TL;DR

• Over the past 24 hours, Bitcoin (BTC) dropped 0.28%, trading at $56,743.10 as of 4:00 UTC. Ethereum (ETH) fell 0.81% to $2,396, as market volatility persists.
• Altcoins weakened alongside the broader market, though some tokens saw gains due to positive news. ChatAI surged 81.81% in a single day.
• As of 4:00 UTC, the S&P 500 index fell 0.30%, while the Nasdaq inched up 0.05% and the Dow Jones dropped 0.54%.
• U.S. August ADP employment data showed an increase of 99,000 jobs, falling short of the expected 145,000, marking the smallest gain since 2021.
• Decentralized derivatives protocol GMX launched the GLV liquidity vault, aiming to improve capital efficiency and offer higher returns for liquidity providers.
• Four projects announced new funding rounds, with the largest raising $30 million. Total funding exceeded $36 million, focusing on DePIN, DeFi, and gaming sectors.

Market Analysis

According to Gate.io, as of 4:00 (UTC+0) on September 6[1]:

• BTC —— Bitcoin’s price declined by 0.28% over the past 24 hours, trading at approximately $56,743.31 as of 4:00 (UTC+0) on September 6. The 24-hour high was $59,825, and the low was $55,611. Over the past week, BTC’s candlestick chart has formed a downward adjustment channel with weak momentum. If the price breaks below the recent low of $55,611 and the lower bound of the channel, it may continue to decline towards the lower end of the daily top adjustment range[2].

• ETH —— Ethereum’s price dropped by 0.81% over the past 24 hours, trading at approximately $2,396 as of 4:00 (UTC+0) on September 6. The 24-hour high was $2,564, and the low was $2,306. Ethereum has been in a steady decline throughout the day, oscillating above a high-volume trading zone. This sideways movement may continue through the weekend[3].

ETFs —— According to SoSoValue data, on September 5, U.S. Bitcoin spot ETFs saw a net outflow of $210 million[4], while U.S. Ethereum spot ETFs experienced a net outflow of $152,000[5].

Altcoins —— Following BTC’s decline, most altcoins dropped over the past 24 hours, though some tokens rose on positive news.

U.S. Stock Market —— As of 4:00 (UTC+0) on September 6, the S&P 500 index fell by 0.30%, the Nasdaq index edged up by 0.05%, and the Dow Jones index declined by 0.54%[6].

Spot Gold —— As of 4:00 (UTC+0) on September 6, spot gold was priced at $2,517.66 per ounce, up 0.04% for the day[7].

Fear and Greed Index —— The Fear and Greed Index stands at 22, indicating extreme fear in the market, with continued declines and a pessimistic outlook among investors[8].

Top Performers

According to Gate.io, based on trading volume and price performance over the past 24 hours, the following are the top-performing altcoins as of 4:00 (UTC+0) on September 6[1]:

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ChatAI —— Surged approximately 81.81% in a single day, with a circulating market cap of $4.65 million.
ChatAI is a Solana-based social and gaming platform powered by AI. It has accumulated over 2 million users, primarily from Japan, Taiwan, Hong Kong, Nigeria, and Vietnam. Leveraging Stanford’s AI gaming model and OpenAI’s algorithm, ChatAI launched its first AI-powered game, ChatAI Town. On September 6, ChatAI announced its upcoming listing on two exchanges, likely fueling the significant price surge[9].

KITE AI —— Daily gain of approximately 68.28%, with a trading volume of $257 million.

KITE AI transforms intelligent chat into real value, allowing users to earn tokens through conversations.

On September 3, KITE AI launched the “Kite AI Trading Competition,” with a prize pool valued at $23,000. On September 5, KITE AI tweeted: “We are about to witness the peak. The journey may be tough, but the rewards will be plentiful,” potentially hinting at a future airdrop. This speculation around an airdrop may have been a key factor driving its significant price increase in a single day[10].

GEMS —— Daily gain of approximately 35.54%, with a circulating market capitalization of $71.17 million.
Gems, a cryptocurrency incubation platform, is dedicated to identifying the most visionary and technologically advanced blockchain projects. It boasts a global network of over 3,500 community managers across 140 countries and has a track record of raising more than $196 million to support early-stage ventures.
On September 5, Gems announced that it raised approximately $25 million in the first five rounds of its private sale, with participation from 4,200 projects. This significant fundraising achievement likely contributed to the token’s sharp price increase[11].

Data Highlights

Total Bitcoin Runes Minted Surpasses 50 Million
According to data from IntoTheBlock, the total number of Bitcoin Runes minted has exceeded 50 million. As shown in the chart, minting volume continues to grow steadily, indicating that the Runes ecosystem remains active with ongoing use cases. Although the initial surge of speculation has subsided, the stable user base and consistent traffic around Runes may lead to the development of high-quality projects and protocols in the future, potentially sparking a new wave of growth in the Runes ecosystem[12].

