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Bitget Research: Bitcoin Experienced a Weak Rebound Over the Weekend, UniSat Product Updates Boost SATS

Tommy & Jarseed
2024/07/08
Bitget Research: Bitcoin Experienced a Weak Rebound Over the Weekend, UniSat Product Updates Boost SATS
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

Over the weekend, the German government continued to sell BTC, while BTC experienced a weak rebound and ETH approached its support level at $2800. Amid a general decrease in the Bitcoin ecosystem and the inscription sector, UniSat's product updates prompted a rise in SATS. Meanwhile, NOT surged by 50%, and the TON ecosystem demonstrated resilience in the face of recent market declines.
  • Noteworthy movements and sectors to watch: SATS and TON ecosystem.
  • Top searched tokens and topics: Data Ownership Protocol ($DOP), BitLayer, and Tapswap.
  • Potential airdrop opportunities: RedStone and Symbiotic.
Data collection time: July 8, 2024, 4:00 AM (UTC)

1. Market Environment

On the last working day of the previous week, spot BTC ETFs saw a net inflow of $143 million. Over the weekend, the German government continued selling BTC, while the market initially rebounded but then fell again. Bitcoin experienced a weak rebound, and altcoins mirrored this pattern, initially surging then plunging, contributing to a pessimistic market sentiment.
Few altcoins showed significant progress, with UniSat product updates driving a rise in SATS, although the broader Bitcoin ecosystem and inscription sector generally performed poorly. NOT experienced a strong rebound over the weekend, and despite a 13% decrease in BTC over the past seven days, TON managed a counter-trend increase of 5%.

2. Wealth Creation Sectors

2.1 Sector Movements – SATS

Primary reasons:
  • UniSat released an update to its UniSat Swap product, which will feature a swap module on the Bitcoin mainnet and Fractal Bitcoin. The Fractal Swap is scheduled for release in September. In subsequent iterations, BTC and other mainnet assets can also exist as BRC-20 wrapped assets on Fractal Bitcoin, providing greater flexibility. From a user perspective, key differences include faster confirmations and lower overall fees on Fractal, while both are based on the BRC-20 protocol and use BRC-20 SATS for gas fees. Fractal Swap will implement a competitive rollup mechanism, which allows our users to package their rollup results to the sequencer, earning the transaction fees (BRC-20 SATS) generated by all transactions within the rollup.
  • UniSat announced in early July that it had completed its Pre-A funding round in May, led by Binance.
Factors affecting future market conditions:
  • Despite UniSat's active initiatives since the start of July, the overall performance of the Bitcoin ecosystem, including BTC Layer 2 and the inscription sector, has been poor. Since BRC-20 tokens are priced in BTC, this sector is more susceptible to broader market trends. The entire Bitcoin ecosystem is likely to achieve exceptional returns only during an upward trend in the broader market.

2.2 Sectors to Focus on Next – TON Ecosystem

Primary reasons:
  • Over the weekend, amidst a brief market rebound, Notcoin (NOT) surged by over 50%. Unlike other altcoins, NOT's price remained stable and did not plummet after the rebound.
  • In the past seven days, while BTC fell by 13% and most altcoins saw substantial declines, TON managed a counter-trend increase of 5%.
Factors affecting future market conditions:
  • The ability of high-traffic projects within the TON ecosystem, such as Catizen and Hamster Kambot, to continue generating wealth effects will be crucial. The speed at which the TON ecosystem can address the gaps in its DeFi offerings will significantly influence the stability and potential for further increases in TON.

3. Top Searches

3.1 Popular DApps

The Data Ownership Protocol (DOP)
DOP leverages zero-knowledge proofs to achieve flexible transparency on top of Ethereum Layer 1. The project enables users and DApps to store assets and make transaction data controlled by the user or selectively disclose token holdings and historical information. It has recently opened up for token claims, with numerous transfers on the chain stemming from these claims. Despite the recent downturn in the market, the token's price has performed well, making it one of the few newly launched tokens with a positive price trajectory.

3.2 X (former Twitter)

Bitget Research: Bitcoin Experienced a Weak Rebound Over the Weekend, UniSat Product Updates Boost SATS image 0
Bitlayer
BitLayer is a Layer 2 solution that offers security and Turing completeness equivalent to Bitcoin. It is also the first project built on BitVM. BitLayer aims to bring secure scalability to the Bitcoin ecosystem, fostering asset diversity and stimulating innovation for a faster, safer, and more flexible user experience.
Recently, BitLayer launched the second season of its Mining Gala promotion. Participants in this promotion, including GamerBoom, Macaron, Anome, Vanilla Finance, Avalon Finance, and Zearn—six BitLayer ecosystem projects—will receive rewards totaling $1.2 million in BitLayer tokens (BTR) and various ecosystem project airdrops.

3.3 Google Search (Global and Regional)

Bitget Research: Bitcoin Experienced a Weak Rebound Over the Weekend, UniSat Product Updates Boost SATS image 1
Global focus:
Tapswap:
Since the beginning of 2024, various tap-to-earn games on Telegram have sparked a craze in the community. Launched on February 15, 2024, TapSwap allows users to earn in-game tokens by tapping and completing tasks. The app now boasts over 50 million users globally, with nearly one million active online users.
Regional focus:
(1) Asia: The phrases "why crypto is down today" and "greed and fear index" are trending in several parts of Asia, indicating that investors are highly concerned about the reasons behind the market downturn.
(2) Europe, Australia, and the Americas: There are no apparent hot topics; the top-searched tokens and terms vary by country. For example, Australian users are interested in how to buy cryptocurrency via PayPal, Canadian users are focused on DOGE and other memecoins, and French users are keen on tokens like MAGA, Alephium, and FTM.

4. Potential Airdrop Opportunities

RedStone
RedStone is a modular oracle for LST and LRT, providing frequently updated, reliable, and diversified data sources for DApps and smart contracts across multiple L1 and L2 networks. The market anticipates a token launch for this project in the second half of 2024.
To date, RedStone has raised $15 million in a Series A funding round led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures. In 2023, Aave founder and Polygon co-founder, among others, invested in the project during its angel round.
How to participate: 1. RSG points can be received by participating in on-chain promotions and Galxe tasks released by RedStone and its partners; 2. By producing content and participating in designated promotions on the RedStone Discord server, such as the Weekly Best Content or the Hall of Fame, creators can receive RSG points.
Symbiotic
Symbiotic is a general restaking project that enables decentralized networks to foster powerful, fully sovereign ecosystems. It offers decentralized applications a method known as AVS (Active Validation Service), to collectively ensure mutual security.
Symbiotic recently raised $5.8 million in a seed round funding with investments from Paradigm and Cyber Fund.
How to participate: Visit the project's official website, link your wallet, and deposit ETH and ETH LSD assets.
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