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- Bitget Research: Spot BTC ETFs See Three Consecutive Days of Net Inflows, Crypto Market Panic Gradually Eases
Bitget Research: Spot BTC ETFs See Three Consecutive Days of Net Inflows, Crypto Market Panic Gradually Eases
Tommy & John
2024/07/10
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
After Powell's speech, traders estimate the likelihood of the Fed's first rate cut in September is slightly above 70%. Spot BTC ETFs have seen net inflows for three consecutive working days. The German government's transfer of BTC has not led to further market decline, and market panic is gradually easing.
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Sectors with strong wealth creation effect: Modular chains.
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Top searched tokens and topics: Stargate, SSV, and PEIPEI.
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Potential airdrop opportunities: Symbiotic, Karak and Etherfi.
Data collection time: July 10, 2024, 4:00 AM (UTC)
1. Market Environment
Federal Reserve Chairman Powell delivered his semiannual monetary policy testimony to the Senate Banking Committee. He indicated that the FOMC is unlikely to cut rates at the meeting later this month. Traders estimate a slightly over 70% chance of the Fed's first rate cut in September and expect two 25 basis point rate cuts in 2024.
Spot BTC ETFs have seen net inflows for three consecutive working days. The German government's transfer of BTC to exchanges did not cause a significant drop in BTC yesterday, and market panic may be gradually easing. The overall market is experiencing weak fluctuations.
Some altcoins have rebounded after being oversold, but market liquidity remains scarce. The leading modular chain project, TIA, has surged.
2. Wealth Creation Sectors
2.1 Sector Movements – Modular Chains (TIA and DYM)
Primary reasons: The modular chain sector has rebounded from its lows. On several major exchanges, the annualized shorting fee rate for TIA has exceeded 100%, driving TIA's price upward.
Gainers: In the past 24 hours, renowned modular chain projects TIA and DYM have risen by 18% and 15%, respectively.
Factors affecting future market conditions:
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The actions and strategies of market makers before TIA's major unlock in October could be key in determining its trend.
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If numerous projects based on modular chains like Celestia launch tokens concentratedly in each cycle and provide large airdrops to TIA and DYM stakers, or if these projects secure significant financing, enhancing market airdrop expectations, it could lead to a rapid rise in tokens like TIA and DYM.
3. Top Searches
3.1 Popular DApps
Stargate:
Stargate Finance is the first DApp built on the LayerZero protocol, creating the first fully composable native asset bridge. Its vision is to make cross-chain liquidity transfer a seamless, single process. Yesterday, Coinbase announced that it will resume trading of Stargate Finance (STG), an ERC-20 token on the Ethereum network. As a result, STG surged over 9% in a short time, currently priced at $0.3778.
3.2 X (former Twitter)
SSV.Network:
This project provides a decentralized, open ETH staking network for individuals or service providers wanting to run Ethereum nodes. The network uses a validator protocol based on private sharing to securely and decentrally manage Ethereum validator node keys. Recently, SSV Network announced that over 1,000,000 ETH are currently staked in the protocol, with a TVL exceeding $3 billion. Due to the high TVL and the project's high decentralization level, users are advised to monitor its progress.
3.3 Google Search (Global and Regional)
Global focus:
PEIPEI:
Considered the PEPE of China, PEIPEI has seen a price increase of 21.4% today, with a daily trading volume of $160 million, according to CoinMarketCap. The number of holders is 26.32K, and the number of on-chain transactions is 4373. The high trading volume and significant price increase have heightened community interest.
Regional focus:
(1) Google Trends searches in Asian countries do not show significant features, but it's worth noting a shift in focus from conceptual terms to specific projects. For example, Indonesia has shown interest in the Ethereum ecosystem, with projects like Etherfi gaining attention. Concurrently, Singapore shows interest in AI projects.
(2) Google Trends searches in Europe and the Americas also lack significant features, but the focus in the USA has clearly been on memecoins. Searches for cartoon-character memecoins like PEPE and FLOKI are popular, as well as political figure memecoins such as BODEN and TRUMP.
4. Potential Airdrop Opportunities
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.
Karak and Etherfi
Karak is an Ethereum Layer 2 restaking layer with multi-chain advantages. Backed by Andalusia Labs, a provider of digital asset risk infrastructure, it has raised $51.2 million from investors including Pantera, Lightspeed Capital, and Framework Ventures. Staking on Karak can yield staking and restaking rewards, Eigenlayer points, staked LRT points, and Karak XP. Karak and Etherfi have partnered to launch a liquidity pool. Staking various LRT or WETH in the liquidity pool yields Eigenlayer points, staked LRT points, Karak XP, and Etherfi points.
How to participate: 1. Add the Karak network (you can add Karak Mainnet from Chainlist); 2. Stake your tokens in the Etherfi liquidity pool.
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