Bitget Research: Approval of Hong Kong Bitcoin ETF, Short-Term Middle East Geopolitical Tensions Profoundly Impact Market Trend
TechFlow Selected TechFlow Selected
Bitget Research: Approval of Hong Kong Bitcoin ETF, Short-Term Middle East Geopolitical Tensions Profoundly Impact Market Trend
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 Hong Kong SFC has granted in-principle approval for spot BTC ETFs. BTC led a short-term market rebound, with clear intraday trading opportunities:
-
High-wealth-generation sectors: BTC ecosystem (CORE), RWA sector (ONDO, OM), and new BTC ecosystem assets
-
User's trending tokens & topics: MEW, Railgun (RAIL), GCR (legendary trader)
-
Potential airdrop opportunities: Parcl (long-term incentive plan post-TGE), Karak
Data collection time: April 16, 2024, 04:00 (UTC+0)
I. Market Environment
Yesterday, the Hong Kong SFC approved spot BTC ETF applications from three institutions. BTC experienced a four-hour rebound before testing support at the $63,000 level. If BTC breaks below this level, the next support zone would be near the $60,000 psychological mark. Traders are monitoring geopolitical developments in the Middle East to respond promptly to information-driven trading opportunities.
Market expectations of rising inflation have kept the U.S. dollar index strong, recently holding above the 106 level. Markets now expect the Federal Reserve will likely delay its first rate cut until after June. Additionally, markets anticipate only two rate cuts this year. Yesterday, the yield on the U.S. 10-year Treasury note jumped by about 10 basis points, putting pressure on crypto markets.
II. Wealth-Generating Sectors
1) Sector Movement: BTC Ecosystem (CORE)
Main reasons: 1. The upcoming Bitcoin halving has become a market focal point; 2. Bitcoin mining pool Spider Pool announced it will allocate hash power to dual-mine on the Core ecosystem;
Price movement: CORE surged 56% in 24 hours, accompanied by significantly increased trading volume;
Factors affecting future performance:
-
Futures data: Monitor futures positions to track institutional capital flows. A net long increase, rising open interest (OI), and expanding volume suggest sustained buying momentum, supporting a hold strategy;
-
Project team activities: Closely follow project announcements via Twitter, Telegram, or Discord. During the Bitcoin halving period, BTC ecosystem projects are highly likely to release positive news. It’s crucial to assess whether such news represents profit-taking or long-term fundamental improvements.
2) Sector Movement: RWA Sector (ONDO, OM)
Main reasons: 1. Parcel, an RWA project on Solana, is expected to launch its token soon, attracting significant attention; 2. Kraken's listing of ONDO provides tangible bullish momentum;
Price movement: ONDO and OM rallied sharply—ONDO briefly touched $1, while OM rose 20% over 24 hours;
Factors affecting future performance:
-
Macroeconomic policy shifts: Rising yields on the 10-year U.S. Treasury provide fundamental support for the RWA sector. Monitor changes in the U.S. Dollar Index, Treasury yields, and crypto markets to dynamically adjust trading strategies;
-
Changes in project TVL: Most RWA projects are backed by Total Value Locked (TVL). Watch for sustained or sudden increases in TVL across RWA projects—these often signal good entry points.
3) Sector to Watch: New BTC Ecosystem Assets
Main reason: With the halving approaching, activity in the BTC ecosystem is increasing. Casey, the official founder of Runes protocol, is expected to officially announce the mainnet launch around April 20;
Specific token list:
-
RUNES assets: Runes, a new asset protocol by BTC core developer Casey, is即将 launching on mainnet—potential for generating ecosystem hype;
-
CKB: Its recently popular RGB++ protocol is an asset issuance standard within the BTC ecosystem, showing strong wealth generation potential;
-
QUARK (ARC-20): The Atomical ecosystem project with the largest number of token holders, backed by a robust community.
III. User Trends
1) Popular Dapp
REVOX (formerly ReadON):
ReadON was originally a decentralized content distribution platform in the SocialFi space. Yesterday, it announced a rebranding to REVOX and a strategic shift toward becoming a Web3 AI network—"driving innovation in AI-powered Dapps through modular agents." Yesterday, ReadON recorded 158k Unique Active Users on Polygon, ranking second in daily active users behind Matr1x. Over the past six months, many projects have pivoted to popular themes like BTC Layer2 or AI. While product quality varies, several have generated notable returns and deserve attention.
2) Twitter
MEW (cat in a dogs world):
A meme coin on Solana that conducted a large-scale airdrop to Solana phone users. Based on market price at the time, the airdrop was worth approximately $4 million. The token showed strong rebound momentum during the market recovery, doubling in a single day, followed by a listing on OKX. Given the massive size of the initial airdrop, the team likely hasn't yet profited from this asset, creating strong incentives to later pump liquidity and sell for gains.
3) Google Search & Regional Trends
Globally:
Railgun (token: RAIL):
On April 15, Vitalik transferred 100 ETH to DeFi protocol Railgun, causing the RAIL token to surge +190% briefly. Previously, Vitalik stated: "Railgun uses privacy pool protocols that effectively prevent malicious actors from joining while protecting user privacy." Currently, Railgun’s TVL exceeds $30 million. However, its fundamentals may not yet justify listings on major exchanges, and its privacy features could face scrutiny or rejection during exchange due diligence. Token performance and project development warrant continued observation.
Regional search trends:
(1) "GCR" trended across multiple Southeast Asian countries:
Legendary trader GCR (Twitter @GCRClassic) shared ten core insights and investment principles in a viral post. "GCR" appeared as a top search term in Indonesia, Singapore, and other regions.
(2) In South Asia, "chinese crypto coins" became a top search in India and Pakistan;
(3) In Europe and North America, interest in AI and RWA remains high:
RNDR, FET, and TAO ranked as the top trending searches in Switzerland, Italy, and Canada respectively yesterday. The keyword "RWA" also entered the top 10 trending lists in multiple European and American countries.
IV. Potential Airdrop Opportunities
Parcl (Post-TGE Long-Term Incentive Program)
Parcl (PRCL) is a real estate RWA project on Solana, backed by Dragonfly, Coinbase Ventures, Solana Ventures, and others—well-aligned with the current RWA market trend.
Parcl recently concluded its third campaign. Its token is即将 undergoing TGE, with airdrop eligibility checks available soon. Following TGE, Parcl will launch a "permanent points program," offering ongoing rewards for future LP providers, traders, and community contributors. Based on the off-exchange price of PRCL from the first airdrop round, providing LP for two months yielded an ROI over 18%, with APY exceeding 111%.
How to participate: 1) As before, provide liquidity or trade to earn points; 2) After TGE, staking will be introduced—staking participants and Homeowners Association NFT holders will receive additional airdrop incentives.
Karak
Karak is an Ethereum Layer2 serving as a multi-chain advantage restaking layer. Its parent company, Andalusia Labs, is a digital asset risk infrastructure provider that raised $51.2 million from investors including Pantera, Lightspeed Capital, and Framework Ventures. Staking on Karak offers multiple rewards: staking yield + restaking rewards + EigenLayer points + LRT staking points + Karak XP.
How to participate: 1) Add the Karak network (via chainlist.org); 2) Bridge assets to the Karak chain (currently supports rswETH, USDC, wETH), then stake via Karak Pools.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
