Bitget Research Weekly Highlights: 24-hour market liquidation volume hits record high; July Fed minutes show rising inflation risks
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Bitget Research Weekly Highlights: 24-hour market liquidation volume hits record high; July Fed minutes show rising inflation risks
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (8/14–8/18), several new trending cryptocurrencies and topics emerged in the market.
1. Market Focus: Market Trends
The most discussed topics in the market this week (08.14–08.18) were:
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The 24-hour liquidation volume in the market hit a new high for the year; Bloomberg reported that the SEC is set to approve ETH futures ETFs.
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July meeting minutes indicated rising inflation risks, leading to broad declines in the crypto market and breakdowns in some altcoins.
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BTC traded in a narrow range, while UNIBOT, leader in the BOT sector, reached a new price high.
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Base chain TVL surpassed $200 million, and community-driven Meme coins like BITCOIN hit new highs.
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Market volatility remained extremely low, with DAI DSR gaining popularity among institutional investors.
2. Popular Projects
The hottest projects this week (08.14–08.18) included:
BNB (Token): Binance recently announced support for the BNB Smart Chain (BEP-20) network upgrade and hard fork completed on August 10, followed by a PreContract hard fork on the opBNB testnet on August 14. With frequent major updates, the BNB ecosystem is expected to enter a new phase of development.
ARB (Token): According to on-chain monitoring by Spot On Chain yesterday, 553 million ARB tokens—worth approximately $631 million—were transferred from a multi-sig wallet labeled “Arbitrum: Investors ARB Vesting” to 151 unlock contract addresses seven hours prior. This move may be preparatory for the first investor unlock scheduled on March 16, 2024. Recently, ARB has seen slightly less momentum than OP; the impact of this unlock warrants attention.
SHIB (Token): Shibarium is anticipated to launch within the next two weeks. Previously, in July, SHIB’s lead developer Shytoshi Kusama hinted in a blog post that the Layer 2 solution might go live during the Blockchain Futurists Conference in Toronto this August. Shiba ecosystem tokens including SHIB, BONE, and LEASH have been steadily rising, with SHIB reaching its highest level since June.
BAD (Token): BAD IDEA AI, an AI + meme project backed by the Shiba ecosystem, received a public endorsement yesterday via a tweet from SHIB’s lead developer, Shytoshi Kusama. As early as September, @ShytoshiKusama referred to @badideaai as “our tech frens,” suggesting the project could become a key token developed on Shibarium. BAD will soon be listed on Bitget across its spot AI, meme, and innovation zones.
Avive Genesis NFT (NFT): Avive, a location-based protocol, launched its Genesis NFT yesterday, now held by 4,985 unique addresses. By integrating social networks with blockchain technology, Avive’s app has surpassed one million downloads on Google Play. The protocol will operate using a Proof of Networking mechanism, making it worth watching.
Bridge to Base (NFT): A cross-chain proof-of-participation NFT from Base’s “on-chain summer” campaign, over 20 million NFTs have already been minted, with 130,000 unique holders—an indicator of extremely high engagement.
Mintfun (Dapp, NFT): All !fundrop holders can mint a "Bridge Pass" on the Ethereum mainnet to receive 0.00111 ETH directly on Zora’s L2 network. This promotion gained widespread traction on social media. Recently, most free mints on the Base chain originate from Mintfun, driving significant traffic to the platform and inspiring similar activity on other chains.
Base (Dapp): (1) Base network TVL exceeded $200 million, marking a nearly 70% increase over seven days; (2) Uniswap Wallet added support for Base, enabling users to swap tokens and connect to Base DApps; (3) Coca-Cola launched an NFT collection on Base, now open for minting; (4) While Base has seen numerous meme coins generate substantial wealth recently, rug pulls remain a risk—users should exercise caution.
Unibot (Dapp): Unibot announced Unibot X, a unified trading terminal that transcends current Telegram-based limitations by decoupling the web application from Telegram for independent access, integrating all features into Unibot X with expanded functionality. Following this announcement, the UNIBOT token briefly hit a new high before pulling back with broader market corrections. Its 24-hour global trading volume stands at $11.9 million.
3. Hot Searches
The most searched topics this week (08.14–08.18) were:
Crypto Crash (Event): According to The Wall Street Journal, SpaceX has sold $373 million worth of Bitcoin acquired between 2021 and 2022. Last night saw a sharp market plunge, with major cryptocurrencies dropping over 10%. Total liquidations across the market exceeded $1 billion within 24 hours—rivaling the crashes of March 19 and May 19, and far surpassing the $300 million liquidated during the Silicon Valley Bank crisis, even exceeding the $800 million lost during the FTX collapse. Market liquidity worsened significantly. Analysts attribute the downturn partly to sentiment damage from Musk’s BTC sell-off and potential bad debt exposure at Tether due to Evergrande’s bankruptcy.
Evergrande (Event): Evergrande (China Evergrande Group) filed for Chapter 15 bankruptcy protection in New York on the 17th to safeguard its U.S. assets during debt restructuring. The company first defaulted on its debts in 2021. Its Hong Kong-listed shares have been suspended since late March 2022. Financial statements show total liabilities exceeding RMB 2.43 trillion as of December 31, 2022. Earlier reports suggested Tether held minimal exposure to Evergrande bonds.
SEI (Token): SEI launched its airdrop program yesterday, generating strong community interest. Users who completed cross-chain asset transfers can claim SEI rewards through the official website. Participation was enthusiastic despite small individual allocations, but selling pressure caused SEI to peak and retreat. It currently trades at $0.193.
HBAR (Token): Hedera Hashgraph is a public blockchain platform designed to allow anyone to transact and deploy applications, governed by a council of enterprise organizations. To achieve scalability and security, Hedera makes distinct design trade-offs compared to other platforms—for example, supporting high-speed transactions using its native HBAR cryptocurrency, but only allowing approved nodes to validate transaction history. Today, the Federal Reserve's instant payment system FedNow added Dropp, a micropayment platform built on Hedera, to its list of service providers. This news contributed to a rise in HBAR’s price.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets.” By monitoring real-time on-chain metrics and regional search trends, Bitget identifies emerging investment opportunities, delivering institutional-grade insights to crypto enthusiasts worldwide. To date, Bitget Research has provided early access to high-potential sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior value for its global user base through data-driven research.
[Disclaimer] The market involves risks; investments should be made with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions presented herein are suitable for their specific circumstances. Investment decisions based on this information are made at the reader’s own risk.
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