TL;DR

• BTC and ETH show strong performance, rising 3.19% and 2.01% respectively in the past 24 hours. Both are now testing their resistance levels.
• U.S. Bitcoin Spot ETF saw a total net inflow of $360 million yesterday, while the U.S. Ethereum Spot ETF had a net outflow of $680,000.
• Altcoins in multiple sectors outperformed the broader market, with particularly notable gains in Cross-chain Communication, BRC-20, and Doge-themed sectors.
• XION integrates with the Sei network, driving innovations in cross-chain interoperability and user experience.
• Avalanche launches a $40 million grant program to pave the way for the “Avalanche9000” upgrade.
• The U.S. Department of Justice’s case against Tornado Cash developers is moving to trial.
• In the past 24 hours, only one project in the DEPIN sector publicly announced receiving funding, securing $10.8 million.

Market Analysis

According to Gate.io market data, as of 4:00 AM (UTC+0) on September 27: [1]

• BTC —— Bitcoin’s price increased by 3.19% over the past 24 hours, currently sitting at $65,169. The 24-hour high was $65,807, with a low of $62,677. Bitcoin is currently testing the $66,000 resistance level. If it breaks through with strong volume, the next target will be the $70,000 resistance level[2].

• ETH —— Ethereum rose 2.01% in the last 24 hours, with a current price of $2,632. The 24-hour high reached $2,666, and the low was $2,560. Although ETH is also in an upward trend, its momentum is weaker compared to BTC, as it is currently fluctuating at higher levels[3].

• SOL —— Solana surged 5.11% in 24 hours, now trading at $156. Its highest price in the past day was $158, with a low of $147. The key resistance level for SOL is $162, and its strong performance suggests it may continue to push towards higher resistance levels in the short term[4].
• ETF —— Data from SoSoValue shows that on September 26, the U.S. Bitcoin Spot ETF saw a net inflow of $360 million[5], while the U.S. Ethereum Spot ETF experienced a net outflow of $680,000[6].
• Altcoins —— Driven by Bitcoin’s rise, altcoins performed exceptionally well, with many strong the broader market. The cross-chain Communication, BRC-20, and Doge-themed sectors surged by 13.6%, 12.6%, and 12.6%,respectively[7].
• U.S. Stock Market —— The three major U.S. indices were up—S&P 500 rose by 0.40%, Nasdaq by 0.60%, and Dow Jones by 0.62%[8].
• Spot Gold —— Spot gold prices slightly declined by 0.08%, to $2,670.35 per ounce[9].
• Fear and Greed Index —— The Fear and Greed Index reached 61, its highest in nearly a month, indicating that the market is in a state of greed. With BTC recovering in the last 24 hours, market sentiment has shifted towards optimistic, and confidence in cryptocurrencies has increased[10].

Top Performers

Based on Gate.io market data, the following altcoins were the top performers in the past 24 hours in terms of trading volume and price performance:

REEF —— 24-hour increase of 32.5%, with a circulating market cap of $129 million.

Reef is a fast and scalable Layer 1 blockchain designed for DeFi, NFTs, and gaming, with ecosystem projects such as Sqwid, Klever, and Hypersign. Notable investors include NGC Ventures and LD Capital.

Recently, Reef’s partnership with Pigmo marked its expansion into the blockchain GambleFi sector, attracting more industry attention. Additionally, its collaboration with ViaLabs has strengthened Reef’s developer support and ecosystem value. These strategic collaborations are likely the key drivers behind its significant price surge[11].

MYRIA —— 24-hour increase of 28.0%, with a circulating market cap of $94.28 million.

Myria is an Ethereum-based Layer 2 scaling solution utilizing ZK roll-up technology, offering fast, gas-free transactions for digital assets and NFTs. With over 270 projects and 500,000 users in its ecosystem, Myria continues to drive growth and innovation.

Recently, during an AMA, the Myria team unveiled plans for their upcoming mobile game “360 Cricket” and its Web 3.0 technology integration. This announcement, along with teasers for a new NFT series and updates on a PvP mode, has sparked significant market interest, likely contributing to the price rise[12][13].

XEC —— 24-hour increase of 20.1%, with a circulating market cap of $30.25 million.

eCash is a blockchain project designed for global scalability. Its recent technical upgrades have improved network performance and user experience. Through the Avalanche pre-consensus mechanism, eCash achieves nearly instant transaction finality. The “Regular Heartbeat” upgrade enhances block time consistency and combats “miner hopping.”

Additionally, eCash introduced customizable, tradable usernames and the eCash Agora platform, enabling creators to tokenize and monetize NFTs. These innovations and developer tool improvements are likely the key factors behind the recent price spike[14][15].