Bitcoin Spot ETFs See $210 Million Net Outflow on September 5
According to SoSoValue data, U.S. Bitcoin spot ETFs experienced a net outflow of $210 million on September 5, with a total daily trading volume of $1.35 billion. The cumulative net inflow stands at $17.06 billion, and the total value of BTC managed by ETFs is $50.73 billion, representing 4.58% of Bitcoin’s total market capitalization. Of the $210 million in daily net outflows, Fidelity’s FBTC accounted for $149 million, or 71% of the total[13].

Ethereum Spot ETFs See $152,000 Net Outflow on September 5
According to SoSoValue data, U.S. Ethereum spot ETFs recorded a net outflow of $152,000 on September 5, with a total daily trading volume of $108 million. The cumulative net outflow stands at $562 million, and the total value of ETH managed by ETFs is $6.49 billion, representing 2.28% of Ethereum’s total market capitalization[14].

Stablecoin Holdings on Ethereum Exchanges Drop from $37.49 Billion to $34.17 Billion
According to Nansen data, stablecoin outflows from Ethereum exchanges have persisted since August 26, decreasing from $37.49 billion to $34.17 billion. This marks a reversal of the upward trend in stablecoin deposits seen from August 3 to August 25[15]. During this time, the market rebounded from early August to late August before starting a correction.

When large amounts of stablecoins flow out of exchanges, it may indicate that investors are moving funds to cold wallets or withdrawing them, suggesting they prefer holding stablecoins over other cryptocurrencies. This could signal bearish market sentiment, with increasing risk aversion and uncertainty about future market direction. Continued stablecoin outflows could reduce exchange liquidity, potentially leading to increased market volatility.

U.S. August ADP Employment Growth at 99,000, the Lowest Since 2021
In August, U.S. ADP employment grew by 99,000, significantly below the expected 145,000, marking the smallest increase since 2021. Additionally, July’s figure was revised down from 122,000 to 111,000, further indicating that the labor market is entering a slowdown phase. The ADP employment report reflects changes in the number of employed workers at U.S. private companies each month. Released by ADP, this data serves as an important indicator of labor market conditions in the U.S. If ADP employment figures rise, it could signal an increase in economic activity, whereas a decline might suggest a reduction[16].

Spotlight Analysis

GMX Launches GLV to Enhance Liquidity Utilization
The decentralized derivatives protocol GMX has introduced the GMX Liquidity Vaults (GLV), which employ a dynamic liquidity allocation mechanism to automatically adjust and redistribute capital across different GM pools based on utilization and demand. This ensures that liquidity flows to the trading pairs that need it most, offering traders deeper liquidity while enhancing capital efficiency for liquidity providers (LPs)[17].

The first GLV vault, [WETH-USDC], has been launched on Arbitrum, covering trading pairs such as ETH, DOGE, NEAR, ATOM, SHIB, XRP, and LTC. The vault will dynamically adjust fund allocation in GM pools according to market demand. If this vault performs well, more GLV vaults may be launched in the future. With GLV, liquidity in GMX V2 can now be provided not only through single GM pools but also through automatically rebalancing GLV pools. LPs earn income through leveraged trading, lending, and swaps.

As shown in the chart, BTC/USD and ETH/USD have the highest locked values, at $120 million and $100 million, respectively, but their utilization rates are only 24.5% and 23.38%. In contrast, the GMX/USD pair has the highest capital utilization rate at 75.66%. This indicates that some trading pairs in the GMX market have low liquidity utilization, and GLV can dynamically adjust liquidity distribution to improve capital efficiency and increase returns for LPs[18].

Vitalik Buterin to Donate All Profits from L2 and Other Project Tokens
On September 6, Ethereum co-founder Vitalik Buterin announced on the X platform his decision to donate all profits from the L2 tokens or other project tokens he holds, to support public goods within the Ethereum ecosystem , or broader charitable causes, such as biomedical research. Since 2018, he has not sold or retained Ethereum profits for personal gain. Vitalik also emphasized: “I also do not intend to invest in L2s or other token projects in the foreseeable future. My goal with giving project money is to support things that I think are valuable, especially in cases where other parts of the ecosystem might undervalue them.”[19].

As of 6:00 AM UTC on September 6, Vitalik Buterin’s cryptocurrency holdings are estimated at around $573 million, with the majority coming from his ETH holdings, approximately 240,069 tokens[20].

