Gate Research Institute: On September 29, BTC first rebounded and broke through $112,000, while ETH's price rose to $4,146; KAITO performed brilliantly, with over $170 million invested in the Kaito Launchpad; FORM and COW rose by 23% and 14% respectively, benefiting from strong buying momentum and short squeezes; Plasma DeFi's TVL increased to $5.5 billion, ranking sixth in DeFi deposit value.
BTC (+2.41% | Current price $112,462): BTC's price fell below $110,000 over the weekend and approached the lowest support level of $108,615 since September. On Monday, the crypto market began to recover, with BTC first rebounding and breaking through $112,000. After surpassing the MA 5, 10, and 30-day moving averages, it maintained an upward trend. BTC's recovery drove the total market capitalization of the crypto market back up to $3.958 trillion, indicating that the market regained upward momentum after a short-term consolidation. If BTC can stabilize above the $110,000 level, it will provide strong psychological support for the market, which is expected to continue attracting institutional capital inflows and push the market towards higher valuation levels.
ETH (+3.12% | Current price $4,121): After two days of sideways consolidation over the weekend, ETH's price reversed on Monday, rising from $3,978 to $4,146, breaking through the MA 5, 10, and 30-day moving averages. However, from the 4-hour candlestick chart, the price quickly fell back after reaching a high, and after testing upwards near $4,150, it was pushed back down by bears, indicating heavy selling pressure above. According to Lookonchain monitoring, whale groups have increased their holdings by over 430,000 ETH in the past two days, valued at $1.73 billion, which constitutes strong support on the demand side. The current resistance level is $4,150, and the support level is $3,850.
Altcoins: Mainstream coins like BTC and ETH led the recovery, with altcoins significantly outperforming, particularly FORM, ZEC, and COW showing high gains. The Fear and Greed Index rose from 37 the previous trading day to 50, indicating a shift from panic to a neutral state in the market.
Macro: On September 26, the S&P 500 index rose by 0.59%, closing at 6,643.70 points; the Dow Jones index rose by 0.65%, closing at 46,247.29 points; the Nasdaq index rose by 0.44%, closing at 22,484.07 points. As of September 29, 10:00 AM (UTC+8), the spot price of gold was reported at $3,777 per ounce, up 0.45% within 24 hours.
According to Gate's market data, the current price of KAITO token is $1.33, up 13.2% in 24 hours, with trading volume surging to $2,251, which is 22.3 times that of last Friday. Kaito is the native token and foundational building block of the AI-driven InfoFi network. Through AI technology, the Kaito platform can index various web3 content that is difficult to access through traditional search engines, including sources like social media, governance forums, research, news, podcasts, and meeting records.
KAITO has recently performed impressively, with the heat mainly coming from KAITO's Launchpad, where over $170 million has been invested in projects like Everlyn and Play AI on its platform. Kaito AI is systematically building an ecosystem for early project financing through its Capital Launchpad platform. The core of this model is that Kaito uses its own AI-driven data analysis and community influence to provide comprehensive support from financing to market promotion for selected early projects. Kaito positions itself as a bridge connecting quality projects with community capital, rather than merely a token issuance tool.
According to Gate's market data, the FORM token is currently priced at $1.21, with a 24-hour increase of 23.11%. Four (FORM) is a rebranded version of the original BinaryX (BNX) token, marking a significant evolution of the project's vision. The token plays a core role in the Four.meme fair issuance platform, which was incubated by the team and is set to launch on July 3, 2024. Four continues to drive innovation in the fields of GameFi, IGO Launchpad, and decentralized financial solutions.
FORM is sparking a new wave of market speculation, with traders analyzing that this may be due to "short squeezes" forcing shorts to exit. Coinalyze's derivatives data shows that funding has turned positive, and open interest has nearly doubled to $26 million, indicating that traders have accumulated long positions, focusing on whether FORM can hold above $1.14 and push towards $2.29.