Data Highlights

Bitcoin ETF Inflows Reach $360 Million Yesterday
According to SoSoValue data, on September 26, the U.S. Bitcoin Spot ETF had a single-day net inflow of $360 million, with a total trading volume of $2.43 billion for the day. The cumulative net inflow has reached $18.31 billion, with the total value of BTC managed by the ETF amounting to $60.03 billion, representing 4.7% of Bitcoin’s total market capitalization.

Ethereum ETF Experienced a $680,000 Net Outflow
SoSoValue data also shows that on September 26, the U.S. Ethereum Spot ETF had a single-day net outflow of $680,000, with a total trading volume of $257 million for the day. The cumulative net inflow stands at $582 million, with the total value of ETH managed by the ETF amounting to $7.22 billion, accounting for 2.28% of Ethereum’s total market capitalization.

Funding Rates, Long/Short Ratios, Liquidations, and Buy/Sell Ratios
According to Coinglass data, as of 4:00 AM (UTC+0) on September 27: The weighted funding rate for Bitcoin positions was 0.0072%[16], and for Ethereum positions, it was 0.0069%[17].In the past 24 hours, Bitcoin contracts showed a dominance of short positions, while Ethereum contracts leaned towards long positions, indicating a divergence[18].The total liquidation volume across all contracts in the past 24 hours was approximately $142 million, with short contract liquidations exceeding $94.76 million[19].

Korean Bitcoin Premium Index Falls to a One-Year Low of -1.16 as Market Sentiment Shifts to Altcoins
As of September 26, the Korean Bitcoin Premium Index dropped to -1.16, marking its lowest point in a year. This indicates that Bitcoin is trading below the global average price in the Korean market. The sustained decline in the index reflects a significant weakening in demand for Bitcoin among Korean investors, signaling a shift in market sentiment.

With Bitcoin prices at a discount on Korean exchanges, many traders are increasingly turning their attention to high-beta altcoins in search of higher returns. This shift may be linked to expectations of rate cuts in the U.S. and growing interest in other cryptocurrencies. As investors seek alternative assets to generate profits in the current market, altcoins have become a popular choice.

This trend illustrates a change in risk appetite, where market participants are displaying less confidence in Bitcoin and gravitating towards riskier assets with the potential for higher rewards. As market dynamics evolve, more investors may reassess their asset allocations in the coming months[20].

Spotlight Analysis

XION and Sei Network Integration: Driving Innovation in Cross-Chain Interoperability and User Experience
XION is integrating Sei Network into its high-speed, multi-virtual machine ecosystem by introducing chain abstraction technology. This integration combines Sei’s high-performance environment for developers with XION’s user-centric Layer 1 blockchain, fostering the development of consumer-grade applications across ecosystems. The integration also enables seamless movement of IBC-native assets and accounts, enhancing cross-chain interoperability and extending XION’s chain abstraction solutions to a broader community of developers and users.

Sei, a high-speed Layer 1 blockchain with a parallel EVM structure, is capable of processing thousands of transactions in just 380 milliseconds. Through this collaboration, Sei will gain access to XION’s 3.6 million user base, increasing liquidity and unifying developers across networks. The combination of XION and Sei not only strengthens technical capabilities but also addresses the fragmentation of users, liquidity, and developers in the Web3 ecosystem. This partnership is expected to accelerate the mainstream adoption of blockchain technology[21].

Avalanche Launches $40 Million Grant Program to Pave the Way for “Avalanche9000” Upgrade
The Avalanche Foundation has announced a $40 million grant program aimed at incentivizing developers to create innovative protocols within its blockchain ecosystem. The program, named Retro9000, is strategically designed to attract and support developers as they prepare for the upcoming Avalanche9000 upgrade.

Avalanche9000 is anticipated to be the largest upgrade to the Avalanche blockchain since its mainnet launch in 2020. It aims to make launching Layer 1 blockchains on the Avalanche network more cost-effective, customizable, and easier to maintain. While the exact date for the Avalanche9000 upgrade has not yet been determined, the testnet is scheduled to go live in October[22].

Vitalik: Robo-Market Maker DEX is a Promising Use Case at the Intersection of Crypto and AI
On September 27, Vitalik Buterin, co-founder of Ethereum, shared a post on social media highlighting that robo-market maker decentralized exchanges (DEX) represent a clear intersection between cryptocurrency and artificial intelligence (AI). He stated, “As I said in my post earlier this year… There’s been a crypto/AI intersection use case in plain sight for a decade. It’s bots market-making DEXes. A lot of fruitful avenues in extending this to prediction markets, and then to adjudication games in DAOs”[23]

Robo-market makers offer several advantages, such as 24/7 operation, free from human intervention, ensuring constant liquidity with buyers and sellers always available. This helps address liquidity shortages often seen in traditional markets due to human factors. Furthermore, robo-market makers allow everyday users to access market-making services similar to large institutions, lowering the entry barriers for trading and increasing market participation.

