Bitget Research: Bitcoin spot ETFs see net outflows for two consecutive days; PEPE enters top ranks of Smart Money leaderboard
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Bitget Research: Bitcoin spot ETFs see net outflows for two consecutive days; PEPE enters top ranks of Smart Money leaderboard
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
According to farside capital data, U.S. spot Bitcoin ETFs saw a net outflow of $217 million yesterday, marking the second consecutive day of net outflows. Following the U.S. SEC issuing a Wells Notice to Ethereum infrastructure developer ConsenSys and accusing MetaMask of operating as an unlicensed broker-dealer, ETH briefly declined but quickly recovered, now trading nearly flat compared to yesterday. Key highlights include:
- High-wealth-generation sectors: Cross-chain sector, next-generation popular MEME coins;
- User trending tokens & topics: Movement Labs, BounceBit;
- Potential airdrop opportunities: Elixir, Grass;
Data collection time: April 26, 2024, 04:00 (UTC+0)
I. Market Environment
CICC Research reports that the actual U.S. Q1 2024 GDP growth rate was 1.6% on a seasonally adjusted annualized basis, below market expectations of 2.4% and down from 3.4% in Q4 last year. The firm reiterated its previous forecast that the Federal Reserve may cut interest rates only once this year, likely in the fourth quarter. Meanwhile, according to farside capital data, U.S. spot Bitcoin ETFs experienced a net outflow of $217 million yesterday, marking two consecutive days of net outflows.
In the crypto market, the U.S. SEC issued a Wells Notice to ConsenSys, alleging that MetaMask operated as an unlicensed broker-dealer. This caused a brief dip in ETH prices, but the decline was swiftly reversed, with ETH now nearly flat versus the prior day. Additionally, PEPE entered the Smart Money leaderboard, indicating purchases by high-performing or potentially institutional addresses, signaling optimism for PEPE’s future performance.
II. Wealth-Generating Sectors
1) Sector Movement: Cross-Chain (W)
Main reasons:
On-chain data shows that users have conducted a total of 1,549,313 transactions via Owlto Finance, a cross-chain interoperability protocol, across Layer 2 networks within the Bitcoin ecosystem, with user distribution spanning 206 countries and regions. Additionally, Wormhole continues to roll out updates. According to official announcements, native W tokens are now available on Solana, Ethereum, Arbitrum, Optimism, and Base via Wormhole’s Native Token Transfers (NTT), driving short-term price gains.
Price movement: W rose +17.32% over the past 24 hours;
Factors influencing future outlook:
- The W roadmap indicates it will become a natively multi-chain token and has completed the second phase of its rollout. This launch introduces MultiGov, a first-of-its-kind multi-chain governance system, and W staking governance, which could absorb circulating supply. If staking adoption grows strongly, selling pressure in the market may further decrease.
2) Sector Movement: Next-Generation Popular MEMEs (SLERF, MEW, MANEKI)
Main reason: A new wave of meme coins emerging during the latest Meme Season rebounded sharply after being oversold amid broader market turmoil. During the downturn, large whale wallets and smart money accumulated significant positions, fueling strong rebounds. MANEKI continued climbing after distributing airdrops to Solana Saga phone holders.
Price movement: Over the past 24 hours, SLERF rose 9.72%, MEW rose 0.32%, and MANEKI surged 20.32%.
Factors influencing future outlook:
- Next-generation popular MEMEs share characteristics of strong whale control and high market attention. Whales accumulated substantial holdings in SLERF and BOME during periods of extreme volatility. MEW distributed airdrops worth up to $4 million post-TGE, with the project team yet to realize profits from the asset. Therefore, major holders have strong incentives to pump these highly visible assets. Market enthusiasm for the broader meme sector and the timing of whale-driven pumps will be key to profitability in this space.
3) Sector to Watch: AI
Main reason: Market volatility increased this week, coinciding with BounceBit’s TVL reaching new highs and the launch of Runes, elevating investor focus on Bitcoin Layer 2 solutions.
