Bitget Research: ETH/BTC exchange rate rebounds to 0.051, with Restaking sector showing strong recovery
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Bitget Research: ETH/BTC exchange rate rebounds to 0.051, with Restaking sector showing strong recovery
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsSummary
BTC spot ETFs have seen net outflows for three consecutive weeks, while the broader market fluctuates downward. The ETH/BTC exchange rate has rebounded above 0.051, driving gains in Layer2 and Restaking sectors. Important events in early May—such as the U.S. Federal Reserve's monetary policy meeting and the release of the nonfarm payrolls report—will significantly impact the market.
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High-potential wealth-generating sectors: Restaking, ETH Layer2;
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User's most searched tokens & topics: UXLINK, AI Arena, American Coin;
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Potential airdrop opportunities: UXLINK, AI Arena;
Data collection time: April 29, 2024, 04:00 (UTC+0)
I. Market Environment
BTC spot ETFs have experienced net outflows for three consecutive weeks, with the overall market oscillating downward. Market attention is focused on the upcoming Federal Reserve monetary policy meeting on May 2, where Chair Powell will deliver a speech afterward. On May 3, the U.S. will release its nonfarm payrolls report. In Asia,华夏 (Huaxia) has launched BTC and ETH ETFs on April 29, which will begin trading on the Hong Kong Stock Exchange on April 30—the first such products ever introduced in the Asian market.
Yesterday, ETH rose, pushing the ETH/BTC exchange rate back above 0.051 and driving up Layer2 and Restaking sector prices. However, ETH failed to maintain this momentum today. Nevertheless, token prices in the Restaking sector have remained stable following their earlier gains.
II. Wealth-Generating Sectors
1) Sector Movement: Restaking (ETHFI, SSV)
Main reasons:
During ETH’s rally, the Restaking sector showed the strongest rebound. Even as ETH declined again today, ETHFI and SSV maintained relative price stability. Yesterday, ether.fi’s TVL surpassed $4 billion, rising 5% in a single day. Renzo (REZ), another key player in the same sector, is about to open airdrop claims, further drawing market attention to the Restaking space.
Price performance:
ETHFI surged 31% yesterday; SSV rose 14%, maintaining ten consecutive days of gradual increases.
Factors influencing future trends:
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The ETH/BTC exchange rate will be a decisive factor for the overall direction of the ETH ecosystem. Over the past year, BTC’s strength caused the ETH/BTC pair to drop by -20%. However, it has recently rebounded +5% over the past week. Whether expectations around an ETH spot ETF can push this ratio higher again will be crucial for triggering a broader rally across the ETH ecosystem and many altcoins.
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Continued capital inflows and stability within the Restaking sector are also critical. During its early development phase, if any major security incidents occur at prominent projects in this space, they could prove fatal to individual projects and severely hinder the entire sector’s growth.
2) Sector to Watch Going Forward: ETH Layer2
Main reasons:
The ETH/BTC exchange rate has once again risen above 0.051. Whales like Sun Yuchen and Wu Jicai have been aggressively accumulating ETH during the market downturn, possibly positioning ahead of expectations for an ETH ETF launch on May 23 and the future ETH Prague upgrade. Yesterday, led by ETH’s rise, OP, ARB, STRK, and METIS all posted notable gains.
List of specific tokens:
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OP, ARB, STRK, METIS;
III. User Search Trends
1) Popular Dapp
UXLINK (UXUY):
UXLINK is an innovative Web3 social system designed for mass adoption, enabling users to build social assets and trade cryptocurrencies. It includes a highly modular suite of Dapps—from onboarding and profile creation to group tools and socialized trading—all seamlessly integrated within Telegram.
Recently, UXLINK’s on-chain activity has gradually increased, attracting significant user attention and interaction. The project may soon initiate airdrop qualification checks.
2) Twitter
AI Arena:
A PvP fighting game developed by ArenaX Labs where players train AI-powered characters to battle opponents. Gameplay resembles Nintendo’s "Super Smash Bros." By combining gaming, NFTs (IP rights), and AI algorithms, AI Arena delivers a novel gaming experience while protecting intellectual property rights of AI creators and enabling monetization.
ArenaX Labs, developer of AI Arena, announced a new $6 million funding round led by Framework Ventures, with participation from SevenX Ventures, FunPlus/Xterio, and Moore Strategic Ventures. The funds will be used to develop the PvP fighting platform and similar games.
3) Google Search & Regions
Globally:
American Coin: A meme coin built on Solana. Yesterday, there were no dominant trending topics on crypto Twitter, with general interest focused on meme coins. American Coin saw over $13 million in trading volume in the past 24 hours, high on-chain activity, repeated shakeouts followed by new price highs, and a large number of token holders—drawing widespread market attention.
By regional search trends:
(1) In Asia, yesterday’s trending searches centered on Ethereum and its ecosystem:
Asian regions broadly searched for information related to Ethereum and its ecosystem, primarily driven by news that ETH ETFs would launch on the Hong Kong Stock Exchange on April 30. Aside from Ethereum itself, restaking-related topics also trended widely, with restaking tokens seeing broad price increases yesterday.
(2) In Africa, Europe, and CIS regions, large-cap mainstream cryptocurrencies appeared more frequently in searches:
With the broader crypto market experiencing corrections, users in more regions are searching for information about major cryptocurrencies, seeking more certain investment opportunities or undervalued assets resulting from recent price declines. Key tokens being searched include BTC, SOL, XRP, LINK, and ICP.
IV. Potential Airdrop Opportunities
UXLINK
UXLINK leverages users’ trusted social networks to rapidly grow into a Web3 social platform based on real-world relationships. It offers deep social experiences and token incentives to retain and expand its user base, achieving strong adoption in a short period.
UXLINK has raised over $9 million in total funding. Investors include OKX Ventures, Manifold, Web3Port Foundation, UOB Venture, Comma3 Ventures, Cypher Capital, Kucoin Ventures, Gate Labs, Forgame, ECV, Signum Capital, and 7UPDAO. The project also participated in the Stanford Blockchain Accelerator.
How to participate:
Airdrops will be distributed via NFT vouchers. Four themed NFT collections—MOON, TRUST, FRENS, and LINK—will be issued, with names determined by community voting. Minting is expected to begin on May 3. UXLINK is urging community members to complete three key tasks promptly: invite friends to join UXLINK, perform on-chain interactions, and connect wallet assets.
AI Arena
AI Arena is an AI-driven Web3 competitive game allowing users to train AI characters for battles. Each match outcome depends on the training skill applied by the player, aiming to help users understand how artificial intelligence works and learns. AI Arena is currently open for pre-registration, and ArenaX Labs plans to soon launch a test version on the Arbitrum mainnet.
ArenaX Labs, the developer behind AI Arena, announced a $6 million funding round led by Framework Ventures, with SevenX Ventures, FunPlus/Xterio, and Moore Strategic Ventures participating. The capital will support building the PvP combat platform and developing similar games.
How to participate:
Visit the official website, connect your wallet, link your Twitter and Discord accounts, click “Claim” to receive tokens and characters. After entering the game, log in using your wallet and follow the prompts to complete basic training. Upon completion, you’ll receive a character. Then, click “Stake” at the bottom right, enter the amount, confirm in your wallet, and finally participate in ranked matches.
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