BTC has dropped below $65K, suggesting the recent $70K level was just a rebound

Hot projects + Market overview

I. Mainstream exchange news

• ​​Japanese cryptocurrency exchange Bitbank is preparing for a public listing, pending approval from regulatory authorities.
• HashKey Global will list new tokens including the Worldcoin (WLD), Ethereum Name Service (ENS), and Blur (BLUR).

II. Mainstream projects and trending events

• The US Federal Reserve has kept the benchmark interest rate unchanged and hinted at a potential rate cut as early as September.
• Jupiter co-founder Meow has released a draft for transparency measures, which includes regular community audits of the JUP token.
• Tether has reported record-breaking quarterly profits of $1.3 billion and US Treasury holdings of $97.6 billion in Q2, with the group's consolidated equity reaching nearly $12 billion.
• US presidential candidate Donald Trump has launched a limited edition sneaker that supports BTC and other cryptocurrency payments.
• Elixir has introduced a "fully decentralized" synthetic dollar to compete with Ethena's USDe.
• Simon's Cat, a popular animated cat brand, is collaborating with Floki, BNB Chain, and DWF Labs to launch a memecoin.
• Ondo Finance has launched USDY, a yield-bearing Treasury stablecoin, on the Aptos network.
• Fidelity has listed a physical Bitcoin ETP on the London Stock Exchange.
• Swell Network, a restaking platform, has launched the rswETH withdrawal function.

III. Funding news

• DePIN project Daylight has completed a $9 million Series A funding round, led by A16z Crypto. 
• Cryptocurrency proprietary trading firm Breakout has raised $4.5 million in a seed funding round, led by RockawayX.
• On-chain competition platform Jokerace has secured $3 million in new funding, led by Maven 11 and about 30 angel investors.
• Cross-border payment infrastructure provider Layer2 Financial has raised $10.7 million in a Series A funding round, led by Galaxy Ventures.
• UGA platform We.Rich has completed a $2 million seed funding round, led by Animoca Brands and Folius Ventures.

IV. Regulatory news

• The Bank for International Settlements and the Bank of England have found that the balance sheet of asset-referenced stablecoins can be supervised, which could help nations respond more efficiently to risks from stablecoins.
• The Japan Cryptoasset Business Association (JCBA) and the Japan Virtual Currency Exchange Association (JVCEA) have urged the Japanese government to reform tax laws by 2025. They argued that the current system, which classifies crypto transaction income as miscellaneous income and imposes taxes as high as 55%, discourages widespread cryptocurrency adoption.
• The Law Commission of England and Wales has urged the government to classify all crypto assets as a new form of personal property in its final report on digital assets.

V. Popular projects 

Market Overview

BTC has fallen below $65,000, indicating that the recent rise was not the main upward wave from $53,485 to a new high, but rather a rebound. 

The first support level is around $62,700. The future momentum remains uncertain until BTC regains $65,000.

BTC Spot ETF Updates - July 31

Overall Data:

Total Net Inflows: $17.69 billion

Daily Net Inflows: $298.93 thousand

Single-Day Turnover: $1.37 billion

Proportion of BTC’s Market Value: 4.72%

Breakdown by ETF:

GBTC:

Net Asset Value: $15.74 billion

Single-Day Net Outflows: $0

Cumulative Net Outflows: $18.94 billion

Single-Day Turnover: $160 million

FBTC:

Net Asset Value: $11.85 billion

Single-Day Net Outflows: $31.57 million

Cumulative Net Inflows: $9.95 billion

Single-Day Turnover: $230 million

IBIT:

Net Asset Value: $22.58 billion

Single-Day Net Inflows: $20.99 million

Cumulative Net Inflows: $20.03 billion

Single-Day Turnover: $772 million

ETH Spot ETF Updates - July 31

Overall Data:

Total Net Outflows: $488 million

Daily Net Outflows: $82.19 million

Single-Day Turnover: $472 million

Proportion of ETH’s Market Value: 2.34%

Breakdown by ETF:

ETHE:

Net Asset Value: $6.63 billion

Single-Day Net Outflows: $133 million

Cumulative Net Outflows: $1.98 billion

Single-Day Turnover: $199 million

ETHW:

Net Asset Value: $275 million

Single-Day Net Inflows: $4.71 million

Cumulative Net Inflows: $284 million

Single-Day Turnover: $21.69 million

FETH:

Net Asset Value: $277 million

Single-Day Net Inflows: $18.80 million

Cumulative Net Inflows: $279 million

Single-Day Turnover: $27.19 million

RSC is up 29%

ResearchCoin (RSC), the community governance and reward token of ResearchHub, has surged 29% in the last 24 hours.

