Bitget Research: BTC price rebounds above $70,000, Base ecosystem wealth effect stands out
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Bitget Research: BTC price rebounds above $70,000, Base ecosystem wealth effect stands out
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The market rebounded significantly yesterday, with BTC reclaiming the $70,000 level and strong overall wealth effects. Net outflows from BTC spot ETFs reversed, recording a net inflow of $15 million yesterday.
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Wealth-generating sectors include: blue-chip sector, Base ecosystem;
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User's trending tokens & topics: GPT, TON, PENDLE, VENOM, RWA;
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Potential airdrop opportunities: StakeStone, AlphaOrBeta;
Data collection time: March 26, 2024, 4:00 AM (UTC+0)
I. Market Environment
Yesterday saw a significant market rebound, with BTC reclaiming the $70,000 psychological level, resulting in favorable wealth effects across the board. The net outflow trend from BTC spot ETFs reversed, as traditional capital flowed into BTC spot ETFs by $15 million. This shift in capital flow is highly significant and has boosted overall market sentiment.
BTC spot ETFs rose approximately 11% across the board, while MicroStrategy—the bull market engine—surged 21.8% in its U.S. stock price. Coinbase shares also climbed past $280, reaching a new three-year high. With less than 30 days until the BTC halving, traditional capital is accelerating its positioning in crypto-related assets, creating tailwinds for the market.
II. Wealth-Generating Sectors
1) Sector Movement: Blue-Chip Sector (BTC, ETH, SOL)
Main reasons: 1. BlackRock’s IBIT rose 11% in a single day, indicating traditional investors are bullish on BTC; 2. Reversal in BTC ETF outflows, now showing a net inflow of $15 million;
Price performance: BTC broke above $70,000, ETH stabilized above $3,600, and SOL rebounded above $190;
Factors influencing future trends:
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Sustainability of BTC ETF net inflows: BTC ETFs had been experiencing net outflows over several trading sessions before reversing to net inflows yesterday. It will be important to monitor whether this net inflow trend continues. If inflows persist and grow, it may be prudent to increase spot investments or leverage exposure;
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Futures liquidation status: Over the past 24 hours, total market liquidations reached $180 million, with $120 million coming from long positions. The heavy losses among short positions have contributed to a short-covering rally. Continued monitoring of liquidation data is recommended—should short liquidations continue, a sustained bullish momentum could follow.
2) Sector Movement: Base Ecosystem (DEGEN, AERO)
Main reasons: 1. Broader market stabilization and strong rebound, increasing liquidity and sector rotation; 2. Prior direct investment in ecosystem projects by Coinbase, backed by reputable institutions;
Price performance: DEGEN surged 22% in 24 hours, AERO jumped 26% in one day;
Factors influencing future trends:
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Whether TVL in the Base ecosystem continues to rise: According to DeFiLlama, Base chain’s TVL has risen consistently over the past month and accelerated recently, signaling growing capital inflow into the Base ecosystem. Ongoing monitoring of Base’s TVL is advised—continued inflows support further investment in ecosystem projects, while stagnation may warrant profit-taking;
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Crypto market sentiment: Yesterday’s broad market rebound created positive wealth effects that spilled over into the Base ecosystem. As long as the broader market maintains upward momentum, investing in Base ecosystem assets remains viable;
3) Sector to Watch: Ethereum Layer 2
Main reason: High activity and热度 in the Base ecosystem may lead to wealth spillover into the broader ETH ecosystem, creating potential buying pressure for Layer 2 assets;
Specific token list:
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OP: Base is built using OP Stack technology. Last year, Base signed a revenue-sharing agreement with the OP Foundation, making OP a direct beneficiary of Base’s success;
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ARB: Arbitrum’s ecosystem TVL has grown steadily even during the bear market, providing foundational capital for development and project deployment. However, ARB token performance has lagged, offering reasonable risk-reward ratio and room for catch-up gains;
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STRK: A newly launched Layer 2 asset with limited overhead supply, reducing resistance to upward movement. STRK rebounded over 7% in a single day, with growing consensus forming around it;
III. User Trending Searches
1) Popular Dapps
QnA3 (token: GPT):
Last week, QnA3—a project combining Solana and AI—announced a strategic partnership with Solana to migrate its token GPT onto the Solana blockchain. The collaboration between two of the hottest ecosystems has generated substantial attention. In the past 24 hours, QnA3 recorded 183.26k unique active wallets (UAW) on Solana.
