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Gate Research Institute: USDC Circulating Supply increased by 700 million within a week, 68% of ETH Addresses have entered a profitable state.
Summary
Market Review
According to gate market data, as of 4:00 on September 29 (UTC+0) [1]:
BTC - The price of BTC has fallen by 0.62% in the past 24 hours. As of September 29, 4:00 (UTC+0), the price of BTC is approximately $65,775. In the past day, BTC has been in a consolidation phase after reaching $66,500 on September 27 and encountering resistance. If it can break through the $66,500 resistance level, it is expected to continue to pump.[2]
ETH - ETH PA is similar to BTC, with a 0.83% decrease in the past 24 hours. As of September 29, 4:00 AM (UTC+0), the price is about $2,671. In the past day, ETH price surged from around $2,640 to $2,700 and then experienced a pullback. The current resistance level is around $2,700. If the Trading Volume increases and breaks through the resistance level, there is a possibility of a pump. Otherwise, there may be a downward risk. [3]
**ETF **—— According to SoSoValue data, the total net inflow of US BTCSpot ETF on September 27 was $494.2 million【4】, the net inflow for the seventh consecutive trading day, and the total net inflow of US ETHSpot ETF was $58.65 million.【5】
AltCoin —— The AltCoin price has fallen in the past 24 hours due to the pullback of BTC, while the performance of zones such as Elon Musk-Inspired, Frog-Themed Meme, and The Boy’s Club Meme has been relatively good.【6】
The three major US stock indexes – as of 4:00 am (UTC+0) on September 29th, the S&P 500 index fell 0.13%, the Nasdaq index fell 0.39%, and the Dow Jones index pumped 0.33%. [7]
Spot Gold - As of 4:00 am on September 29th (UTC+0), the price of Spot Gold was at $2,658.34 per ounce, a decrease of 0.53% within the day. 【8】
Fear and Greed Index – The Fear and Greed Index dropped slightly from 64 yesterday to 63, still indicating a greedy market. Although the market experienced a pullback, investors remain confident in the market and maintain a positive outlook on recent market trends. [9]
Popular Token
According to the gate market data, combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows: [1]
**KAI **- Daily increase of approximately 42.37%, with a market capitalization of $18.4 million.
KardiaChain is a public chain focusing on interoperability and leading the blockchain landing competition in the Vietnamese market by providing public-private hybrid blockchain solutions/architecture for large enterprises and government agencies. The project aims to build a complete blockchain ecosystem for institutions by leveraging three main components: gateway, infrastructure, and services.
Recently, Kreaitor announced on its official Twitter that it will attend the 2024 Global Blockchain Conference. This pump may be related to it. [10]
ETHW —— The daily increase is approximately 28.04%, with a circulating market value of $348 million.
ETHW, namely EthereumPoW, is a Hard Fork version of the ETH blockchain that occurred on September 15, 2022, during the transition from Proof of Work (PoW) to Proof of Stake (PoS). This fork version continues to use the PoW Consensus Mechanism, mainly supported by some Miners who wish to continue using PoW Mining. The creation of ETHW is to maintain the original Mining process of the ETH blockchain, allowing Miners to continue to verify transactions and obtain new minted ETHW as a reward by solving complex mathematical problems.
Recently, ETH has seen a significant pump due to factors such as the Fed’s interest rate cut, and ETHW has also experienced a significant pump in the past 24 hours, possibly influenced by this.
KITEAI —— Daily increase of approximately 23.01%, with a circulating market value of 184 million US dollars.
KITEAI is an innovative AI-driven chatbot platform that leverages blockchain technology to create a Decentralization and user-centric ecosystem. The platform aims to enhance user interaction and engagement, providing a seamless and secure experience where users can interact with AI, earn rewards, and participate in a vibrant community.
Recently, the KITEAI team announced on their official Twitter that they have arrived in Seoul, South Korea and will participate in a series of communication activities. This news may be an important factor in the single-day pump of their price. [11]
Highlights Data
In the past week, the USDC Circulating Supply has increased by about 700 million, and the total Circulating Supply has risen to 36.2 billion Circle is the USDC issuance party, responsible for managing the issuance and redemption of USDC, as well as maintaining the reserve fund. As of 4 o’clock on September 29th (UTC+0), Circle has issued approximately 2.5 billion USDC and redeemed approximately 1.8 billion USDC in the past 7 days, increasing the Circulating Supply by approximately 700 million. The current total Circulating Supply of USDC is 36.2 billion, with a reserve fund of 36.5 billion US dollars, including approximately 4.8 billion US dollars in cash reserved by banks, and Circle’s reserve fund holding approximately 31.6 billion US dollars. The increase in Circulating Supply and the adequacy of the reserve fund are often seen as a reflection of the market’s confidence in the USDC stablecoin. [12]
After experiencing a rebound this week, 68% of ETH Address are in a profitable state As of 4:00 on September 29th (UTC+0), according to IntoTheBlock data, ETH’s Rebound this week quickly pushed the percentage of profitable Addresses from 59% to 68%. Currently, over 83% of the ETH volume is now in a profitable state, indicating strong buying support for ETH at key levels.
