Crypto Market Overview

• BTC (-0.21% | Current Price 111,095 USDT)：BTC rebounded from a bottom of $107,261 to $111,398 and is currently consolidating around $111,000. Short-term moving averages have formed a golden cross, indicating a recovery in upward momentum, but declining volume suggests limited willingness to chase higher. Support is at $107,000–$107,500, and resistance is at $112,000–$113,000. On September 2, BTC ETFs saw a single-day net inflow of approximately $332 million, with Fidelity FBTC contributing $132.7 million.
• ETH (-0.50% | Current Price 4,289 USDT)：ETH price fell from a high of $4,956 to a low of $4,063 and has recently been oscillating in the $4,280–$4,300 range. Short-term moving averages have crossed below MA30, indicating ongoing bearish pressure. Support is at $4,280, and resistance at $4,360–$4,400. On September 2, ETH ETFs saw a single-day net outflow of approximately $135.3 million, with Fidelity ETHA contributing $99.2 million in outflows.
• Altcoins: Most major altcoins saw modest gains, with Q, SQUID, and GMMT showing notable activity. Market sentiment remains “neutral.” The Fear & Greed Index stands at 39 today, indicating a fear zone and suggesting continued short-term caution.
• Macro：On September 2, the S&P 500 closed at 6,415.54, down 0.7%; the Dow Jones Industrial Average fell 249.07 points to 45,295.81; the Nasdaq Composite dropped 175.92 points to 21,279.63. Gold reached an all-time high, with spot gold priced at $3,529.01 per ounce, up approximately 1.5%.

Trending Tokens

SQUID Squid Game (+102.54%, Market Cap $6.8M)

According to Gate market data, SQUID is currently priced at 0.009001 USDT, up 102.54% in 24 hours. SQUID initially drew community attention due to the “Squid Game” narrative, though it has been controversial over time. Squid Game is a meme token on Binance Smart Chain (BSC), inspired by the popular Netflix series. At launch, the project promised a play-to-earn game modeled after the show’s gameplay.

This surge is primarily driven by short-term speculative capital, combined with social media hype and community speculation, fueling buying sentiment. However, with limited fundamental support, SQUID remains highly volatile and sustainability is uncertain.

GMMT Giant Mammoth (+67.16%, Market Cap $24.7M)

GMMT is currently priced at 0.009025 USDT, up 67.16% in 24 hours. It is a community-driven decentralized project focusing on Web3 applications and ecosystem partnerships, aiming to provide diversified crypto scenarios for users.

Recent promotions and new partnerships in Southeast Asia have significantly boosted trading activity, with volume surpassing 17.84 million. Regional capital inflows have been a key driver of GMMT’s price increase.

MERL Merlin Chain (+30.81%, Market Cap $125M)

MERL is priced at 0.1588 USDT, up 30.81% in 24 hours. Merlin Chain is a Bitcoin Layer-2 network designed to enhance BTC ecosystem scalability and support diverse applications, including DeFi, NFTs, and payments.

MERL has attracted market attention due to an ecosystem incentive program and integration with multiple leading DApps. It also completed M-BTC integration with the Sui network, improving cross-chain BTC liquidity. Mainnet upgrades, chain abstraction, AI-driven trading optimization, and upcoming BTC staking rewards further boost ecosystem activity and user participation. With growing BTC narrative, Merlin Chain’s potential value has been quickly amplified, driving MERL price higher.

Alpha Insights

WLFI Buyback & Burn

On-chain data shows WLFI recently burned 47 million tokens (≈$11.34M) from unlocked treasury wallets in response to a community governance buyback and burn proposal. Previously, within two days after listing, WLFI repurchased 649,800 tokens using 2 million USD1 at an average price of $0.308, further reducing circulating supply.

These measures indicate active supply management, potentially boosting short-term market confidence and creating positive expectations for holders due to reduced circulating supply.

Linea Launches Liquidity Incentive Program

Linea officially announced the Linea Ignition liquidity incentive program, totaling 1 billion LINEA and targeting an additional $1B TVL. The program runs until October 26, 2025. The first batch of eligible partners includes Etherex, Aave, and Euler, with Turtle Club to be added later. Distribution rules: 40% unlocks on October 27, and the remaining 60% is released linearly over 45 days.

Additionally, the Linea Association approved allocating 4% LINEA to liquidity providers participating in Linea Surge. SBT-to-LINEA redemption details will be announced via a qualification check page.

The program aims to increase TVL and liquidity activity for the Linea protocol, benefiting early ecosystem participants and potentially boosting short-term market attention and trading activity.

Ethereum Foundation Sells ETH Again

On-chain monitoring shows the Ethereum Foundation transferred 10,000 ETH (≈$42.7M) to exchanges, planning to sell in the coming weeks to support R&D and donation activities. The previous sale also involved 10,000 ETH via OTC to SharpLink at an average price of $2,572/token, totaling $25.73M. This latest transfer occurred only 10 minutes before the official announcement.

While this may temporarily increase market supply and create short-term price volatility, it is primarily strategic capital deployment for ecosystem development and R&D, with limited long-term impact on market confidence.

Gate Launchpool

Subscription Details

• Project: Moonchain
• Token: MCH
• Deadline: September 13, 2025, 12:00 (UTC)
• Participation: Stake ETH or MCH to claim for free
• Total Airdrop: 1,200,000 MCH

Project Introduction

Moonchain (MCH) is an AI value layer for data and zero-knowledge proof applications, supported by a unique Initial Hardware Offering (IHO). By deploying devices globally, Moonchain converts real-world data into on-chain trustworthy and monetizable AI insights.

Backed by Citic Group, Dahua Bank, and JDI Ventures, the project aims to build hardware-driven AI + Web3 infrastructure and expand a global data monetization ecosystem. MCH serves as a core backbone for AI + Web3, providing reliable data, intelligent analysis, and on-chain value conversion opportunities for users and developers.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• Coingecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• X, https://x.com/EmberCN/status/1963032806357139556
• Arkham, https://intel.arkm.com/explorer/tx/0x24ffbb29f4ac8bc8a88887396f83f6f91154f11912e8e095f3ceb6c462456309
• Linea, https://linea.build/hub/events/linea-ignition
• X, https://x.com/LineaAssoc/status/1962992974733967570
• Arkham, https://intel.arkm.com/explorer/tx/0x7baebf33f47c96da9fd7617c4f6d09487a47f1881bdee161e62a56ad4943d61e
• Gate, https://www.gate.com/launchpool/MCH?pid=372

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.