Bitget Research: Ethereum ETFs Expected to Be Approved This Summer, CRV Bounces Back Over 20% After Liquidation
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Bitget Research: Ethereum ETFs Expected to Be Approved This Summer, CRV Bounces Back Over 20% After Liquidation
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
The cryptocurrency market remains under pressure today. Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), testified at a Senate hearing that spot Ethereum ETFs are expected to receive full approval from the agency by the end of summer. Key highlights:
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Wealth-generating sectors: ETH ecosystem projects, TON ecosystem tokens;
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User's most searched tokens & topics: Daddy, RWA Crypto;
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Potential airdrop opportunities: Zircuit, MYX Finance;
Data collection time: June 14, 2024, 4:00 AM (UTC+0)
I. Market Environment
The crypto market remains under pressure today, continuing the pullback that started after the Federal Reserve signaled on the previous day that it expects only one rate cut this year. Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), testified at a Senate hearing that spot Ethereum ETFs are expected to receive full approval from the agency by the end of summer. Following his remarks, Ethereum led gains in early trading but was quickly sold off, readjusting back below $3,500. After the release of the Fed’s policy meeting results, markets began moving lower consistently in the afternoon on Wednesday. The U.S. central bank kept its benchmark federal funds rate unchanged within the range of 5.25%-5.50%. However, according to the latest dot-plot projections, the Fed now anticipates only one 25-basis-point rate cut in 2024. Prices are currently fluctuating based on speculation around future rate-cut outcomes.
On the project front, Arkham reported that CRV’s price fell below the liquidation threshold of Curve founder Michael Egorov, resulting in the full liquidation of his nine-figure loan positions across five protocols. Since the liquidation, CRV’s price has rebounded over 20% as of today.
II. Wealth-Generating Sectors
1) Sector to Watch: ETH Ecosystem Projects
Primary reason: Gary Gensler, SEC Chairman, testified at a Senate hearing that spot Ethereum ETFs are expected to be fully approved by the agency by the end of summer.
Specific token list:
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ETHFI: The current Ethereum ETF filings state that the ETF will only include Ether tokens and will not allow staking. This restriction significantly reduces attractiveness for ETF investors, thereby creating substantial upside potential for the Ethereum restaking sector.
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LDO: A leading LSD project in the ETH ecosystem with a TVL of $3.44 billion and a market cap of less than $200 million, making it relatively undervalued.
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SSV: SSV Network is a decentralized staking infrastructure enabling simple and scalable access to decentralized ETH staking for everyone. According to its official website, total TVL has surpassed $600 million, with over 150,000 ETH staked.
2) Sector Movement: TON Ecosystem Tokens (TON, FISH)
Main reason: Driven by Telegram’s 900 million user base, the TON ecosystem has been growing quietly, with daily active addresses already surpassing those of Ethereum. Additionally, TON officially announced the launch of enhanced pools on ston_fi and dedust_io, offering rewards exceeding $1.8 million. Combined ecological incentives and user growth are fueling further prosperity.
Price performance: TON rose 4.42% over the past 24 hours; FISH gained 7.02%.
Factors influencing future outlook:
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Future trading activity: Currently, a major weakness in the Ton ecosystem is its relatively low number of active traders compared to other blockchains, with trading volume far behind other chains. If incentive programs can boost trader engagement, both price and liquidity have room for further growth.
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Pantera’s future support for the Ton ecosystem: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made its largest-ever investment into Telegram’s TON blockchain project, increasing attention on the Ton ecosystem. If funding and product launches follow through promptly, the Ton ecosystem could achieve prosperity sooner.
III. User Search Trends
1) Popular Dapp
Orderly Network
Orderly Network, a NEAR-based derivatives trading protocol, announced via Twitter that it will distribute 10% of its total token supply (100 million tokens) as an airdrop to early users. NEAR traders must bind their wallets before June 27. Users can now check their eligibility and bind wallets via the airdrop lookup website. Orderly aims to become a cross-chain derivatives liquidity layer, aggregating liquidity across chains to provide liquidity and settlement support for any asset, any blockchain, and any product interface.
2) Twitter
Curve
According to Arkham monitoring, Curve founder Michael Egorov had $140 million worth of CRV liquidated. Yesterday morning, CRV’s price dropped below his liquidation threshold, triggering full liquidations of his nine-figure loan positions across five protocols. Michael Egorov tweeted: “The Curve Finance team and I have been working to resolve the liquidation risks that occurred today. Many know all my loans were liquidated. My position was too large for the market to absorb, causing $10 million in bad debt. Only the CRV market on lend.curve.fi was affected, as it held the largest position. I’ve already repaid 93% of the bad debt and intend to repay the remainder soon.” The topic continues to attract high community interest on Twitter.
3) Google Search & Regions
Global trends:
Daddy: Yesterday, blockchain data visualization firm Bubblemaps tweeted that insiders purchased 30% of the total DADDY token supply at launch—now worth over $45 million—before Andrew Tate promoted it on X. The main hype stems from the rivalry between Andrew Tate and Ansem, both of whom have issued Daddy tokens. The topic remains highly popular on Twitter.
Regional search trends:
(1) In Asia, RWA Crypto stands out prominently. With yesterday’s simultaneous release of FOMC and CPI data, risk-averse sentiment was strong, putting downward pressure on the market ahead of the data.
(2) In Europe and the U.S., attention is focused on meme coin projects, particularly FLOKI. Amid recent broad market declines, MEMECOINs remain one of the few areas generating wealth effects and discussion.
(3) In CIS regions, interest is more diverse, including projects such as Taiko, Aevo, and Uniswap.
IV. Potential Airdrop Opportunities
Zircuit
Zircuit is a Layer 2 blockchain project built on zkRollup with parallel processing and AI integration, backed by Pantera and Dragonfly. Its TVL has already exceeded $1.1 billion. The ecosystem is gradually maturing, featuring staking, cross-chain bridges, and a block explorer. Users can qualify for potential airdrops by participating in ecosystem development and community engagement.
How to participate: 1) Visit the staking page (https://stake.zircuit.com/) to stake and earn points; 2) Participate in node deployment to earn points (https://build.zircuit.com/build).
MYX Finance
MYX Finance is a decentralized derivatives exchange using the MPM 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 seed round at a $50 million 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 engage: Operationally, it functions similarly to other derivative DEXs—users can trade or provide liquidity. Currently integrated with Linea and Arbitrum, increasing activity on the Linea network may also help users qualify for potential future Linea airdrops.
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