Gate Research Institute: BTC under pressure pullback, tokenization precious metal Market Cap exceeds $1 billion

**Gate Research Institute Daily: On September 24th, the price of BTC dropped by 1.44% in the past 24 hours, and the current price is $63,074. Account abstraction, Decentralization identity, and cat-themed memes in the zone are pumping. The total net inflow of the US BTC Spot ETF is $4.56 million, while the total net outflow of the ETH Spot ETF is $79.21 million. Lombard has currently minted 5,861 LBTC, with a total Market Cap reaching $368 million. The Decentralization gaming platform Treasure DAO will launch the Treasure Layer2 network based on the ZKSync ecosystem. Three projects publicly announced financing, with a total financing of over $6 million, involving infrastructure and Decentralized Finance zone.

Market Review

According to gate market data, as of 4 a.m. on September 24th (UTC+0):

BTC price fell by 1.44% in the past 24 hours, currently priced at $63,074. The highest price in the past 24 hours was $64,733, and the lowest price was $62,725. The resistance level is at $64,000. Short-term consolidation at high levels, the pump trend has not been broken.

ETH price has fallen by 1.56% in the past 24 hours, currently at $2,627, with a 24-hour high of $2,703 and a low of $2,610. The price is fluctuating within an upward channel, but has not yet effectively broken through the upper resistance at $2,700.

ETF - According to SoSoValue data, on September 23, the total net inflow of BTCSpot ETF in the United States was $4.56 million, and the total net outflow of ETH坊Spot ETF in the United States was $79.21 million.

AltCoin —— With the pump of BTC, many AltCoins have performed well. The zone of account abstraction, Decentralization Identity (DID), and Cat-Themed have pumped by 12.45%, 7.23%, 7.02% respectively.

US Stock Three Major Indexes - S&P 500 Index pump 0.28%, NASDAQ Index pump 0.14%, Dow Jones Index pump 0.15%.

Spot Gold - The spot gold price is at $2632 per ounce, with a slight increase of 0.13% during the day.

Fear & Greed Index - The Fear & Greed Index is 54, indicating that the market is returning to normal and users are gaining confidence in the cryptocurrency market. This may be due to the recent rebound in major cryptocurrency prices such as BTC and ETH, and the monetary policy of the Federal Reserve may also have a positive impact on the cryptocurrency market.

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:

COMAI—— Single-day increase of about 109.9%, circulating Market Cap is 40 million USD

Commune is a protocol designed to connect all developer tools into one network, fostering a more shareable, reusable, and open economy. It follows an inclusive design philosophy based on minimal opinionation. This means that developers can use Commune as a versatile trap tool alongside existing projects and freely integrate other tools they find valuable.

I will participate in the UPoW - Decentralization AI Roundtable Conference hosted by Qubic in the near future, and discuss with Octa and Dynex how to use useful Proof of Work to enhance Decentralization AI in our network.

AIT - Daily increase of approximately 52.2%, circulating Market Cap of 34 million US dollars.

The AIT protocol serves as a platform for data annotation and training artificial intelligence models. In addition, AIT is also responsible for the Einstein subnet on Bittensor, specializing in mathematics, logic, and data analysis.

Recently, the AIT protocol officially joined the Google for Startups Cloud Program, gaining not only cloud points, but also a comprehensive pass to the innovative world. As a result, the price of AIT continues to soar.

KARRAT - Daily increase of about 11.1%, circulating market capitalization is 56 million US dollars.

KARRAT protocol is a Decentralization game infrastructure layer that integrates blockchain and community collaboration, activates the game and product ecosystem, and promotes the development of game, entertainment, and AI-driven experiences.

The recently launched My Pet Hooligan Marketplace V1 allows trading of Hooligans and Zuckbot Non-fungible Tokens using $KARRAT, without royalties or fees, this pump may be related to this.

Highlights Data

BTC ETF net inflows of $4.56 million yesterday According to Sosovalue data, the net inflow of BTCSpot ETF in the United States was $4.56 million yesterday (September 23), with a total daily trading volume of $9.49 billion. The cumulative net inflow amount is $17.7 billion, and the total value of BTC managed by the ETF is $579.10 billion, accounting for 4.63% of the total market capitalization.

