TL;DR

• ETH saw a slight increase of 0.28%, hovering around $2,360, with expectations of continued price fluctuations.
• Bitcoin ETFs had a net outflow of $39.02 million yesterday, while Ethereum ETFs recorded a net outflow of $20.14 million.
• 1inch released a white paper for cross-chain innovation, introducing the Fusion+ protocol aimed at simplifying the user experience.
• eToro USA LLC agreed to pay $1.5 million to settle charges with the SEC.
• On September 12, three Web3 projects raised a total of $9.35 million in funding.

Market Analysis

According to Gate.io market data, as of 4:00 (UTC+0) on September 13[1]:

• BTC —— BTC is currently priced at approximately $58,150.4, reflecting a 1.30% daily increase and a 3.66% weekly gain. In the last 24 hours, BTC’s price fluctuated between $57,396.6 and $58,508.7[2].

• ETH —— The 24-hour price increase for ETH is 0.28%, with its current price around $2,360.41. Over the past 24 hours, the highest price reached $2,385.27, while the lowest was $2,319.04. A breakout from the current price range is necessary to determine its future trend[3].

• ETF —— According to SoSoValue data, on September 12, U.S. Bitcoin spot ETFs saw a total net inflow of $27.56 million[4], while U.S. Ethereum spot ETFs recorded a net outflow of $20.14 million[5].
• Altcoins —— The Account Abstraction, Decentralized Identifier (DID), and Cat-Themed sectors rose by 12.45%, 7.23%, and 7.02%, respectively[6].
• U.S. Stock Market —— The three major indices saw gains, with the S&P 500 up 0.75%, the Nasdaq up 1.00%, and the Dow Jones up 0.58%[7].
• Spot Gold —— Gold prices reached $2,558.56 per ounce, marking a 1.88% increase in 24 hours, setting a new all-time high[7].
• Fear & Greed Index —— The index dropped from 37 to 31 compared to the previous day, indicating continued low market volatility with no clear future direction[8].

Top Performers

According to Gate.io market data, based on the past 24 hours’ trading volume and price performance, the following altcoins are trending:

KITEAI —— Surged approximately 45.03% in a single day, with a circulating market cap of $415 million.
KITEAI is a cryptocurrency rewards platform based on smart conversations, where users can earn tokens through daily chats and interactions. By integrating technology and AI, KITEAI offers a new type of chat experience that makes conversations more meaningful while providing users with economic rewards[9].

Recently, the project announced plans to expand into the Korean and Dubai markets, achieving significant success. Additionally, the team hinted at an upcoming partnership with a major player and teased an imminent app upgrade that will offer enhanced services and features. The recent price surge may be related to this news.

SUNDOG —— The token saw a single-day increase of approximately 20.18%, with a circulating market cap of $352 million.

It is a dog-themed meme coin within the TRON ecosystem, launched through a fair issuance on the Sunpump.meme platform. This platform is the first in the TRON ecosystem to support meme coin issuance, trading, staking, mining, and governance[10].

POPCAT —— The token experienced a single-day increase of approximately 13.49%, with a circulating market cap of $655 million.

It is a meme coin on the Solana blockchain, inspired by a popular internet meme. Although it has no official affiliation with the original meme, POPCAT’s market cap has grown significantly in a short period, demonstrating the influence of internet culture on cryptocurrencies[11].

Data Highlights

BTC and ETH Holdings Overview & Long/Short Liquidation Data
As of September 13, 00:00 (UTC+0), the liquidation amount for long contracts was approximately $24.06 million, accounting for 42%, while the liquidation amount for short contracts was around $33.20 million, representing 58%, resulting in a long-to-short ratio of 0.5350. The total BTC holdings across the network amounted to $10.096 billion, while ETH holdings totaled $3.477 billion[13].

Bitcoin ETF Net Outflow of $39.02 Million Yesterday
According to SoSoValue data, on September 12, U.S. Bitcoin spot ETFs recorded a single-day net outflow of $39.02 million, with a total daily trading volume of $1.27 billion. The cumulative net inflow reached $16.995 billion, and the total value of BTC managed by ETFs stands at $51.957 billion, accounting for 4.53% of Bitcoin’s total market capitalization.

Ethereum ETF Net Outflow of $20.14 Million Yesterday
According to SoSoValue data, on September 12, U.S. Ethereum spot ETFs experienced significant capital outflows, with a net outflow of $20.14 million and a total trading volume of $106 million. Cumulative net outflows have risen to $582 million. Currently, the total value of ETH managed by ETFs is approximately $6.45 billion, accounting for 2.38% of Ethereum’s total market capitalization.

Spotlight Analysis

On September 13, Gate.io listed Fractal Bitcoin (FB) for trading
Fractal Bitcoin is a Bitcoin scaling solution developed by the UniSat team, designed to enhance the performance of the Bitcoin network. Its core concept is based on “fractals,” constructing a sidechain that operates parallel to the Bitcoin mainnet, offering dynamic scaling and innovative mining. The total supply of Fractal Bitcoin tokens (FB) is 210 million, with 50% generated through PoW mining. It also introduces NFT-based mining to lower the entry barrier for regular users.

Additionally, 15% of the tokens are allocated to the ecosystem treasury, 10% for community donations, and 5% for presale. The ecosystem treasury and community grants will be distributed at a maximum of 10% annually, over a period of 10 years. This plan supports the long-term development of the Fractal ecosystem.