According to Gate's market data, the COW token is currently priced at $0.34, with a 24-hour increase of 14.28%. CoW DAO is an open organization composed of developers, market makers, and community contributors, with the mission of protecting users from potential risks in DeFi. CoW DAO has developed a suite of products focused on creating user protection products in DeFi, including CoW Swap, CoW AMM, and MEV Blocker RPC, aimed at enhancing security and minimizing concerns related to impermanent loss and front-running in DeFi transactions.
The rise in COW's price is mainly due to strong buying momentum and significant capital inflows, with demand exceeding selling pressure on exchanges. On-chain and trading data indicate that new liquidity is continuously flowing into this asset. This inflow not only highlights the growing interest in COW but also becomes a key factor in maintaining the token's bullish momentum and challenging key resistance levels. From a technical perspective, indicators like EMA and MACD align with the bullish narrative, showing a consistent upward trend with higher lows and higher highs.
According to Defillama data, the TVL of the stablecoin L1 blockchain Plasma has increased to $5.5 billion within three days of its launch, with a 12.9% increase in the last 24 hours, surpassing Base and Arbitrum to rank sixth in blockchain DeFi deposit value. Plasma currently integrates 17 protocols, with a 24-hour DEX trading volume of $215.47 million. The total deposits in Plasma's official lending vault are reported at $2.91137 billion, with an APY of 23.85%.
The increase in TVL is mainly attributed to users in Plasma's lending vault and partnered DeFi protocols being able to earn the network's native token XPL. The new public chain Plasma essentially follows a typical model of "high-yield driven capital inflow," with the core being its lending vault offering nearly 24% APY and using the native token XPL as an incentive, attracting a large number of users to participate. Plasma's recent surge has had a significant impact in the DeFi space, marking a major shift in the decentralized ecosystem and indicating that the competitive wave is intensifying. This development highlights Plasma's increasing ability to attract financial applications within its Layer 1 network.
On September 29, the Perp DEX ApeX announced the launch of the APEX token buyback plan, with the official team planning to invest $12 million from past revenues to initiate the plan. Starting this week, 50% of ApeX protocol's daily revenue will be used to buy back APEX tokens from the open market, in addition to the committed $12 million. Over time, the buyback ratio will gradually increase, reaching up to 90% of total revenue. All repurchased tokens will be transferred and locked to a public on-chain address, fully visible to the community.
ApeX's announced buyback plan is a typical token economic management strategy aimed at enhancing token value and community confidence through market operations and financial commitments. The initial investment of $12 million, combined with the future 50% of protocol revenue for open market buybacks, shows the project's emphasis on long-term value support. ApeX combines this with a gradually increasing buyback ratio (up to 90%) and an on-chain address locking mechanism, further reinforcing transparency and credibility.
Last week, the performance of ETH spot ETFs continued to be sluggish, with nine products experiencing net outflows for five consecutive days, totaling $795.8 million, marking the largest single-week outflow in history. On September 27, there was also a withdrawal of $248.4 million. This outflow exceeded the previous record of $787.7 million in net outflows on September 5. This pullback can be associated with ETH's price decline of 10.25% within the week. Currently, ETH's price has decreased by 11.08% over the past month, and the outflow of funds indicates that investors have fallen into panic.
There may be two reasons for this. On one hand, regulatory uncertainty looms over the cryptocurrency space like a shadow, and hesitation regarding the approval of altcoin ETFs has injected caution into the market, prompting startups and individual investors to consider alternative assets rather than being constrained by ETF products. On the other hand, market analysts believe that the large amount of funds withdrawn from ETFs is not a temporary decision but rather an adjustment of investment strategies by heavyweight institutions like Fidelity and BlackRock. Notably, in contrast to these ETF outflows, recent on-chain indicators show a trend of investors directly hoarding ETH assets, pointing to a growing demand for asset management. This also indicates that ETH's position in the market is solidifying, potentially providing better resilience against economic turmoil.
Related: Analyst: Bitcoin (BTC) is expected to perform like Nvidia, experiencing a significant pullback before reaching new highs.
Original article: “BTC First Rebounds Above $112,000 | Plasma DeFi TVL Increases to $5.5 Billion”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
