The latest "Gate Research: Monthly Market Review-August 2024" report summarizes and analyzes the market trends, major events, on-chain data, security incidents, and funding information from August, offering deep insights into the overall performance of the crypto market and key industry trends.
Key Takeaways:
Crypto Market Overview: Bitcoin opened at around $66,000 at the beginning of August. On August 5, it dropped to a low of $49,000 before rebounding to $64,000 by the end of the month, and then retracing to $58,000. The overall performance of the top 10 tokens by market cap was generally sluggish, except for TRX, which saw a significant price increase driven by the popularity of meme tokens within its ecosystem. Most major tokens saw negative returns, and market sentiment turned cautious.
Global Financial Market: On August 5, global financial markets experienced a "Black Monday." The macroeconomic factors contributing to the crash included the Bank of Japan raising interest rates to 0.25%, with the yen depreciating by about 0.65% that day, impacting global stock markets, and weak U.S. employment data, with July job growth falling short of expectations, fueling concerns about an economic recession. The Nikkei Index dropped 12.4% that day, and the TOPIX index triggered circuit breakers, marking the largest decline in eight years. Nasdaq 100 futures fell more than 2%, and the Dollar index dropped to 103.
Futures Market: Affected by the global financial markets, on August 5, long positions in BTC contracts across the network saw liquidations totaling $281 million, while short positions faced liquidations of $126 million. Open interest in BTC contracts declined by 7.7% compared to the previous month.
ETF Performance: BTC Spot ETF flows fluctuated significantly this month. A large outflow occurred at the beginning, followed by an inflow mid-month. However, the month ended with a net outflow of $144 million. ETH Spot ETFs experienced a net outflow of $20 million, characterized by substantial inflows early in the month, followed by a persistent trend of minor net outflows.
Blockchain Network Activity: On August 15, Aptos' daily transactions soared to 326.3 million, dwarfing its average of about 18 million. This surge likely stems from Tapos Game2, where each in-game click triggers an on-chain transaction. On August 5, network fees spiked, possibly due to the crypto market's sharp decline, which spurred increased on-chain activity.
Security Incidents: In August, 26 security incidents occurred in the DeFi sector, causing losses of approximately $5.28 million (including disclosed amounts). Account hacks accounted for 60.0% of attacks, followed by contract vulnerabilities at 26.7%, front-end attacks at 6.7%, and malware attacks at 3.3%.
Fundraising Activities: In August, 88 projects secured funding, totaling $80 million. Seed-stage projects dominated, representing 51.4% of the rounds, while 31% of projects raised between $1 and 3 million. CeFi and DeFi emerged as the primary sectors for August's funding, attracting $22.35 million and $10.50 million respectively.
**Click here to download the PDF: [English](https://gimg.staticimgs.com/SeptemberMarketRecap/1729087652265412664-SeptemberMarketRecap.pdf "English")**
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Gate Team
October 8th, 2024
