Bitget Research: BTC briefly dips below $60K before quickly rebounding; Merlin launches on Bitget Launchpool
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Bitget Research: BTC briefly dips below $60K before quickly rebounding; Merlin launches on Bitget Launchpool
In 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 insightsSummary
Bitcoin briefly dropped below $60,000 yesterday before quickly recovering. The crypto market has been affected by broader U.S. equity markets and geopolitical risks, with panic sentiment continuing to spread. This round of Bitcoin decline has seen prices fall approximately 20% from recent highs, while other major cryptocurrencies have dropped to key support levels. With the Bitcoin halving less than two days away, the market is now poised for a potential rebound:
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High-wealth-generation potential sectors: BGB, RWA sector, fan tokens sector
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User trending tokens & topics: Polyhedra Network, Taiko, OMNI
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Potential airdrop opportunities: Drift Protocol, Owlto Finance
Data collection time: April 18, 2024, 04:00 (UTC+0)
I. Market Environment
Yesterday, Bitcoin briefly fell below $60,000 before swiftly regaining ground, while the broader crypto market saw widespread declines. Affected by geopolitical risks, global capital markets have recently performed weakly, with the U.S. dollar maintaining strength. The crypto market, influenced by overall global market sentiment, experienced panic selling. However, the rapid price recovery suggests that optimism remains ahead of the upcoming Bitcoin halving.
On the ETF front, BTC ETFs recorded net outflows for the fourth consecutive day, totaling $165 million in outflows on that day, with cumulative outflows continuing to expand. In the BTC ecosystem, Merlin announced its launch on April 19, with multiple major exchanges also planning simultaneous listings. Bitget LaunchPool has concurrently initiated Merlin staking mining.
II. Wealth-Generating Sectors
1) Sector Movement: BGB
Main reasons: Recent LaunchPool events launched by Bitget featuring high-quality projects such as ZK and ENA have received strong market approval. Yesterday, it was announced that the Merlin LaunchPool event will soon go live. For users unable to participate in Merlin staking directly, joining via LaunchPool offers extremely high cost-efficiency and return potential.
Price performance: Over the past 24 hours, BGB rose 7.2%;
Factors influencing future trends:
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Bitget’s global influence: During every bull market cycle, exchange-backed ecosystem tokens often rise to prominence. As Bitget's global footprint expands and continues delivering quality assets and tangible benefits to users, adoption and acceptance of BGB are gradually increasing.
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Ongoing wealth-generating effects from Bitget activities like LaunchPool: BGB is primarily used to participate in various Bitget promotions, with LaunchPool being particularly notable. By staking BGB, users can earn project tokens. Projects like ZK, ENA, and now Merlin are all highly anticipated and significant in the market. As Bitget continues launching such premium assets, demand for BGB will grow accordingly, further driving up its price.
2) Sector Movement: RWA (ONDO, OM)
Main reason: The RWA sector currently includes products tied to U.S. bonds. With the Federal Reserve continuously signaling sustained high interest rates, RWA assets are increasingly viewed by the market as long-term holdings capable of hedging against current market volatility.
Price performance: ONDO has gained 91.2% over the last 30 days.
Factors influencing future trends:
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RWA product coverage: As real-world assets leveraging blockchain technology, RWAs naturally possess diverse attributes—such as real estate or crude oil, which reflect inflation, or bond yield markets that hedge against risk in volatile markets. If risk markets continue releasing pressure, niche areas within the RWA sector offering risk hedging will likely gain favor among market participants.
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Growing market size: The RWA space currently involves several globally renowned asset management firms, including BlackRock. As traditional finance increasingly adopts new technologies to bring financial products onto blockchains, this sector’s market share is expected to keep rising. Higher-quality assets and deeper liquidity will encourage more active participation, pushing asset prices higher.
3) Sector to Watch: Football Fan Tokens
Main reason: With the UEFA European Championship approaching, the fan token sector began warming up nearly one and a half months in advance. During the market downturn, fan tokens showed relative resilience. Top tokens in this sector declined around 10% over the past seven days, outperforming most altcoins. For example, AC Milan fan token dropped only 1.6% in the past 24 hours, while Inter Milan fan token fell just 0.4%.
Specific token list:
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SANTOS: Santos FC Fan Token is a BSC-based fan token for Santos Football Club, a well-known Brazilian team. SANTOS was launched on Binance Launchpool and currently holds the highest market cap among fan tokens.
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PSG: Paris Saint-Germain Fan Token became the first Chiliz Chain node validator and pledged to use 100% of its accrued revenue to repurchase PSG fan tokens.