2) Twitter
Pendle (PENDLE):
Yesterday, PENDLE surpassed $4, setting a new all-time high. As a Web3 yield-splitting protocol, Pendle gained traction amid the LST and restaking boom, achieving widespread recognition and a TVL exceeding $2.8 billion. Previously, no major restaking projects had launched tokens, so speculative capital drove PENDLE’s price higher. Now, with protocols like ether.fi preparing to launch their own tokens, questions arise about whether interest and capital might shift away from PENDLE. However, following ETHFI’s token launch, PENDLE maintained strong upward momentum, suggesting continued growth potential for the restaking sector.
3) Google Search & Regional Trends
Global trends:
(1) Toncoin (TON):
TON has surged +150% over the past month, currently ranking 11th by market cap and pushing toward the top 10. Recently, TON’s fundamental metrics have improved dramatically: DefiLlama reports TON’s ecosystem TVL has exceeded $80 million—four times its early-March value. Additionally, ecosystem development is accelerating: The TON Foundation plans to launch its first public tournament on April 1, offering $115 million in community rewards to boost ecosystem growth and user engagement. While no standout projects have yet emerged, TON itself, the IDO platform TonUp (token: UP), and the leading meme coin FISH are worth watching.
(2) Venom (VENOM):
Venom is a Layer 1 blockchain project set for an initial listing on OKX. Public information indicates that Venom Foundation is the first Layer 1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), partnering with Iceberg Capital to launch a $1 billion Web3 fund called "VVF." The project has high social media visibility, but caution is warranted: its initial circulating and fully diluted valuations are high, and multiple airdrop farming groups may have participated in early interactions, potentially leading to significant selling pressure at launch.
Regional search trends:
(1) Asian regions showed diverse interests:
Singapore’s top searches included BOME and JUP, reflecting interest in Solana-based meme coins; the Philippines showed interest in GALA and TON, indicating attention toward GameFi and the TON ecosystem; Hong Kong featured RWA in trending searches, likely due to recent gains in ONDO and expectations around BlackRock’s entry; Malaysia and Thailand focused on AVAX and DePIN respectively.
(2) Western users showed interest in pre-token projects Grass and Berachain:
Grass—a decentralized network sharing application in the cloud computing space—and Berachain, a highly discussed blockchain, appeared in trending searches in Poland, the U.S., Argentina, and Chile.
(3) Russian users remain highly interested in cryptocurrency data analytics platforms:
DeBank and Dune ranked high in Russia’s trending searches yesterday, with Arkham also frequently appearing in regional rankings.
(4) RWA appeared in top searches in Saudi Arabia and the UAE, indicating Middle Eastern interest in the sector.
IV. Potential Airdrop Opportunities
[StakeStone] Cross-chain LST protocol recently funded by Binance
StakeStone is a cross-chain LST protocol with its token symbol STONE, capable of aggregating yields from various sources including Ethereum staking, restaking, real-world assets (RWA), AI, and decentralized physical infrastructure networks (DePIN).
StakeStone’s TVL has reached $1.2 billion, and Binance Labs recently announced its investment in the project. Users who previously used STONE in Manta New Paradigm can earn both StakeStone and EigenLayer airdrop points. The project collaborates with LayerZero and may partner with multiple blockchains, offering numerous “double-dipping” opportunities.
How to participate: (1) Visit the StakeStone website and stake ETH to receive STONE; (2) Use the Bridge function to transfer STONE to supported chains based on preferred opportunities. Currently supported chains include Linea, Mantle, BNB Chain, Base, Manta Pacific, Mode, and Astar zkEVM. For now, interacting via Mode or Linea is recommended. Future partnerships may open additional engagement avenues.
[AlphaOrBeta] Zero-cost interaction project, finalist in Binance Labs MVB VII Accelerator Program
AlphaOrBeta is a social Q&A and prediction platform allowing users to earn profits and airdrops by voting on polls and sharing opinions on social media.
Developed by OpinionLabs, AlphaOrBeta is a finalist in the Binance Labs MVB VII Accelerator Program and has collaborated with Mantle. Interaction is simple—users receive test tokens (abETH) daily upon login and check-in, enabling full participation without gas fees. Alternatively, users may use real tokens and pay gas for voting.
How to participate: (1) Log in, check in to claim abETH test tokens, share interesting polls on social media, or invite friends to earn more test tokens; (2) Vote on selected polls using free test tokens to share rewards in test tokens and AlphaOrBeta points—these points are likely to be key criteria for future airdrops.
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