BTC ETF saw a net inflow of $494.2 million, net inflow for the seventh consecutive day According to SoSoValue data, the net inflow of BTCSpot ETF in the United States was 494.2 million US dollars on the previous day (September 27), with a total daily turnover of 18.6 billion US dollars. The total cumulative net inflow is 188.0 billion US dollars, and the total value of BTC managed by the ETF is 612.1 billion US dollars, accounting for 4.71% of the total Market Cap of BTC. [14]
ETF net inflows totaled $58.65 million the day before yesterday in ETH market According to SoSoValue data, the net inflow of the US ETH Spot ETF on the previous day (September 27) was 58.65 million USD, and the total daily trading volume was 249 million USD. The cumulative net outflow amount is 523 million USD, and the total value of ETH managed by the ETF is approximately 7.44 billion USD, accounting for 2.30% of the total market capitalization of ETH.【15】
BlackRock Ethereum ETF’s assets surpass $1 billion Recently, Nate Geraci, president of The ETF Store, revealed that the assets under management of BlackRock’s Ethereum ETF: iShares Ethereum Trust (ETHA) has surpassed 1 billion dollars in just 2 months, currently ranking in the top 20% and outperforming over 3,700 ETFs in the market. [16]
This performance reflects not only the market’s confidence in Ethereum, but also the trend of integration between the TradFi sector and the cryptocurrency market. The success of ETHA is due to Ethereum’s technological advancements and widespread applications, as well as the brand influence of BlackRock, a leading global asset management company. Despite the volatility of the digital asset market, investors’ interest in participating in Ethereum through traditional investment vehicles such as ETFs remains high.
Hotspot Review
Aevo announces its four-month Token buyback plan: it will repurchase 1 million $AEVO tokens each month On September 28th, the Aevo team announced the launch of a 4-month buyback plan for AEVO Tokens. In this month, they have repurchased 1 million AEVO Tokens at an average price of $0.42 per token on September 26th. The Aevo team commits to repurchasing at least 1 million AEVO Tokens every month, and this buyback plan will continue until December 2024. [17]
Aevo team’s buyback plan has caused a certain amount of follow in the market. Buybacks are generally seen as a sign of confidence in the company’s own value, and also help to reduce the number of Tokens in circulation. The buyback action had a positive impact on Aevo’s price in the short term, with the price peaking at around 11% to $0.4451 on the day of the buyback, but then making a slight pullback. As of 4:00 on September 29 (UTC+0), the price of Aevo Token is $0.4224. [18]
After legalizing digital payment channels, Bolivia’s Cryptocurrency volume surged more than 100% After the new regulations in Bolivia legalized the use of digital payment channels. According to a recent statement from the Central Bank of Bolivia, as of 0:00 on September 29th (UTC+0), the monthly volume of virtual assets in the country rose from $7.6 million to $15.6 million, mainly driven by Stable Coin transactions and increased public interest. The Central Bank of Bolivia attributed this rise to the implementation of Board Resolution No. 082/2024, which came into effect in June, allowing the purchase of virtual assets through electronic payment channels. The number of virtual asset transactions also saw a significant increase, recording over 1.1 million transactions from July to September, compared to approximately 932,000 transactions in the previous six months. Most of these transactions were conducted by individuals.
In addition, the Financial System Regulatory Authority (ASFI) reported that six Financial Institutions have begun to use virtual assets to conduct business, further integrating these digital tools into Bolivia’s financial system. Data shows that during the period from July to August, the business of these institutions increased by 40%. [20]
Vitalik releases latest article: ‘Making Ethereum’s Alignment Clear and Visible’ On September 28th, Vitalik Buterin published an article titled ‘Making Ethereum Alignment Clear and Visible’. He proposed the concept of ‘Ethereum Alignment’ and emphasized the unity of values, technology, and economy to promote collaboration among Ethereum client teams, researchers, Layer 2 teams, application developers, and community groups to build a unified Ethereum ecosystem. Vitalik believes that there should be more entities like L2BEAT that track project performance against these standards and compete based on easily understandable criteria. He advocates for improving the fairness and inclusivity of the Ethereum ecosystem through clear alignment standards and diversified monitoring tools that do not rely on a single supervisor.
According to L2BEAT data, as of 4:00 AM (UTC+0) on September 29, 2024, the Total Value Locked (TVL) of Ethereum Layer 2 has reached $38.6 billion, demonstrating a strong demand for Layer 2 solutions in the market. In the past seven days, TVL has risen by 5.42%, and in the past year, it has risen by an astonishing 228.83%. This rising trend highlights the potential and advantages of Ethereum Layer 2 network in scalability and reducing Transaction Cost.
As of 4:00 (UTC+0) on September 29, 2024, Ethereum’s main scaling solutions include Optimistic Rollups, ZK Rollups, Optimiums, and Validiums. In terms of TVL, Optimistic Rollups dominate with 80.35% market share, while ZK Rollups account for 10.96%, and Optimiums and Validiums account for 7.57% and 1.12% respectively. These solutions enhance Ethereum’s transaction processing capabilities through different technical paths, reducing users’ Money Laundering, and with the continuous advancement of technology and further maturation of the market, the future Ethereum Layer 2 market is expected to maintain a strong rise trend.
Airdrop opportunity
Shardeum The third phase of Shardeum’s Atomium Testnet will officially launch on October 1, 2024 and is expected to run for about 3-4 weeks. The test will include P2P transfers/on-chain functionality and validators network (including penalty mechanisms). The tasks and activities in the third phase will provide users with opportunities to extensively test more on-chain activities and validators functions. After completing the tasks, you will have the chance to receive rewards including SHM Airdrop, Experience Points (XP), Non-fungible Tokens, and more. [23]
Shardeum is an EVM-based, linearly scalable Smart Contract platform that provides low Gas fees while maintaining true Decentralization and reliable security through dynamic state Sharding. Shardeum completed a strategic financing of $5.4 million in July this year and a seed round financing of $18.2 million in October last year.
How to participate
Complete on-chain tasks:
Validators Task: Validators need to run Node and meet hardware and other requirements to receive rewards. A penalty mechanism test will be added in this phase. If the Node fails to run as required, XP will be penalized.
Reference:
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