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LAZIO: Lazio Fan Token is issued on BSC and was a Binance Launchpad project. Its FDV currently stands at $120 million.
III. User Trending Topics
1) Popular Dapp
Polyhedra Network:
Polyhedra Network is a full-stack ZK project building next-generation infrastructure for Web3 interoperability, scalability, and privacy using zero-knowledge proof (ZKP) technology. The project is groundbreaking, aiming to enable true ZK-powered multi-chain interoperability, especially targeting the creation of the world’s largest Bitcoin interoperable ecosystem. Since launch, it has achieved a circulating market cap of $240 million and ranks #2400 on CMC. Investors should monitor its development closely, patiently waiting for ecosystem growth and eventual market recognition of its value.
2) Twitter
Taiko (token not yet launched):
Taiko is a decentralized Ethereum-equivalent ZK-EVM and general-purpose ZK-Rollup that allows dApps to easily deploy on Layer 2 while inheriting Ethereum’s security. It has raised $22 million in funding from investors including Sequoia China, Generative Ventures, and GSR. There is strong market anticipation for a Taiko airdrop. Recently, due to conferences held in locations like Hong Kong and Dubai, expectations for Taiko’s token launch have accelerated. The project recently released an NFT series called "Taikoons"—participation in the minting event is recommended.
3) Google Search & Regional Trends
Global perspective:
OMNI:
Omni is an interoperability layer for Ethereum, enabling developers to build global applications spanning Ethereum’s entire Rollup ecosystem. Omni was formerly Rift Finance, a DeFi protocol providing financial services for Web3 projects. Airdrop recipients include the Omni community, EigenLayer restakers, Beacon Chain solo stakers, holders of Milady Maker and Redacted Remilio Babies NFTs, Pudgy Penguin NFT holders, Ninjas NFT holders, and strategic partners. Due to its airdrop design, the token’s post-launch performance has been average, warranting continued monitoring.
Regional search trends:
(1) BTC shows some interest in Europe and CIS regions:
Yesterday, BTC began declining, briefly dropping below $60,000 and triggering some market panic, but then started rebounding and is currently consolidating around $61,000. With the BTC halving imminent and the potential simultaneous launch of the Runes protocol, attention toward BTC and its ecosystem is high. The Runes protocol may generate noticeable wealth effects. Currently, RSIC (Runecoin) on Whales Markets can be purchased at 0.033—worth watching.
(2) No significant hotspots in Africa, Asia, or English-speaking regions:
Interest in these regions appears more fragmented, with Floki, Crypto Bubbles, and RWA frequently appearing in trending searches. Ahead of the Bitcoin halving, retail investors are showing increased interest in narrative-driven themes like Memecoins and RWA. Overall, the market is experiencing thematic fragmentation, with sector rotations beginning amid broader consolidation.
IV. Potential Airdrop Opportunities
Drift Protocol (Solana-based perpetual contract DEX,即将发币)
Drift Protocol is a DeFi platform for futures and spot trading, enabling on-chain contract trading within the Solana ecosystem. The project has completed a $27.3 million strategic round led by Polychain, Multicoin, Jump Capital, Robot Ventures, and others.
Recently, Drift Protocol revealed its tokenomics, allocating 10% of total DRIFT supply to the community. As the Solana-based DEX with the highest TVL in perpetual contracts, and with similar projects typically having TVL around $1 billion, the airdrop is expected to be worth over $100 million.
How to participate: (1) Connect your wallet to Drift Protocol; (2) Deposit SOL, USDC, or other supported assets; (3) Engage in Taker/Maker contract trades—each trade accumulates points.
Owlto Finance (Cross-chain bridge project, NFT minting available)
Owlto Finance is a decentralized Cross-Rollup bridge focused on Layer 2, supporting cross-chain transfers between Ethereum mainnet, zkSync Era, Starknet, and over 15 other L2s.
Since launch, Owlto has progressively integrated into official ecosystems of zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, and Kroma. Notably, it has received official Twitter endorsements and retweets, indicating close relationships with various Layer 2 teams. The project has already launched a points system. Participating not only increases chances for an Owlto airdrop but also helps accumulate transaction records across other yet-to-launch Layer 2 platforms.
Participation methods: 1. Owlto has released the Owlto Solana Bridger NFT—holders of WIF, BOME, or Solana Mobile 2 can directly receive the NFT airdrop; 2. Users can obtain NFT minting eligibility by conducting Solana cross-chain transactions on Owlto; 3. All new Solana address users will receive additional activation subsidies from Owlto.
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