, leading to a divergence【18】. The total contract liquidation amount across the network in the past 24 hours is approximately 142 million US dollars, with short liquidation contracts exceeding 94.76 million US dollars【19】.
South Korea's Bitcoin premium index hits a new low of -1.16 in a year, with market sentiment shifting towards altcoins
This change may be related to the expectation 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. As the market dynamics change, more investors may reassess their asset allocations in the coming months. [20]
Hotspot Review
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 the high-performance environment built by Sei for developers and XION's user-centric Layer 1 blockchain, promoting 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 technical capabilities but also solves the problem 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 a $40 million grant program aimed at incentivizing developers to create innovative protocols within the blockchain ecosystem. The program, called Retro9000, is strategically designed to attract and support developers working on the Avalanche public chain ahead of the upcoming Avalanche9000 upgrade.
Avalanche9000 is expected to be the largest upgrade of the Avalanche mainnet since its launch in 2020. It aims to make the first-layer blockchain on the Avalanche network more economical, easier to customize, and maintain. The specific date of Avalanche9000 has not been determined, but the testnet will be launched in October. [22]
Vitalik: Robot market-making DEX is a cross-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 become apparent over the past decade, which is the DEX with robotic market makers. There are many promising approaches to expanding it to prediction markets and arbitration games in DAO.' [23]
The advantages of robot market making are that it can operate 24/7 without being restricted by human operations, ensuring that there are always buyers and sellers in the market, 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, dropping the entry barrier to 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 withdraw 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 accusations. Currently, Roman Storm's trial is scheduled to begin on December 2nd in New York and is expected to last two weeks. If convicted on all 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 due to its widespread use in money laundering and other illegal activities, it faces serious legal risks and regulatory pressures. Previously, in August of 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, key events including the indictment of its developers, the deletion of project code, and the arrest of co-founders, ultimately leading to multiple legal and policy issues related to encryption currencies.
The legal compliance issues of Tornado Cash have had a profound impact on future encryption projects, mainly manifested 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 native anonymity of encryption with market compliance is a crucial consideration for future encryption market projects.
Financing Information
According to RootData statistics, only 1 project publicly announced financing in the past 24 hours, with a financing amount of $10.8 million, involving the DEPIN sector: [24]
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 a node license sale in the fourth quarter of this year to expand infrastructure. It breaks the bottleneck of real-time rendering infrastructure supply and the lack of local computing power on XR devices. The project achieves this by orchestrating a Decentralization network consisting 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 24, which are an important part of the WalletConnect network, driving 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 aims to reward users and builders who have contributed to the development of the network, Web3, and the on-chain user experience. The registration for Season 1 Airdrop will start on September 24, 2024 and end on October 18. The eligibility audit results will be announced in November. The first season Airdrop will distribute 50 million WCT, which is 5% of the initial total supply.
Registration Steps:
Visit the Airdrop registration page, https://airdrop.walletconnect.network/
Click 'Register here', accept the terms, and connect an Ethereum wallet Address. It is recommended to use WalletConnect for connection to ensure data integrity.
WalletConnect is moving towards a fully Decentralization network and is expected to be achieved by 2025. The WCT token will be launched in 2024, and transferability will be opened shortly after.
> Hint:
Airdrop plans and participation methods may be updated at any time. Users are advised to follow the official channels of WalletConnect for the latest information. At the same time, users should participate with caution, be aware of the risks, and conduct thorough research before participating. gate does not guarantee the distribution of subsequent Airdrop rewards.
Gate Research Institute
Gate Research Institute is a comprehensive blockchain and encryption currency research platform, providing Depth content to readers, including technical analysis, hot spot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
DisclaimerInvestment in the encryption currency market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Gate Research Institute: Bitcoin spot ETF net inflow of 3.6 billion US dollars, the market rebounded strongly, and multiple sectors increased significantly
Summary
Market Commentary
According to gate market data, as of 4:00 on September 27 (UTC+0) [1]:
Popular Tokens
According to the gate market data, combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows:
REEF - The daily increase is about 32.5%, with a circulating market value of 129 million US dollars.
Reef Reef is a fast and scalable L1 blockchain built for Decentralized Finance, Non-fungible Token, and Gaming. The ecosystem projects include Sqwid, Klever, Hypersign, etc. The investors include NGC Ventures, LD Capital, etc.
Reef's recent collaboration with Pigmo has expanded its presence in the blockchain Gamblefi sector, attracting more industry attention. In addition, Reef's support and empowerment of developers has been reflected, and its collaboration with ViaLabs further consolidates the value of the Reef chain. These strategic partnerships may be important factors driving its price surge in a single day. [11]
MYRIA —— The daily increase is about 28.0%, with a market capitalization of 94.28 million U.S. 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 more than 270 projects and 500,000 users in the ecosystem, continuously driving the growth and innovation of the platform.
