Preface:
Bitcoin and Ethereum have decreased by 0.16% and 3.77% respectively in the past 24 hours, with current prices at $59,189 and $2,533. The ETH/BTC exchange rate remains at 0.04. The Crypto Fear & Greed Index is at 29, indicating a state of fear.

Market Trending

From a macro perspective, the FOMC minutes and Powell’s dovish stance have boosted Bitcoin, potentially squeezing shorts and pushing prices higher. However, after the recent rebound, a further dip is expected to prepare for the next major uptrend. Meanwhile, Nasdaq is seeking SEC approval to launch Bitcoin index options, highlighting the increasing involvement of traditional capital in the crypto space. This could improve liquidity in the crypto market and potentially trigger a rally in altcoins. Nvidia’s expected third-quarter revenue is $32.5 billion, surpassing market expectations of $31.9 billion. The financial markets are generally recovering from the impact of the Yen rate hike.
In market highlights, Telegram CEO Pavel Durov has been formally charged and is out on bail after paying 5 million euros, prohibited from leaving France. He is also under investigation in Switzerland following allegations of child abuse by a former partner. After a rebound, TON’s price has slightly retraced, with its intraday gains narrowing. The leading meme token on the TON ecosystem, DOGS, saw a surge yesterday, possibly influenced by mainstream media support for Telegram’s CEO. DEX trading volume on Solana has recently reached new highs, with active capital driving up ecosystem projects. In contrast, DeFi has once again fallen silent, with AAVE, which previously led the gainers list, losing momentum, now down nearly 20% from its recent highs.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs saw a total net outflow of $127 million, marking the first net outflow after eight consecutive days of inflows, with 10 Bitcoin spot ETFs reducing their holdings by 1,861 BTC. GBTC saw a net outflow of $8 million; ARKB had a net outflow of $59.3 million; BTC had a net outflow of $8.8 million; and EZBC had no inflows or outflows. In the past 24 hours, BTC has experienced a steady decline, reaching a low of $58,000. This decline is seen as a secondary bottom after the market’s recent short-term surge, possibly preparing for the next major uptrend.
On the other hand, U.S. Ethereum spot ETFs had a net inflow of $5.85 million yesterday. ETHE saw a net outflow of $3.8 million; ETHW had a net inflow of $1.9 million; while CETH, EZET, and ETH saw no inflows or outflows. ETH’s price recovered slightly yesterday, but on-chain Gas fees remain at 1 Gwei, indicating a lack of market hotspots and high uncertainty in future movements.

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Daily Spotlight

Today’s hot project is IDEX, with a 24-hour increase of 37.8%.
IDEX (IDEX), launched in 2017, is a decentralized exchange with centralized features, enabling faster trading on Ethereum and Polkadot. IDEX combines a high-performance order book and matching engine with an Automated Market Maker (AMM). The platform integrates the advantages of centralized and decentralized exchanges, offering the performance and features of a traditional order book with the security and liquidity of an AMM. IDEX allows traders to secure the best spreads, avoid failed trades, and provides ample liquidity. It uses an order book instead of an AMM model and requires KYC verification. The IDEX token is used for staking to validate transactions. IDEX is about to launch its mainnet, with market makers set to join the production version. This is the final step before the first Omnichain Perpetuals DEX IDEX goes live. The release date will be announced soon.

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The Word on the Street

Durov was bailed out after being charged and is prohibited from leaving France. On August 29, Xinhua News Agency reported that the Paris prosecutor’s office announced on the 28th that Telegram founder and CEO Pavel Durov, who was previously arrested in France, was charged after his detention ended. He was released on bail under judicial supervision but is prohibited from leaving France. Paris prosecutor Laure Beccuau stated in a press release that Durov was charged on the evening of the 28th, and while released on bail, he must pay a 5 million euro bond, report to the police twice a week, and is prohibited from leaving French territory. Previously, it was reported that French government authorities were investigating illegal activities on the Telegram platform, including fraud, drug trafficking, organized crime, child pornography, and promoting terrorism. Durov is accused of failing to take appropriate measures to prevent these crimes. On the 26th, the Paris prosecutor’s office issued a press release stating that a judicial investigation, which began on July 8, includes 12 charges not directed at specific individuals, leading to Durov’s arrest.

Potential Airdrop

Fuel is a UTXO-based modular execution layer that brings globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in ways that monolithic chains cannot, while inheriting Ethereum’s security. In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Several top-tier investment institutions participated, including CoinFund, Bain Capital Crypto, and TRGC. Participants can earn points by depositing tokens accepted by Fuel. For every $1 deposited, participants earn 1.5 points per day: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe and stETH；