Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.28 trillion, with BTC accounting for 56.38% at $1.29 trillion. The market capitalization of stablecoins is $172.7 billion.

This week, the price of BTC went upwards, with the current price of BTC at $65,462 and the current price of ETH at $2,659. Among the top 200 projects on CoinMarketCap, all of them generally increased in price, among which SEI rose by 36.7%, SHIB rose by 32.76%. Zoo-themed meme projects have seen a rapid increase in price, among which, MOODENG rose by 490.78% over 7 days.

Net inflow into the U.S. Bitcoin Spot ETF this week: $1,108.5 million; net outflow from the U.S. Ether Spot ETF: $85 million. On September 27th, USDC Treasury minted 50 million new USDC on the Ether blockchain. Both institutional and stablecoin liquidity are trending up.

The ‘Fear & Greed Index’ on September 27th was 61 (higher than last week), and the sentiment for the week: 6 days neutral, 1 day greedy.

Understanding the present

A look back at the week’s big events

1. On September 22, Linea officially posted, “There are currently no sale or airdrop forms for Linea tokens, and there are no plans for them in the future, so please be aware of scams claiming such activity.”

2. On September 23, Ether network fees and ETH destruction spiked over the past 3 weeks, but the number of active accounts on the network fell to its lowest value this year;

3. Several people have been charged with aiding and abetting crimes for using black market trading platforms to trade “U coins” for profit;

4. On September 23,U.S. presidential candidate and current Vice President Kamala Harris made her first statement that she would encourage the development of the cryptocurrency industry if elected president;

5. On September 24, the foundation of Celestia, a modular blockchain network, announced that it had closed a $100 million funding round led by Bain Capital Crypto, with participation from Syncracy Capital, 1kx, Robot Ventures, Placeholder, and others, which will bring the total funding for the project to 1.55 billion USD;

6.Founder of DefiLlama: cbBTC is well below industry standards in terms of transparency;

7. On September 24, according to official news, CATIZEN Stake To Earn withdrawal reward channel is open, users can withdraw the previously pledged CATI as well as additional access to trading platform tokens;

8. On September 25, Binance has launched a pre-market service that allows users to enter the market before the official launch of the tokens;

9. On September 25, Adam, a researcher at Greeks.live, posted on social media that the giant whales are laying out for Q4 and trading will be highly active around the time of the election;

10. On September 25, Brantly Millegan, a former ENS core team member, has launched the Ethereum Follow Protocol (EFP), a social graph protocol, on the main EtherNet;

11. On September 26, LayerZero announced a 433% surge in cross-chain activity after a second airdrop;

12. On September 27, CZ will be released, with lawyers stating that he was reluctant to be interviewed;

13. On September 27, Robinhood and Revolut said they would explore launching their own stablecoins.

Macroeconomics

1. On September 25, the U.S. SEC settled charges against stablecoins with TrustToken and TrueCoin;

2. On September 25, the U.S. SEC delayed a resolution on whether to allow options trading on BlackRock’s spot Ether ETF;

3. On September 25, the probability of the Fed cutting rates by 25 basis points in November was 39.7%, and the probability of a 50 basis point cut was 60.3%, according to CME’s “Fed Watch” data;

4. On September 27, SEC Chairman Gary Gensler emphasized in an interview with CNBC that Bitcoin is not a security, and investors can now express their views on Bitcoin through ETF products. Gensler declined to comment on Trump’s proposed U.S. Bitcoin Strategic Reserve plan.

ETF

According to statistics, during the period of Sep 23 — Sep 27, the U.S. Bitcoin Spot ETF saw a net inflow of $1,108.5 million; GBTC (Grayscale) had a total outflow of $20.09 billion as of Sep 27, and is currently holding $14.506 billion, while IBIT (BlackRock) is currently holding $23.799 billion. The total market capitalization of the U.S. Bitcoin Spot ETF is $62.52 billion.

Net outflows from the U.S. Ether Spot ETF $85 million.

Foreseeing the Future

Upcoming Events

1. Mainnet 2024 takes place from September 30th to October 2nd in New York, USA;

2. The first phase of the Madness competition held by Parallel Blockchain Monad will be held in New York from October 2 to 4, and the second phase will be held in Seoul, South Korea from December 6 to 8;

3. Permissionless III, hosted by Blockworks, will be held in Salt Lake City, Utah, USA, from 9 to 11 October offering panel discussions, networking opportunities and more;

4. Shanghai Blockchain International Week 2024 will be held at various venues in Hongkou, Shanghai, from October 11 to 19, with the 10th Blockchain Global Summit organized by Wanxiang Blockchain Labs to be at the Shanghai Institute of Innovative and Creative Design (former site of the Rexroth Institute of Technology, №505, East Changzhi Road) on October 17, with the theme “Technology from the Past to the Future”. The 10th Blockchain Global Summit will be held with the theme “Technology to the Future”, : standing on the shoulders of ‘Giants’”, continuing the industry’s vitality.

Project Progress

1. Ethena Labs Season 2 ENA Airdrop will be open for application on September 30th.

2. UniSat announced that its decentralized trading platform, PizzaSwap, will be launched on Fractal’s main website on September 30th.

3. Telegram & TON ecosystem app Tomarket is planning a TGE in October, the exact date has yet to be announced.

Important Events

1. Cyprus’ Securities and Exchange Commission (SEC) will suspend FTX Europe’s license until September 30, 2024. The agency said FTX Europe must take necessary actions to comply with relevant provisions of the Investment Services and Activities and Regulated Markets Laws. FTX Europe is prohibited from providing investment services and from transacting any business with any person or accepting any new clients. The announcement states that the company is also prohibited from advertising investment services;

2. The U.S. SEC postponed the deadline for making a decision on the Hashdex Nasdaq Cryptocurrency Index ETF to September 30th;

3. For the first time, The UK FCA charged individuals for operating an illegal crypto ATM network, with the defendants due to appear at Westminster Magistrates Court on September 30, 2024;

4. The U.S. vice presidential candidate debate is scheduled to take place on October 1, local time, with JD Vance, who is currently a senator, and Tim Walz, the governor of Minnesota, debating; it is unclear whether cryptocurrency-related topics will be mentioned.

Token Unlocking

1. dYdX (ETHDYDX) will unlock 8.33 million tokens valued at approximately $9.1 million, or 2.08% of circulation, on October 1st;

2. BitMEX Token (BMEX) will unlock 6.64 million tokens on October 1, valued at approximately $1.03 million, or 1.48% of the outstanding volume;

3. Orbler (ORBR) will unlock 37.41 million tokens on October 2, valued at approximately $10.77 million, or 1.87% of the outstanding volume;

4. Sleepless AI (AI) will unlock 10.62 million tokens on October 4, valued at approximately $5.67 million, or 1.06% of the outstanding volume.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes “Play to Earn Web3” tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

Risk Disclaimer

The crypto market is highly volatile, and investment involves risks. We strongly advise investors to fully understand these risks and operate within a strict risk management framework to ensure the safety of their funds.

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