Preface:
Bitcoin and Ether have risen by 1.83% and 3.47%, respectively, over the past 24 hours, with current prices of $57,781 and $2,449. The ETH/BTC exchange rate remains at 0.04. The crypto market Fear & Greed Index is at 29, indicating fear.

Market Trending

The crypto market saw a slight recovery yesterday: Following a drop triggered by the Bank of Japan Governor’s statement that rate hikes would continue if economic and price conditions meet expectations, the crypto market experienced a sharp decline the day before, with Bitcoin falling below $55,600 at its lowest point and altcoins dropping by 10%. However, in the past 24 hours, Bitcoin has rebounded to the $57,500-$58,000 range, and the Fear Index has risen to 29, recovering from its lowest level since early August, reflecting the recent weak performance of U.S. stocks. In terms of market hot topics, the native token of the popular community project Ethervista—VISTA—experienced a brief surge to $39 after two days of volatility, setting a new all-time high before settling at $30.77, with a 24-hour increase of 58%. Today, the DeFi sector saw a broad rally, with 1INCH, AAVE, and CRV rising more than 15% in 24 hours. Meanwhile, Penpie, the largest yield aggregator on the Pendle ecosystem, suffered an attack, resulting in a loss of approximately $27 million, leading to the suspension of all deposits and withdrawals, with PNP falling by 35.4% in 24 hours. Grass launched its airdrop claim page, with the first airdrop accounting for 10% of the total supply. STEPN GO opened its test phase today, a new sneaker game from STEPN, driving GMT up by nearly 15% in a single day.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs saw a net outflow of $37.2 million, with Grayscale’s GBTC seeing a net outflow of $34.2 million, Fidelity’s FBTC with a net outflow of $7.6 million, BITB with a net inflow of $9.5 million, and no inflows or outflows for ARKB. On the other hand, U.S. Ethereum spot ETFs saw a net outflow of $47.39 million, with ETHE seeing a net outflow of $40.6 million, ETH with a net inflow of $3.1 million, and no inflows or outflows for CETH or ETHW.

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Daily Spotlight

Today’s hot project is GMT, with a 24h increase of 14.79%. GMT is the governance token for the STEPN project. STEPN is a Web3 game with Move-to-Earn mechanics available on mobile devices, integrating Game-Fi and Social-Fi elements. The app is centered around daily activities—exercise—allowing users to earn in-game currency through walking, jogging, or running outdoors, which can be used in the game or converted into profit. The GMT token, also known as the Green Metaverse Token, is STEPN’s governance token. GMT is fully compatible with the Solana blockchain and uses the SPL token standard. Owners of STEPN sneakers can earn GMT, which grants them access to various in-app features, including sneaker upgrades and new sneaker creation. STEPN GO is a new social lifestyle app launched by STEPN, which officially began testing yesterday. This news led to an increase in GMT price, reaching a peak of $0.1338 with a 24h rise of 14.79%.
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The Word on the Street

Penpie released a report analyzing the attack, revealing a stolen amount of 11,113.6 ETH. A governance vote will be initiated on Snapshot to decide on the compensation plan. Penpie’s report on the attack detailed that their platform was attacked on September 3, leading to the theft of 11,113.6 ETH (worth approximately $27,348,259). Deposits and withdrawals are currently suspended, with the front-end now restored. Penpie is actively working with law enforcement to identify and arrest the attacker and has sent multiple on-chain messages seeking white-hat negotiations but has yet to receive a response. Additionally, Penpie has provided the community with updates on deposits, withdrawals, and other developments. Penpie stated that they will conduct a comprehensive review of all protocols and smart contracts to identify vulnerabilities, audit the protocol regularly, and implement real-time monitoring and automated system pauses to enhance resilience. A post will also be created on the governance forum to collect community suggestions and feedback for the compensation plan, which will be finalized through a governance vote on Snapshot.

Airdrop Claim

On September 5, Grass announced the launch of its airdrop check page. The check page currently reflects distributions for Closed Alpha and Epochs 1-7, excluding ongoing Bonus Epoch or To Be Announced allocations. The total supply will be 1 billion GRASS tokens, with 10% allocated for the first airdrop. The detailed distribution is as follows: Closed Alpha: 1.5%; Epochs 1-7: 7%; Bonus Epoch: 0.5%; To Be Announced: 1%.