Hotcoin Research | Market Insights: August 26–30, 2024

Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.08 trillion, with BTC accounting for 56.2%, or $1.17 trillion. The market cap of stablecoins is $170.1 billion.

This week, BTC's price showed a downward trend, falling below $60,000, while ETH dropped below $2,600. The focus this week was on the arrest of the TON founder, leading to a significant drop in TON's price, which is currently at $5.4. The TON ecosystem project DOGS has launched, but its price performance has not met pre-launch expectations. Among the top 200 projects on CoinMarketCap, all have seen declines, with notable performers being: SUN with a 7-day increase of 45.39% and PEOPLE with a 7-day increase of 21.35%. Currently, BTC's price is in the "buy" zone on the Bitcoin rainbow chart.

According to CME's "FedWatch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 65.5%, while the probability of a 50 basis point cut is 34.5%. Optimism is high for price trends after October.

On August 30, the "Fear & Greed Index" was at 34, with this week's sentiment being: 3 days of fear and 4 days of neutrality.

Understanding Now

Review of Major Events of the Week

1. Telegram responds to CEO's arrest: Telegram complies with EU laws, reviews are in line with industry standards and are continuously improved;

2. Justin Sun: The TRON community has approved a proposal to raise the energy cap, significantly reducing network gas fees;

3. On August 26, the total market cap of stablecoins increased by 1.03% over the past week, currently reported at $169.868 billion;

4. The NFT market shows signs of recovery, with increased sales on blockchains like Polygon and Ethereum;

5. Basenames registrations surged, with daily active addresses on the Base chain surpassing 1 million;

6. Telegram Wallet has re-enabled the Exchanges feature, with TON-based deposits still being processed;

7. The Maker protocol has been renamed to Sky Protocol, launching its native governance token SKY;

8. Ethereum co-founder Vitalik Buterin announced his annual salary is 182,000 Singapore dollars;

9. The Ethereum re-staking protocol EigenLayer has reduced the withdrawal delay for EIGEN staking from 24 days to 7 days;

10. The TON network reportedly experienced downtime, with over 3 hours without block production;

11. On August 29, following Pavel Durov's release from detention, TON briefly surged over 12%;

12. The Ethena second quarter airdrop event has only one week left, with TVL dropping below $3 billion;

13. Ethereum's average transaction fees hit a historic low last week;

14. MATIC's top holding addresses hold nearly 70% of the tokens;

15. The prediction market platform Polymarket's trading volume in August exceeded $430 million, setting a monthly historical high.

Macroeconomics

1. On August 27, Reuters reported that Nasdaq (NDAQ.O) announced on Tuesday that it is seeking regulatory approval to launch and trade Bitcoin index options;

2. On August 28, @tier10k reported that OpenSea has received a Wells notice from the SEC;

3. On August 29, according to CME's "FedWatch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 65.5%, while the probability of a 50 basis point cut is 34.5%.

ETF

According to statistics, from August 26 to August 30, the U.S. Bitcoin spot ETF experienced a net outflow of $279.8 million; as of August 30, GBTC (Grayscale) had a total outflow of $19.852 billion, currently holding $13.304 billion, while IBIT (BlackRock) currently holds $20.975 billion. The total market cap of U.S. Bitcoin spot ETFs is $55.428 billion.

The U.S. Ethereum spot ETF had a net outflow of $12.4 million.

Foreseeing the Future

Upcoming Events

1. Korea Blockchain Week (KBW) 2024 will be held from September 1 to 7 in Seoul, South Korea. This annual global blockchain and Web3 event is founded and hosted by FACTBLOCK, co-hosted by Hashed, and aims to gather blockchain enthusiasts, investors, organizations, and industry leaders, attracting those looking to delve into the cryptocurrency, blockchain, and Web3 sectors;

2. TOKEN2049 Singapore 2024 will take place on September 18 and 19, aiming to define the next steps in the Web3 space.

Project Progress

1. Lorenzo, founder and CEO of UniSat, stated that Fractal plans to activate OP_CAT on the mainnet starting September 1, and is developing 3 to 5 methods for transferring assets from the Bitcoin mainnet to Fractal regarding cross-chain bridges;

2. Tether will no longer accept USDT or EURT exchanges on Omni, Kusama, SLP, EOS, and Algorand starting September 1;

3. The airdrop claim for the lightweight node protocol Over Protocol will open on September 3;

4. Binance will update request weight adjustments and WebSocket user data requests on September 3, 2024, at 14:00. Binance encourages users to switch to the updated version endpoints for better performance and functionality;

5. Polygon's mainnet upgrade is scheduled for September 4, 2024. Upon community approval, its native token will transition from MATIC to POL. After the upgrade, POL will replace MATIC as the primary token for gas fees and staking;

6. The TON Foundation announced that The Open League Season 6 is set to launch on September 4;

7. PancakeSwap is airdropping 2.4 million ZK tokens to the community, with the claim window extended until September 4 at 18:30. Any unclaimed tokens will be returned to PancakeSwap for future development;

8. The Eigen Foundation's first season EIGEN staking airdrop's second phase will be open until September 7, 2024. The second phase marks the completion of the first season, with nearly 113 million EIGEN already distributed. All first-season users (including second-phase users) will receive a reward of 100 EIGEN, but users will not receive rewards twice.

Important Events

1. The Russian Duma passed a law on cryptocurrency cross-border payments, allowing for experimental legal framework (EPR) for cryptocurrency cross-border settlements and exchange trading starting September 1, 2024. Compared to the initial version, the Central Bank of Russia will be able to conduct not just one, but three experiments starting this September: using cryptocurrency for foreign trade settlements, trading in cryptocurrency, and creating a cryptocurrency trading platform based on the National Payment System (NPS);

2. Trump released a new book titled "Save America," featuring a photo taken during his assassination attempt as the cover. The book is priced at $99 and will be published on September 3;

3. On August 30, French President Emmanuel Macron held a press conference during a diplomatic visit to Serbia, stating that he was completely unaware of Pavel Durov's arrival in France, and that Durov's case would be handled by "the French judicial system independently";

4. The Japanese Prime Minister stated that efforts will be made to improve the token usage environment related to Web3, facilitate payments, and revitalize the content industry.

Token Unlocking

1. dYdX (DYDX) will unlock 8.33 million tokens on September 1 at 8:00, valued at approximately $9.8 million, accounting for 3.67% of the circulating supply;

2. Sui (SUI) will unlock 64.19 million tokens on September 1 at 8:00, valued at approximately $6.5 million, accounting for 2.47% of the circulating supply;

3. ZetaChain (ZETA) will unlock 53.89 million tokens on September 1 at 8:00, valued at approximately $33 million, accounting for 15.71% of the circulating supply;

4. Ethena will unlock 14.89 million ENA on September 1 at 15:00, valued at approximately $5.36 million, accounting for 0.82% of the circulating supply.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing detailed and professional analysis for the cryptocurrency market. Our goal is to offer clear market insights and practical operational guidelines for investors at different levels. Our professional content includes the "Play to Earn Web3" tutorial series, in-depth analysis of cryptocurrency industry trends, detailed breakdowns of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto space or a seasoned investor seeking deeper insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.

Risk Warning

The cryptocurrency market is highly volatile, and investing carries risks. We strongly recommend that investors conduct investments based on a thorough understanding of these risks and within a strict risk management framework to ensure the safety of their funds.

Website: https://www.hotcoin.com/

X: x.com/Hotcoin_Academy

Mail: labs@hotcoin.com

Medium: medium.com/@hotcoinglobalofficial