Bitget Research Weekly Highlights: GBTC sees outflows totaling $2.2 billion; Ethereum Sepolia testnet to fork on January 30
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Bitget Research Weekly Highlights: GBTC sees outflows totaling $2.2 billion; Ethereum Sepolia testnet to fork on January 30
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (Jan 15–19), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (Jan 15–19) were:
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GBTC total outflows reached $2.2 billion; Ethereum's Sepolia testnet will fork on January 30
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Market remains volatile; Ethereum Goerli testnet has successfully completed the Cancun upgrade
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Bitcoin price gradually stabilizing; Blast testnet officially launched
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MANTA airdrop即将 opening soon; popular Meme coins emerging on ETH
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GBTC net outflows caused market dip; Inscriptions sector rebounded逆势
2. Popular Projects
The hottest projects this week (Jan 15–19) include:
LIGO (Token): A BRC-20 token based on the Bitcoin Layer 2 concept, deployed on December 3, 2023. Recently, minting activity surged dramatically, surpassing 12k holders. Minting is now complete, and the BRC-20 token LIGO has shown strong performance in the secondary market. Future price movements will depend on official project development progress.
Memecoin (Token): Memeland announced last week that mining rewards will be distributed soon. Over 4 million accounts have joined the mining program. To filter out bots and sybil attackers, each address must hold at least 69 MEME tokens and pass two CAPTCHA human verification tests. Users have approximately seven days to complete these mandatory tasks.
ZUZALU (Token): A memecoin inspired by a tweet from Vitalik Buterin. After a brief surge and sharp drop during its TGE in March, it remained quiet until recently when it spiked 40x within 24 hours. After a one-day correction, it rallied again to reach a new high. It has since pulled back more than 60% from its peak.
PENDLE (Token): Pendle recently added LRT asset support, allowing users to gain exposure to additional LRT-related yields. Continuous product iterations have been well received by the community. Pendle’s price broke its all-time high, and both its product capabilities and iteration speed have gained recognition from speculative capital.
Pudgy Penguins (NFT): The Pudgy Penguins team partnered with Mr. Cool, one of Asia’s largest IPs, to celebrate its 60th anniversary and welcome the Chinese Year of the Dragon. The NFT floor price surged past 18 ETH, with a single-day increase of 23% and a 7-day gain of 72.84%.
Altlayer OG Badge NFT (NFT): Ethereum scaling project Altlayer launched on Binance Launchpool and revealed its tokenomics. Holders of AltLayer OG Badge NFTs, Oh Ottie! NFTs, qualified participants in the Altitude campaign, eligible EigenLayer restakers, and Celestia stakers will receive token airdrops. As a result, trading volume and prices of related NFTs have increased significantly.
BananaGun (Dapp): Telegram bot project Banana Gun announced its service is now live on the Solana network. After testing, new features will be continuously added, including a partnership with Jito. Currently, public sniping and internal limit order functionalities are under test.
Circle (Dapp): Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has integrated with Circle’s Cross-Chain Transfer Protocol (CCTP), enabling USDC transfers across different blockchains. Developers can now build cross-chain use cases involving USDC transfers via CCIP, including payments and other DeFi interactions.
Jupiter (Dapp): Jupiter co-founder stated that the JUP token will launch on January 31. Prior to the launch, the team plans to test a new release platform through two key initiatives: one involves mockJUP (a simulated JUP token), and the other is the upcoming launch of a meme coin next week.
Blast (Dapp): Blast, the Layer 2 network launched by Blur founder Pacman, announced its testnet is now officially live. Additionally, Blast has initiated the "Blast BIG BANG" campaign for developers. Winning dapps will be promoted to Blast users after the mainnet launches at the end of February, with 50% of the token airdrop allocated to developers.
3. Hot Searches
The most searched topics this week (Jan 15–19) include:
BTC (Token): The market is closely watching capital outflows from Grayscale’s GBTC. The negative premium of GBTC is expected to close soon, although BTC redemption pressure persists. Overall, traditional capital continues to flow into the crypto market via BTC ETFs, limiting further downside for BTC.
MANTA (Token): Manta Network’s token has officially launched on major exchanges, surpassing a $2 billion market cap with $880 million in trading volume. Manta’s on-chain TVL reached $415 million, an 871% increase over 30 days, surpassing Base to rank 10th. During this period, the network suffered a DDoS attack, causing a backlog of recent transactions, longer processing times, and gas fee fluctuations. The team is actively working to resolve the issue.
XAI (Token): Xai has formed strategic partnerships with key players in technology and gaming, including Offchain Labs (developers of Arbitrum) and multiple game publishers and developers. These collaborations aim to revolutionize game distribution and enhance player experiences using blockchain technology.
Bitget Research focuses on “tracking on-chain data and uncovering valuable assets.” By monitoring real-time on-chain metrics and regional search trends, Bitget Research identifies early-stage investment opportunities, delivering institutional-grade insights to cryptocurrency enthusiasts. To date, it has provided early access to high-potential assets across trending 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.
[Disclaimer] The market involves risks; investing carries risk. This article does not constitute investment advice. Readers should consider whether any opinions, views, or conclusions expressed herein are suitable for their particular circumstances. Investments made based on this information are at the reader’s own risk.
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