U.S. Department of Justice Case Against Tornado Cash Developer Moves to Trial
On September 27, the Southern District Court of New York denied Roman Storm’s request to dismiss the criminal charges against him, stating that his arguments regarding freedom of speech and lack of notice were insufficient to counter the Department of Justice’s (DOJ) reasonable accusations. The trial for Roman Storm, one of the developers of Tornado Cash, is set to begin on December 2 in New York, expected to last two weeks. If convicted on all three charges, Storm could face up to 45 years in prison.

Tornado Cash is an Ethereum-based mixing protocol that allows users to conduct anonymous transactions. However, its involvement in money laundering and other illegal activities has led to severe legal risks and regulatory scrutiny. Last August, both Roman Storm and fellow developer Roman Semenov were charged with conspiracy to launder money and violations of related laws. Since its launch in 2019, Tornado Cash has faced numerous legal actions and sanctions due to its role in facilitating illicit activities, including the indictment of its developers, the deletion of its code, and the arrest of its co-founders.

The legal challenges faced by Tornado Cash have significant implications for future blockchain projects, particularly in terms of balancing privacy and regulatory compliance. Projects may need to explore new solutions, such as optional KYC procedures, to meet compliance requirements while still offering privacy features. The tension between maintaining crypto’s inherent anonymity and adhering to market regulations is an issue that future projects in the space will need to address carefully.

Funding News

RootData: Only One Project Announced Funding in the Past 24 Hours, Raising $10.8 Million in DePIN Sector：[24]

Mawari —— Mawari has completed a $10.8 million strategic financing round, with participation from investors such as Borderless Capital, 1kx, Lead, and Blockchange. Mawari Network is a decentralized platform for delivering 3D and XR content, with plans to launch on the Solana mainnet in Q1 2025. The project will also begin selling node licenses in Q4 of this year to expand its infrastructure. Mawari aims to overcome the bottlenecks in real-time rendering infrastructure supply and the limited local computing power of XR devices. It achieves this by orchestrating a decentralized network of GPU-powered nodes running the Mawari engine, a proprietary tech stack designed to render interactive 3D content and efficiently stream it in real time to large-scale mobile XR devices.

Airdrop Opportunities

WalletConnect
On September 24, WalletConnect announced an airdrop of its WCT token, a key component of the WalletConnect Network, designed to enhance the on-chain user experience (UX) ecosystem. WCT supports the network’s functionality, empowering users, applications, and the wallet community to drive a better on-chain future through shared incentives. WCT holders can actively participate in governance and project upgrades.[25]

The WCT airdrop aims to reward users and builders who have contributed to the network, Web3 development, and on-chain UX improvements. The registration for Season 1 of the airdrop started on September 24, 2024, and will end on October 18, with eligibility results set to be anncouned announced in November. A total of 50 million WCT tokens, representing 5% of the initial supply, will be distributed during this first season.

Registration steps:

1. Visit the airdrop registration page https://airdrop.walletconnect.network/
2. Click “Register Here,” accept the terms, and connect an Ethereum wallet address. It’s recommended to use WalletConnect for the connection to ensure data integrity.

WalletConnect is on a path toward becoming a fully decentralized network, with full decentralization expected by 2025. The WCT token is scheduled for release in 2024, with transferability enabled thereafter.

Reminder:
The airdrop plan and participation methods may be updated at any time, so it is recommended that users follow WalletConnect’s official channels to stay informed of the latest developments. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.The airdrop plan and participation methods may be updated at any time, so it is recommended that users follow WalletConnect’s official channels to stay informed of the latest developments. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.

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. Gate.io, https://www.gate.io/zh/trade/SOL_USDT
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
6. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
7. CoinGecko, https://www.coingecko.com/en/categories
8. Yahoo Finance, https://finance.yahoo.com/markets/
9. Investing, https://www.investing.com/currencies/xau-usd
10. Gate.io https://www.gate.io/zh/bigdata/homeindex
11. Gate.io, https://www.gate.io/trade/REEF_USDT
12. Myria, https://medium.com/myria-official/ama-recap-360-cricket-is-in-full-swing-db495e6fa8f7
13. Gate.io, https://www.gate.io/trade/MYRIA_USDT
14. eCash, https://x.com/eCashOfficial/status/1834419353481105566
15. Gate.io, https://www.gate.io/trade/XEC_USDT
16. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
17. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
18. CoinGlass, https://www.coinglass.com/LongShortRatio
19. CoinGlass, https://www.coinglass.com/LiquidationData
20. Cryptoquant, https://cryptoquant.com
21. XION, https://x.com/burnt_xion/status/1839323542648996071
22. Avalanch, https://www.coindesk.com
23. X, https://x.com/VitalikButerin/status/1839497176877085159
24. Rootdata, https://www.rootdata.com/Fundraising
25. Walletconnect, https://walletconnect.network/blog/connect-token-airdrop

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