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Bitget Research: Ethereum ETF Trading Fees Announced, Grayscale's Establishment of AI-Focused Fund May Bring Additional Capital to the Sector

Bitget Research: Ethereum ETF Trading Fees Announced, Grayscale's Establishment of AI-Focused Fund May Bring Additional Capital to the Sector

Jarseed & Aaron

2024/07/18

Bitget Research: Ethereum ETF Trading Fees Announced, Grayscale's Establishment of AI-Focused Fund May Bring Additional Capital to the Sector

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

Yesterday, the Nasdaq recorded its largest single-day decline of the year, as the market adjusted to price in the current situation. In the crypto market, major assets like Bitcoin and Ethereum faced short-term rebound challenges, yet the market still retains significant momentum, with a mid-term optimistic outlook. The highlights are as follows:

Sectors with strong wealth creation effect: AI sector, Gaming sector, and ETH ecosystem projects.
Top searched tokens and topics: Ether.fi, Banana Gun, and GODS.
Potential airdrop opportunities: Hamster Kombat and Term Finance.

Data collection time: July 18, 2024, 4:00 AM (UTC)

1. Market Environment

In terms of Bitcoin ETFs, there has been a continuous inflow for 9 trading days. Regarding Ethereum ETFs, as issuers have successively submitted forms like the S-1/A for spot Ethereum ETFs to the U.S. SEC, the fees for 9 spot Ethereum ETFs have been announced, and they are expected to begin trading on July 23.

In terms of various crypto asset sectors, as the broader market shows signs of recovery, the AI and gaming sectors stand out for their significant rebounds. In the AI sector, Grayscale has announced a new decentralized AI-focused fund, which includes several mainstream AI sector assets such as TAO, RNDR, NEAR, LPT, among others.

2. Wealth Creation Sectors

2.1 Sector Movements – AI Sector (WLD, TAO, and NEAR)

Primary reasons:

According to the Worldcoin official blog, Tools for Humanity announced an extension of the token lock-up period for early Worldcoin contributors. Starting July 24, 2024, the lock-up period for WLD tokens held by Tools for Humanity team members and investors will extend from the originally planned three years to five years.
Grayscale launched Grayscale Decentralized AI Fund LLC to bolster investment in AI in the cryptocurrency industry. The fund has already invested in the decentralized AI projects such as Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). Near, Filecoin, and Render are the highest weighted assets in this fund.

Gainers: Over the past 7 days, WLD has risen by over 27%. TAO has increased by 24.7%, and NEAR by 32.6%.

Factors affecting future market conditions:

Positive news release: Projects like Near and Worldcoin have recently released favorable news, receiving positive market reactions. The Worldcoin Foundation previously announced it would launch the World Chain, with potential new developments in the next two months. Worldcoin developers are also attempting to collaborate with PayPal and OpenAI.
Financial impact: With Grayscale's launch of the Decentralized AI Fund LLC, a new investment tool is introduced for mainstream funds in the crypto AI sector. This development provides favorable conditions for traditional finance to invest in this sector, with incremental funds expected to continuously drive up the value of AI sector crypto assets.

2.2 Sector Movements – Gaming Sector (GODS and ALICE)

Primary reasons:

The gaming sector has shown notable performance during the current rebound phase, with significant recoveries in tokens like GODS and ALICE. The performance of these tokens is primarily driven by trading fund dynamics. Historically, these tokens have been heavily shorted with low trading volumes, making them susceptible to significant short squeezes during rebounds. Short-term speculators should consider these trading opportunities.

Gainers: GODS has surged by 169.2% over the past 7 days, while ALICE has increased by 58.6%.

Factors affecting future market conditions:

Community updates: Prices of gaming project tokens can be significantly affected by changes in token releases or circulation. Investors should closely monitor community updates to seize investment opportunities.
Open interest volume changes: Users can check the futures data like funding rates and changes in long and short positions on Coinglass website to understand the movements of whales. These tokens are prone to short squeezes, and significant changes in position holdings and funding rates present speculative trading opportunities.

