Bitget Research: Short-term market risk aversion intensifies, awaiting the FOMC meeting and CPI data on the 12th
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Bitget Research: Short-term market risk aversion intensifies, awaiting the FOMC meeting and CPI data on the 12th
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
Markets are focused on the FOMC meeting and CPI data release on the 12th, with short-term risk-off sentiment intensifying. BTC price surged but pulled back to around $68,000. Overall wealth creation effect in the market remains modest, including:
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Strong wealth-creation sectors: Meme sector, BTC inscription ecosystem, EVM blue-chip projects
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Most-searched tokens & topics by users: Cookie3, zkSync, POLYX
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Potential airdrop opportunities: LogX, Elixir
Data collection time: June 11, 2024, 4:00 AM (UTC+0)
1. Market Environment
Yesterday, BTC experienced a sharp rebound followed by a pullback, rising to $70,000 before declining significantly. It is currently trading around $68,000. BTC ETFs ended their 19 consecutive days of net inflows, recording their first net outflow this month at $64.9 million—this outflow was one of the main reasons for BTC's decline.
On the macro front, heightened risk-averse sentiment has emerged ahead of last month’s CPI report and the FOMC meeting scheduled for June 12. The market will closely watch Chair Powell’s post-meeting remarks, although maintaining current interest rates aligns with consensus expectations. The CPI annual growth is expected at 3.5%; a figure above this level could extend market declines, while a reading below it would likely trigger a short-term rally.
2. Wealth-Creation Sectors
1) Sector Movement: Meme Sector (PEOPLE)
Main reasons:
The U.S. quadrennial presidential election is approaching, and PEOPLE is currently the most relevant election-themed token supported by major centralized exchanges (CEX), attracting high community attention recently;
Price performance: PEOPLE rose over 14%逆势 during the past 7 days;
Factors influencing future trends:
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U.S. election developments: Monitor how election progress impacts this sector. Positive news could lead PEOPLE to rally first;
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Whale fund activity: Track whether large capital continues flowing in via futures data and primary market intelligence. A sudden surge in open interest typically signals active participation by institutional players—monitor derivatives metrics continuously;
2) Sector Movement: BTC Inscription Sector (ORDI)
Main reasons:
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UniSat announced during Bitcoin Pizza Day that eligible wallet holders would receive an airdrop of “pizza,” boosting interest in inscription projects and revitalizing the sector;
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The inscriptions sector completed its prior consolidation phase and has now entered an upward breakout trend.
Price performance: ORDI rose over 18%逆势 in the past 7 days;
Factors influencing future trends:
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News developments: Monitor updates from UniSat, key opinion leaders (KOLs), and leading exchanges regarding support for the inscriptions sector. Any positive announcements may present timely investment opportunities;
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Futures data shifts: According to Coinglass data, ORDI had long been in a state where the long-to-short ratio among futures accounts was below 1, indicating bullish sentiment dominated by large investors. Continue monitoring these metrics; if signs of reversal appear, consider taking profits promptly;
3) Sector to Watch Going Forward: ETH Ecosystem Projects
Main reason: Approval decisions for ETH spot ETFs could come by late June or early July, potentially creating speculative momentum for ETH ecosystem assets. Recently, this sector has seen significant corrections, opening up attractive entry points;
Specific token list:
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UNI: The pioneering DeFi swap project on blockchain applications. Uniswap generated $2.022 million in fees over the past 24 hours, reflecting strong revenue generation;
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LDO: A leading LSD project in the ETH ecosystem with a TVL of $3.44 billion, yet valued at less than $200 million—appears relatively undervalued;
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PENDLE: Project TVL has risen consecutively, now reaching $6.6 billion. Rising stablecoin market caps and growing popularity in the restaking niche have increased demand for PENDLE’s services during bull markets;
3. User Search Trends
1) Popular Dapps
Cookie3:
Contracts related to Cookie3, specifically the Cookie Army Badge (CAB), have appeared on BSC, Arbitrum, and Base chains. On June 5, MarketingFi and AI data layer project Cookie3 raised $5.5 million in a token funding round and plans to launch its COOKIE token on June 13.
2) Twitter
zkSync:
ZKsync published an article on its official website introducing ZK Nation—a community driven by shared goals aimed at governing, protecting, and advancing the ZKsync protocol. It plans to disclose details on ZKsync protocol token distribution and delegation processes within a week.
POLYX (Polymesh):
Similar to Mantra, Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. Recently active in RWA-related promotions, it has risen逆势 amid broader market declines with significantly increased trading volume—up +200% in the past 24 hours compared to the previous period.
3) Google Search & Regional Trends
Globally:
Google Trends did not highlight any particularly prominent tokens/projects yesterday. However, several sports betting-related terms trended, likely due to the upcoming UEFA Euro and Copa América tournaments—consider monitoring Fan Token sector recently.
By region:
(1) In Asia: Southeast Asian countries show growing interest in the Ton ecosystem, with NOT and Blum consistently appearing in trending searches. Singapore’s trending list includes AI project OLAS and Layer1 project ALGO; Avalanche appears on South Korea’s trending list.
(2) In Western countries: QUBIC appears in trending searches in the UK, France, and Australia; Spain, Poland, Belgium, and others maintain high interest in Grass—an AI & cloud computing project yet to launch its token.
(3) Latin American countries like Brazil and Argentina show strong interest in meme tokens such as BRETT on Base and dog-themed memecoins like SHIB.
4. Potential Airdrop Opportunities
LogX
LogX is a liquidity solution on L2 focused on perpetual contracts. Designed as a major aggregator, LogX pools liquidity from multiple blockchains. On February 13, 2024, LogX raised $6.1 million in a seed round from investors including Coinbase Ventures, IOSG Ventures, Sequoia Capital, and Saison Capital.
How to participate: Connect your wallet, deposit USDC, and trade contracts to generate volume. Note: Liquidity sources vary across chains. On Arbitrum, Optimism, and Base, liquidity comes from Orderly—their points-based airdrop campaign is ending soon. Therefore, using chains where liquidity originates directly from LogX OG—such as Linea or Mode—is recommended. Additionally, if interacting with Linea, use the Linea chain to boost interaction activity there.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network enabling anyone to provide direct order book liquidity, bringing liquidity to long-tail crypto assets and helping exchanges and protocols bootstrap ledger liquidity.
On March 12, 2024, Elixir raised $8 million in Series B funding at an $800 million valuation. Previously, it secured $7.5 million in Series A funding on October 18, 2023, and $2.1 million in seed funding on January 17, 2023. Investors include Hack VC, GSR, Sui, and Amber Group.
How to participate: Earn points through Apothecary by depositing at least $100 worth of ETH to mint elxETH and unlock treasure boxes. elxETH is a native yield-bearing token backed 1:1 by ETH, which will become a cross-chain LP token upon mainnet launch, powering order book liquidity for exchanges. You can also provide liquidity to protocols supported by Elixir via https://agg.elixir.xyz/.
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