ResearchHub aims to accelerate scientific research by fostering open and collaborative interaction between academic and non-academic individuals. 

ResearchHub incentivizes users with RSC tokens, which can be earned and exchanged for sharing, curating, and discussing topics. RSC has a market cap of $23.23 million, with a 29% increase in just four hours.

AGRS is up 13%

AGRS, the token of blockchain AI engine TAU Net, has surged 13% in a day.

Tau is a logical AI engine that enables users to create software and AI with fully mechanized reasoning capabilities. AGRS plays a key role in Tau's product suite, enabling users to trade products and services such as knowledge, computing resources, and financial instruments to earn profits.

The AGRS token has a market cap of $30.55 million.

DIMO is up 7%

The price of DIMO, the token of an automotive IoT platform Dimo on the Polygon chain, has surged 7% in the last 24 hours.

Dimo, a notable project in the DePIN sector, enables drivers to collect and share vehicle data, including metrics such as mileage, speed, location tracking, tire pressure, and battery/engine health. 

The DIMO token has seen a six-fold increase from November 2023 to May 2024. DIMO's market cap is $41.44 million.

On-chain Daily

1. NEIRO: NEIRO is a memecoin on the Ethereum chain featuring the Doge dog owner's new dog. It has sparked interest in the crypto community. Tokens with the same name exist on multiple chains. The token's price shows a seesaw effect with uppercase "NEIRO" and lowercase "Neiro" tokens inversely affecting each other's value. Currently, the uppercase NEIRO has established dominance and has been surging recently.

Current Price: $0.0168  

Historical High: $0.182  

24-Hour Change: +176%  

Current Market Value: $168M  

Official Twitter: https://x.com/neiro_ethereum](https://x.com/neiro_ethereum

2. TSUJI: TSUJI is a memecoin on the Ethereum chain inspired by the cat in the household of Kabosu, the original Doge. 

Current Price: $0.00669  

Historical High: $0.0161  

24-Hour Change: +176%  

Current Market Value: $6.3M  

Official Twitter: https://x.com/tsutsujiERC20](https://x.com/tsutsujiERC20

3. KEN: KEN is a memecoin on the Ethereum chain, representing the sibling of Kabosu and Neiro.

Current Price: $0.0128  

Historical High: $0.0151  

6-Hour Change: +477%  

Current Market Value: $12.8M  

Official Twitter: https://x.com/kenchanbackup/](https://x.com/kenchanbackup/

4. GINNAN: GINNAN is a memecoin on the Ethereum chain featuring Doge's feline sibling, also present as a memecoin on Solana.

Current Price: $0.0000419  

Historical High: $0.000065  

24-Hour Change: +3551%  

Current Market Value: $4.1M  

Official Twitter: https://x.com/GinnanCatCTO](https://x.com/GinnanCatCTO

5. BOWO: BOWO, short for BOOK OF WOJAK, is a memecoin on the Solana chain derived from the classic Wojak meme.

Current Price: $0.00189  

Historical High: $0.008  

6-Hour Change: +23%  

Current Market Value: $1.9M  

Official Twitter: https://x.com/BOWOSOL](https://x.com/BOWOSOL

6. GINNAN: GINNAN is a memecoin on the Solana chain featuring Doge's feline sibling.

Current Price: $0.00000742  

Historical High: $0.00000985  

24-Hour Change: +45%  

Current Market Value: $52M  

Official Twitter: https://x.com/Ginnanthecat](https://x.com/Ginnanthecat

Daily Rune Observation

Gas Fee Change:

The current BTC transaction fee is 6 satoshis/byte, remaining consistently low regardless of price movements, for the past three weeks.

