Bitget Research: Bitcoin ETF sees continued net outflows, zkSync launches token airdrop
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Bitget Research: Bitcoin ETF sees continued net outflows, zkSync launches token airdrop
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The overall market is awaiting tonight's U.S. FOMC meeting and CPI inflation data, leading to cautious sentiment across the board. Key highlights include:
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Wealth-generating sectors: Blue-chip public chains, ETH ecosystem projects
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User's most searched tokens & topics: UXLINK, ZKSYNC, IO.Net
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Potential airdrop opportunities: Nile Exchange, Spark
Data collection time: June 12, 2024, 04:00 (UTC+0)
1. Market Environment
Early yesterday, Bitcoin dipped to 66,032 USDT before rebounding to 67,500 USDT this morning, marking over 5.5% decline within 24 hours. Volatility remained high, with $255 million liquidated across markets—$236 million longs and $19.6 million shorts, mostly long positions. U.S. equities fluctuated as investors await tonight’s FOMC meeting and CPI data, contributing to overall market caution.
On June 11 (U.S. Eastern Time), Bitcoin spot ETFs saw net outflows of $200 million, ending 19 consecutive days of net inflows. Grayscale’s GBTC recorded $121 million in single-day outflows, bringing its total historical outflows to $18.093 billion. Recent wealth effects have been concentrated in new token launches—for example, NOT performed well after listing on Binance, and IO, which launched yesterday, may offer further opportunities. Investors are advised to monitor new listings and developments within blue-chip public chain ecosystems.
2. Wealth-Generating Sectors
1) Sector Movement: Blue-Chip Public Chains (FTM, TON)
Primary reason: Active community engagement and project updates from the TON and FTM ecosystems are driving wealth circulation within their networks, creating potential buying pressure for these chain-native assets.
Price movements: FTM rebounded slightly to $0.65; TON returned to hover around $7.
Factors influencing future performance:
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Strong metrics: Since February, TON network activity has steadily increased. Daily active addresses now exceed those of Ethereum. TON’s ecosystem TVL has surpassed $460 million, reaching an all-time high.
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Ongoing ecosystem development: Yesterday, the Fantom Foundation released its second Sonic governance proposal, including S token airdrops for Opera and Sonic users, along with plans for mechanisms to boost activity and TVL through token burning. Meanwhile, TON announced the launch of Season 4 of TON OpenLeague at 19:00 today, featuring enhanced pools on STON.fi and DeDust, with over $1.8 million in rewards distributed over the next two weeks. Users can earn rewards by maintaining on-chain activity and providing liquidity.
2) Sector to Watch: ETH Ecosystem Projects
Main reason: The decision on ETH spot ETF approvals is expected by late June or early July, potentially triggering speculative momentum in ETH-related assets. Additionally, recent pullbacks in this sector have created attractive entry points.
Specific tokens to consider:
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UNI: As the first DeFi swap protocol on blockchain applications, Uniswap generated $2.022 million in fees over the past 24 hours—a strong revenue indicator.
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LDO: A leading LSD project in the ETH ecosystem with a TVL of $3.44 billion but a market cap under $200 million, suggesting it may be undervalued.
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PENDLE: Project TVL has consistently risen, now reaching $6.6 billion. Growing stablecoin market caps and rising interest in the restaking sector are increasing demand for PENDLE’s services during bull markets.
3. User Search Trends
1) Popular Dapp
UXLINK: A pioneering Web3 social system designed for mass adoption, enabling users to build social assets and trade cryptocurrencies. It features a highly modular suite of Dapps—from onboarding and identity formation to group tools and social trading—all seamlessly integrated into Telegram. Recently, UXLINK announced a $15 million funding round led by SevenX Ventures, Ince Capital, and HashKey Capital. The Web3 social infrastructure project has also launched a series of NFTs titled "IN UXLINK WE TRUST" as airdrop eligibility tokens. Given the significant funding, users may want to participate in its airdrop campaign.
2) Twitter
ZKSYNC: ZKsync launched its airdrop claim portal yesterday, but many Twitter users reported qualifying yet receiving no allocation, sparking widespread dissatisfaction. In response, ZKsync clarified that meeting one or more airdrop criteria does not guarantee eligibility or entitlement, and all airdrop-related decisions are at the sole discretion of the ZKsync Association. The OTC price of ZKsync (ZK) is currently around $0.35, down over 40% in 24 hours.
3) Google Search & Regional Trends
Global overview:
IO.Net: A decentralized computing network supporting the development, execution, and scaling of ML applications on Solana, aggregating 1 million GPUs to form the world’s largest GPU cluster via DePIN.io.net, utilizing underused resources. Additionally, Bitget will launch PoolX today, allowing users to stake IO for native token yield, with a prize pool worth $100,000 in IO. Mining runs from June 12, 16:00 to June 22, 16:00 (UTC+8).
Regional search trends:
(1) English-speaking regions show divergence: The U.S. focuses on meme coins such as PEPE, FLOKI, and BODEN, while Australia and the UK pay more attention to public chain projects like MONAD, ICP, and SUI.
(2) European markets favor fundamentally strong projects, focusing on major public chains and large-cap altcoins. Top searched terms include Solana, Ethereum, Uniswap, and RNDR.
(3) CIS region shows strong interest in TON ecosystem and DePIN opportunities, with Notcoin and Grass frequently mentioned.
4. Potential Airdrop Opportunities
Nile Exchange
Nile is a concentrated liquidity DEX built on Linea, combining incentives with concentrated liquidity to maximize capital efficiency. As a sister protocol to RAMSES on Arbitrum, NILE inherits the proprietary ve(3,3) concentrated liquidity model. Nile Exchange is one of the Eligible Protocols in Linea’s The Surge initiative, meaning users who provide liquidity to the Nile protocol can simultaneously earn Linea’s LXP-L points.
How to participate: On the Linea mainnet, deposit LP positions for weETH/ETH, wrsETH/ETH, ezETH/ETH, or USDC/USDT pairs into Nile to earn high APY returns along with multiple reward points.
Spark
Spark Protocol is a lending market launched by MakerDAO, integrating direct lending functionality within the Maker ecosystem. Through Spark, users can borrow DAI using assets such as ETH, stETH, and sDAI.
Spark has announced the upcoming launch of Season 2 of its SPK token pre-mine, which will distribute 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 qualify: According to the project’s official announcement, eligibility depends on the amount of ETH deposited and DAI borrowed, as well as the duration of ETH deposits or DAI borrowing positions.
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