2.3 Sectors to Focus on Next – ETH Ecosystem Projects (UNI and LDO)

Primary reasons:

The spot Ethereum ETF is expected to officially debut on the U.S. capital market on July 23, presenting potential speculative trading opportunities for ETH ecosystem assets. Yesterday, SEC Commissioner Hester M. Peirce hinted in an interview that the inclusion of staking features in Ethereum ETFs could be open to reconsideration by the SEC in the future.

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. It has a TVL of $29.6 billion but is relatively undervalued at just under $1.8 billion.

3. Top Searches

3.1 Popular DApps

Ether.fi (DApp)

The Ether.fi Foundation recently summarized the utility of ETHFI tokens, including the announcement last month that 50% of the monthly protocol revenue will be used to buy back ETHFI tokens. Users can stake their ETHFI tokens in Karak to earn points from both Karak and Ether.fi. In addition to creating a liquidity pool for ETHFI, Ether.fi has also launched ETHFI cross-chain functionality through Wormhole, allowing users to claim L2 tokens on Arbitrum. The project will soon announce its second airdrop phase, and recent volatility is expected to increase.

3.2 X (former Twitter)

Bitget Research: Ethereum ETF Trading Fees Announced, Grayscale's Establishment of AI-Focused Fund May Bring Additional Capital to the Sector image 0

Banana Gun (DApp)

Banana Gun Bot is a prominent Telegram trading bot that enables users to quickly engage in DeFi transactions and token presale purchases via the Telegram platform. A key advantage of Banana Gun is its revenue-sharing model. Users holding Banana tokens can share in the income generated by the bot, which includes 40% of referral income and 50% of tax revenue from transactions made through the bot. With the recovery of the secondary market, the token exhibits a positive trend. The price of BANANA is currently fluctuating around $55, reflecting a nearly 30% increase within a month, which indicates a positive wealth effect. The token can be traded on Bitget.

3.3 Google Search (Global and Regional)

Global focus:

What is mining:

Cryptocurrency mining is the process of creating new units of digital currency and verifying these units' transactions on the blockchain network. The most famous example is Bitcoin mining, but many other cryptocurrencies also use mining as part of their network operations. With market expectations that the Republican party might win the 2024 U.S. elections, there is increased interest in the profitability of cryptocurrency mining enterprises and related industries, primarily because the Republican party supports the development of crypto mining operations in the U.S.

Regional focus:

(1) Asia: Google Trends in Asian countries do not show any distinct characteristics. Tokens with strong wealth effects like GODS, A8, and ALICE have become focal points of market attention. Assets such as BTC, LDO, and RPL also feature prominently in the hot searches across Asian countries.

(2) Europe and the Americas: Assets like AI, Polygon, ARKM, and WLD are trending, with the AI sector emerging as a preliminary focus of market attention. Bitget has gained significant attention as a CEX among users in the UK.

4. Potential Airdrop Opportunities

Hamster Kombat

Hamster Kombat is a clicker game on Telegram, where players can earn tokens by tapping and through other methods of interaction. Players take on the role of a cryptocurrency exchange CEO, and by tapping on a hamster, they earn tokens which can be used to enhance their exchange and upgrade their hourly earnings. Future token airdrop rewards are possible, and players can also boost their earnings by subscribing to Telegram channels or inviting friends.

Currently, the game has over 150 million users globally, with 12 million followers on X and over 50 million on the official Telegram channel.

How to participate:

Tap to earn a fixed amount of Hamster Coins daily.
It is possible to use Hamster coins to buy combination cards to increase the passive earning of Hamster coins and claim daily Hamster coin airdrop packages, according to community updates.
Bitget has launched the Pre-Market, enabling users to place pre-market sell orders to directly secure profits.

Term Finance

Term Finance is a decentralized lending protocol that utilizes a unique auction model to support scalable interest rate/fixed lending—a first in the DeFi sector. It brings borrowers and lenders together in a fair and transparent auction process to determine a single market-clearing interest rate for all participants, regardless of size.

Recently, Term Finance completed seed and strategic funding rounds with investments from notable institutions like Electric Capital and Coinbase Ventures, raising $8 million. On July 9, the project announced on X the start of Term points.

How to participate: 1. Register using a referral code; 2. Connect X and Discord for easy log-in; 3. Check reward eligibility; 4. Participate by engaging in the fixed auctions for lending; 5. Learn how to maximize points through Term's tracking dashboard.

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