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- Bitget Research: ETH Drops Over 20% in One Day Due to Institutional Sell-offs, Market Decline Accelerates Preparing for Main Uptrend
Bitget Research: ETH Drops Over 20% in One Day Due to Institutional Sell-offs, Market Decline Accelerates Preparing for Main Uptrend
Tommy & Jarseed
2024/08/05
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 broader market accelerated its decline, with BTC falling below $55,000 and ETH facing institutional sell-offs, dropping over 20% in a single day. The ETH/BTC exchange rate hit a three-year low. Lower than expected employment data heightened fears of an economic recession, leading to significant drops in U.S. stocks and most Asian stock markets, intensifying global economic panic.
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Recommended to monitor: USDT-M pools with high annual yield and low risk (Kamino, Aries Markets, etc.).
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Top searched tokens and topics: Jump, Matr1x, and Puffer Finance.
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Potential airdrop opportunities: Particle Network and Movement.
Data collection time: August 5, 2024, 4:00 AM (UTC)
1. Market Environment
The cryptocurrency market saw accelerated declines with BTC falling below $55,000 and ETH experiencing institutional sell-offs, dropping over 20% in a single day. There are suspicions that Jump Crypto sold a significant amount of ETH, with the ETH/BTC rate falling to 0.042, the lowest since Q3 2021. Altcoins plummeted, with BTC's dominance reaching 57%.
U.S. stocks saw significant declines, with news of Warren Buffett selling U.S. stocks triggering market panic. Asian stock markets were severely hit, with Japanese government bond futures triggering a circuit breaker and Australia's benchmark stock index falling more than 3%, marking the largest single-day drop since June 2022.
2. Wealth Creation Sectors
2.1 Recommended to Monitor – USDT-M Pools with High Annual Yield and Low Risk
Primary reasons:
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Due to panic in market sentiment and the unlikelihood of a significant short-term rebound, it is advised to hold a high amount of stablecoins and wait for market stabilization before engaging in right-side trading.
Recommended projects:
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Kamino: Currently the lending protocol with the highest TVL on Solana, offering an APY of 13% on USDC and 19% on PYSUD.
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Aries Markets: Currently the protocol with the highest TVL on Aptos, providing an APY of 10% on USDC and 10.5% on USDT. APT rewards are offered by the protocol as incentives for both lending and borrowing activities.
3. Top Searches
3.1 Popular DApps
Particle Network
Binance Labs announced an investment in the modular blockchain Particle Network, an L1 solution that unifies all blockchains via Universal Accounts and aims to address user and liquidity fragmentation in Web3. The funds will be used for global team expansion, enhancing the functionality and integration of its chain abstraction ecosystem, and ensuring the launch of its Layer 1 mainnet later this year.
Particle Network announced the launch of the first co-testnet of the Chain Abstraction Alliance, marking the first step towards unifying all chains. The network is in collaboration with Berachain.
With the announcement of financing details and the testnet launch, Particle Network has seen high interest, attracting significant user participation.
3.2 X (former Twitter)
Matr1x
Matr1x is positioned as an infrastructure and distribution system for Web3 culture and entertainment, combining Web3 gaming, artificial intelligence, e-sports, and blockchain infrastructure into an innovative cultural and entertainment platform. It aims to transform the global gaming and digital content industries through blockchain and AI technologies, accelerating the arrival of the Web3 era.
The core members of the Matr1x team have over ten years of collaborative experience, including development experience with top Web2 FPS games and operations of products with high daily active user counts. The project is well-funded, having raised over $20 million in public funding, including a recent investment from North America's leading fund, Makers Fund, on July 26.
3.3 Google Search (Global and Regional)
Global focus:
Jump
Jump Trading is possibly selling off ETH as they have been redeeming a batch of 120,000 wstETH valued at $410 million into ETH, then transferring it to exchanges like Binance and OKX. Since July 25, they have redeemed 83,000 wstETH into 97,500 ETH, with 66,000 ETH ($191.4M) already on the exchanges.
Regional focus:
(1) In the CIS region, the trends are focused on tokens and applications related to Tap to Earn mini games on Telegram, with popular searches including Blum, Notcoin, and Tapswap.
(2) There are no significant trends in Asia, with the Philippines showing interest in RWA and memecoins.
(3) Latin America shows an increased interest in SOL and ETH, with AI project sectors appearing on hot searches in Colombia and Argentina.
4. Potential Airdrop Opportunities
Particle Network
Particle Network is a development platform that connects multiple blockchains, such as Bitcoin, EVM, and IBC, through a unified account system. It offers modular interfaces to enhance wallet connectivity and transaction execution capabilities. The platform focuses on chain abstraction, wallet abstraction, liquidity abstraction, and gas abstraction, aiming to simplify the development and deployment process for Web3 applications.
Particle Network has raised $15 million in Series A funding co-led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others. This funding round brings Particle's total funding to $25 million.
How to participate: Visit https://pioneer.particle.network/, bind your social media accounts, and claim test tokens. Sign in daily and complete related tasks. Use Universal Gas for transactions, interacting between Metamask testnet tokens and the Particle Network wallet.
Movement
Founded in 2022, Movement Labs secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.
Recently, Movement Labs raised $38 million in a Series A funding round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent institutions.
To participate, enter the Movement Zealy task interface (Note: social tasks have a time period and are continuously updated), interact with the DEX with a few tests, and await further actions from the official site.
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