Preface:
Bitcoin and Ethereum have risen by 3.3% and 1.1% respectively in the past 24 hours, with current prices at $60,737.5 and $2,630. The ETH/BTC exchange rate remains at 0.05. The Crypto Fear & Greed Index is at 39, indicating fear.

Market Trending

The market consensus expects an interest rate cut in September, though the possibility of a risk-off pullback cannot be ruled out. With changes in election odds and a slightly favorable risk appetite environment, Bitcoin may attempt to break upward again. Meanwhile, the total market capitalization of stablecoins has reached a new all-time high of $165 billion, a growth that typically signals an increase in Bitcoin and cryptocurrency prices. The traditional DeFi sector has also seen a recent recovery, with major tokens like UNI, AAVE, and SNX experiencing significant gains. The total TVL in DeFi has surpassed $100 billion. Market attention is focused on the high-traffic Telegram bot project DOGS in the TON ecosystem, which has been confirmed to list on several major exchanges with an estimated market value exceeding $2 billion. Solana’s meme coin trading volume has sharply declined, and with the launch of Sunpump, market focus is shifting towards Tron ecosystem memes.

Spot Bitcoin ETF Flows

Yesterday, U.S. spot Bitcoin ETFs saw a net inflow of $28.6 million, while GBTC had a net outflow of $9.8 million; BITB had a net inflow of $10 million; and EZBC had a net inflow of $3.5 million. Spot Ethereum ETFs had a net outflow of $18 million, with ETHE experiencing a net outflow of $31.1 million; ETH had a net inflow of $4.2 million; and EZET had a net inflow of $1 million.
In the past 24 hours, BTC’s price saw a recovery, breaking above $61,000 before pulling back slightly, narrowing its daily gain to 3.3%. The market is in a mild recovery phase. Bitcoin’s price has been fluctuating within a 2% range recently, with sellers strongly intervening at the $61,000 level and buyers mostly entering around $59,000. As the market gradually warms up, Bitcoin’s price is expected to rise, and investors should pay close attention.

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Daily Spotlight

Today’s hot project is AAVE, with a 24-hour increase of 19.19%. Aave is an open-source decentralized lending protocol that provides deposit and borrowing services for users. The deposit and loan interest rates for users on both sides are calculated based on the borrowing and deposit amounts on the platform through an algorithm, and the platform uses Chainlink’s oracle to ensure the fairness of collateral prices. Aave implemented Aave Improvement Proposal 1 (AIP1) on October 3, 2020 (block height 10,978,863), converting the platform token LEND to AAVE at a ratio of 100:1. With the recent revival of the DeFi sector, AAVE, as the leading on-chain lending market, has seen its price increase by 41% since Monday. After three consecutive days of gains, its price reached $133.42 on Wednesday. Open interest in AAVE rose from $106.24 million on Monday to $177.55 million on Wednesday, setting a new high for the year. This indicates rising market interest in AAVE, with continuous inflows of new funds supporting the price increase.

Check Out the Latest Prices, Charts, and Data of AAVE/USDT Spot and AAVEUSDT Perp!

The Word on the Street

Kamala Harris will support efforts to promote the growth of the cryptocurrency industry. On August 22, Bloomberg reporter Hadriana Lowenkron reported that Kamala Harris’ campaign aides stated that Harris would support efforts to promote the growth of the cryptocurrency industry, saying, “She will support policies to ensure that emerging technologies and industries like this can continue to develop.” Harris’ team indicated that despite the many high-profile company failures in the industry, they remain interested in implementing safeguards within the industry. “Clearly, they have said that what this industry needs is stable rules and roadmaps,” said Nelson, referring to Harris’ speech last week, where she outlined the preliminary pillars of her economic policy.

Potential Airdrop

Bitcoin staking protocol Babylon announced on X that next week will mark the launch of the first phase of its Bitcoin staking mainnet. Bitcoin holders can begin locking BTC for staking. The protocol will be launched in three phases: Phase 1: Bitcoin locking, where users can lock their Bitcoin in a secure self-custody script through Bitcoin transactions; Phase 2: Activate Bitcoin staking and launch the Babylon PoS chain; Phase 3: Activate multi-staking for Bitcoin, allowing users to stake the same Bitcoin in multiple PoS systems simultaneously. The initial total staking cap is 1,000 BTC, with the cap being relaxed as Phase 1 progresses. In Phase 1, the maximum staking period is 64,000 Bitcoin blocks, approximately 15 months.