Gate Research Institute: On September 3, BTC rebounded to $111,398 after hitting a low of $107,261. The short-term moving averages formed a golden cross, indicating a recovery in rebound momentum, but the decline in trading volume shows limited willingness to chase higher prices. ETH oscillated in the $4,063–$4,300 range, with short-term moving averages crossing below MA30, indicating continued bearish pressure. Small-cap tokens performed actively, but overall market sentiment remained neutral, with the fear and greed index reporting 39. In terms of hotspots, Linea officially launched a liquidity incentive program, planning to distribute 1 billion LINEA tokens to attract an additional $1 billion in TVL; WLFI implemented buybacks and burns; the Ethereum Foundation is preparing to sell 10,000 ETH, presenting both structural market opportunities and high volatility.

BTC (-0.21% | Current price: 111,095 USDT): After hitting a low of $107,261, BTC rebounded to $111,398 and is currently oscillating around $111,000. The short-term moving averages formed a golden cross, indicating a recovery in rebound momentum, but the decline in trading volume shows limited willingness to chase higher prices. Support is at $107,000–$107,500, and resistance is at $112,000–$113,000. On September 2, BTC ETF saw a net inflow of approximately $332 million in a single day, with Fidelity's FBTC inflow being $132.7 million.

ETH (-0.50% | Current price: 4,289 USDT): ETH price fell from a high of $4,956 to $4,063, recently oscillating in the $4,280–$4,300 range. The short-term moving averages crossed below MA30, indicating continued bearish pressure. Support is at $4,280, and resistance is at $4,360–$4,400. On September 2, ETH ETF saw a net outflow of approximately $135.3 million in a single day, with Fidelity's ETHA outflow being $99.2 million.

Altcoins: Most mainstream altcoins saw slight increases, with Q, SQUID, and GMMT being the most active. Market sentiment is primarily "neutral." The fear and greed index reported 39 today, indicating that the short-term market remains cautious.

Macro: On September 2, the S&P 500 index reported 6,415.54 points, down 0.7%; the Dow Jones Industrial Average fell by 249.07 points, reporting 45,295.81 points; the Nasdaq Composite Index fell by 175.92 points, reporting 21,279.63 points. Gold prices hit a historical high, with spot gold priced at $3,529.01 per ounce, an increase of about 1.5%.

According to Gate market data, the current price of SQUID token is 0.009001 USDT, with a 24-hour increase of 102.54%. SQUID initially gained attention in the community due to the "Squid Game" narrative but has faced ongoing controversy. Squid Game is a meme token on the Binance Smart Chain (BSC), inspired by the popular Netflix series of the same name. The token promised to develop a "play-to-earn" game at launch, claiming to reference the gameplay of the series "House of Cards."

This round of price increase is mainly driven by short-term speculative funds, combined with social media hype and community speculation, which has boosted market buying sentiment. However, due to insufficient fundamental support for SQUID, its volatility is extremely high, and its sustainability remains uncertain.

According to Gate market data, the current price of GMMT token is 0.009025 USDT, with a 24-hour increase of 67.16%. GMMT is a community-driven decentralized project focused on Web3 applications and ecological cooperation, dedicated to providing users with diverse crypto scenarios.

Recently, GMMT's promotion in the Southeast Asian market and new collaborations have significantly increased trading activity, with trading volume surpassing 17.84 million. The market sentiment, combined with regional capital inflow, has become an important driving force for GMMT's price increase.

According to Gate market data, the current price of MERL token is 0.1588 USDT, with a 24-hour increase of 30.81%. Merlin Chain is a Bitcoin Layer 2 network aimed at providing more efficient scalability and application support for the BTC ecosystem, offering diversified infrastructure including DeFi, NFTs, and payments.

Recently, MERL has attracted market attention due to the launch of its ecological incentive program and the introduction of several leading DApps, while also completing the M-BTC integration with the Sui network, enhancing Bitcoin's cross-chain liquidity. Coupled with the mainnet upgrade that brings chain abstraction and AI-driven trading optimization, as well as the upcoming BTC staking reward program, it further enhances ecological activity and user participation. Against the backdrop of rising BTC ecosystem narratives, Merlin Chain's potential value has been rapidly amplified, driving up the price of MERL tokens.

On-chain data shows that WLFI has burned 47 million WLFI (approximately $11.34 million) from the unlocked treasury wallet in the last 6 hours in response to the community governance proposal for buybacks and burns. Previously, WLFI also repurchased 6.498 million WLFI using 2 million USD1 at an average price of $0.308 within two days of its trading launch, further reducing the total circulating token supply.

WLFI's buyback and burn measures indicate that the project team is actively managing token supply, which may boost market confidence in the short term while providing holders with favorable expectations of reduced circulation.

Linea officially announced the launch of the Linea Ignition liquidity incentive program, with a total planned amount of 1 billion LINEA, aimed at attracting an additional $1 billion in TVL. The program will last until October 26, 2025. The first batch of eligible cooperative agreements includes Etherex, Aave, and Euler, with Turtle Club to be added later. The incentive distribution rules are: 40% will be unlocked in a lump sum on October 27, and the remaining 60% will be released linearly over 45 days.

In addition, the Linea Association has approved the allocation of 4% of LINEA to liquidity providers participating in Linea Surge, with specific operations for SBT redemption of LINEA to be announced through the eligibility check page.

This program helps to increase the TVL and liquidity activity of the Linea protocol, which is a significant benefit for early participants in the ecosystem and may also drive market attention and trading activity for the token in the short term.

On-chain monitoring shows that the Ethereum Foundation has transferred 10,000 ETH (approximately $42.7 million) to exchanges, planning to sell it in the coming weeks to support research and donation activities. Notably, the last time the foundation sold was also 10,000 ETH, completed through OTC to SharpLink, with a transaction price of about $2,572 per token, totaling $25.73 million. This transfer occurred just 10 minutes before the official announcement was made.

The Ethereum Foundation's selling behavior may temporarily increase market supply pressure, posing a certain volatility risk to ETH prices. However, considering that the funds from the sale are mainly used for ecological construction and research and development, such operations are part of strategic fund allocation, which has limited impact on long-term market confidence.

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Related: Ethereum (ETH) staking queue reaches a two-year high, institutions continue to increase holdings.

Original article: “Linea Launches Liquidity Incentive Program | Ethereum Foundation Sells ETH Again”

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