Specific token list:
- ARKM: Arkham is a blockchain analytics platform leveraging artificial intelligence to analyze blockchain and on-chain data; secondary market prices have rebounded significantly;
- NEAR: Recently, many AI projects within the NEAR ecosystem have secured funding, positioning NEAR as a potential future AI Hub.
III. User Trending Topics
1) Popular Dapp
Movement Labs:
Founded in 2022, blockchain development team Movement Labs raised $3.4 million in seed funding in September 2023. In addition to its flagship product, Movement L2, the team plans to launch Move Stack—an execution layer framework compatible with rollup frameworks such as Optimism, Polygon, and Arbitrum.
Yesterday, Movement Labs secured $38 million in Series A funding led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and others. The funds will support the integration of Facebook's Move Virtual Machine into Ethereum, aiming to fix smart contract vulnerabilities and increase transaction throughput.
2) Twitter
BounceBit:
BounceBit is a Bitcoin restaking and CeDeFi protocol. Its TVL has recently reached a new high. BB has a maximum supply of 2.1 billion tokens, with an initial circulating supply of 409.5 million. Backed by Binance Lab, BounceBit (BB) is the first project in Binance Megadrop. Users can participate starting at 08:00 Beijing time on April 26 by subscribing to BNB fixed-term products on the platform and/or completing tasks via the Binance Web3 Wallet to earn BounceBit airdrop rewards. Binance will also list BounceBit (BB) on May 13, Beijing time.
3) Google Search & Regions
Global perspective:
Why is Down Today: The crypto market continued its broad downturn yesterday, with BTC ETFs experiencing sustained net outflows and widespread corrections. Bitcoin dropped approximately 3.2% intraday, prompting numerous users and KOLs to ask "why crypto is down today" on Twitter. With multiple destabilizing factors, investor confidence remains fragile.
Regional search trends:
(1) In Asia, trending searches yesterday were primarily focused on Memes
Solana-based new meme coins WIF and BOME posted varying degrees of gains, while established meme coins like SHIB and PEPE ranked in the regional top 3 trending searches. Memes consistently reflect the attention economy of the crypto market, often outperforming other altcoins during market corrections. Yesterday, Bloomberg reported that hedge funds are succumbing to the incredible returns of meme coins, indicating growing interest from Wall Street toward this unique crypto narrative.
(2) In Africa, Europe, and CIS regions, AI Crypto themes appeared frequently
The AI sector has shown strong resilience during the current market downturn and recovers quickly, making it a favored bet among VCs this cycle. Leading projects such as NEAR, AR, and RNDR—each dominant in their respective AI subfields—posted solid gains yesterday, generating notable Twitter trending traffic in certain regions.
IV. Potential Airdrop Opportunities
Elixir
Elixir is a modular liquidity network enabling anyone to provide liquidity directly to order books, enhancing liquidity for long-tail crypto assets. It has raised $17.6 million in funding from prominent backers including Hack VC, Mysten Labs, and Arthur Hayes.
How to participate: Visit the campaign link below, connect your Twitter and Discord accounts, log in using an ETH wallet (e.g., MetaMask) on the Ethereum mainnet. Campaign URL: www.elixir.xyz/refer/wisozk1828. Click “mint elxeth” in the bottom right corner, go to the deposit page, deposit at least $100 worth of ETH or USDC, select a network with sufficient gas, provide liquidity, and start earning points.
Grass
Grass is the flagship product of Wynd Network, allowing users to monetize unused internet bandwidth. For individuals, it functions as a browser extension—downloaded, installed, and forgotten. It operates in the background, helping others access public web data in exchange for payments in the protocol’s native token. Grass focuses on transforming public web data into AI datasets, making it easier for open-source AI projects to access public network data.
Wynd Network raised $3.5 million in seed funding co-led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik. Wynd’s total funding now reaches $4.5 million.
How to participate: Register on the Grass website, install the browser extension, wait for network connection, click “opendashboard,” and check your connection status on the dashboard. Simply leave it running to contribute bandwidth. Daily earnings and network status are visible on the dashboard.
[Disclaimer] Markets involve risk; investment requires caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions expressed herein are suitable for their specific circumstances. Investing based on this information is at the reader’s own risk.
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