Based on the data from Glassnode, the Bitcoin market is currently stagnant, with both demand and supply showing signs of inactivity.

This is evidenced by minimal capital inflows and outflows, as indicated by the stagnant Realized Cap.

Base continues to break through: The daily USDC transfer volume reached $10B for the first time.

The end of summer is definitely the best season for Base.

Latest Bitcoin insights from CryptoQuant:

Institutionals have significantly reduced their aggressive shorting of BTC. CME futures net positions have declined by 75% over the past five months.

It seems sentiment is finally shifting towards a bullish direction.

In the first quarters of 2024, following a series of disappointing airdrops, the hype has diminished and competition for allocations has eased.

Here is my compilation of airdrop programs worth joining in Q4 2024, with FDV expectations ↓

Substack link

Since mid-2023, addresses with an ETH balance exceeding 10 ETH have been declining.

The only exception is addresses with over 1,000 ETH, which saw an increase following the recent August dump.

The BTC market has entered stagnation:

– The Realized Cap has peaked and plateaued at $662B, with most coins being transferred at prices close to their purchase value.

– Both profit and loss forces are largely equal, resulting in marginal net flow and oscillation around the zero bound.

– The absolute Realized Profit and Loss has declined significantly since the March ATH, indicating a reduction in overall buy-side pressure within the current price range.

Read the full Glassnode report on market stagnation here.

What do we know about Polkadot?
It’s something very controversial, for sure.

Here’s my overview of Polkadot’s latest performance (it’s not as bad as it might seem).

Bridges continue to maintain parity.

According to Artemis, none of the bridges account for more than 20% of the volume during regular weeks, except for Circle's CCTP. This week, Arbitrum also stood out.

You asked, I found ^^

Here’s a very good post from Ignas outlining the upcoming TGE of $EIGEN, expected for September 30th.

If you have some $EIGEN you want to sell on TGE, make sure to unstake them now as it takes 7 days.

Personal thoughts: I think the sell volume on day one will be quite heavy. EigenLayer was one of the most farmed airdrops in history, and many KOLs received extra $EIGEN allocations. They will likely sell. I plan to sell 70% of my allocation and buy back later.

EigenLayer has a first-mover advantage, but new projects like Karak and Symbiotic are entering the race. I believe it will remain the dominant LRT, similar to Lido’s position in the LST field, but weak hands need to be wiped out.

So, my plan is to buy at a lower price than TGE and then stake, ideally.

PS: These are just my thoughts, not a plan to follow. Always do your independent research.

Top countries by Bitcoin holdings according to Arkham:

1. United States – $12.16B
2. United Kingdom – $3.67B
3. Bhutan – $782.46M
4. El Salvador – $351.75M

Germany could have made the list, but its holdings dropped from $3.56B to $435 this year ¯_(ツ)_/¯

Comparing the performance of $BTC and $ETH against the largest TradFi assets, $BTC lags behind only $NVIDIA, while $ETH is the underdog.

This explains the poor inflows into ETH ETFs compared to BTC ETFs.

Franklin Templeton's global institution's Treasury product, previously available only on Polygon and Stellar, launched on Arbitrum on August 8.

Since then, it has quickly grown to $17.6 million, far surpassing its $2.1 million market cap on Polygon.

The stablecoin supply has risen by over 25% this year and continues to grow rapidly, nearing its all-time high of $188 billion.

This is a significant metric, indicating the amount of capital ready to be invested in crypto assets at any moment.

On September 19th, BananaGun experienced a series of unauthorized transfers, after which the bot was switched off for investigation.

On Friday, the bot was back online with a 6-hour transfer delay.

Today, I received this message on Telegram.
Stay safe.

GameFi has long been a strong bet for driving adoption.
However, over time, the bottlenecks have become more apparent.

What's the current state of Web3 gaming?
And what are the games to watch?

Check out my summary of Delphil's "Mid Year Gaming Review" study ↓

USDT’s market capitalization has peaked in market value, approaching the $120 billion mark. This figure has grown by just over 24% since the beginning of the year.

Unsurprisingly, Tether continues to maintain its lead in the stablecoin market.

Restaking is not just EigenLayer, Karak, and Symbiotic.

There’s also Picasso and Solayer.

More to come?

Some insights on the current state of Ethereum:

– The 7-day average transaction fee has surged by 314% compared to early September.
– Daily ETH burning increased by 1600% during this period.
– The number of active addresses on Ethereum dropped to a yearly low of 385K.

Investors have shifted from Bitcoin to gold.

Gold prices are reaching record highs, while Bitcoin prices are relatively flat. This negative correlation may be due to investors currently opting for less volatile traditional assets.