Bitget Research: Bitcoin briefly drops below $69,000 as TON ecosystem tokens remain strong
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Bitget Research: Bitcoin briefly drops below $69,000 as TON ecosystem tokens remain strong
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The market experienced a brief pullback yesterday, with BTC briefly dropping below $69,000. The wealth effect has weakened across the board, and the broader market is now awaiting tonight's U.S. CPI inflation data.
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High-wealth-effect sectors: Bitcoin ecosystem, blue-chip public chains;
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User's top-searched tokens & topics: Marginfi, Monad
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Potential airdrop opportunities: Aleo, Zerolend
Data collection time: April 10, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, Bitcoin briefly dropped below $69,000 before recovering to above $69,500, narrowing its 24-hour loss to 3%. Over the past 24 hours, total liquidations across the market reached $208 million, including $124 million in long positions and $83.86 million in short positions—primarily longs were liquidated. With U.S. equities fluctuating, the overall market is waiting for tonight’s U.S. CPI inflation data.
A total of nine spot Bitcoin ETFs (including Grayscale) recorded net outflows of 1,476 BTC yesterday, equivalent to approximately $101.7 million. Recently, wealth effects have been concentrated in newer tokens—for example, SAGA saw solid gains after listing on Binance, while SHDW also posted notable increases following its Coinbase listing. Investors should continue monitoring new token listings and the performance of the Bitcoin ecosystem ahead of the upcoming halving event.
2. Wealth-Generating Sectors
1) Sector Movement: Bitcoin Ecosystem (CKB, STX)
Main reason: As the Bitcoin halving approaches, projects within the Bitcoin ecosystem have become focal points for market attention. On April 15, BTC will undergo the Nakamoto Upgrade, with important announcements expected around the time of the halving.
Price movement: Over the past 24 hours, CKB broke its one-year high, reaching $0.034;
Factors affecting future outlook:
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Innovations and developments in the Bitcoin ecosystem around the halving period, along with major capital movements during this time, will directly influence the sector’s trajectory. Notably, CKB’s RGB++ protocol has recently gained significant traction—it’s an asset issuance protocol within the BTC ecosystem showing strong wealth generation potential. Meanwhile, Stacks’ ecosystem is maturing steadily, with TVL consistently setting new records. After the Nakamoto upgrade, network performance is expected to significantly improve, making it a compelling BTC L2 candidate for accumulation at lower prices.
2) Sector Movement: Blue-Chip Public Chains (FTM, TON)
Main reason: As BTC oscillates near the $70,000 level, its wealth effect is spilling over into major layer-one tokens. Additionally, TON has been actively engaging its community during events like the Hong Kong Web3 conference, creating internal wealth circulation and forming potential buying pressure for its native assets.
Price movement: FTM returned to trade around $1; TON hit an all-time high, briefly touching $7;
Factors affecting future outlook:
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Strong metrics across the board: TON’s network activity has steadily increased since February. In the past seven days, active addresses exceeded 800,000, reaching 827,100—a 97.8% increase from the previous month. Before mid-April, monthly active users on TON have already surpassed 1 million, amounting to 121% of March’s total.
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Ongoing ecosystem development: At the Hong Kong Web3 Conference, TON highlighted its unique advantages in social applications and showcased representative ecosystem projects. For instance, Catizen, a Web3 pet game launched on TON, attracted over 1.3 million users within two weeks, achieved 210,000 daily active users, and generated more than 1.7 million on-chain transactions. Meanwhile, Fantom Sonic’s mainnet is scheduled for release in spring 2024. Investors can monitor these developments and consider early positioning ahead of catalysts.
3) Sector to Watch: Meme Ecosystem (BOME, MEME, WIF)
Main reasons: 1. Vitalik expressed support for memes at the Hong Kong conference, stating they add value to the ecosystem and endorsing meme coin issuance; 2. As the Bitcoin halving cycle progresses and BTC rallies attract significant inflows, memecoins are likely to see broad-based price appreciation.
