Gate Research Institute Daily Report: On August 29, the price of BTC experienced a slight rebound after a period of decline; the price of ETH showed an overall trend of rising first and then falling within 24 hours. The PYTH token rose over 83% in 24 hours. London fintech company Finastra announced a partnership with Circle to integrate USDC into a global $50 trillion cross-border payment network; Bitcoin mining costs are rising, and miners are seeking diversification. Luxxfolio plans to raise $73 million to establish a Litecoin reserve strategy.
BTC (-0.14% | Current Price 111,764 USDT): After a period of decline, BTC price has seen a slight rebound and has currently broken through the 5-day moving average. If it breaks through the 111,883 level, it is expected to continue to rise. Attention should be paid to interest rate cut-related news in September to assess the mid-term trend. On August 28, the net inflow of BTC ETFs reached $178 million in a single day, with BlackRock's IBIT inflow of $63.7 million and Ark Invest's ARKB inflow of $79.8 million, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing their allocation weight for this asset.
ETH (-0.92% | Current Price 4,498 USDT): The price of ETH showed an overall trend of rising first and then falling within 24 hours. It started the morning at around $4,450 and quickly surged, reaching a high of around $4,510, but then gradually retreated. Overall, ETH has found some support in the $4,450-$4,470 range, but the pressure at the $4,600 level remains significant. If it can hold above the $4,500 level in the short term, it is expected to test the $4,580-$4,600 area again. On August 28, the net inflow of ETH ETFs was $39.1 million in a single day, with BlackRock's ETHA inflow of $67.6 million and Fidelity's FETH outflow of $33.5 million.
Altcoins: Most mainstream altcoins are experiencing slight declines, with market sentiment primarily "neutral" or "buy." The Fear and Greed Index reported 50 today, still within the normal range, indicating that market sentiment is gradually returning to rationality.
Macro: On August 28, the S&P 500 index rose 0.32%, closing at 6,501.86 points; the Dow Jones index rose 0.16%, closing at 45,636.90 points; the Nasdaq index rose 0.53%, closing at 21,705.16 points. As of August 29, 12:15 AM (UTC+8), the spot price of gold is reported at $3,409 per ounce, with a 24-hour decline of 0.23%.
According to Gate's market data, the current price of the PYTH token is $0.21, having risen approximately 83.55% in 24 hours. Pyth Network is an oracle that publishes financial market data to multiple blockchains. PYTH is its governance token. Michael Cahill is the CEO of Pyth's development company, Douro Labs, and previously held a special projects role at Jump Crypto, being a key figure in the Pyth Network.
The rise of PYTH is mainly driven by positive news from the Department of Commerce's collaboration with Chainlink and Pyth Network. This partnership will directly put official macroeconomic data on-chain for the first time, including key indicators such as GDP, Personal Consumption Expenditures (PCE) price index, and real final sales. This means that DeFi platforms and blockchain applications can access verified government data in real-time to adjust lending rates, collateral requirements, or develop innovative financial products, such as inflation-linked assets. Additionally, multiple mainstream public chains will distribute this data, including Ethereum, Avalanche, Arbitrum, and Optimism, enhancing transparency and verifiability. This initiative is interpreted by the market as an important signal for promoting the integration of traditional finance and decentralized finance, thereby driving the demand and price of PYTH.
According to Gate's market data, the current price of the W token is $0.10, having risen 36.74% in 24 hours. W is the native token of the Wormhole platform, belonging to Solana SPL and Ethereum ERC20 tokens, and can be seamlessly transferred to any network connected to Wormhole through the Wormhole native token transfer function.
The recent rise of W is mainly driven by market sentiment and the narrative surrounding the StarGate acquisition event. Although LayerZero ultimately successfully acquired StarGate for $110 million, Wormhole did not win, but its high bid during the acquisition process was interpreted by the market as a signal of the team's financial strength and expansion ambitions. At the same time, the bidding event has refocused investors' attention on the cross-chain ecosystem and Wormhole's potential role, increasing short-term trading activity.
According to Gate's market data, the current price of the TREE token is $0.37, having risen approximately 21.02% in 24 hours. Supported by top investors such as Wintermute, GSR, GFC, and Lightspeed, Treehouse has launched two core modules: (1) tAssets, which create yield premiums for liquid staking tokens (LSTs) by aggregating fragmented on-chain interest rates; (2) DOR, a decentralized consensus mechanism that creates a cryptocurrency system similar to LIBOR, using base rates to assess prediction accuracy and build a term structure for any cryptocurrency pricing rate.