ETH ETF net outflow was $79.21 million yesterday According to Sosovalue data, the US ETH Spot ETF had a net outflow of $79.21 million and a total turnover of $167 million on September 23. The total net outflow is $687 million, and the total value of ETH managed by the ETF is $7.2 billion, accounting for 2.25% of the total market capitalization.

Spot gold touched $2,632 per ounce, hitting a new all-time high Spot gold prices touched $2,632 per ounce on September 23, once again setting a new all-time high. This breakthrough price level marks the continued strong performance of the gold market, triggering widespread follow from investors and analysts. The sustained pump in gold prices may be driven by multiple factors, such as the recent interest rate drop by the Federal Reserve and expectations of further rate cuts in the future, providing strong support for gold prices. The lower opportunity cost of holding non-yielding assets such as gold, due to the drop in interest rates, along with increased uncertainty in the global economic outlook, has heightened investors' demand for safe-haven assets.

Tokenization of the precious metals market exceeds 1 billion US dollars According to RWA.xyz data, the tokenization of the precious metals market has exceeded $1 billion, with Tether's XAUT Market Cap rising from $384 million to $491 million, becoming one of the main driving forces, while Paxos' PAXG remains the largest product.

Currently, global Financial Institutions like HSBC not only provide Tokenized gold to retail investors, but also support technological advancements, including the development of post-quantum cryptography for Tokenized gold. Under the leadership of gold Non-fungible Tokens and Tokenized gold supporting stablecoins, more Token projects are emerging.

Hotspot Reviews

Lombard has currently minted 5,861 LBTC (368 million US dollars). Lombard released its weekly summary on September 23. Lombard has currently minted 5,861 LBTC, with a total market capitalization of $368 million, a rise of 16% from last week (equivalent to 806 BTC). The number of users has risen from 6,888 last week to 7,692, indicating a rise in various deposit scales, demonstrating continuous widespread demand for LBTC among various groups. It is worth noting that the eBTC Market Cap of the BTC LST product issued by Etherfi has reached $131 million, an increase of $100 million from two weeks ago, with a rapid rise.

Lombard also shared its roadmap for developing the most secure BTC LST, planning to promote LBTC to the entire industry. Currently, the project has entered the second phase, and the focus for the next 6 months is to build a secure and convenient BTC LST, and gradually expand to areas such as Decentralized Finance through continuous integration, and Layer 2.

"Mars Tide" Meme coin outbreak Recently, under the promotion of several encryption KOLs, the 'Mars Tide' MEME coin has risen and attracted attention in the market. Among them, the Token TERMINUS with contract Address 0xcbde0453d4e7d748077c1b0ac2216c011dd2f406 has become the highest Market Cap Token in the 'Mars Tide' MEME coin, with a current Market Cap exceeding 40 million US dollars and a user holding Address count of 6,350. A user purchased TERMINUS Token worth a total of 135 US dollars on September 8th and still holds it. As of 12:00 (UTC) on September 24th, the total value of these Tokens has exceeded 720,000 US dollars.

Meanwhile, other Meme coin projects such as lowercase Terminus, THOGcoin, and TakingETH 2 Mars have also seen a pump in prices. However, due to the inability to maintain market sentiment, these projects have temporarily failed to sustain strong prices.

Risk Warning: The price Fluctuation of MEME coin is severe, and there is a high risk of capital loss. This platform does not make any guarantee about the authenticity and future development of any MEME coin projects, and the provided content does not constitute investment advice. Before investing, please make sure to fully understand and evaluate the risks of the project, market, etc.

Treasure DAO has approved the migration to ZKSync and plans to launch the Mainnet within two months On September 23, Decentralization gaming platform Treasure DAO announced that it will launch Treasure Layer 2 chain based on the ZKSync ecosystem, and plans to go live on Mainnet within the next two months. The proposal has received 99.5% support in the community, and Treasure will leverage ZK Stack technology to support its core products. At the same time, Treasure plans to launch a public testnet called "Topaz" for game developers and players to explore and build in the new environment.