Factors affecting future outlook:
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Visibility and exposure: The value of meme coins largely depends on their ability to generate wealth effects. Sustained price momentum combined with media coverage can draw in more speculative participants, providing effective price support;
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Narrative development: Meme coin teams often create ongoing trading narratives. Users are advised to follow AMAs hosted by meme projects. Announcements regarding operational campaigns, product updates, or tokenomics adjustments may signal favorable entry points.
3. User Search Trends
1) Popular Dapp
Marginfi: In its latest tweet, Marginfi announced the upcoming launch of YBX, a high-yield decentralized stablecoin backed by Solana ecosystem LSTs. YBX will earn returns from Solana staking yields (~8%), MEV capture (via Jito’s MEV client for LSTs), and lending yields (through marginfi). Marginfi’s points program is still ongoing, and YBX may receive preferential allocation in future point distributions. Users should stay tuned—participating in YBX activities could offer significant points incentives, possibly including airdrops.
2) Twitter
Open Campus: Open Campus is a community-driven education protocol and a leading project in the education sector. On April 9, it launched EDU Chain, an L3 Rollup network aimed at building a vibrant Dapp ecosystem. With a current market cap of $1 billion, it still holds considerable upside potential. Users may want to monitor its price movements in the near term.
3) Google Search & Regional Trends
Global overview:
Monad: Monad recently completed the largest crypto fundraising round of 2024 so far, raising $225 million. The round was led by Paradigm, with participation from IOSG Ventures, SevenX Ventures, Electric Capital, and Greenoaks. As one of the leading projects in the parallel EVM space, Monad enables parallel transaction execution—allowing multiple transactions to run independently. This generates pending results tracking each transaction’s inputs and outputs (state changes), which are then committed sequentially to ensure consistency with serial execution. Given that public chains often reward early interactors, Monad’s eventual airdrop is likely to be highly valuable.
Regional search trends:
(1) No prominent hotspots in Africa and Asia:
Search interest in Africa and Asia remains fragmented, with terms like MEME, Restaking, RWA, and some recently listed cryptocurrencies appearing on trending lists. This reflects thematic fragmentation across the market—while the broader market stabilizes, sector-specific themes are beginning to rotate into focus.
(2) English-speaking and European regions show stronger AI interest:
AI remains a key theme, with continuous developments emerging. The AI project gm.ai, launched by Whales Market founder dexter, has officially gone live and is preparing to open access to its official gateway. Meanwhile, Ritual, a decentralized AI network, secured millions in funding from Polychain Capital, further boosting overall AI sector visibility.
4. Potential Airdrop Opportunities
Aleo (Large funding, confirmed airdrop)
Aleo is a Layer-1 privacy blockchain leveraging zkSNARKs technology to achieve high scalability, enabling large-scale transactions without processing all data on-chain. Aleo raised $228 million from top-tier investors including a16z and Coinbase Ventures, demonstrating strong financial backing and institutional credibility.
The team has publicly confirmed an airdrop of 25 million Aleo tokens this quarter, allocated to developers, white-hat testers, provers, and validators.
How to participate: 1) Visit Leo Wallet and create a wallet, then claim testnet tokens from the official faucet; 2) Bridge received assets via the testnet bridge; 3) Interact with aleoswap.
Zerolend (Token launch imminent, fast airdrop monetization)
ZeroLend is a well-established lending protocol supporting zkSync, Manta Network, Blast, Linea, and Ethereum, allowing users to deposit supported tokens and earn yield. In February, ZeroLend raised $3 million in seed funding at a $25 million valuation, with participation from Momentum 6, Blockchain Founders Fund, and Morning Star Ventures.
The project plans to launch its governance token ZERO on April 29. The airdrop campaign is still active—users earn airdrop rewards simply by depositing or borrowing assets.
How to participate: 1) Connect your wallet to ZeroLend; 2) Deposit ETH/USDT/USDC into the lending market; 3) Borrow any one of these three assets and repeat the process cyclically.
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