Mastercard Partners with Mercuryo to Launch Non-Custodial Crypto Payment Debit Card
Payment giant Mastercard has partnered with European crypto payment infrastructure provider Mercuryo to launch a Euro-denominated debit card. The card allows users to spend cryptocurrency directly from their self-custody wallets at any merchant that supports Mastercard. Self-custody wallets give users full control over the security of their assets without relying on centralized platforms. Service fees include a €1.60 issuance fee, a €1 monthly maintenance fee, and a 0.95% withdrawal fee charged by Mercuryo[21].

As a key player in the global financial market, Mastercard’s credit card transaction volume reached $3.445 trillion by the end of 2023, with debit and prepaid card transaction volume at $4.437 trillion and over 1.024 billion cards issued[22]. This partnership is expected to drive cryptocurrency adoption and further bridge the gap between crypto assets and traditional payment systems.

Funding News

According to RootData[23], four projects announced fundraising on September 5, with the largest round being $30 million. The total raised exceeded $36 million, covering sectors such as DePIN, DeFi, and gaming:

Balance – Balance secured $30 million in funding, led by Andreessen Horowitz (a16z) and Galaxy Interactive, with participation from Gate Labs, Animoca Brands, DWF Labs, Amber Group, and Aptos. Balance is a Web3 gaming ecosystem platform that integrates social features, the Balance wallet, Balance ID, and zkEVM technology to achieve decentralized scalability and security[24].

Vanilla Finance – Vanilla Finance announced the completion of a new strategic funding round, with participation from HTX Ventures, UOB Ventures, ABCDE Labs, Pluto, Paper Ventures, Open Space, and Y2. The specific amount was not disclosed. Vanilla Finance is a decentralized derivatives trading platform that has achieved over $3 billion in trading volume and attracted 500,000 users.

Arris – DeFi ecosystem airdrop aggregator platform Arris announced the completion of a new funding round, with investment from CGV FoF, K24 Ventures, DMAIL.AI, and Alco Holdings. The amount was not disclosed. Arris is an on-chain interaction and growth platform designed to integrate DEX, IMO, and DAO into a comprehensive DeFi ecosystem airdrop platform.

Puffpaw – Puffpaw, a DePIN project in the Berachain ecosystem, completed a $6 million seed round led by Lemniscap Ventures, with participation from Spartan Group, Hypersphere Ventures, Folius Ventures, Volt Capital, Social Graph Ventures, and others. Puffpaw uses blockchain technology to track users’ smoking habits, rewarding them with tokens through a “vape-to-earn” mechanism to help reduce nicotine intake[25].

Airdrop Opportunities

EigenLayer
EigenLayer is a decentralized restaking protocol that allows users to not only earn interest through staking but also use their staking credentials to support other potential projects, thereby earning additional rewards. The project has announced its second-season staking airdrop, with plans to distribute 5% of the total supply,equating to approximately 86 million EIGEN tokens.

The airdrop will commence on September 17, 2024, with token distribution as follows:

• Stakers and Node Operators: 70 million EIGEN tokens will be distributed to users who staked ETH or EIGEN tokens during the second season.
• Ecosystem Partners: Eligible AVS, LRT, Rollup, RaaS projects, and key contributors within the EigenLayer ecosystem will receive 10 million EIGEN tokens.
• EigenLayer Community: Early supporters, contributors, and projects that have supported EigenLayer since its inception will be allocated 6 million EIGEN tokens.

This airdrop aims to reward stakers and the community for their contributions , and to promote decentralization and community engagement within the EigenLayer ecosystem.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.com/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.com/assets/etf/us-eth-spot
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata/homeindex
9. Gate.io, https://www.gate.io/price/chatai-chatai
10. Gate.io, https://www.gate.io/price/kite-ai-kiteai
11. Gate.io, https://www.gate.io/price/gems-gems
12. intotheblock, https://app.intotheblock.com/coin/BTC/deep-dive?group=runes&chart=all
13. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
14. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
15. Nansen, https://app.nansen.ai/
16. Trading Economics, https://tradingeconomics.com/united-states/adp-employment-change
17. X，https://x.com/GMX_IO/status/1831403607972892737
18. GMX, https://app.gmx.io/#/dashboard
19. X, https://x.com/VitalikButerin/status/1831798333410873736
20. Arkham, https://platform.arkhamintelligence.com/explorer/entity/vitalik-buterin
21. Cointelegraph, https://cointelegraph.com/news/mastercard-non-custodial-crypto-spending-card
22. Mastercard, https://investor.mastercard.com/financials-and-sec-filings/annual-reports-and-proxy/default.aspx
23. Rootdata, https://www.rootdata.com/Fundraising
24. Balance, https://balance.fun/
25. X, https://x.com/puffpaw_xyz/status/1831514068521455679

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