Crypto Market Overview

• BTC (+0.05% | Current Price: 115,880 USDT): BTC remains in a short-term bullish structure, trading above key moving averages, with short-term MAs forming a clear upward alignment. The price continues to follow an ascending channel. The MACD indicator is showing increasing bullish momentum, with expanding green bars suggesting stronger buying interest. BTC has broken above previous highs, briefly touching 116,300. If bullish sentiment persists, the next resistance may be around 117,000. Short-term support lies between 115,350 and 114,900.
• ETH (+0.25% | Current Price: 4,523 USDT): ETH continues its strong upward consolidation, firmly holding above short-term moving averages. Both the 5-day and 10-day MAs are trending upward, indicating a healthy short-term trend. MACD remains in a bullish crossover with increasing green bars, signaling strengthening bullish momentum. If volume continues to rise, ETH may retest resistance near 4,560. On pullbacks, support around 4,475 (near the short-term MAs) serves as the first line of defense for bulls.
• Altcoins: The broader market is rebounding, with most major altcoins posting gains. The Fear & Greed Index has climbed to 57, reflecting capital inflows and a shift toward optimism. Short-term recovery is likely to continue, with a slight increase in market activity.
• Macro: On September 11, the S&P 500 rose 0.85% to 6,587.47, the Dow Jones gained 1.36% to 46,108.00, and the Nasdaq advanced 0.72% to 22,043.07. As of 02:15 AM (UTC) on September 12, spot gold was trading at $3,636 per ounce, up 0.07% over the past 24 hours.

Trending Tokens

PTB Portal To Bitcoin （+43.71%, Circulating Market Cap: $137M)

According to Gate, PTB is currently trading at $0.06443, up approximately 43.71% in the past 24 hours. Portal To Bitcoin is a decentralized platform focused on building the BTCFi ecosystem, aiming to connect global financial markets to the Bitcoin network without custodial risk. Its core product, BitScaler, enables on-chain asset trading, cross-chain bridging, and access to financial instruments—allowing users to interact with multi-chain assets and Bitcoin in a trustless manner.
PTB’s recent surge is largely driven by multiple positive catalysts, including its token launch and strong institutional backing. Portal announced that it has secured support from major investors such as Gate Ventures, with total funding exceeding $90 million. Additionally, in a recent interview with Coindesk, the team shared its vision that “Bitcoin will awaken through BTCFi,” reinforcing its narrative and sparking market enthusiasm, which became a key driver of the token’s short-term rally.

NMR Numeraire（+17.65%, Circulating Market Cap: $151M)

According to Gate, NMR is trading at $18.671, up 17.65% in the last 24 hours. Numerai is a quantitative hedge fund platform combining artificial intelligence with decentralized modeling, inviting data scientists worldwide to contribute stock market prediction models. The NMR token is used to incentivize model submission, stake performance, and reward predictive accuracy.
NMR’s recent gains may be attributed to community and brand-building efforts. The Numerai Council of Elders recently announced the results of their summer logo design contest and will debut official merchandise at the “Decentralized AI Day” event in Vienna, boosting community identity and visibility. Coupled with renewed excitement around the “AI + DeFi” narrative, market sentiment has improved, supporting NMR’s price momentum.

PI Pi Network（+3.14%, Circulating Market Cap: $2.881B)

According to Gate, PI is currently priced at $0.35545, up 3.14% over the past 24 hours. Pi Network is a blockchain protocol designed for mobile-first participation and user co-creation, aiming to build a secure, low-barrier Web3 ecosystem. It leverages mobile mining and a strong community-driven model to onboard a large base of Web2 users. The PI token is primarily used for consensus rewards, ecosystem payments, and node incentives.
PI’s recent price increase is driven by expectations surrounding a protocol upgrade. Pi Network announced an upcoming upgrade to version 23, which introduces an embedded KYC module at the protocol level to ensure a verified on-chain environment. The KYC process will also be progressively decentralized to the community, enhancing governance and network security. This development boosts regulatory compliance and strengthens trust, laying the groundwork for the token’s eventual launch and ecosystem expansion—fueling short-term investor optimism.

Alpha Insights

Solana TVL Surpasses $12.4 Billion, Reaches All-Time High

According to DefiLlama, Solana’s total value locked (TVL) has officially exceeded the $12 billion mark, currently sitting at $12.46 billion—a record high for the network. This milestone highlights Solana’s growing momentum in an increasingly competitive multi-chain environment and signals strong market confidence in its long-term ecosystem potential.
The continued rise in TVL is driven by multiple highly active protocols and sustained capital inflows. Whether in meme coin trading, the expansion of DeFi protocols, or the development of NFT and gaming applications, Solana consistently demonstrates strong on-chain activity. Combined with low transaction costs and a high-performance infrastructure, these advantages help retain users and attract developers and capital. This breakthrough in TVL may serve as a foundation for the next phase of ecosystem narrative and further solidify Solana’s leadership in the high-performance blockchain space.

Avalanche Launches $1B Crypto Treasury Plan to Strengthen AVAX Capital Base

The Avalanche Foundation is advancing an ambitious financing initiative aimed at establishing two crypto treasury entities that will collectively raise approximately $1 billion to purchase AVAX tokens from the Foundation at a discount. The strategy involves two tracks: one to co-found a new treasury company with investors, and another to convert an existing public company into a crypto treasury. Both tracks are reportedly in advanced discussions with potential investors.
The first initiative is led by Hivemind Capital, targeting up to $500 million in funding through a listed company and with Anthony Scaramucci—crypto investor and former White House Press Secretary—serving as advisor. The second initiative is backed by Dragonfly Capital via a SPAC (Special Purpose Acquisition Company), also aiming to raise $500 million. By bridging traditional finance with crypto capital, Avalanche is creating a new financing paradigm for the Web3 era, while reinforcing AVAX’s market liquidity and long-term institutional support.

Pump.fun Creator Earnings Hit Record High as Project Ascend Drives New Growth Curve

Since the launch of its dynamic fee mechanism under “Project Ascend,” Pump.fun has seen a significant surge in creator earnings. In the past seven days, total creator revenue exceeded $15.5 million, marking a new all-time high for the platform. Notably, this is the first time creator earnings have surpassed the protocol’s own revenue, with a gap of $1.45 million—underscoring the rising engagement and profitability of creators on the platform.
Project Ascend redesigned the fee distribution structure, redirecting more value to creators and project teams during token launches. Amid ongoing meme coin hype and heightened on-chain activity, this model has incentivized continuous project creation and viral cycles of growth. The fact that creators are now earning more than the protocol itself also reflects Pump.fun’s shift toward a mutually beneficial model, setting a new standard for fairer value distribution among token launch platforms.

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/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• DefiLlama, https://defillama.com/chain/solana
• Financial Times, https://www.ft.com/content/87b5cb20-e86c-4849-8959-ee1f87ffb388
• Dune, https://dune.com/adam_tehc/pumpfun

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.