SoSo Daily Aug 28

Let's turn our attention to today's overall Crypto market situation.
As of 11:59 AM on August 28, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.21 trillion US dollars, witnessing a decrease of 4.33% compared to yesterday; the total trading volume is 117.00 billion US dollars, marking an increase of 44% from the previous day.

According to sosovalue, the price of $BTC is 59,935 USD, a decrease of 3.98% from yesterday. The market cap of $BTC is 1.18 trillion USD, accounting for 53.7% of the total market cap; $BTC's 24-hour trading volume is 45.60 billion USD, making up 39% of the total trading volume.
The price of $ETH is 2,522.9 USD, down 3.95% from yesterday; the market cap of $ETH is 303.50 billion USD, representing 13.8% of the total market cap; $ETH's 24-hour trading volume is 22.58 billion USD, comprising 19.3% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.5% of the total cryptocurrency market cap, and their combined trading volumes constitute 58.3% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 11:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is BarnBridge (BOND). As of today, its market cap is 20.89M, with a coin price of 2.1520 USD, witnessing a 24-hour increase of 44.4%.
The second is Dogs (DOGS). As of today, its coin price is 0.0015703 USD, with a 24-hour increase of 28.5%.
The third is IDEX. As of today, its coin price is 0.048740 USD, showing a 24-hour increase of 27.3%.
In fourth place is Polkamarkets (POLK). As of today, its coin price is 0.015250 USD, with a 24-hour rise of 22.9%.
In fifth place is V.SYSTEMS (VSYS). As of today, its coin price is 0.0015550 USD, increasing by 19% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 16 sectors, all 16 are down. Notably, Layer2, $ETH, and $BTC sectors are worth mentioning.
Layer2 sector has fallen -3.69% relative to the UTC 0 time, led by declines in CWEB (-16.6%), MATIC (-9.91%), and SAGA (-8.4%).
$ETH sector has decreased -3.95% relative to UTC 0, with $ETH (-3.95%) leading the drop.
$BTC sector has fallen -3.98%, with $BTC (-3.98%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Sony is launching the first public testnet for its Optimism-based Soneium blockchain. Sony Block Solutions Labs is initiating a testnet and developer incubation program for the Soneium network, marking a significant step in Sony Group Corporation's entry into Web3. The Soneium blockchain, a Layer 2 Ethereum-based network, aims to provide a cost-effective development environment for consumer-grade applications. Partners like Circle, Optimism, Alchemy, The Graph, Chainlink, and the Astar Network will be early experimenters. The project, a collaboration between Sony Group Corporation and Startale Labs, plans to integrate the ASTR token on the EVM-compatible Minato testnet. Astar Network will also integrate its zkEVM assets with Soneium to enhance liquidity. Sony subsidiaries, including SonyMusic, SONY Pictures, and the Sony Innovation Fund, will participate in the Soneium Spark incubation program, offering up to $100,000 in starting capital to applicants.
Next news:Over 300,000 Telegram users have signed a letter on the app, advocating for the release of its CEO, Pavel Durov, who was recently detained in France. The letter, accessible through a mini-app launched by TON Society, condemns Durov's arrest as an attack on free speech. Durov was arrested at a Paris airport as part of a cybercrime investigation related to cryptology services. Prominent figures in the crypto community, including Elon Musk and Justin Sun, have voiced their support for Durov.
Next news:Original | Odaily Planet Daily (@OdailyChina) Author | Nan Zhi (@Assassin_Malvo) 4 days ago, influenced by the positive comments from Federal Reserve Chairman Powell on the September rate cut, Bitcoin and the overall crypto market saw a significant increase. However, at 5 am today, Bitcoin suddenly started to accelerate its decline, dropping from a low of 61870 USDT to 58000 USDT in two hours, a decrease of about 6.3%. According to OKX quotes, $BTC briefly touched 65010 USDT on the morning of the 26th, forming a recent high point; in the past two days, $BTC has been declining all the way, with a cumulative maximum decline of over 10%; at the time of writing, $BTC is fluctuating around 59100 USDT. The decline of "mainstream altcoins" other than $BTC is not much different, with $ETH dropping by 3.5%, BNB by 2.17%, and SOL by 3% at 5 am. The meme sector saw a relatively larger decline, with PEPE dropping by 5.9%, BONK by 3.8%, BRETT by 3.5%, and WIF by 2.9% during the same period. Influenced by the decline of $BTC, the total market value of cryptocurrencies also dropped significantly. According to CoinGecko data, the current total market value of cryptocurrencies has fallen to 2.17 trillion US dollars, with a 24-hour decline of 7.02%. In terms of derivative trading, Coinglass data shows that the total liquidation across the network in the past 24 hours was 319 million US dollars, with the vast majority being long positions liquidated, amounting to 287 million US dollars. Looking at the currencies involved, $ETH saw liquidations of 102 million US dollars, and $BTC of 95.71 million US dollars. The September curse Odaily has compiled the monthly performance data of $BTC since 2014 as follows. Looking at the average monthly performance, only three months on average have seen declines, with September having a significant decline, and the highest proportion of years with declines. However, after surviving September, October has the highest proportion and magnitude of increases. This pattern is not only reflected in the crypto market but also in the long bull market of US stocks. The monthly average performance of the Nasdaq index over the past 10 years is shown in the following figure, with only two years showing increases, and in most cases, there have been some degree of declines. Ethereum spot ETF outflows continue, Vitalik caught in a public opinion battle According to public data, Ethereum spot ETF has seen outflows for 9 consecutive days, with a total net outflow of 4.81 billion US dollars. The market expectation of "the weakening of Grayscale's selling pressure and a shift towards net inflows" has not materialized. Currently, Grayscale's Ethereum spot ETF ETHE has only seen outflows of about 35%, not yet reaching the point of marginal reversal of selling pressure, and the main inflow force of Grayscale's Bitcoin spot ETF, BlackRock, has not shown the same positive force again. ETHE has a total net outflow of 25.5 billion US dollars, while BlackRock's ETHA has a net inflow of about 1 billion US dollars, indicating that a marginal reversal will take a long time. On the other hand, weak token performance, sluggish application development, and severe homogenization of a large number of Layer2 solutions have led the community to gradually lose confidence in Ethereum. On August 24, the Ethereum Foundation transferred 35,000 $ETH to Kraken, worth about 94.07 million US dollars at the time. Ethereum's key figure Vitalik has also been criticized for "not understanding DeFi." The founder of DeFiance Capital even stated: "The worst view is that the founder of the largest L1 public chain does not truly understand the use cases and industry that drive $ETH's price and market value to 330 billion US dollars. The price of $ETH may drop to 0.03 dollars." Option data: Positioning for long positions in September and October Greeks.live macro researcher Adam posted on X platform that after multiple attempts to break through the resistance level, cryptocurrencies have entered a retracement trend. The implied volatility IV of major terms has significantly decreased, with $BTC Dvol falling below 50% currently, with only 30% of the time in the past year lower than the current level. Looking at option data, RV has dropped from the high point on August 9th of 100% to the current 40%, indicating a sharp decrease in $BTC's actual volatility level, which is also a significant factor driving the decrease in IV. In terms of bulk trading, there have been sporadic appearances of bulk call option bottom fishing today, with most terms set for the end of September and October, indicating that whale users have started to position for long positions. Rate cut Price In, market enters a chaotic period The debate on the understanding of Vitalik, himself, and the significance of the work and expenses of the Ethereum Foundation continues. The September rate cut by the Federal Reserve is a foregone conclusion, and the market has entered a period of insufficient expectations and chaos, urgently needing a grand narrative or expectation to ignite and lead the market and capital enthusiasm.
Next news:The Ethereum Foundation is preparing a new report covering 2022 and 2023, which is expected to be released before Devcon SEA. Vitalik said his salary is 182,000 SGD per year (about 139,000 USD). The largest expenditure in 2023 is the new institution category, accounting for 36.5%, including Nomic Foundation, Decentralization Research Center, L2BEAT, 0xPARC, etc.
Next news:CME Group has announced that it will launch Bitcoin Friday futures (BFF) on September 30, 2024. It offers a precise and flexible way to trade bitcoin exposure. Each BFF contract represents 1/50 of a bitcoin, ensuring capital efficiency and accessibility. These shorter-dated contracts expire to the CME CF Bitcoin Reference Rate New York Variant every Friday at 4:00 p.m. ET.

