Crypto Pulse——8/27 Market Trends and Hot Project Analysis

Preface:
Bitcoin and Ethereum have decreased by 1.42% and 1.06% respectively in the past 24 hours, with current prices at $63,006 and $2,686. The ETH/BTC exchange rate remains at 0.05. The Crypto Fear & Greed Index stands at 48, indicating a neutral sentiment.

Market Trending

The market previously reacted to comments from Federal Reserve Chairman Jerome Powell, boosting stocks, gold, and cryptocurrencies, which led to the U.S. Dollar Index (DXY) falling to its lowest point since July 2023, near 100.6 this morning. Last week, the total inflows into all digital asset investment products reached $533 million, the highest level in five weeks. Telegram founder and CEO Pavel Durov was arrested by the National Fraud Office at a French airport. After a drop, the price of TON rebounded. The DOGS community, along with figures like Elon Musk, showed support for the Telegram founder. DWF founder and Zhu Su also announced that they had purchased TON tokens in support. There were also significant movements in the Bitcoin ecosystem: Babylon launched staking, with the initial 1,000 BTC staking quota quickly filling up; Fractal Bitcoin is set to launch its mainnet on September 9th; the inscription sector also saw some gains, with SATS breaking resistance and mid-to-long tail inscriptions following suit.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs saw a net inflow of $202 million, marking the 8th consecutive day of net inflows, with a total inflow of $753 million over the past 8 days. BlackRock’s IBIT had a net inflow of $224 million (3,528 BTC), the largest single-day inflow since July 22nd, with a trading volume of $700 million; Fidelity’s FBTC had a net outflow of $8.3 million; Bitwise’s BITB had a net outflow of $16.6 million.
Bitcoin surged over the weekend, breaking above $64,000 yesterday, followed by a slight pullback in line with weakening U.S. stocks. It is currently hovering around its 200-day moving average at $63,430. The market anticipates another rise after a small retracement and consolidation.
On the other hand, U.S. Ethereum spot ETFs had a net outflow of $13.23 million yesterday. ETH continues to fluctuate around $2,700, showing relative weakness in this round of rebound, impacted by selling pressure from the Ethereum Foundation.

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Daily Spotlight

Today’s hot project is HNT, with a 24-hour increase of 15.5%.
Helium was founded by Shawn Fanning, Amir Haleem, and Sean Carey in 2013, with the company’s mission of “making it easy to connect everything.” The project is a decentralized wireless network built on blockchain technology. The Helium network aims to facilitate data transmission through wireless connections between IoT devices and provides economic incentives to users who offer network coverage. HNT is the native token of the Helium network, earned by the People’s Network miners and distributed to Hotspot owners, Helium Inc, and investors. The network uses a “burn-and-mint equilibrium” model, with two exchange units: HNT and Data Credits. HNT serves as the economic driver of the network, incentivizing users to provide network coverage and participate in network maintenance. Recently, Helium released version 2.8.5 of its wallet, addressing issues in the derivation path and in-app browser to enhance user experience. HNT has been leading today’s gains, currently priced at $7.090 with a market capitalization of $1.199 billion.

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The Word on the Street

Durov is accused of offering unauthorized cryptographic services and tools and could be detained until the 28th. On August 27th, according to a statement released by the Paris Judicial Court, Telegram CEO Pavel Durov faces charges including offering unauthorized cryptographic services and tools. The statement said, “The arrest of Telegram founder Pavel Durov was carried out in the context of a judicial investigation that began on July 8, 2024, following a preliminary investigation launched by the Paris prosecutor’s office’s cybercrime unit. The judicial investigation concerns the provision of cryptographic services and tools.” The document also lists several other charges, including conspiracy to “possess child pornography” and “money laundering for criminal organizations.” As part of the cybercrime investigation, Durov is being questioned and could be detained until August 28th.

Potential Airdrop

Story Protocol is an IP management protocol aiming to revolutionize the way humanity records history by leveraging blockchain technology to document and integrate content and IP across various blockchains. The project recently completed an $80 million Series B funding round, led by a16z Crypto, with other participating institutions including Foresight Ventures, Hashed, and others. To date, the open team behind Story Protocol, PIP Labs, has raised $140 million, with a valuation of $2.25 billion. With high community interest and significant market potential, the project has already launched a story continuation event, where users are required to continue a story and upload the content to blockchain. Story Protocol will permanently preserve and visualize these stories.