Bitget Research: Mt. Gox explicitly stated it will not make short-term repayments, causing the market to stop declining and enter narrow-range consolidation.
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Bitget Research: Mt. Gox explicitly stated it will not make short-term repayments, causing the market to stop declining and enter narrow-range consolidation.
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Affected by consecutive moves from Mt. Gox, the market saw a slight pullback, with BTC briefly dropping below $68,000 in the early morning hours. Certain sectors demonstrated notable wealth creation effects. Specifically:
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Sectors with strong wealth creation potential: RWA sector, Ethereum Layer2 sector;
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User's most searched tokens & topics: Particle Network, Atomicals Protocol, Celestia
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Potential airdrop opportunities: Espresso, Morph
Data collection time: May 29, 2024, 4:00 AM (UTC+0)
1. Market Environment
Yesterday, Mt. Gox officially announced that it has not sold any Bitcoin; the prior transfer of Bitcoin was preparatory for creditor repayments due on October 31. Affected by Mt. Gox’s recent actions, the market experienced a minor correction, with BTC briefly falling below $68,000 during the night. Overall this week, the ETH/BTC trading pair has seen some appreciation, currently quoted at 0.056, up 25% from the mid-month level of 0.045. Compared to BTC, ETH remains relatively undervalued and holds substantial upside potential.
On the macro front, U.S. Bitcoin ETFs added 694 Bitcoins yesterday, worth approximately $47 million. BlackRock’s spot Bitcoin ETF IBIT now holds more Bitcoin than Grayscale’s GBTC. The Crypto Fear & Greed Index stands at 72 (down from 74 yesterday), indicating sustained market sentiment recovery.
2. Wealth-Creating Sectors
1) Sector Movement: RWA Sector (ONDO, TRU, POLYX)
Main Reason: This bull run is primarily driven by traditional market demand brought by ETFs. As a bridge to integrate traditional financial markets, the RWA sector continues to see product updates and funding rounds. Recently, Plume Network, an RWA Layer 2 network, completed a $10 million seed round.
Price Performance: ONDO rose 10% today, TRU surged over 20%, and POLYX gained 5% today.
Factors Influencing Future Trends:
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Changes in macro monetary policy: From a macro perspective, rising yields on 10-year U.S. Treasury bonds support the fundamental outlook for the RWA sector. Traders should monitor subsequent changes in the U.S. Dollar Index, Treasury yields, and the crypto market to dynamically adjust strategies.
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Changes in project TVL: Most RWA projects are backed by TVL. Monitoring TVL trends within the RWA sector can serve as a signal—sustained or sudden increases in a project’s TVL often indicate a good buying opportunity.
2) Sector Movement: Ethereum Layer2 Sector (ARB, OP, STRK)
Main Reason: Driven by speculation around the potential approval of Ethereum ETFs, Ethereum Layer2 tokens have broadly rallied. The market generally views ETH ETF approval as positive for Layer2 tokens, making them attractive investment targets alongside ETH ETF developments.
Price Performance: ARB gained 19.3% over the past four days, OP rose 8.5%, and STRK increased 16.6%.
Factors Influencing Future Trends:
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ETH ETF Approval Status: Current market pricing largely anticipates ETH ETF approval. If approval fails unexpectedly tomorrow morning, a broad market reversal could occur.
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Layer2 Project Development: As widely adopted ecosystem chains, Layer2 projects’ future growth depends on their partnered projects and user adoption.
3) Sector to Watch Going Forward: AI Sector
Main Reason: Recent positive developments in AI from major tech companies have boosted both U.S. equities AI stocks and the crypto AI sector, warranting attention:
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OpenAI launched its flagship AI model GPT-4o, capable of real-time audio, visual, and text reasoning. In February, OpenAI introduced the text-to-video model Sora, which significantly lifted valuations across the sector. The release of GPT-4o keeps the AI sector in focus.
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According to Cointelegraph, tech giant Microsoft is closely monitoring the crypto industry, exploring ways blockchain technology and AI might eventually support each other.
Specific token list:
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TAO: Bittensor is an open-source protocol supporting a blockchain-based machine learning network. Machine learning models collaboratively train and are rewarded in TAO based on the informational value they contribute to the collective.
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NEAR: Recently, many AI projects within the NEAR ecosystem are in the build or fundraising stage, positioning NEAR as a potential future AI Hub.
3. User Search Trends
1) Popular Dapp
Particle Network: Particle Network is a Web3 development platform designed to enhance developer efficiency and accelerate mass Web3 adoption. Its core products include login and wallet middleware based on MPC-TSS technology, eliminating the need for users to remember seed phrases or pay gas fees, thereby significantly lowering the barrier to entry for Web3. To date, Particle Network has completed three funding rounds totaling $8.5 million. Participation opportunities are currently limited, so users are advised to stay informed.
2) Twitter
Atomicals Protocol: Yesterday, Atomicals Protocol released the whitepaper for the Atomicals Virtual Machine (AVM). The software rollout will be phased, starting with an interpreter, followed by modifications to indexer nodes. Atomicals assets reacted positively, with ATOM rising 11.09% and QUARK gaining 13.33% in the past 24 hours. As AVM matures, related assets may attract further capital inflows.
3) Google Search & Regions
Global Overview:
Celestia:
Last night, Celestia co-founder Mustafa published an article on the official forum discussing sovereign blockchains, articulating his vision of blockchain technology empowering communities to achieve sovereignty through self-organization and collective action. This innovation enables new social and economic models, while sovereign rollups further lower the barrier to deploying sovereign chains. Celestia’s native token TIA has risen from a low of $9 to nearly $12, currently at $11.49—a gain exceeding 20%.
Regional Search Trends:
(1) In欧美 and Middle Eastern countries: meme coins have re-entered mainstream search trends, with Pepe, Floki, and Shiba Inu appearing frequently.
(2) In Asian regions, there were no prominent or distinctive search trends yesterday.
4. Potential Airdrop Opportunities
Espresso
Espresso is a shared sequencer marketplace project leveraging ZK-Rollups to address consensus and interoperability challenges between various Layer2 networks. The project emphasizes privacy and decentralization, with core team members from Stanford University’s Applied Cryptography Group.
Recently, Espresso announced a $28 million Series B round led by a16z, with participation from Polychain, Coinbase Ventures, Sequoia, and others—an impressive investor lineup.
How to Participate: The project is still in early stages. Users may qualify for early airdrops by participating as validator nodes. Refer to the official documentation: https://docs.espressosys.com/sequencer/guides/running-a-sequencer-node
Morph
Morph is a consumer-grade blockchain using zkEVM and responsive technology to meet everyday blockchain needs. It aims to provide founders with one-stop development tools and solutions. Morph is built on three core technologies: decentralized sequencers, Optimistic zkEVM integration, and modular design.
Morph announced a $19 million seed round led by Dragonfly Capital, with participation from Pantera Capital and others.
How to Participate: Visit the Morph website, add the testnet RPC to your wallet, claim test ETH from the official faucet, bridge the test ETH to the Morph testnet, and interact with projects on the Morph testnet.
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