Gate Research Institute: Symbiotic TVL exceeds $1.5 billion, BlackRock BTC Spot ETF sees net outflow in a single day

Gate Research Institute Daily: On September 2nd, the prices of BTC and ETH have recently fallen. BTC fell to $57,500 and ETH dropped to $2,435. BTC ETF saw a net outflow of $175 million on August 30th. The majority of market contract liquidations were long positions, with a total liquidation amount exceeding $130 million. BTCMiner's revenue in August hit a new low for the year. Symbiotic TVL surpassed $1.5 billion. WazirX plans to discuss restructuring and suspend applications. After the rebranding of Self Chain, the total supply of tokens has increased, causing protest within the community. Several projects have completed significant financing, with the highest amount being $4 million and a total financing amount of $11.25 million.

Market Review

According to gate market data, as of 4:00 on September 2 (UTC+0):

BTC— The BTC price has fallen by 2.84% in the past 24 hours, currently trading at around $57,500, with a 24-hour high of $58,959 and a low of $57,129. The BTC price was resisted at the key position of the 4-hour MA20 moving average ($58,703), followed by a downward oscillation, with the support level now at $56,200.

ETH - ETH's price has dropped by 3.48% in the past 24 hours and is currently priced at around $2,435. The highest price in the past 24 hours was $2,515, and the lowest price was $2,399. The price of ETH followed Bitcoin's decline today, and the short-term support level is currently at $2,330.

SOL— The SOL price has dropped by 5.04% in the past 24 hours, currently trading at around $129.72, with a 24-hour high of $136.11 and a low of $127.74. The price of SOL has shown relatively weak performance, with a decline greater than that of mainstream currencies, and the price has fallen below the 4-hour MA5 moving average, with support currently at $110.

Hot zone - In the past 24 hours, only AI Agents zone has pumped by 0.9%, while the rest of the zones have experienced a downturn influenced by the overall market.

ETF - BTCSpot ETF saw capital outflows for the fourth consecutive day last Friday, and BlackRock's IBIT saw net outflows for the first time since May. There were no net inflows for the ETHSpot ETF, reflecting market pessimism.

The three major US stock indexes - the S&P 500 index pump 1.01%, the Nasdaq index pump 1.13%, and the Dow Jones index pump 0.55%.

Fear and Greed Index - The Fear and Greed Index is 26, indicating a high level of fear in the market and intensified market volatility.

Popular Token

According to gate market data, combined with the volume and price performance in the past 24 hours, the following popular altcoins are as follows:

CXT- Up approximately 11.73% in a single day, with a circulating market capitalization of $46.278 million. Covalent is a leading modular data infrastructure layer, committed to solving long-term data availability and verifiability issues in artificial intelligence. Recently, Covalent announced that it had rewarded operators with $990,000 in Q2, an 83% increase from the previous quarter, enhancing its attractiveness to operators and rebranding itself.

ACA— The single-day increase is about 7.11%, with a circulating market capitalization of 64,119.96 million US dollars. Acala is a distributed financial network and a Liquidity hub for Polkadot. It offers a variety of Decentralized Finance solutions: Acala Swap, Acala Dollar (aUSD), DOT Staking LST (LDOT), and Acala EVM+.

REEF - The single-day increase is about 6.89%, with a circulating market capitalization of 18,227.4 million US dollars. Reef is a fast and scalable L1 blockchain designed for Decentralized Finance, Non-fungible Token, and Gaming. The ecosystem projects include Sqwid, Klever, Hypersign, etc., with investors such as NGC Ventures, LD Capitai, etc. On August 31, the official announcement from Reef stated that X Space will be held in September with multiple Web3 projects, and discussions with a CeFi and Decentralized Finance aggregator will be conducted for project collaboration in the blockchain field.

Key Data

BTC ETF saw a net outflow of $175 million last Friday, while ETH ETF saw a net outflow holding steady yesterday According to SoSoValue data, the US BTCSpot ETF saw a single-day net outflow of $175 million last Friday (August 30), with a total daily trading volume of $15.4 billion. The cumulative net inflow of BTCSpot ETF is $17.6 billion, and the current total value of BTC managed by the ETF is $53.78 billion, accounting for 4.61% of the total Market Cap of BTC. The market has seen capital outflows for the fourth consecutive day, with the largest net asset BTCSpot ETF, BlackRock's IBIT, experiencing net outflows for the first time since May, reflecting a gloomy market sentiment.

The US ETH Spot ETF had no net inflows last Friday (August 30th), with a total daily turnover of 174 million US dollars. The total net outflow was 477 million US dollars, and the total value of ETH managed by the ETF is currently about 6.971 billion US dollars, accounting for 2.3% of the total market capitalization of ETH.

BTCMiner August revenue hits new low for the year Data on September 1st showed that BTCMiner's revenue in August hit a new low for the year, decreasing by $99.75 million compared to July, reaching the lowest level since 2024. BTCMiner's revenue is mainly composed of Block Reward and Money Laundering. The recent market downturn and reduced on-chain activity may be the main reasons for the drop in Miner revenue. On August 5th, BTC fell below $49,000.

