Bitget Research Weekly Highlights: U.S. debt ceiling crisis resolved, Hong Kong's new crypto regulations take effect
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Bitget Research Weekly Highlights: U.S. debt ceiling crisis resolved, Hong Kong's new crypto regulations take effect
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (May 29 - June 2), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (05.29-06.02) were:
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BRC-20 token market cap approaches $500 million; Coinbase to launch CFTC-regulated futures exchange
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New crypto regulations take effect in Hong Kong; market pullback lacks upward momentum
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Meme coin lifecycles continue shortening; BTC fails to sustain gains, breaking below key support at $27,500
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New meme coins of mixed quality frequently fail; Bitget Research launches BRC-20 monitoring module
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U.S. debt ceiling crisis resolved; crypto assets stage a partial rebound
2. Popular Projects
The hottest projects this week (05.29-06.02) include:
ORDI (BRC-20 token): As the first BRC-20 token, ORDI remains the leading project within the BRC-20 ecosystem, supported by innovators and institutions alike. It leads in most key metrics, with nearly $200 million in trading volume over the past 24 hours and 4,059 transfers. However, due to listings on exchanges such as OKX and Bitget, its actual on-chain 24-hour trading volume is $117,000, ranking third.
OXBT (BRC-20 token): A BRC-20 token launched by KOL @BitGod, distributed via whitelists from multiple communities and KOLs, plus public free minting. After launch, it quickly gained the highest number of unique holder addresses among BRC-20 tokens, reaching 20,735. The project has been centrally managed by its team and recently announced plans to release detailed tokenomics this week. Current market cap: $41.36 million; 24-hour on-chain trading volume: $1.23 million.
ZBIT (BRC-20 token): Token of BTC MACHINE, which is building an ecosystem around BTC including multiple NFT projects, with a loyal following. Currently has 8,819 unique holders—among the highest in the market—with 5,931 transfers and $40,000 in on-chain trading volume over the past 24 hours. Market cap: $2.22 million.
LOVE (token): A highly hyped meme coin with innovative mechanics driven by KOL @M_4573_RCH. Whitelist eligibility requires sending 0 ETH to his address. Non-airdrop recipients must hold at least one LOVE token to trade, meaning airdrop recipients must send tokens to others for secondary trading to occur. Due to excessive airdrop allocation, the token has attracted significant bot activity, draining liquidity. Additionally, high LP staking rewards have led to continuous downward price spirals since launch. Current market cap: $10 million; liquidity: $2.57 million; 24-hour trading volume: $2.81 million.
RFD (token): A meme coin launched by Blurr, a top DeBank whale. Features anti-rug characteristics. Despite recent sharp price corrections, Twitter engagement remains strong. Current 24-hour trading volume: $12.61 million; total market cap: $21.74 million.
VV - A Film by Zora (NFT): A film NFT created by renowned NFT KOL Jack Butcher, priced at 0.0089 ETH on Zora. Over 13,000 users have participated in the mint. His previous "Free Mint" NFT project surged on secondary markets, generating strong wealth effects. Community expectations for future performance remain high, sustaining strong interest.
Nakamigos (NFT): A CryptoPunks-style PFP NFT attracting attention from over 30 KOLs. Currently has 5,983 holders, floor price at 0.6 ETH. In the past 7 days, over 6,000 transactions occurred, doubling the floor price and quadrupling trading volume.
Circle (Dapp): Circle has sold all U.S. Treasury holdings from its USDC reserve portfolio. According to the Circle Reserve Fund website, as of May 30, the fund’s $24 billion in assets under management are now fully held in overnight repurchase agreements. This marks a major shift since late April, when the fund held over $30 billion in U.S. Treasuries. The final $4 billion tranche matured on Tuesday.
Tabi Artifact chest NFT mint contract (Dapp): An NFT marketplace built on BSC. Announced a $10 million funding round on May 11 from investors including Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, and Youbi Capital. Launched a community rewards program on May 29, offering SBTs and other rewards for completing tasks—recently increasing platform activity.
LayerZero (Dapp): A cross-chain interoperability protocol enabling dApps on different blockchains to communicate without requiring intermediary chains or consensus layers. Recently deepened collaboration with Canto, allowing projects in the Canto ecosystem to transfer assets into EVM-compatible ecosystems—an important boost for Canto’s growth.
3. Hot Searches
Top trending topics this week (05.29-06.02):
Hongkong (Event): The Securities and Futures Commission (SFC) of Hong Kong issued a circular outlining transitional arrangements for the new licensing regime specifically designed for virtual asset trading platforms. These arrangements apply to platforms operating in Hong Kong prior to June 1, 2023. The Hong Kong Virtual Asset Rating Agency (HKVAC) was officially established, set to launch virtual asset indices and exchange ratings. The implementation of Hong Kong's crypto regulations is a long-term positive for the industry, though short-term speculative risks in related sectors should be monitored.
OP (Token): The Optimism team announced on Twitter on May 15 that the network will upgrade to Bedrock on June 6, requiring a 2–4 hour downtime. Bedrock reduces transaction fees through optimized batch compression and using Ethereum as the data availability layer. It also improves responsiveness to L1 reorganizations, reducing latency in including L1 transactions in rollups. Ahead of the upgrade, more than 386 million OP tokens are scheduled to unlock on May 31—over twice the current circulating supply—likely exerting downward pressure on the token price.
Shiba (Token): Experiencing volatile price movements and high community engagement. Certik recently upgraded Shiba's security rating back to AAA, a significant positive development. The Layer-2 network Shibarium continues releasing product updates, potentially creating speculative opportunities—worth continued monitoring.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets.” By continuously monitoring on-chain activity and regional search trends, it identifies early-stage investment opportunities, delivering institutional-grade insights to cryptocurrency enthusiasts. To date, Bitget Research has provided early access to high-potential assets across popular sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth effects for Bitget’s global user base through data-driven research.
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