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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Gate Research Institute: The crypto market has generally entered a pullback phase after reaching new highs ｜ Institutional funds are accelerating their inflow into ETH
Crypto Market Overview
Popular Tokens in the Crypto Market
BCH Bitcoin Cash (+2.95%, circulating market value 11.777 billion USD)
According to Gate.io market data, the current price of the BCH token is 594.27 USD, rising about 2.95% in the last 24 hours. Bitcoin Cash (BCH) was launched by ViaBTC based on the Bitcoin ABC plan and was created in 2017 as a hard fork from the original Bitcoin chain. Highlights include on-chain scaling, new transaction signatures, a new difficulty adjustment algorithm, and decentralized development, following Satoshi Nakamoto's scaling roadmap and aiming for global adoption.
Recently, the Smart Money Index (SMI) has shown a significant increase in institutional investor interest in BCH, with the index rising to 85.1, a cumulative increase of over 220% since early June, reflecting the high recognition of its value by "smart money." The continuous inflow of institutional funds has boosted market confidence and driven retail investors to follow suit, pushing prices steadily higher. On the technical front, if buying pressure continues, BCH is expected to challenge the resistance level at $620.40; however, if it falls below the support level at $572.80, it may further retreat to $444.70. Overall, the current volatility has significantly increased, and traders need to pay attention to the potential risk of severe fluctuations.
UNI Uniswap (+0.49%, circulating market cap 7.162 billion USD)
According to Gate.io market data, the current price of the UNI token is $11.39, having increased by approximately 0.49% in the last 24 hours, with a trading volume up 67.05%. Uniswap is a decentralized trading protocol built on Ethereum that uses an Automated Market Maker (AMM) mechanism, allowing users to exchange tokens without relying on centralized entities, and achieving community governance through the governance token UNI.
The core driving force behind this round of price increase comes from its foundation's plan to establish a new legal entity "DUNI", which will be set up in accordance with the laws of the decentralized unincorporated nonprofit association (DUNA) of Wyoming, providing legal structural support for the current Uniswap DAO while maintaining decentralized governance. The DUNA framework is specifically designed for blockchain organizations, allowing them to enter contracts, hire service providers, and meet tax and regulatory requirements without having to transition to a traditional corporation. If the proposal is approved, Uniswap Governance will become the largest decentralized organization to adopt this law. The plan includes allocating approximately 16.5 million UNI tokens to pay for historical taxes, fines, and legal defense funds, with the tax bill expected to be no more than 10 million dollars, and the DAO has never chosen to be taxed as a corporation.
LDO Lido (+1.90%, circulating market value 1.369 billion USD)
According to Gate.io market data, the current price of LDO token is 1.52 USD, with an increase of about 1.90% in the last 24 hours and a trading volume increase of 13.39%. Lido is currently the largest Liquid Staking protocol in the world, providing users with the service of staking assets and earning rewards without the need to run a node, while maintaining the liquidity of the assets.
Lido DAO benefits from an important ruling by the U.S. SEC, leading to a cumulative increase of 54% within a week, clearing regulatory obstacles for the development of liquid staking ETFs. Currently, Lido's total locked value has reached $33 billion, maintaining its leading position in the industry. Staking, as a mechanism to participate in blockchain validation and earn rewards by holding a minimum amount of encryption, has attracted more institutional investors' attention due to this regulatory favorable news. In the future, liquid staking products may even be incorporated into the ETF system, bringing new growth opportunities for Lido.
Alpha Interpretation
Today, the altcoin market generally entered a rise and correction, with the crypto market's market capitalization decreasing by 3.96%.
After several consecutive days of increase, the crypto market is experiencing an overall correction. In terms of sector performance, the AI sector has seen the most significant decline, down 7.20% in 24 hours, with Virtuals Protocol (VIRTUAL), ai16z (AI16Z), and Fartcoin (FARTCOIN) dropping 9.88%, 13.16%, and 18.58% respectively.
In other sectors, the CeFi sector fell by 0.83%, Cronos (CRO) rose against the trend by 2.43%, the PayFi sector dropped by 1.59%, Bitcoin Cash (BCH) briefly surged by 4.09% during the day, the Layer1 sector decreased by 2.34%, TRON (TRX) slightly increased by 2.63%, the Meme sector fell by 5.51%, but Pump.fun (PUMP) continued its strong performance, rising by 13.36%.
Overall, the market is showing differentiation at high levels, with some small-cap projects still having short-term opportunities driven by capital. However, the overall risk appetite has cooled, and investors need to be cautious of the rapid pullback risks under sector rotation.
cryptocurrency ETF market single-day net inflow of $419 million, ETH ETF fund attractiveness significantly enhanced.
According to CoinMarketCap data, on August 12, the crypto market recorded a single-day net inflow of $418.9 million, with $379 million flowing into ETH ETFs, significantly higher than the $40 million for BTC ETFs. This difference reflects the increasing interest of institutional funds in allocating to ETH recently.
In terms of total assets under management (AUM), the total size of cryptocurrency ETFs reaches $169.458 billion, of which BTC accounts for $150.278 billion (88.7%) and ETH accounts for $19.188 billion (11.3%). In terms of market capitalization ratio, BTC ETFs account for 5.90% of the total market capitalization of BTC, while ETH ETFs account for 3.76% of the total market capitalization of ETH.
The strong inflow of funds into ETH ETFs may be related to institutional investors' optimistic expectations for ETH's future price performance, especially after ETH recently reached its annual high, which has warmed market sentiment. However, looking at the data over the past 1 to 3 months, the crypto market ETF funds are still showing a net outflow, indicating that the current fund influx may be more of a temporary allocation adjustment rather than a long-term trend reversal.
In the context of short-term capital recovery and medium- to long-term net outflows coexisting, investors should pay attention to the sustainability of subsequent capital flows, as well as the changes in funding preferences between ETH and BTC ETFs. This may become an important signal for determining the next phase of market focus for encryption assets.
The Monad BFT consensus mechanism will go live on the public testnet tomorrow, attracting attention as the first EVM mechanism resistant to tail forks.
According to Foresight News, Monad Devs tweeted that the Monad BFT consensus mechanism will go live on the public testnet on August 13. This will be the first consensus mechanism on the EVM with tail-fork-resistant characteristics. To implement this update, the public testnet will suspend operations at 21:30 Beijing time. The introduction of this mechanism aims to enhance the finality of block confirmations and network security, bringing new breakthroughs in performance and stability for Monad. The launch of Monad BFT not only marks a new progress in consensus mechanism innovation for EVM-compatible public chains, but also reflects the industry's ongoing exploration in reducing on-chain forks and enhancing transaction certainty. As an innovative solution to tail-fork resistance, Monad BFT is expected to enhance the trust of developers and users in the network, and attract more high-performance decentralized applications in the future. However, the upgrade of the consensus mechanism also means that technological validation and security challenges will coexist, and subsequent testing performance and community feedback will be key to assessing its actual value.
Reference materials:
[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not assume any responsibility for any losses or damages resulting from such investment decisions.