Bitget Research: SEC closes investigation into ETH 2.0, ETH ecosystem tokens rebound across the board
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Bitget Research: SEC closes investigation into ETH 2.0, ETH ecosystem tokens rebound across the board
Over 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
Over the past 24 hours, Bitcoin briefly dropped below the $65,000 support level, with multiple major altcoins falling over 10%. Meanwhile, the SEC concluded its investigation into ETH 2.0, triggering a broad rebound across the ETH ecosystem. Key highlights:
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The most promising wealth-generating sectors are: blue-chip ETH ecosystem projects and Curve-related tokens;
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Top user-searched tokens & topics: Renzo, Particle Network, DJT
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Potential airdrop opportunities: Skate, Sanctum
Data as of: June 19, 2024, 04:00 (UTC+0)
I. Market Environment
On Tuesday, the crypto market declined across the board. Bitcoin briefly fell below the $65,000 support level, with several major altcoins dropping double-digit percentages. At press time, Bitcoin has recovered to trade around $65,056, down 2.36% over the past 24 hours. According to Coinglass data, approximately $372 million in long leveraged positions were liquidated in the past 24 hours, compared to $61.8 million in short liquidations. The market is showing clear spot premium, indicating reduced speculative activity. Earlier, BTC order books showed buy-side concentration around $65,000, which has now shifted lower to around $64,000. Bitcoin remains below its 50-day moving average, adding downward pressure on the medium-term trend—investors should remain patient.
In traditional markets, Nvidia surpassed Microsoft to become the world’s most valuable publicly traded company. The S&P 500 and Dow Jones Industrial Average rose 0.25% and 0.15% respectively, while the Nasdaq closed flat. Investors should continue monitoring the correlation between Nasdaq and BTC. If the correlation turns positive while Nasdaq begins to decline, it could significantly impact the crypto market.
II. Wealth-Generating Sectors
1) Sector Movement: Blue-Chip ETH Ecosystem Projects
Main Reasons:
Bitwise has submitted an amended S-1 filing for its spot Ethereum ETF to the U.S. Securities and Exchange Commission (SEC), reflecting changes following the SEC’s initial round of feedback. It remains unclear whether further rounds of review will be required, and management fees have not yet been disclosed. Overall, the SEC's conclusion of its investigation into ETH 2.0 has triggered a strong catch-up rally among blue-chip tokens within the ETH ecosystem that performed well during the previous bull cycle. This sector is expected to outperform others going forward, although broader market conditions remain weak, so trading should still be approached cautiously.
Price Performance:
ENS, LDO, and RPL rose 16%, 20%, and 17% respectively over the past 24 hours;
Factors Influencing Future Trends:
Currently, a spot ETH ETF approval appears highly likely, potentially launching trading within weeks or months. Prior to and following such approval, the ETH/BTC exchange rate may continue rising, and ETH could reach new all-time highs in the coming months. An ETH breakout would likely lift the entire altcoin market cap, increasing leverage and trading activity among ETH-based traders. Blue-chip projects—especially those generating real yields in DeFi—could continue to rise, potentially ushering in an "altseason."
2) Sector Movement: Curve-Related Tokens (CRV, CVX)
Main Reasons:
Yesterday’s news that Bitwise filed an amended S-1 for a spot Ethereum ETF, combined with the SEC ending its investigation into Ethereum 2.0—effectively signaling ETH is not a security—spurred significant gains in ETH ecosystem assets including CRV and CVX.
Price Performance:
CRV and CVX surged 17% and 36% respectively over the past 24 hours;
Factors Influencing Future Trends:
Curve remains one of the premier venues for large-scale stablecoin trading and continues to generate solid real profits. However, its main challenge lies in an outdated narrative, lacking exciting new products or operations. Past incidents and recent sell-offs have also left some investor concerns unresolved. That said, several whale OTC purchases of CRV occurred above $0.30, suggesting the current price level still holds appeal.
