Only 12.7% of Polymarket users are profitable, with most earning less than $100.
Author: Deep Tide TechFlow
Market Dynamics Yesterday
U.S. Department of Justice Accuses MemeCoin Market Maker Gotbit and Other Institutions of Manipulating the Cryptocurrency Market
The U.S. Department of Justice has filed market manipulation charges against four cryptocurrency companies and their associated personnel. These companies include Gotbit, ZM Quant, CLS Global, and MyTrade, accused of manipulating the market through "wash trading" to lure investors into a "pump and dump" scheme. The Federal Bureau of Investigation (FBI) created a virtual token NexFundAI during the investigation to expose these illegal activities.
The U.S. Department of Justice also stated that similar plans have been implemented against Gotbit, its CEO, and two directors. Gotbit claims to be a hedge fund and meme coin market maker. In separate civil charges, the Securities and Exchange Commission accused Gotbit of providing "on-demand market manipulation" by "essentially trading crypto assets with itself," thereby "generating fake daily trading volumes, often reaching millions of dollars."
Yesterday, 15,700 ETH Related to the Plustoken Scam Were Transferred, Over 7,000 ETH Sent to Exchanges
According to on-chain analyst ∴FreeSamourai∴ (@ErgoBTC), a large amount of Ethereum (ETH) related to the Plustoken scam was transferred yesterday. Approximately 15,700 ETH (worth $1.3 billion) was moved from known addresses, with over 7,000 ETH sent to exchange deposit addresses.
This operation is similar to the mixing patterns of Bitcoin (BTC) in 2019 and 2020, and @ErgoBTC believes that the ETH worth $1.3 billion may be sold off entirely in the future.
Pyth Network: 140 Million Tokens Participating in OIS Staking
Pyth Network announced that 140 million Pyth tokens are participating in staking to secure decentralized finance (DeFi). Users can earn rewards by participating in the Oracle Integrity Staking program.
According to previous reports, Pyth announced the launch of an upgraded oracle security staking program, Oracle Integrity Staking (OIS), aimed at enhancing the reliability of data sources and the security of the DeFi ecosystem. OIS incentivizes publishers and PYTH holders to participate in staking through on-chain staking rewards and penalty mechanisms, ensuring the security of the oracle network. Publishers can earn rewards by providing high-quality data, and penalties will be imposed for erroneous data.
Animoca Brands Announces Plans to Increase Holdings of PROS from the Public Market
Animoca Brands announced plans to increase its holdings of PROS tokens from the public market. PROS is the native token of the Prosper project, which has recently undergone a strategic adjustment aimed at bringing institutional-grade Bitcoin mining capabilities on-chain, providing investors with comprehensive exposure to Bitcoin's computing power and the overall Bitcoin ecosystem.
Bitwise CIO: Bitcoin Needs to Meet Three Conditions to Hit $80,000 in Q4
According to The Block, Bitwise's Chief Investment Officer Matt Hougan stated that Bitcoin needs to meet three conditions to break $80,000 in the fourth quarter: the results of the U.S. elections, economic conditions, and no major surprises in the crypto industry.
Hougan pointed out that the ideal election outcome is to avoid a complete victory for the Democratic Party. He believes a Republican victory would be beneficial for the crypto industry, but there are mixed attitudes towards cryptocurrencies within the Democratic Party. Current prediction markets show a 53% probability of Trump winning.
On the economic front, Hougan suggested that two rate cuts totaling 50 basis points are needed before the end of the year, along with additional fiscal stimulus from China. He emphasized that people's trust in Bitcoin stems from distrust in government monetary management. Additionally, the crypto industry needs to maintain stability, avoiding major hacks, lawsuits, or sudden influxes of locked coins into the market.
Hougan stated that to reach $100,000 in the short term, a broader rebound in the cryptocurrency market is needed to boost market sentiment.
Economists Nominate Ethereum Founder Vitalik Buterin for Nobel Prize in Economics
According to Benzinga, renowned economists Tyler Cowen and Alex Tabarrok recently suggested in a podcast that Ethereum founder Vitalik Buterin should be a strong candidate for the Nobel Prize in Economics.
Cowen praised Vitalik's significant contributions to the field of cryptocurrency monetary economics, stating that his achievements far exceed those of other economists. He remarked, "Vitalik has built a platform and created a currency that arguably refutes Mises' regression theorem. While he developed it on the foundation laid by Satoshi Nakamoto, his achievements undoubtedly reach Nobel Prize level."
The two economists also commended Vitalik for leading Ethereum's smooth transition from proof-of-work to proof-of-stake. Tabarrok likened this process to "changing tires while the car is moving," calling it "incredible." Cowen also highlighted Vitalik's personal qualities, describing him as "very polite" and stating that he would perform well at the award ceremony, while also acknowledging his charitable work.
