Huobi Live Discusses 2024 Crypto Investment Strategy: Breakthroughs and Transformations in BTC/GameFi
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Huobi Live Discusses 2024 Crypto Investment Strategy: Breakthroughs and Transformations in BTC/GameFi
Huobi HTX will continue to monitor market trends and actively explore emerging sectors and uncover new tokens.
Navigating Web3 tides with focused insightsOn January 4, Chris Lee, Head of Asia at Hong Kong-based executive firm Best Execution; Han Feng, co-founder of Elastos BeL2; the largest GameFi influencer "Crypto Dog"; Tim Ge, founder of DogeCamp community; DUDU, head of PukeCastCN by RugRadio; Leo Wong, co-founder of WarpGate; and Kevin, COO of Soulcial, appeared as guests on Huobi's live broadcast. The session, titled “As Bitcoin ETF Nears, SocialFi Heats Up – Which Trends Are Worth Investing In?”, delved into the current state and significance of spot Bitcoin ETFs, along with hot topics such as promising GameFi projects worth positioning in.
Spot ETF Approaches – What’s Next for Bitcoin?
As the decision deadline for a spot Bitcoin ETF draws near, market sentiment has been stirred. After Matrixport released a report speculating that the ETF might not be approved in January, Bitcoin prices dropped sharply, triggering over $450 million in liquidations across the market. With approval pending, can a spot Bitcoin ETF be greenlit under current conditions?
Chris Lee stated that whether or not the spot Bitcoin ETF is approved carries more news value than immediate market impact. Issuers have already addressed the U.S. Securities and Exchange Commission’s (SEC) concerns regarding ETF redemption mechanisms, hard forks, airdrops, and other issues, and are progressively submitting required documentation—indicating strong signs that approval is imminent.
Regarding Bitcoin’s recent sharp volatility, Chris Lee analyzed it as a phase of bubble deflation. “Buy the rumor, sell the news/fact” aptly describes the current state of Bitcoin.
Chris Lee believes institutional adoption and interest rate cuts during the U.S. election year are inevitable. Meanwhile, Hong Kong has announced it will open up spot Bitcoin ETFs—these positive developments could drive Bitcoin to reach a peak of $150,000 in this bull cycle. Retail investors can consider phased buying, portfolio diversification, and cautious contract trading to prepare for the upcoming bull market.
Han Feng said the spot Bitcoin ETF holds great significance for when the next bull market will arrive. It represents mainstream acceptance in the U.S. and serves as a crucial signal that will undoubtedly propel the development of Bitcoin and the broader cryptocurrency space—even having significant implications for China.
Tim Ge noted that expectations around a crypto bull market have grown increasingly inflated across various channels, accelerating rapid development and improvement within the BTC ecosystem—including BRC20 and the Lightning Network. However, he believes the likelihood of ETF approval before January 10 remains low. Matrixport’s report served as a preventive measure, reflecting how the market reacted. Additionally, once the bull market arrives, new narratives and leading projects will emerge—and bubbles must be cleared.
Undeniably, if a spot Bitcoin ETF is approved, institutional investors are expected to enter the market. Could this shift Bitcoin’s price volatility and market structure? On this topic, both Chris Lee and Han Feng believe the spot Bitcoin ETF will increase BTC’s accessibility, liquidity, demand, and price to some extent, while reducing volatility somewhat. Han Feng added that Bitcoin’s landscape would undergo major changes, forming a tug-of-war between Wall Street whales and Eastern retail investors. “Bitcoin is decentralized—innovations like inscriptions offer retail users perpetual opportunities.”
Tim Ge said that as the spot Bitcoin ETF gets approved, retail opportunities may diminish—but they’ll persist in new forms. Staying true to one’s初心, maintaining a learning mindset, and embracing novel ideas remain essential.
“Social Play-to-Earn” Breaks Into the Mainstream
The hype surrounding play-to-earn (P2E) game Axie Infinity and move-to-earn game STEPN has faded, but their imaginative legacy continues.
Discussing the currently trending GameFi + SocialFi star project xPet, DUDU said he sees many advantages from other successful blockchain games reflected in xPet. However, its dual-token mechanism lacks clear functional distinction, trades at a discount off-chain, and presents certain structural flaws for players seeking profits.
DUDU analyzed that the explosion of GameFi/SocialFi is inherently tied to macro-level bull markets. At its core, FOMO drives economic flywheel models that only work effectively early on—later risking a death spiral, which plagues many such projects.
Kevin stated that social networking itself is an evergreen theme. There's widespread anticipation for a heavyweight product to emerge in the social space. Once the bull market returns, GameFi/SocialFi will play a major role in user acquisition. For social and blockchain gaming projects alike, user engagement and experience determine success. In the early stages, enabling more community members and casual players to join and earn token rewards can effectively solve initial traction challenges.
Leo Wong emphasized that the most important aspect of a blockchain game is fun—not just “Play to X.” He expects many enjoyable blockchain games to launch in 2024.
Crypto Dog said sector rotation during a crypto bull market will inevitably lead to a breakout in GameFi/SocialFi. However, the breakout points are likely to center on projects built on well-developed infrastructures, such as certain initiatives within the Arbitrum ecosystem.
Clearly, one of the most exciting domains in 2024 remains Web3 gaming. Despite the failures of many P2E and NFT-based games, this market remains vibrant, continuously fostering creative and innovative attempts.
During the livestream, Huobi HTX stated it will continue tracking market trends and actively explore emerging sectors and new tokens. By enhancing market sensitivity and deepening industry involvement, HTX aims to provide users with more diversified asset options and investment opportunities.
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