Today's Popular Projects:

1. NICOLAS•PI•RUNES

   - Fully minted

   - Market Value: $5.4M

   - 24-Hour Trading Volume: $79,550

   - 24-Hour Change: +10%

   - Holding Addresses: 9,419

2. NIKOLA•TESLA•GOD

   - Fully minted

   - Market Value: $6.4M

   - 24-Hour Trading Volume: $41,432

   - 24-Hour Change: +6.3%

   - Holding Addresses: 1,279

3. THE•DONALD•TRUMP

   - Fully minted

   - Market Value: $3.8M

   - 24-Hour Trading Volume: $3,643

   - 24-Hour Change: +5%

   - Holding Addresses: 3,381

Top Rune Projects Tracking:

- DOG•GO•TO•THE•MOON: Rune #3, airdrop Runes of Runestone

  - Current Price: 4.7 Sats

  - 24-Hour Change: -13%

  - Current Market Value: 4,700 BTC

- BAMK•OF•NAKAMOTO•DOLLAR: Synthetic dollar protocol on Bitcoin L1

  - Current Price: 5.2 Sats

  - 24-Hour Change: -3.8%

  - Current Market Value: 1,100 BTC

- RSIC•GENESIS•RUNE: Rune #8, from RSIC inscription mining project

  - Current Price: 3.92 Sats

  - 24-Hour Change: -1.1%

  - Current Market Value: 822 BTC

Performances of Today's Top Three Tracks

SocialFi: An overall daily increase of 0.38%

1. POOLX: Poolz Finance is a decentralized cross-chain IDO platform, with its new token POOLX launched in March 2023.

   - Daily Increase: +3.35%

   - Current Price: $2.533

   - Current Market Value: $12.61M

   - 24-Hour Trading Volume: $1.17M

2. UXLINK: A Web3 social platform and infrastructure provider aiming to transform social networks through blockchain technology integration. UXLINK has launched a social liquidity supply system with various token staking opportunities, PoS models, and yield pools.

   - Daily Increase: +0.33%

   - Current Price: $0.1804

   - Current Market Value: Not Available

   - 24-Hour Trading Volume: $96.81M

3. TON: Built on Telegram, TON is a Layer 1 blockchain originally proposed in 2018 and re-launched in 2021. TON aims to provide over 500 million users with fast and secure decentralized services, including payments and digital identities. The platform's Mini Apps, such as Notcoin and Catizen, are considered potential catalysts for massive adoption.

   - Daily Increase: +0.44%

   - Current Price: $6.788

   - Current Market Value: $17.08B

   - 24-Hour Trading Volume: $241M

GameFi: An overall daily increase of 2.57%

1. FAR: Farcana is a blockchain-based multiplayer TPS game developed on Unreal Engine 5, integrating Web2 and Web3 economic elements, including tournament-based rewards, NFT integration, and various in-game assets.

   - Daily Increase: +38.14%

   - Current Price: $0.01811

   - Current Market Value: $14.58M

   - 24-Hour Trading Volume: $2.48M

2. GOAL: Top Goal is a football-themed game.

   - Daily Increase: +19.09%

   - Current Price: $0.02215

   - Current Market Value: $6.37M

   - 24-Hour Trading Volume: $2.06M

3. ULTI: Ultiverse is an AI-driven Web3 game creation and publishing platform. It recently completed a strategic financing round, raising $4 million at a valuation of $150 million, led by IDG Capital.

   - Daily Increase: +11.14%

   - Current Price: $0.02424

   - Current Market Value: Not Available

   - 24-Hour Trading Volume: $23.54M

RWA: An overall daily increase of 2.65%

1. VSYS: V.SYSTEMS is a blockchain infrastructure provider focusing on database and cloud services, utilizing the SPoS consensus algorithm to select supernodes.

   - Daily Increase: +18.97%

   - Current Price: $0.00155

   - Current Market Value: $4.71M

   - 24-Hour Trading Volume: $718K

2. CFG: Centrifuge is an RWA lending protocol that completed a $15 million Series A funding round in April, led by ParaFi Capital and Greenfield.

   - Daily Increase: +8.26%

   - Current Price: $0.4772

   - Current Market Value: $237M

   - 24-Hour Trading Volume: $330

3. HIFI: A lending protocol on Ethereum offering fixed-rate, fixed-term loans using synthetic assets to track underlying assets. Borrowers can mint hToken by depositing collateral, while lenders can exchange USDC for hToken. HiFi enforces over-collateralization and allows liquidation when collateral values drop.

   - Daily Increase: +2.7%

   - Current Price: $0.5017

   - Current Market Value: $66.82M

   - 24-Hour Trading Volume: $8.68M

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