Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.048 trillion, with BTC accounting for 56.14% at $1.15 trillion. Stablecoins collectively hold a market capitalization of $170.1 billion.

BTC made a sharp upward move, now trading at $60,365 while ETH at $2,430. Most of the CoinMarketCap top 200 projects generally increased this week:CKB up 80.25%; QNT up 27.92%.

According to CME's “Fed Watch” data on September 14th, the probability of a 25 bps and 50 bps rate cut by the Fed in September was the same at 50%.

With the certainty of a rate cut and liquidity restoration, market sentiment has eased and is bullish on the broader market trend for the fourth quarter.

The 'Fear & Greed Index' on September 13th was 32 (higher than last week).This week's sentiment: 7 days of fear.

Understanding the Present

A look back at the week's big events

1. September 9, Fractal Bitcoin announced FB token economics with 80% community allocation;

2. Fractal Bitcoin: PizzaSwap will be activated at block 21000, network governance will use OP_CAT;

3. Friend.Tech developers give up control of smart contracts after the platform is in a 'basically closed' state;

4. Aave co-creator stani: custom marketplace to be launched on the main ethereum network in coming weeks;

5. Usde supply falls below 2.7 billion pieces, down ~25.5% from its highs;

6. a16z Crypto Crypto Startup Accelerator launches, announcing 21 participating programs;

7. On September 10, Harris published a list of proposed policy positions without mentioning cryptocurrencies;

8. DeFi anomalies: multichain DEX Bebop saw a 427% increase in 24-hour trading volume; FlowX Finance saw a 67.23% increase in 24-hour trading volume;

9. Top news: Multicoin Capital built up a large DRIFT position through private placements and the open market;

10. The DeFi anomaly of September 13: Sui Chain DEX Flow Finance 24-hour volume increased 106% and 7K Aggregator 24-hour volume increased 87%.

Macroeconomics

1. On September 9th, Emomotimi Agama, Director General of the Nigerian Securities and Exchange Commission, announced that actions are to be taken against individuals and cryptocurrency exchanges that do not comply with its regulatory framework, pledging to protect investors, according to local media outlet Nairametrics;

2. On September 10th, the U.S. SEC has levied $4.68 billion in cryptocurrency fines so far, a 3,018% increase over the previous year, BeInCrypto reported. The fines include a variety of financial penalties, such as forfeiture amounts, recovery of ill-gotten gains, civil penalties, settlements, and pre-judgment interest;

3. On September 14th, the probability of the Fed cutting interest rates in September by between 25 bps and 50 bps was the same at 50%, according to CME's “Fed Watch” data.

ETF

According to statistics between September 9th to September 13th, the U.S. Bitcoin Spot ETF had a net inflow of $403.7 million; GBTC (Grayscale) had a total outflow of $20.04 billion as of September 13th, currently holding $13.279 billion, while IBIT (BlackRock) holds $21.373 billion. Total market capitalization of the U.S. Bitcoin Spot ETF is $55.955 billion.

U.S. Ether spot ETF net outflows: $12.9 million.

Looking Ahead

Upcoming Events

1. TOKEN2049 Singapore 2024 will be held on September 18-19 to define what's next in the Web3 space.

2. Permissionless III, hosted by Blockworks, will be held in Salt Lake City, Utah, USA on October 9-11, offering panel discussions, networking opportunities, and more.

Project Progress

1. The Eigen Foundation announced that the second season of Stakedrop will be unlocked soon, rewarding key contributors and participants in the ecosystem, including pledgers and operators, ecosystem partners, and the community. The total amount of EIGEN allocated to Pledgers and Operators for the second quarter is approximately 70 million EIGEN roughly 4.2% FDV); the total amount allocated to Ecosystem Partners is up to 10 million EIGEN (roughly 0.6% FDV); and the total amount allocated to Communities is approximately 6 million EIGEN (roughly 0.35% FDV). Token pickup will open on or before September 17;

2. The DeFi protocol Sky (formerly MakerDAO) announced that eligible users can upgrade their DAI to USDS at a 1:1 ratio or convert supported cryptocurrencies to USDS, starting from September 18, thereby unlocking Sky token rewards in the form of SKY tokens and Sky Savings Rate;

3. Rollup.Finance, the decentralized derivatives trading platform, will cease operations. The infrastructure will be completely shut down after September 21, giving users one month to close out positions and withdraw funds.

Important Events

1. VanEck will close and liquidate its ethereum futures ETF “EFUT”. Shareholders of the fund are able to sell their shares on the fund's listed exchange until the close of trading on September 16, 2024 (which may incur broker-dealer transaction fees);

2. The fraud trial of former Celsius CEO Alex Mashinsky is set on September 17, 2024;

3. The sentencing of the “hush money” case against Trump is extended to September 18 from July 11 as originally scheduled. Trump became the first former president in U.S. history to be convicted in a criminal case. On May 30, a 12-member jury convicted Trump on 34 criminal charges of falsifying business records to conceal a $130,000 “hush money” payment he made to an adult film actress during the 2016 U.S. presidential election, in violation of New York State law;

4. A plan confirmation hearing in the Chapter 11 bankruptcy reorganization of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19, 2024 at 22:00 BST;

5. Rollup.Finance, a decentralized derivatives trading platform, will cease operations. Its infrastructure will completely shut down after 21 September 2024, with users having one month to close positions and withdraw funds.

Token Unlocks

1. Arbitrum (ARB) will unlock 92.65 million tokens on September 16th, valued at approximately $47.72 million, accounting for 2.65% of the outstanding volume.

2. ApeCoin (APE) will unlock 15.6 million tokens on September 17th, valued at about $11.76 million, accounting for 2.31% of the liquidity.

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.

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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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