Symbiotic TVL breaks 1.5 billion USD, with a 23.55% increase in the past month As of 4 a.m. (UTC+0) on September 2nd, according to Decentralized FinanceLlama data, Symbiotic's TVL has exceeded 1.5 billion USD within only three months of launch, with a 23.55% increase in the past month. Symbiotic announced the completion of a $5.8 million seed round financing in June, led by Paradigm and Cyber Fund. Currently, Symbiotic allows users to stake Lido's stETH with other assets that are not natively compatible with EigenLayer for re-staking. The rise in TVL in recent months mainly comes from stETH, while other assets supported by Symbiotic, such as ENA, USDE, and other ETH packaged by protocol, only account for a small fraction. Symbiotic will launch its Mainnet in the third quarter, and 14 Decentralized Finance protocols including Frax and EtherFi will join its ecosystem.

Hotspot Review

WazirX plans to hold its first Townhall meeting on September 2 to discuss restructuring and moratorium application. WazirX recently announced on the X platform that it plans to hold its first Townhall meeting at 8:00 (UTC+0) on September 2 to discuss the restructuring and moratorium application. This application will exempt WazirX from being subjected to any enforcement action by its creditors during the moratorium period. Previously, to ensure the smooth progress of the restructuring plan and to allow sufficient time to communicate with its collaborators, WazirX had applied for a six-month restructuring and debt moratorium application to the Singapore High Court, which automatically triggered a 30-day stay order.

Wazirx expects that after this restructuring, the losses caused by network attacks will be proportionally distributed to unsecured creditors, and users of the same level will receive corresponding Token compensation based on their asset shares on the platform. The smooth progress of the restructuring plan and effective communication with creditors and partners may buy Wazirx more time to restore the normal operation of the platform.

Holder governance rights diluted due to the expansion of Token total supply after Self Chain rebranding On August 30th, Self Chain, a project with a fully circulating Market Cap of $62.5 million, underwent a rebranding from its original Token symbol, FRONT, to SLF. Prior to the rebranding, the total Token supply was 90 million. According to the previously published Tokenomics, after the rebranding, the total Token supply will increase to 360 million, of which 221 million are locked. The theoretical exchange ratio between old coins and new coins should be 1:4, but the actual exchange ratio is 1:1.

This exchange is actually a dilution of governance rights for some users, while the team holds more governance rights. Gate has also provided detailed explanations and reminders of this situation during the currency upgrade. However, according to community feedback, several exchanges have not effectively disclosed the situation involving user interests, resulting in a dilution of governance rights for some users after exchanging at 1:1, which has sparked strong protests and opposition within the community. After several community members disclosed the relevant events at the end of August, it also had a certain impact on the Token price, and the SLF price has fallen from around $0.8 to below $0.6.

Pokémon Company Completes Non-fungible Token Patent Application Recently, the owner of the famous IP Pokémon, Pokémon Company, has obtained a patent related to Distributed Ledger and Non-fungible Token. The patent not only allows users to freely trade and exchange cards for deck building or collecting through the Non-fungible Token platform, but also generates corresponding transaction fee income during the transactions.

The Pokémon IP has a rich history and a huge user base. By digitizing its characters and cards in the form of Non-fungible Tokens, it not only has a certain collection value, but may also give these characters new economic value. In addition to The Pokémon Company, several traditional game companies are also experimenting in the Non-fungible Token field, such as Ubisoft and the Japanese game company SEGA.

Financing Information

According to RootData, from August 30th to September 2nd, 2024, a total of 6 projects announced their financing, involving various fields such as gaming, payment, and Web3 services. Excluding projects without disclosed financing amounts, the highest financing amount is $4 million, with a total financing of $11.25 million. The information of the top three projects by financing amount is as follows:

Legend of Arcadia - Free2play strategy card game Legend of Arcadia announced the completion of a $4 million seed round of financing. Legend of Arcadia is an on-chain Play2earn card game built on BNB Chain, combining the concept of GameFi 2.0 to provide players with new gameplay, including PvP, PvE battles, stake, and Mining, etc.

Verofax - Web3 service provider Verofax has completed a $3 million financing. The funds from this round will be used to advance projects in the Middle East and the European Union, including tailored AI guides for the Gulf Cooperation Council region and sports fan guides for the EU and North American audiences. Verofax is a service provider that utilizes technologies such as augmented reality, blockchain, and artificial intelligence to provide visitors, shoppers, and brands with a stronger marketing experience.

Kredete - Cross-border remittance platform Kredete has completed a $2.25 million seed round of financing, led by BFF and participated by Techstars. Kredete is a payment platform that helps African immigrants in the United States establish credit and solve international remittance issues for 20 countries in Africa.

Airdrop opportunity

Hamster Kombat Telegram ecosystem game Hamster Kombat announced that it will launch its HMSTR Token on TON on September 26 and airdrop for players on the same day.

Hamster Kombat is a Tap-to-earn game that combines encryption and exchange simulators. The Hamster Kombat team recently revealed that Token generation activities and Airdrops will be held on September 26th. Pre-trading of HMSTER Tokens on gate has already started, and staking USDT can mint Tokens in advance for trading on the Spot market.

Ethermail EtherMail is a Web3 email service based on Ethereum. The project has recently opened the EMT Token Airdrop for Pool 0 and Pool 1. The steps to claim the airdrop are as follows:

1. Visit the EtherMail official website and click on the $EMT menu in the upper right corner;
2. Choose Pool 0 or Pool 1 airdrop pool;
3. Click on 'view pool status' to enter the Airdrop claim page;
4. Complete Airdrop claim, get EMT Token.

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