Next news:US spot bitcoin ETFs experienced $127 million in net outflows, ending an eight-day inflow streak, according to SoSoValue. The outflows were primarily led by Ark & 21Shares’ ARKB with $101.97 million. Other notable outflows included Grayscale’s GBTC and Bitwise’s BITB. Meanwhile, spot ether ETFs reported their ninth consecutive day of net outflows. Bitcoin and ether prices also fell significantly in the last 24 hours.
Next news:Nasdaq is seeking approval from regulators to allow the launch and trading of options tied to the price of bitcoin, the exchange said Tuesday.
Next news:Australia's national police agency reported that Australians lost approximately AUD 180 million ($122 million) in cryptocurrency to investment scams over a 12-month period. The police emphasized the increasing sophistication and proliferation of these scams, urging the public to be more vigilant.
Next news:Vitalik Buterin, co-founder of Ethereum, discussed the potential of crypto identity solutions to address the challenges associated with airdrops. He highlighted that airdrops, while distributing billions in value, often face issues with users gaming the system by using multiple wallets. Buterin suggested using zero-knowledge proof technology and blockchain-based identity frameworks to ensure tokens are distributed fairly among genuine community members and to reward contributions. He emphasized that this approach could also be used to compensate various forms of currently uncompensated work across the economy.
Next news:Solana Optimistic Network, also known as SOON, has successfully completed a funding round termed a 'cobuilder' round, which notably did not include venture capital firms. Key participants in this round included prominent figures such as Solana Foundation Chairman Lily Liu, Solana Labs co-founder Anatoly Yakovenko, and executives from Coinbasae Ventures, Celestia Labs, Avail, and Wormhole Foundation. The funds from this round are intended to develop SOON into a high-throughput rollup stack aimed at enhancing scalability and efficiency for decentralized applications across various blockchains. The initiative includes the development of SOON Stack and SOON Mainnet, which are designed to integrate with Ethereum and potentially revolutionize the user experience across multiple blockchain ecosystems.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.