Bitget Research: ETH ETF Approval Shows Signs of Turning Point, Bitget Wallet Launches BWB LaunchPad
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Bitget Research: ETH ETF Approval Shows Signs of Turning Point, Bitget Wallet Launches BWB LaunchPad
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, the probability of SEC approval for ETH spot ETFs reversed positively, driving ETH to lead a significant market rally, with altcoins poised to extend wealth effects. Key highlights:
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High-wealth-effect sectors: ETH ecosystem
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Popular tokens & topics: Li.Fi, Bitget Wallet (BWB), GALA
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Potential airdrop opportunities: Spark, Amnis Finance
Data cutoff time: May 21, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, Bloomberg senior ETF analyst James Seyffart stated there is now a 75% chance of approval for ETH spot ETFs, reversing earlier Wall Street expectations of likely rejection. This shift in approval odds led ETH to rebound by $600 within 24 hours, significantly boosting market sentiment. BTC reached a historical high of $72,000, and altcoins broadly rallied, demonstrating strong wealth creation.
BTC ETF saw $237 million in inflows yesterday, marking six consecutive trading days as the primary gateway for traditional capital entering the crypto market. Nasdaq hit another all-time high during intraday trading on May 21, with global capital markets steadily rising. The macro environment remains stable, suggesting that recent crypto wealth effects may continue.
2. Wealth-Creating Sectors
1) Sector Movement: Core Assets in the ETH Ecosystem (PENDLE, ETHFI, LDO)
Main reasons:
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The U.S. SEC has requested exchanges accelerate updates to their Form 19b-4 filings for spot Ethereum ETFs, increasing the likelihood of approval by May 31;
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ETH rose 20% within 24 hours;
Price movements: PENDLE surged 20% in one day, ETHFI rose 24%, and LDO jumped 30%;
Factors affecting future trends:
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ETH price sustainability: DEX liquidity within the ETH ecosystem is strong, and many tokens are priced in ETH. An increase in ETH price directly amplifies gains across ETH-based assets. If ETH continues rising, core assets on Ethereum are likely to remain in focus;
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ETH ETF developments: The SEC will make a decision on VanEck’s ETH spot ETF by May 24. It is recommended to follow senior Bloomberg ETF analysts James Seyffart and Eric Balchunas on Twitter for timely updates and actionable insights.
2) Sector Movement: ETH-Based Meme Projects (PEPE, WOJAK, FLOKI)
Main reasons: 1) Reversal in ETH spot ETF approval odds; 2) ETH up 20% over 24 hours;
Price movements: PEPE rose 19% in one day, WOJAK surged 27%, and FLOKI gained 10%;
Factors affecting future trends:
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ETH price sustainability: As above, strong DEX liquidity and ETH-denominated pricing mean continued ETH strength supports broader ecosystem gains;
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Open interest changes: Open interest for PEPE and FLOKI spiked yesterday, indicating hot money inflow. Monitor contract data via tv.coinglass.com to track institutional moves—first check net long positions; then observe whether rising open interest coincides with increased volume and net long buildup. If so, it signals sustained buying pressure, supporting holding positions.
3) Sector to Watch Going Forward: ETH Ecosystem
Main reason: The ETH ecosystem remains relatively undervalued, and the ETH-BTC exchange rate has rebounded. With catalysts such as ETF decisions nearing resolution and ongoing SEC actions against DeFi protocols, strategic positioning in the ETH ecosystem offers potential.
Specific token list:
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UNI: Pioneer DeFi swap project on blockchain. Last month received a Wells Notice from the SEC; Uniswap is expected to present its defense soon, creating a potential trading opportunity;
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LDO: Leading LSD project in the ETH ecosystem, with TVL reaching $3.45 billion while valuation remains under $250 million—indicating significant undervaluation;
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OP: Base chain built using OP stack technology. Last year, Base signed a revenue-sharing agreement with OP Foundation, receiving indirect endorsement from Coinbase;
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PENDLE: Project TVL has risen continuously, now at $5.7 billion. Rising stablecoin market cap and growing interest in restaking have increased demand for Pendle’s services during this bull market.
3. User Search Trends
1) Popular Dapps
Jumper Exchange & Li.Fi:
Jumper Exchange is a multi-chain liquidity aggregator supporting cross-chain swaps and gas fee payments across most major blockchains, powered by LI.FI technology. Recently, interaction activity on both Jumper and Li.Fi protocols has noticeably increased. Market speculation suggests the team may be planning a TGE or airdrop, prompting users to engage more frequently.
2) Twitter
Bitget Wallet (BWB):
Bitget Wallet announced details about its BWB Launchpad, which will launch Public Sale on the Base mainnet on May 23. The offering price is set at 1 BWB = $0.1, implying a fully diluted valuation (FDV) of just $100 million—extremely low relative to Bitget Wallet’s current product maturity, user base, and brand recognition (for reference: TWT currently has an FDV of $1.1 billion). As such, this Launchpad is expected to generate substantial wealth effects.
Participation requirements: (1) Users who completed cumulative trades exceeding $200 on Bitget Swap after May 1 are eligible; (2) Total public sale raise: 85,000 USDC, with final allocation calculated as individual contribution / total contributions × public pool size; (3) Individual allocation range: 50–500 USDC per person. Participants must hold Base mainnet USDC and ETH in their Bitget Wallet before the sale begins.
3) Google Search & Regional Trends
Global overview:
ETH ETF: After CoinDesk reported that the U.S. SEC asked exchanges to speed up updates to their spot Ethereum ETF Form 19b-4, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the approval probability from 25% to 75%, fueling a sharp rise in ETH's price.
GALA: Web3 gaming platform Gala Games was reportedly hacked, suffering losses exceeding $200 million, causing GALA’s price to plummet. Subsequently, Gala Games’ founder confirmed the Ethereum smart contract for GALA is secure and stated they are cooperating with the FBI and other agencies to trace the attackers.
Regional search trends:
(1) In Asia, no clear trending themes emerged across regions yesterday.
(2) Across Europe, North America, and Latin America, PEPE, FLOKI, GRASS, and BONK appeared prominently in multiple regional search trends.
(3) Blum, previously trending in CIS countries, reappeared in search rankings in CIS, Philippines, Turkey, and Poland yesterday.
4. Potential Airdrop Opportunities
Spark
Spark Protocol is MakerDAO’s lending market, integrating direct lending functionality into MakerDAO. Through Spark, users can borrow DAI using assets such as ETH, stETH, and sDAI.
Spark announced the upcoming launch of Season 2 of its SPK token pre-mine, allocating tokens to eligible SparkLend users on Ethereum. The second season began on May 20 UTC and will conclude upon the official launch of SPK and the Spark SubDAO.
How to participate: According to the project’s announcement, eligibility depends on the amount of ETH deposited, DAI borrowed, and the duration of ETH deposits or DAI borrowing positions.
Amnis Finance
Amnis Finance is an LSD protocol on Aptos, currently with $130 million in TVL, ranking second on Aptos after Aries Markets. The project’s native token, amAPT, has already circulated 3.42 million tokens. This opportunity is ideal for users holding APT positions.
How to participate: (1) Stake APT on Amnis Finance to receive amAPT, then optionally Mint & Stake; even without staking, you can proceed to step two; (2) Provide liquidity on Liquidswap by adding to the amAPT/APT LP pool and stake your LP tokens—this also enables interaction with Liquidswap for higher annualized yields denominated in APT.
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