3) Sector to Watch: AI Sector
Main Reasons:
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Binance recently announced support for merging FET, AGIX, and OCEAN into ASI, sparking widespread discussion in Western markets and high community engagement;
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Arweave AO announced the launch of AO token minting—users holding AR can claim AO. The distribution is considered fair, focusing on data-layer infrastructure;
Key Token List:
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TAO: Bittensor is an open-source protocol supporting blockchain-based machine learning networks. Machine learning models are trained collaboratively and rewarded in TAO based on the informational value they contribute;
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NEAR: Recently, many AI projects within the NEAR ecosystem are in build or fundraising stages, positioning NEAR as a potential future AI hub;
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ASI: The merged token of FET, AGIX, and OCEAN—expected to exhibit high volatility post-merger, presenting speculative opportunities;
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AR: Arweave’s new token AO is即将 issued, backed by solid technical fundamentals and operating in a promising sector.
III. User Search Trends
1) Popular Dapp
Renzo: Liquidity restaking protocol Renzo announced a $17 million funding round, split into two tranches—one led by Galaxy Ventures, the other by Abu Dhabi-based Nova Fund – BH Digital. Following this positive news, the REZ token briefly spiked 3.74%. Despite a sharp price decline, Renzo maintains $3.8 billion in TVL, with no severe user outflows observed.
2) Twitter
Particle Network: Positioned as a modular Layer 1 enabling chain abstraction, during Phase 1 of its testnet, Particle Network’s Universal Account leveraged the high-performance EVM environment of Particle L1 to connect various mainstream L1s/L2s including Ethereum, BNB Chain, Polygon, and BTC L2s. Its on-chain account count has already exceeded 1 million. With potential airdrops expected, it has gained high popularity—user participation is recommended.
3) Google Search & Regional Trends
Global Overview:
DJT: U.S. media outlet Pirate Wires tweeted, “Rumor has it Trump is launching an official token on Solana—$DJT.” This caused a spike in interest around the DJT token. On-chain analytics platform Arkham announced a $150,000 bounty for anyone who can definitively identify the issuer of the Trump-themed Solana-based DJT token. However, prices soon began to fall, declining over 57% in the past 24 hours. Given the high volatility and uncertainty, continued user attention is not advised.
Regional Search Trends:
(1) Asia lacks unified thematic focus, with different countries showing divergent interests and minimal collective attention toward specific projects or events.
(2) Search trends in Western regions differ sharply from Asia: English-speaking countries show concentrated interest in meme coins such as boden, pepe, trump, and floki. In the UK, public chain projects like monad, icp, and hedra consistently rank high in search trends.
IV. Potential Airdrop Opportunities
Skate
Skate aims to create a "cross-chain application layer" to break down DApp silos—enabling DApps to operate across multiple chains with a single shared state. New blockchains can seamlessly connect to Skate, allowing users and developers to interact solely with Skate to instantly access all connected networks with unified liquidity. The project has publicly announced an 8% airdrop of its tokens.
Previously known as Range Protocol—an on-chain asset management protocol—Skate raised $3.75 million in a seed round last September, co-led by HashKey Capital and Nomad Capital.
How to Participate: Complete simple tasks to earn 600 Ollies points and an early-bird NFT. Connect your wallet and complete basic social media actions such as retweeting to mint an early-bird NFT with zero gas fees. Referrals yield additional points.
Sanctum
Solana-based LST protocol Sanctum has officially launched its loyalty program, Sanctum Wonderland. The initiative aims to gamify yield generation using SOL. Users can stake SOL to collect pets, earn experience points (EXP), and level up through pet-generated EXP.
Previously, Sanctum, a Solana-based liquid staking protocol, completed an extended seed round led by Dragonfly, with participation from Solana Ventures, CMS Holdings, DeFiance Capital, Genblock Capital, Jump Capital, Marin Digital Ventures, and others, bringing total funding to $6.1 million.
How to Participate: Open the link, connect your wallet, enter an invite code. Step ②: swap SOL for Infinity, deposit at least 0.122 SOL plus 0.05 SOL for transaction fees—your wallet should hold at least 0.172 SOL. Deposit at least 0.11 SOL; pets will then grow automatically and begin earning EXP. If your LST balance drops below 0.1 SOL, your pet enters hibernation and stops earning EXP. For optimal results, deposit 1 SOL or more—1 SOL earns 10 EXP per minute. Funds can be withdrawn anytime, with extremely low gas fees.
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