The price increase of TREE is mainly driven by improved market sentiment and positive developments in the ecosystem. Previously, TREE experienced a significant price drop due to airdrops in July, leading to short-term pressure from some investors selling off, but recent investor interest has rebounded, driving the price up. Meanwhile, Conflux Network announced a strategic partnership with AIOZ Network to integrate decentralized infrastructure services, including AI markets, media streaming, object storage, and IPFS fixed services, bringing practical scenarios and long-term value expectations to the TREE ecosystem. Overall, the combination of improved market sentiment and positive ecosystem developments has driven the price increase of TREE.
London fintech company Finastra announced a partnership with Circle to integrate the USDC stablecoin into its core payment platform, Global PAYplus (GPP), which processes over $50 trillion in cross-border payment flows daily. With this integration, banks will be able to choose to settle cross-border transfers in USDC, reducing reliance on traditional correspondent banking networks. Correspondent networks are often criticized for their high costs and slow settlement times, while USDC can achieve faster and cheaper settlements through blockchain, significantly improving fund flow efficiency and cross-border payment experiences.
This move not only strengthens the application prospects of stablecoins in the traditional financial system but also demonstrates financial institutions' strong interest in blockchain settlement models. As payment giants like PayPal and Stripe are increasingly investing in stablecoin infrastructure, Circle's USDC has become the second-largest stablecoin by market capitalization, with a supply of $69 billion. Finastra and Circle stated that the parallel model of USDC settlement and fiat currency instructions will provide global banks and users with more flexible and transparent cross-border payment solutions. Industry insiders expect this collaboration to further push stablecoins into the mainstream, accelerating the digital transformation and innovation of financial institutions.
Bitcoin mining is facing unprecedented challenges. Executives from Cleanspark and Terawulf pointed out at the SALT conference that electricity costs have become the main source of profit consumption, with about half the cost of mining one Bitcoin coming from electricity bills, further squeezing profit margins. With the rise of exchange-traded funds (ETFs) and growing demand for AI infrastructure, miners must seek diversification, such as monetizing electricity, to cope with market pressures beyond the halving cycle. The mining business model is shifting from purely relying on hash rates and rewards to a more flexible and strategic direction.
At the same time, the Bitcoin ecosystem continues to innovate in technology and financial applications. Lombard Finance launched LBTC liquid staking tokens, allowing staked Bitcoin to be used in multi-chain DeFi, achieving parallel yields and liquidity; Optimism partnered with Flashbots to optimize OP Stack, improving transaction ordering and speed on the second-layer network; Hemi Labs completed a $15 million financing round to promote the development of Bitcoin's programmable network and Hemi Virtual Machine (hVM), supporting lending and trading applications. This indicates that Bitcoin is not only facing pressure in the mining segment but is also continuously transitioning towards a composable and productive asset ecosystem.
Canadian crypto infrastructure company Luxxfolio is shifting from Bitcoin mining to a digital asset reserve strategy centered on Litecoin, while planning related infrastructure expansion. The company submitted a "shelf prospectus" this Thursday for up to CAD 100 million (approximately $73 million), allowing it to raise funds through the issuance of stocks, debt, or other securities over the next 25 months. CEO and Director Tomek Antoniak stated that Litecoin is "hard currency," and the company aims to enhance market share and drive adoption by expanding reserves, infrastructure, and ecosystem layout. Luxxfolio previously disclosed its Litecoin purchases in July, planning to hold a total of 1 million Litecoins by 2026, and in June, it brought Litecoin founder Charlie Lee onto its advisory board. This strategy reflects the trend of crypto companies attracting institutional investors through reserves and infrastructure.
However, Luxxfolio is facing severe financial pressure. The company reported no revenue in the second quarter, with a net loss of approximately $197,000, compared to $8,000 in the same period last year, and only $112,000 in cash at the end of the period. Since its establishment in 2017, it has accumulated losses of nearly $19 million and has recently relied on $844,000 from private placements to maintain operations. Management has warned that without new funding, there are "significant doubts" about the company's ability to continue operating. Analysts point out that while institutions may be interested in crypto asset reserves, Luxxfolio's liquidity issues and accumulated losses pose significant risks if Litecoin is merely hoarded without effective utilization.
Related: CryptoQuant: US spot ETFs have now become the main source of Bitcoin (BTC) trading volume
Original: “Bitcoin Mining Costs Continue to Rise | Launchpool Launches LIVE Token Offering”
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