In addition, Treasure announced that its core products, including applications, markets, Magicswap, and Treasure Connect, will be fully upgraded to support ZK Stack technology. Treasure also revealed that it has reached cooperation with more than 10 games to assist them in seamlessly migrating to the new Layer 2 chain. The protocol will collaborate with Matter Labs, the core development team of ZKSync, to provide comprehensive transition services. Community meetings will be held in the coming weeks to further discuss transition details and future innovation directions.

Harris first publicly expressed support for Cryptocurrency and AI innovation According to Bloomberg, Vice President Kamala Harris publicly expressed support for Cryptocurrency and artificial intelligence for the first time at a Wall Street fundraiser on September 16th. Harris stated that as president, she would "encourage the development of innovative technologies such as artificial intelligence and digital assets, while ensuring that the interests of consumers and investors are protected." This statement demonstrates her support for promoting technological innovation and plans to incorporate it into future government agendas.

The event attracted celebrities such as Anne Hathaway, Whoopi Goldberg, and Billy Porter, with ticket prices ranging from $500 to $1 million. Harris emphasized that artificial intelligence and Crypto Assets are an important part of her "opportunity economy" vision, aimed at enhancing America's competitiveness through technological innovation. Polymarket data shows that Harris is leading in four of the six crucial swing states, with a 51% probability of winning the presidency.

In addition, Donald Trump has increased interaction with the encryption community and recently promoted his son's Decentralized Finance project, World Liberty Financial, at the BTC-themed bar PubKey in Greenwich Village, New York.

Financing News

On September 23rd, a total of 3 projects announced their financing, with the highest amount being $4 million. The total financing exceeded $6 million, involving infrastructure, Decentralized Finance zone:

Zulu Network - BTC Layer 2 protocol Zulu Network announced the completion of seed round financing, the amount of which was not disclosed. Investors include Draper Dragon, CGV, PANONY, D11 Labs, etc. Zulu Network's architecture sets a new standard for scalability and interoperability in the BTC ecosystem. It combines the security of the BTC blockchain with EVM compatibility, allowing developers to build decentralized applications that leverage the advantages of both BTC and ETH.

Helix Labs - stake protocol Helix Labs announced the completion of a $2 million financing round, with main investors including Tribe Capital and EMURGO Ventures. Helix Labs aims to maximize returns for non-Ethereum L1 asset holders through staking, and support the future Liquidity abstraction of MoveVM Rollup and OmniVM. This protocol will unlock approximately $12 billion in Cardano ecosystem Liquidity, allowing ADA holders to stake ADA while obtaining Liquidity stake Tokens, and bridging to the Decentralized Finance ecosystem through Movement.

LogX - Decentralized Finance Super App LogX announced the completion of a $4 million latest financing round, with Gate Labs participating as a strategic investor. This round of financing will help LogX expand its Decentralization trading platform and launch leveraged prediction market functionality, with plans to launch on the TON blockchain by the end of 2024. Since its launch in 2023, LogX has attracted over one million users and achieved a volume of over 20 billion USD. This financing will further promote the application and market coverage of its products on more than 50 blockchains.

Airdrop Opportunity

LogX LogX Foundation announced the launch of the $LOGX Airdrop Checker, rewarding users who participate in LogX V1 and LogX testnet. Eligible users can claim Tokens for free without paying any fees. LogX is a Liquidity solution focused on Perptual Futures, bringing Liquidity from different chains together. Users do not need to pay Gas fees or perform multiple transactions for each operation.

The first season Airdrop will distribute 12% of the Tokens to all users as of now. 9% of the distribution will be unlocked at the TGE (Token issuance), and the remaining 3% will be unlocked after the lock-up period. For users holding more than 50,000 $LOGX, 50% of the Airdrop distribution will be calculated at the TGE and will have a lock-up period of 3 months. The unallocated portion will be returned to the future community reward pool.

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