Bitget Research: BTC ETF sees net inflows for two consecutive days as AI sector continues to rise
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Bitget Research: BTC ETF sees net inflows for two consecutive days as AI sector continues to rise
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Yesterday, BTC briefly rebounded to 65,500 USD before falling again, creating significant intraday trading opportunities. Key highlights include:
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High-wealth-generation sectors: AI sector, Solana ecosystem, ETH ecosystem;
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Most-searched tokens & topics by users: friend.tech, Bitget Wallet, RNDR, TRB, Tom Brady;
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Potential airdrop opportunities: Tabi, MYX Finance;
Data cutoff time: May 7, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, BTC led a broad crypto market correction and recovery, briefly reaching 65,500 USD before retreating. It is currently fluctuating around 63,500 USD. The high daily volatility triggered liquidations of 150 million USD in long positions and 70 million USD in short positions at the futures level, indicating clear intraday trading opportunities.
The US Dollar Index has returned above 105, while US capital markets rose broadly—Nasdaq gained 1.19%, providing positive sentiment for the crypto market. BTC ETFs saw 217 million USD inflows yesterday, with GBTC recording net inflows for two consecutive trading days, signaling a temporary relief from BTC ETF-related selling pressure. Going forward, monitor the 62,500 USD support level for BTC; if strong support holds, consider buying the dip.
2. Wealth-Generating Sectors
1) Sector Movement: AI Sector (NEAR, AR, RNDR)
Main reasons:
The AI sector has shown strong resilience during this market downturn, recovering faster than others. It is also a key area where VCs have collectively placed their bets. Projects like NEAR, AR, and RNDR are leaders in their respective AI subfields.
Price performance: NEAR up 10% over the past 7 days, RNDR up 34%, AR up 15%.
Factors influencing future trends:
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Impact from traditional tech firms: Major tech companies continue expanding into AI. Microsoft is reportedly training a new AI model called MAI-1 internally, directing more talent, capital, and resources toward AI. As crypto-based AI projects belong to the same domain, they may benefit from valuation expansion.
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Focus on AI narratives: When evaluating AI projects, investors should not only assess narrative potential but also examine real-world product adoption, actual user demand, and usage metrics. Several viable AI applications already exist in the crypto space, making demand-side analysis crucial.
2) Sector Movement: Solana Ecosystem (SOL, KMNO, JTO)
Main reasons: 1. Solana’s native token SOL has been rising steadily, outperforming BTC and ETH, with its ecosystem experiencing net capital inflows; 2. FTX’s second round of locked SOL auctions concluded, with winning bids ranging between $95–$110.
Price performance: SOL up 14% over the past 7 days, KMNO up 75%, JTO up 23%.
Factors influencing future trends:
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Futures data: Use tv.coinglass to track futures market activity. Monitor whether there is a sustained increase in net long positions, rising open interest (OI), and increased trading volume. If so, it suggests continued institutional buying momentum, supporting a hold strategy.
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Project developments: Solana has recently promoted the concept of restaking, inspired by EigenLayer, aiming to establish objective attestation at the consensus layer, thereby boosting overall ecosystem confidence.
3) Sector to Watch: Ethereum (ETH) Ecosystem
Main reason: The ETH ecosystem remains relatively undervalued. However, as ETF-related news unfolds and SEC litigation against DeFi protocols progresses, the ecosystem is moving toward greater regulatory compliance, opening up strategic investment opportunities.
Specific token list:
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UNI: The first DeFi swap application on blockchain. Recently received a Wells Notice from the SEC. Uniswap is expected to present its defense soon, potentially creating a trading opportunity;
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LDO: A leading LSD project in the ETH ecosystem, with TVL reaching 2.87 billion USD, yet valued at less than 200 million USD—indicating significant undervaluation.
3. User Search Trends
1) Popular DApps
friend.tech:
friend.tech announced upcoming new features including Keydrops, Memeclubs, and Pinned Rooms. According to Dune Analytics, since the launch of friend.tech v2 on May 4, the number of Clubs has reached 107,513.
2) Twitter
Bitget Wallet:
Bitget Wallet announced yesterday the launch of GetDrop—a dedicated rewards zone where partnered projects within the Bitget Wallet ecosystem will distribute exclusive airdrops to community members, BWB Points holders, and future token holders. The first phase of GetDrop, titled “MEME Party,” is scheduled to go live on May 7.
3) Google Search & Regional Trends
Global overview:
RNDR: Yesterday, AI-sector tokens including RNDR surged across the board. On-chain transfer anomalies were observed for RNDR. With Apple’s Worldwide Developers Conference set to begin on June 10, speculation around RNDR may intensify. Notably, RNDR experienced significant price swings around the release of Apple Vision Pro.
TRB: TRB, a token known for heavy whale manipulation, surged over the past two days, rising 72% in the last seven days. In Q4 2023, TRB experienced two sharp pump-and-dump cycles with extremely high futures liquidation volumes. Traders should be cautious of extreme volatility associated with heavily manipulated tokens.
Regional search trends:
Yesterday’s regional search trends showed significant divergence, with no universal geographic pattern. Globally popular terms and tokens included Grass, TRB, RNDR, and JUP.
However, the keyword "Tom Brady" trended across multiple regions including Europe, North America, and Asia. Tom Brady expressed anger during his Netflix Roast appearance due to jokes about cryptocurrencies, recalling his substantial losses from previous crypto investments.
4. Potential Airdrop Opportunities
Tabi (Zero-cost testnet interaction)
TabiChain is a Cosmos-based gaming blockchain with EVM compatibility. It connects the Cosmos and Ethereum ecosystems via cross-chain functionality to enable seamless communication. Its asset layer consolidates liquidity across chains and shards, enabling frictionless interactions within gaming blockchains. Previously known as Treasureland, a cross-chain NFT marketplace.
In 2023, the project raised 10 million USD in seed funding from prominent investors including Animoca Brands, Binance Labs, Draper Dragon, HashKey Capital, Infinity Crypto Ventures, and Youbi Capital.
How to participate: (1) Visit the official website to claim testnet tokens (https://faucet.testnet.tabichain.com/); (2) Complete Voyage tasks—Phase 1 has ended, Phase 2 is ongoing; join the project’s Discord server to find an invitation code; (3) Complete social media tasks on Galxe; (4) Based on official disclosures, the team may eventually sell node licenses similar to XAI, which could become a major focus for airdrop eligibility. Interested participants should conduct their own research (DYOR) before purchasing or setting up nodes.
MYX Finance
MYX Finance is a decentralized derivatives exchange utilizing the MPM (Multi-Party Market Making) model, incubated by D11 Labs. It employs smart fee structures and risk hedging mechanisms to ensure protocol stability and deliver sustainable high returns.
In November 2023, MYX announced a 5 million USD seed round at a 50 million USD valuation, led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures.
How to participate: Operationally, it functions similarly to other derivative DEXs. Users can trade or provide liquidity (LP). Currently deployed on Linea and Arbitrum, increasing activity on Linea may improve chances of qualifying for future Linea airdrops.
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