Bitget Research Weekly Highlights: Wall Street Giants Rush to File for Spot Bitcoin ETFs as Crypto Market Enters Sustained Rebound
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Bitget Research Weekly Highlights: Wall Street Giants Rush to File for Spot Bitcoin ETFs as Crypto Market Enters Sustained Rebound
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (6/19–6/23), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (06.19–06.23) were:
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Institutional players are actively filing for spot Bitcoin ETFs, accelerating the crypto market's rebound
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EDX Markets, a crypto exchange backed by Wall Street giants, launched operations this week, driving BTC to rise over 6% in the last 24 hours
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After a sharp rebound from oversold levels, the market entered a consolidation phase; Fidelity was disclosed to be preparing a spot Bitcoin ETF application
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Major assets moved upward with volatility; currently no clear hot sectors stand out
2. Popular Projects
The most popular projects this week (06.19–06.23) included:
WHEE (Token): A sled dog-themed BRC-20 token with sustained popularity. Trading volume remains high, with 3,458 unique holders and 52,000 transfers in the past 24 hours. Trading volume reached $131,600.
FTC (Token): Suspected offshoot of Panqu Capital’s cashflow project FQT, operating under a joint market-making model where users add liquidity to co-manage the pool. Current on-chain liquidity stands at $40.77 million, with $6.86 million in trading volume over the past 24 hours. Contract checks show no red flags—worth monitoring.
agEUR (Token): A decentralized stablecoin protocol whose main product is the euro-pegged agEUR. Daily trading volume is $1.36 million, primarily occurring on-chain. Ethereum holds the highest number of holders at 1,786 addresses.
USDC (token): The amount of USDC used as collateral in MakerDAO’s Peg Stability Module (PSM) has significantly declined. In January 2023, around $2.4 billion of USDC was locked in the PSM. This figure has now dropped to approximately $520 million, indicating a 78% reduction in USDC directly backing DAI. USDC’s share of DAI’s total collateral reserves has fallen from about 50% to just 8%, reflecting a substantial decline in its overall influence.
zkBridge on opBNB (NFT): On June 20, Binance announced the launch of opBNB, its op stack-based Layer 2 network, on testnet. Users can claim NFTs via zkbridge.com/nft-faucet/opb.
Seaport (Dapp): Seaport is a new open-source Web3 marketplace protocol designed for secure and efficient NFT trading. Initially launched on Ethereum, it is now also available on Polygon. This metric serves as a direct indicator of OpenSea's trading volume. As Blur’s token price and popularity have declined, so too has its transaction frequency and volume—the most visible sign being that Seaport’s gas consumption has once again surpassed Blur’s.
Stickman (Dapp): Stickman mint contract, a Proof of Participation (POP) concept token on BSC. $STIC can be minted for free at a rate of 10 tokens per second per user. Each invited friend increases mining speed by 10 STIC/s, with no upper limit on mining rate. No obvious risks detected in the contract. Currently has 9,948 on-chain holders and no liquidity pools on DEXs yet. The team is organizing offline promotional events drawing large crowds.
Optimism (Dapp): The Layer 2 network Optimism announced on its official social media channels that it has been rebranded as OP Mainnet, distinguishing the blockchain itself from the broader Optimism collective, culture, and ethos. According to Messari analysis, following the Bedrock upgrade on OP Mainnet, fees have decreased by approximately 47%, deposit times have shortened, and gas costs per transaction have dropped by roughly 70%.
3. Hot Searches
The hottest topics this week (06.19–06.23) were:
EDX Markets: EDX Markets, a digital asset exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab, officially launched trading services and completed a new funding round. Investors include Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. Tradable assets on EDX include BTC, ETH, LTC, and BCH. EDX Clearing, set to launch later this year, will settle trades matched on EDX Markets.
WAVES (token): Amid reports of a "mutiny" by Russian mercenary group Wagner, WAVES—a cryptocurrency associated with Russia—experienced volatility. During Russia’s previous invasion of Ukraine, WAVES surged fivefold. This latest unrest similarly triggered price swings. DWF Labs pledged 500,000 $WAVES to support the launch of Waves DAO through staking and voting. Over the past 24 hours, WAVES rose 60%.
BCH (token): The listing of BCH on EDX, an exchange backed by major U.S. institutions including Fidelity, Citadel, and Charles Schwab, has boosted investor confidence. Over the past four days, BCH’s price has surged over 100%, generating significant momentum. Its 24-hour trading volume has reached $1.08 billion.
Bitget Research focuses on "tracking on-chain data to uncover valuable assets," identifying cutting-edge investment opportunities through real-time monitoring of on-chain activity and regional search trends. To date, it has provided Bitget’s global user base with early access to high-potential assets across trending sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth-building opportunities through data-driven research.
[Disclaimer] The market involves risk; investing should be approached with caution. This article does not constitute investment advice. Readers should consider whether any opinions, views, or conclusions expressed herein are suitable for their particular circumstances. Investment decisions based on this information are made at the user’s own risk.
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