Recently, the Myria team shared their upcoming mobile game '360 Cricket' and its Web 3.0 technology integration plan during an AMA, sparking market interest in the platform. With the release of a new Non-fungible Token series and PvP mode updates, market expectations for the Myria ecosystem have increased significantly, which may be an important driving factor for this price increase. 【12】【13】
XEC - Up approximately 20.1% in a single day, with a circulating market value of 30.25 million US dollars.
eCash is a blockchain project designed for global scalability. Recently launched multiple technology upgrades further enhance its network performance and user experience.
Through the Avalanche pre-consensus mechanism, eCash achieves almost 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, which helps creators tokenize and monetize non-fungible tokens on its network. These innovative features, along with the improvement of developer tools, may be important factors driving the rise in XEC price. [14][15]
Highlights Data
Bitcoin ETF saw a net inflow of 366 million US dollars yesterday According to Sosovalue data, the net inflow of Bitcoin spot ETF in the United States yesterday (September 26) was 366 million US dollars, with a total daily trading volume of 2.43 billion US dollars. The cumulative net inflow amount is 18.31 billion US dollars, and the total value of BTC managed by the ETF is 60.03 billion US dollars, accounting for 4.70% of the total market capitalization.
Ethereum ETF 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 amount is $582 million, 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, Bitcoin Bid/Ask Ratio According to Coinglass data, as of 4:00 on September 27th (UTC+0), the Bitcoin holding weighted funding rate is 0.0072%【16】, and the Ethereum holding weighted funding rate is 0.0069%【17】. In the past 24 hours, the overall Bitcoin contract long/short ratio is mainly short, while the Ethereum contract is mainly long, leading to a divergence【18】. The total contract liquidation amount across the network in the past 24 hours is approximately 142 million US dollars, with short liquidation contracts exceeding 94.76 million US dollars【19】.
South Korea's Bitcoin premium index hits a new low of -1.16 in a year, with market sentiment shifting towards altcoins
This change may be related to the expectation 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. As the market dynamics change, more investors may reassess their asset allocations in the coming months. [20]
Hotspot Review
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 the high-performance environment built by Sei for developers and XION's user-centric Layer 1 blockchain, promoting 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 technical capabilities but also solves the problem 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 a $40 million grant program aimed at incentivizing developers to create innovative protocols within the blockchain ecosystem. The program, called Retro9000, is strategically designed to attract and support developers working on the Avalanche public chain ahead of the upcoming Avalanche9000 upgrade.
Avalanche9000 is expected to be the largest upgrade of the Avalanche mainnet since its launch in 2020. It aims to make the first-layer blockchain on the Avalanche network more economical, easier to customize, and maintain. The specific date of Avalanche9000 has not been determined, but the testnet will be launched in October. [22]
Vitalik: Robot market-making DEX is a cross-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 become apparent over the past decade, which is the DEX with robotic market makers. There are many promising approaches to expanding it to prediction markets and arbitration games in DAO.' [23]
The advantages of robot market making are that it can operate 24/7 without being restricted by human operations, ensuring that there are always buyers and sellers in the market, 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, dropping the entry barrier to 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 withdraw 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 accusations. Currently, Roman Storm's trial is scheduled to begin on December 2nd in New York and is expected to last two weeks. If convicted on all 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 due to its widespread use in money laundering and other illegal activities, it faces serious legal risks and regulatory pressures. Previously, in August of 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, key events including the indictment of its developers, the deletion of project code, and the arrest of co-founders, ultimately leading to multiple legal and policy issues related to encryption currencies.
The legal compliance issues of Tornado Cash have had a profound impact on future encryption projects, mainly manifested 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 native anonymity of encryption with market compliance is a crucial consideration for future encryption market projects.
Financing Information
According to RootData statistics, only 1 project publicly announced financing in the past 24 hours, with a financing amount of $10.8 million, involving the DEPIN sector: [24]
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 a node license sale in the fourth quarter of this year to expand infrastructure. It breaks the bottleneck of real-time rendering infrastructure supply and the lack of local computing power on XR devices. The project achieves this by orchestrating a Decentralization network consisting 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 24, which are an important part of the WalletConnect network, driving 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 aims to reward users and builders who have contributed to the development of the network, Web3, and the on-chain user experience. The registration for Season 1 Airdrop will start on September 24, 2024 and end on October 18. The eligibility audit results will be announced in November. The first season Airdrop will distribute 50 million WCT, which is 5% of the initial total supply.
Registration Steps:
WalletConnect is moving towards a fully Decentralization network and is expected to be achieved by 2025. The WCT token will be launched in 2024, and transferability will be opened shortly after.
> Hint: Airdrop plans and participation methods may be updated at any time. Users are advised to follow the official channels of WalletConnect for the latest information. At the same time, users should participate with caution, be aware of the risks, and conduct thorough research before participating. gate does not guarantee the distribution of subsequent Airdrop rewards.
Reference:
Gate Research Institute Gate Research Institute is a comprehensive blockchain and encryption currency research platform, providing Depth content to readers, including technical analysis, hot spot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Click link to go now.
Disclaimer Investment in the encryption currency market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.