From a technical perspective, Fractal has introduced an innovative hybrid mining model that combines merged and permissionless mining, offering a new approach to the traditional PoW mechanism. This provides a fresh perspective on how PoW can still ensure security during the transition to PoS. Another key feature is its compatibility with the Bitcoin mainnet, functioning as a “pioneer network” for Bitcoin, providing developers with a real testing environment. The activation of OP_CAT, in particular, signals the start of numerous experiments, further solidifying Fractal’s role as a potential testing ground for future Bitcoin upgrades and innovations.

Currently, Gate.io has launched trading for Fractal Bitcoin (FB).

1inch Releases Cross-Chain Innovation Whitepaper: Launches Fusion+ Protocol to Simplify User Experience
On September 12, 1inch released a whitepaper on cross-chain innovation, introducing Fusion+, an intent-based cross-chain swap protocol aimed at addressing the current issues of poor cross-chain interoperability in DeFi. Fusion+ integrates the advantages of classic atomic swaps and simplifies the user experience with a Dutch auction mechanism and signature-driven operations. The protocol supports major Layer 1 and Layer 2 blockchains, and by abstracting bridges and liquidity venues, it makes cross-chain swaps more efficient and decentralized.

The core advantages of Fusion+ include reducing the need for user interaction, optimizing liquidity competition for the best swap rates, and introducing 1inch solvers to ensure smooth execution of transactions even when one party is unresponsive. Additionally, security mechanisms such as hash locks and time locks ensure asset safety during swaps. The protocol further offers cross-chain privacy transaction features, advancing the widespread adoption of Web3 technologies.[14]

eToro USA LLC Agrees to Pay $1.5 Million to Settle SEC Charges
eToro USA LLC recently reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a $1.5 million fine and suspend most of its cryptocurrency trading activities. This decision stems from SEC allegations that eToro operated brokerage and clearing services without proper registration, potentially violating federal securities laws.

According to the settlement, eToro will limit its U.S. customers to trading only Bitcoin, Bitcoin Cash, and Ethereum. Additionally, it will offer a 180-day window for selling other crypto assets. This move signals further tightening of crypto industry regulation by the SEC, potentially indicating a trend of stricter scrutiny of crypto trading platforms by U.S. financial regulators. The aim of this increased regulatory oversight is to ensure that all participants comply with laws and regulations, thereby protecting investors’ interests and maintaining market fairness and transparency. As regulatory efforts intensify, other crypto trading platforms may face similar reviews and compliance requirements in the future. For the broader crypto industry, this event not only serves as a warning to eToro but also signals the emergence of a more regulated market environment.

Funding News

According to RootData, on September 12, 2024, the Web3 sector saw three funding deals totaling $9.35 million. The specific details are as follows[15]:

BTA Protocol – BTA Protocol announced the completion of a $1.75 million Series A1 funding round, with participation from Crypto Labs and others. BTA Protocol is a decentralized ecosystem protocol based on BTC, covering a wide range of applications such as staking, liquidity, Range Stability Protocol (RSP), launch pools, lending, and more, aiming to provide users with comprehensive decentralized financial services.

GasHawk – GasHawk announced the completion of a $1.6 million pre-seed funding round, with participation from Alchemy Ventures and others. GasHawk, launched by developer Corpus in 2022 on the Ethereum ecosystem, is a gas fee optimization tool that intelligently monitors gas fee fluctuations and automatically submits transactions when fees are lower, helping users save on Ethereum gas costs.

INFINIT – INFINIT announced the completion of a $6 million funding round, with participation from Robot Ventures and others. INFINIT is a DeFi abstraction layer protocol designed to eliminate the cumbersome processes involved in launching and scaling within the DeFi ecosystem. With just a few simple clicks, users can seamlessly integrate and use various DeFi protocols across any chain, significantly reducing operational complexity.

Airdrop Opportunities

WOW EARN
The WOW EARN ecosystem is a blockchain platform designed to provide efficient and seamless connectivity within the DeFi space. Recently, it launched a new task center called WOW ZONE, where users complete activities to earn points redeemable for WOW tokens[16].

Users can participate in the following ways:

1. Download the WOW EARN wallet, complete the registration, and link it on the official website.
2. Complete social tasks on the official website, such as subscribing to the Telegram channel or following on X (formerly Twitter), along with other simple actions.
3. Create video or written content introducing WOW EARN.

Crypsure
Crypsure is a decentralized payment platform that integrates blockchain and artificial intelligence technology to bring the security of traditional credit card chargebacks into cryptocurrency transactions. This enhances trust and efficiency, promoting the mainstream adoption of cryptocurrencies in e-commerce. Crypsure (CRS) recently held an exclusive airdrop on the Gate.io platform for GT (GateToken) holders[17].

Steps to participate: Users register and log in to a Gate.io account, ensure that their holdings are at least 10 GT, and go to the Startup page to participate in the subscription. After the subscription ends, the system will tally all eligible subscription orders.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/price/bitcoin-btc
3. Gate.io, https://www.gate.io/price/ethereum-eth
4. SosoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SosoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Yahoo Finance, https://finance.yahoo.com/markets/
8. Gate.io, https://www.gate.io/bigdata/homeindex
9. Gate.io, https://www.gate.iotrade/KITEAI_USDT
10. Gate.io, https://www.gate.io/trade/SUNDOG_USDT
11. Gate.io, https://www.gate.io/trade/POPCAT_USDT
12. Etherscan, https://x.com/etherscan/
13. Coinglass, https://www.coinglass.com/LiquidationData
14. X, https://x.com/1inch/status/1834235086142644287
15. Rootdata, https://www.rootdata.com/Fundraising
16. Wowzone, https://wowzone.wowearn.com/#/
17. Gate.io, https://www.gate.io/startup/1821

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.