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Bitget Research: Positive BTC Futures Funding Rates Indicate Short-Term Buying, Multiple Institutions File S-1 Forms for ETH Spot ETFs

Aaron & Tommy
2024/07/09
Bitget Research: Positive BTC Futures Funding Rates Indicate Short-Term Buying, Multiple Institutions File S-1 Forms for ETH Spot ETFs
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

The crypto market remains volatile, with BTC fluctuating narrowly between $55,000 and $57,500, with certain wealth effects on the market. The highlights are as follows:
  • Sectors with strong wealth creation effect: Popular memecoins and projects in the ETH ecosystem.
  • Top searched tokens and topics: Raydium, BGB, and ETH spot ETFs.
  • Potential airdrop opportunities: Fuel, DeBank.
Data collection time: July 9, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, the market continued its volatility, with BTC fluctuating narrowly between $55,000 and $57,500, providing some intraday trading opportunities. The market interprets the continued transfer of BTC from the German government to centralized exchanges as continued selling pressure. However, U.S. spot Bitcoin ETFs showed net inflows for two consecutive trading days, with a daily net inflow of $296 million yesterday, the third-highest daily net inflow since June. Positive BTC futures funding rates indicate buying BTC spot and futures, with funds flowing back into the crypto market in the short term.
On a macro level, the market focuses on the upcoming U.S. CPI data, which is expected to increase by 3.1% YoY. If the data falls below 3.1%, the probability of a Fed rate cut in September could increase significantly, a positive development for the crypto market. Multiple institutions have also submitted amended Form S-1s for their ETH spot ETFs, indicating that an ETH ETF may be approved in July. Monitoring the performance of ETH is essential.

2. Wealth Creation Sectors

2.1 Sector Movements — Popular Memecoins (BONK, PEPE, BOME)

Primary reasons:
  • Blue chip tokens such as ETH and SOL have started to rebound.
  • The market's focus on the memecoin sector has increased, with Bithumb listing BRETT and Justin Sun and IOSG's co-founder expressing their attitudes towards memecoins.
Gainers: BONK, PEPE, and BOME rose by 21.4%, 12%, and 9.8%, respectively, within 24 hours.
Factors affecting future market conditions:
  • Quote token trend: The price trend of SOL can affect the price of BONK, as BONK on DEXes is quoted in SOL. Keep an eye on the price trends of ETH and SOL. If ETH and SOL maintain their upward trend, holding meme assets in their ecosystems is advisable.
  • Open interest volume increase: Users can check the futures data on tv.coinglass to understand the movements of whales. Over the past 24 hours, the open interest volume of BONK has surged by 70%, mainly due to the increase in net long positions. The long/short ratio (accounts) has dropped below 1, indicating whales are going long on BONK through futures. Keep a close eye on subsequent changes in futures data.

2.2 Sectors to Focus on Next: ETH Ecosystem Projects (UNI, LDO, PEPE)

Primary reasons:
Multiple institutions have filed a Form S-1 for their ETH spot ETFs. The S-1 filings for Ethereum spot ETFs are likely to get approval from the SEC in early July, which could generate hype around ETH ecosystem assets. The sector has recently experienced a significant pullback, falling out of expected levels.
Specific tokens:
  • UNI: The first DeFi Swap project on the blockchain, Uniswap, has generated an average daily revenue of around $1 million.
  • LDO: A leading LSD project within the ETH ecosystem, with a TVL of $29.6 billion and a valuation of just under $1.6 billion, indicating it is relatively undervalued.
  • PEPE: Currently the most hyped memecoin in the Ethereum ecosystem, PEPE boasts a strong community base. Its price is likely to follow ETH's upward trend.

3. Top Searches

3.1 Popular DApps

Raydium:
The protocol fees of Solana-based DEX Raydium reached $2.5 million yesterday, surpassing Ethereum ($1.36 million) and Solana ($1.15 million) to rank second.

3.2 X (former Twitter)

Bitget Research: Positive BTC Futures Funding Rates Indicate Short-Term Buying, Multiple Institutions File S-1 Forms for ETH Spot ETFs image 0
BGB:
Bitget launched the BGBUSDT futures trading pair with a maximum leverage of 50x yesterday. Bitget announced an upgrade to its BGB smart contract address on July 1. This upgrade further enhances perks for BGB holders and expands its use case in DeFi, DEX, GameFi, and other decentralized applications, providing more value and opportunities for BGB holders.

3.3 Google Search (Global and Regional)

Bitget Research: Positive BTC Futures Funding Rates Indicate Short-Term Buying, Multiple Institutions File S-1 Forms for ETH Spot ETFs image 1
Global focus:
Spot Ethereum ETFs:
On July 8, according to SEC filings, VanEck submitted a revised S-1 registration statement for its spot Ethereum ETF, intending to rename "VanEck Ethereum Trust" to "VanEck Ethereum ETF". On July 9, The Block reported that following VanEck's submission of a revised S-1 registration statement, 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale also submitted their amended S-1 registration statements before the deadline.
Regional focus:
(1) There are no significant trends to note in Google Trends search data for Asian countries, but it is worth noting that SLP appeared in the top searches in the Philippines. At the same time, the Philippine stablecoin PHPC was launched on Ronin yesterday. This highlights the considerable traffic and recognition of the gaming blockchain and the GameFi sector in the Philippines.
(2) There are no significant trends to note in the top searches of Europe and the United States. For instance, BLAST, VET, and JUP are trending in Europe, while MAGA and XAI are trending in the United States. Each country has different trending topics, indicating the current lack of a strong, unified trend in the market.

4. Potential Airdrop Opportunities

Fuel
Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum.
In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit qualifying tokens to earn points. For every $1 deposited, participants will earn 1.5 points per day.
Earn 1.5 points per day with the following assets: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. Additionally, earn 3 points per day when you deposit ezETH from July 8 to July 22.
DeBank
DeBank is a multi-chain DeFi portfolio tracker that supports DeFi protocols across multiple chains. Last year, DeBank announced plans to launch a DeBank Chain built on the OP Stack, with the mainnet set to launch in 2024.
DeBank announced that the DeBank XP snapshot was taken on July 4, 8:00 AM (UTC+8). All active addresses have the chance to receive the initial XP airdrop. Each address's initial XP is determined by its on-chain assets, credit, and Web3 social ranking on DeBank. The XP claim page is available on DeBank and the claim will last for one month.
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