Gate Research: BTC and ETH Weakened Amid September Effect, Ethervista Trading Volume Surpasses $100 Million

This week, BTC and ETH entered a consolidation phase, with short positions dominating the market. The "September Sell-off" sentiment has dampened market participants' outlook. Despite this, a few sectors—notably Privacy and Yield Farming—attracted capital inflows. Ethervista demonstrated robust trading volume, while Polygon's token upgrade sparked community interest. Unfortunately, Penpie fell victim to an attack, with the perpetrator exploiting a validation vulnerability to steal crypto assets. Looking ahead, upcoming token unlocks and macroeconomic data releases are poised to shape market trends next week.

Market Analysis: The crypto market underwent a downward correction this week, with only a few sectors—notably Privacy and Yield Farming—showing strong performance. Outflows from Bitcoin and Ethereum spot ETFs, combined with Ethereum's weaker performance, have put downward pressure on the market.

Weekly Spotlights: Ethervista, a trending project on the meme launch platform, surpassed $100 million in trading volume. The platform's governance token, VISTA, has skyrocketed by 1,500% since its debut. In other news, August saw the second-highest monthly liquidation volume in Ethereum's on-chain lending history, reaching a staggering $436 million.

Data Highlights: Bitcoin and Ethereum trended downward, with a major liquidation of long positions on September 4th triggering a consolidation phase. Meanwhile, the stablecoin market held relatively steady, showing only slight fluctuations in market capitalization.

Market Opportunities: Lumoz is this week's notable airdrop project. Lumoz is a modular compute layer and ZK-RaaS platform providing a powerful, secure, and flexible computing platform for cutting-edge technologies like AI. It also supports zero-knowledge proof services.

What to Watch Next Week: The claim window for EIGEN, the first phase of the EigenLayer liquid staking protocol, will close on September 7th. Fractal Bitcoin, a Bitcoin scaling solution, is set to launch its mainnet on September 9th.

Deep Dive into This Week's Review 👉🏻 Gate Research: BTC and ETH Weakened Amid September Effect, Ethervista Trading Volume Surpasses $100 Million

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Gate Team
September 6th, 2024