Venture Capital Billionaire Tim Draper Reveals His Altcoin Investment Portfolio, Including Tezos, Arkham, and More
According to CoinPedia, American billionaire investor Tim Draper recently shared his cryptocurrency investment portfolio on the Thinking Crypto podcast, which includes projects like Arkham, Tezos, Bancor, and Handshake.
Draper stated that his fund made a significant investment in blockchain analytics company Arkham due to his appreciation for the team's innovative capabilities, particularly their technology that links Bitcoin wallets with real-name information, which has attracted interest from agencies like the U.S. Marshals Service. Regarding Tezos, Draper values its advantages in governance and formal verification, considering it a reliable choice for projects needing secure and scalable solutions. He also invested in the decentralized liquidity network Bancor, believing it plays an important role in the DeFi ecosystem.
Draper emphasized that before approving any token investment, one must understand its use case. He believes tokens should have practical utility rather than being mere speculative tools. He views smart contracts as the future of investment and business transactions, believing they can automate the execution of complex agreements, improve transaction efficiency, and reduce disputes. Draper anticipates that the primary uses of Bitcoin and other cryptocurrencies will include retail transactions, investments, and business operations. He believes that through smart contracts, investors can use Bitcoin to invest in businesses, enabling dynamic negotiations and clear terms execution.
ZachXBT: Discovers 11 Addresses Highly Associated with Murad Holding Approximately $24 Million in Meme Coins
On the X platform, on-chain detective ZachXBT claimed to have discovered 11 wallets highly associated with Meme coin KOL Murad Mahmudov, which collectively hold approximately $24 million in Meme coins on the Ethereum and Solana chains.
ZachXBT stated that all 11 wallets received funds from the same address on Ethereum (0x93f019699ef400df7dc3477dbb6400ed9445a657), and the source address is directly related to the STFX team address and multi-signature signers.
Additionally, the wallet holdings closely match the content of Murad's posts. Each Solana address consistently uses deBridge for cross-chain operations.
Data: Only 12.7% of Polymarket Users Are Profitable, Most Earning Less Than $100
On-chain analysis tool Layerhub's latest data shows that only 12.7% of users' wallets on the decentralized prediction market platform Polymarket are profitable. Out of 171,113 participating trading wallets, 21,730 confirmed profits, with only 2,138 wallets earning over $1,000, approximately 7,400 wallets earning between $100 and $1,000, and most profitable wallets earning between $0 and $100.
Turbos Launches New Meme Coin $PIGU, Becoming the Exclusive Launch Platform for More Sui Ecosystem Meme Projects
On October 9, Turbos, a leading decentralized exchange (DEX) in the Sui ecosystem, became the preferred platform for more Meme tokens, with the $PIGU token exclusively launching in the Turbos liquidity pool today. The pool recorded a daily trading volume of $4 million, making it the highest trading volume Meme token on the platform. Additionally, PIGU offers extra PIGU incentives with an annualized rate of 750%.
In the past month, the price of $TURBOS has surged over 120%. The platform's daily trading volume has repeatedly refreshed to $30 million, reflecting Turbos' leadership position among decentralized exchanges in the Sui ecosystem. Meanwhile, Turbos, as the launch platform for the SUI native stablecoin $USDC, is the only Circle partner benefiting from $SUI reality subsidies. As of the time of writing, Turbos' USDT/USDC and SUI/USDC pools have APRs of 100% and 350%, respectively.
Syncracy: Blockchain Application Project Returns Surpass Most Infrastructure, Inflection Point Approaching
According to the latest data compiled by investment firm Syncracy, as of September 25, 2024, the returns of blockchain application projects have surpassed most infrastructure projects, indicating that the blockchain ecosystem is maturing.
Ethereum (ETH), SOL, and Tron (TRX) remain the top three highest-yielding infrastructure projects, followed closely by some application projects like Pump and MKR. While top infrastructure projects still lead, several application projects have outperformed long-tail infrastructure projects like LDO, JUP, and AAVE. Some application projects have shown astonishing returns, such as ARB (401 times) and KMNO (454 times), far exceeding many infrastructure projects.
Syncracy believes that while infrastructure assets at the core of the smart contract ecosystem (such as ETH and SOL) may retain a value storage premium, the multiples of non-monetary infrastructure assets (such as L2 tokens) may compress over time. The market has not fully recognized this reality, and as capital flows out of non-monetary infrastructure, leading applications are poised to reprice from now on.
Syncracy predicts that applications will capture a larger share of the global blockchain fee pool and that their returns will exceed those of most infrastructure, which could mark an impending turning point.
Market Dynamics
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