Announcements New Gate Research Report: Monthly Market Recap - September 2024

New Gate Research Report: Monthly Market Recap - September 2024

2024-10-14 06:08:36 UTC 19916 Read

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Gate Research has released its latest "*[Gate Research: Monthly Recap - September 2024](https://www.gate.io/learn/articles/-gate-research-monthly-market-recap-september-2024/4374?ch=9yue_ann1_20241016&utm_campaign=TR_epw6sl0E&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term= "Gate Research: Monthly Recap - September 2024")*" report, which summarizes and analyzes September's market trends, key events, on-chain data, security incidents, and funding information. This report provides in-depth insights into the overall performance of the crypto market and key industry trends.

![](https://gimg2.gateimg.com/image/article/1729072465twi_en.png)

**Key Takeaways:**

1. **Crypto Market Overview: **After an initial 11% correction at the beginning of the month, Bitcoin (BTC) quickly recovered and entered an upward trend. It rebounded from its lowest point to reach a high of $66,512, marking a 26% increase. Ethereum (ETH) followed a similar pattern, dropping 14% at the start of the month before entering a period of consolidation. On September 19, ETH broke through resistance and touched a high of $2,728.
1. **Global Financial Markets: **On September 19, the Federal Reserve announced a 50 basis point cut in the benchmark interest rate to 4.75%-5.00%. As interest rates decrease, returns on fixed-income assets are expected to decline, potentially shifting investors' focus towards higher-risk (and higher-return) assets. Crypto assets, being a type of risk asset, may benefit from this shift.
1. **Futures Market: **Unlike the previous month, September didn't see any instances of massive single-day liquidations in BTC contracts. The overall open interest showed an upward trend, suggesting that market participants were more inclined to hold contract positions in an environment of relatively reduced volatility. Funding rates for BTC and ETH positions were mostly positive, with rates gradually increasing in late September. This indicates strengthening bullish sentiment, higher demand for long positions, and optimism among some investors regarding current prices.
1. **ETF Performance: **Bitcoin spot ETFs experienced outflows for the first four trading days of the month, but this trend reversed to inflows, with the scale of inflows gradually expanding. On September 27, the single-day net inflow reached a monthly high of $494 million. The month saw a total net inflow of $1.26 billion. In contrast, Ethereum spot ETFs saw net outflows on most trading days, totaling $47 million for the month.
1. **Blockchain Network Activity: **Overall transaction numbers remained stable in September. Solana continued to lead in daily transactions, with an average of 36 million per day, accounting for 41.68% of total transactions across popular chains. Its peak daily transactions reached 40.4 million. Ethereum's daily accumulated Gas Fee peaked at $8.2 million in September, representing 48.41% of fees across popular chains.
1. **Fundraising Information: **A total of 98 projects completed funding rounds this month, with 64 projects disclosing specific funding amounts and rounds. The cumulative funding amount reached $600 million. Overall, infrastructure and DeFi were the main areas of investment in September, with funding amounts of $283 million and $178 million, respectively.
1. **Security Incidents: **In September, the Web3 sector experienced 28 security incidents, resulting in losses exceeding $94.24 million (including disclosed amounts). Account hacks accounted for 37% of these incidents, while attacks due to contract vulnerabilities made up 25.9%.
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<center>**Click here to download the PDF: [English](https://gimg2.gateimg.com/SeptemberMarketRecap/1729044701656243255-SeptemberMarketRecap.pdf "English")**</center>

**Gate Research**
Gate Research is a comprehensive blockchain and cryptocurrency research platform that delivers in-depth content. This includes technical analysis, hot topic insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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