Bitget Research: Mt. Gox's BTC repayment initiation triggers market panic, AI sector leads rebound
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Bitget Research: Mt. Gox's BTC repayment initiation triggers market panic, AI sector leads rebound
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
Over the past 24 hours, the crypto market has seen an overall decline, with altcoins initially dropping before rebounding. The launch of BTC repayments by Mt. Gox triggered market panic, while the AI sector performed well. Specifically:
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The sectors with relatively strong wealth-generation potential are: AI sector, Solana ecosystem, and ETH-based projects
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User's most-searched tokens & topics: Orderly, Berachain, Moonshot
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Potential airdrop opportunities: Scroll - Scroll Session 1, Sanctum - Sanctum Profiles
Data collection time: June 25, 2024, 04:00 (UTC+0)
I. Market Environment
Over the past 24 hours, BTC led a broad market downturn, briefly touching a low of $58,400 before recovering. This was primarily due to Mt. Gox announcing its BTC repayment plan yesterday, sparking fears that it might sell off its holdings of 140,000 BTC, leading to panic-driven selling. After hitting $58,400, BTC quickly rebounded with a 5% surge and is now oscillating around $61,500. BTC futures funding rates have turned negative—watch for near-term rebound opportunities.
In external markets, Nasdaq dropped 1.09% yesterday, and NVIDIA fell 6.68%, marking its third consecutive day of declines totaling 15%. The capital-draining effect from U.S. financial markets appears to be easing. The Fed net liquidity indicator rose by $40 billion over the past week—the last time such a short-term spike occurred was during the Silicon Valley Bank collapse. At that time, BTC prices initially dipped due to liquidity concerns but later surged.
II. Wealth-Generating Sectors
1) Sector Movement: AI Sector (AGIX, FET, OCEAN)
Main reasons:
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Binance recently announced support for merging FET, AGIX, and OCEAN into ASI, sparking widespread discussion in Europe and North America, significantly increasing community attention;
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AI-related assets have undergone prolonged consolidation and technical bottoming, creating momentum for a rebound on technical indicators.
Price movement: AGIX, FET, and OCEAN each rose over 20% within 24 hours;
Factors influencing future performance:
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Future trading activity: Currently in a rebound phase after bottoming out. Close monitoring of sustained volume expansion in this sector is essential. If trading volume remains high alongside rising prices, indicating sustained market interest, holding positions may be justified.
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Post-merger performance of the three projects: Follow SingularityNET’s Twitter for upcoming technical AMAs about project development. Monitor delivery progress. If innovative products emerge, long-term holding of these tokens could be viable.
2) Sector Movement: Solana Ecosystem (SOL, POPCAT, WIF)
Main reason: SOL was the first to reach its previous low at $120 and then led the rebound, driving up associated meme coins;
Price movement: SOL, POPCAT, and WIF rose 8%, 60%, and 20% respectively within 24 hours;
Factors influencing future performance:
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Community signals: Meme coin operations heavily influence price movements. Pay close attention to AMAs and Twitter updates from project teams. New announcements can offer timely trading opportunities and early entry points;
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Changes in open interest: SOL’s open interest increased yesterday, signaling inflow of speculative capital. Use tv.coinglass to track derivatives data and detect institutional movements—first observe increases in net long positions; then check whether contract data shows rising net longs, growing open interest (OI), and expanding trading volume. If so, this suggests sustained institutional buying, supporting continued holding.
3) Sector to Watch Going Forward: Ethereum Ecosystem Projects
Main reason: The S-1 filing for ETH spot ETFs could be approved by the SEC in early July, potentially creating speculation opportunities for ETH-based assets. Recently, this sector has corrected significantly, opening attractive entry points;
Specific token list:
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UNI: The first DeFi swap project on blockchain applications. Uniswap generated over $2 million in fees in the past 24 hours, demonstrating solid revenue;
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LDO: A leading LSD project in the Ethereum ecosystem with a TVL of $3.25 billion, yet valued at under $250 million—relatively undervalued;
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PENDLE: Project TVL has been steadily rising, now reaching $620 million. Growing stablecoin market caps and heightened interest in the restaking sector are increasing demand for PENDLE’s services during bull markets.
III. User Trends & Hot Topics
1) Popular Dapp
Orderly:
Orderly Network, a cross-chain derivatives liquidity layer, announced an increase in its airdrop allocation—boosting token distribution for its "Merits" points program by 50%, from 59 million to 92 million tokens. Additionally, the total airdrop supply will rise from 10% to 13.3% of the total token supply. The points campaign, "The Road to The Order," has also been extended by eight weeks, though it may end earlier.
2) Twitter
Berachain:
According to The Block, Infrared, Berachain’s liquid staking protocol, has received investment from Binance Labs. The amount was not disclosed. Funds will be used for protocol development, team expansion, and audits.
3) Google Search & Regional Trends
Global trends:
Moonshot:
DEX Screener launched a token launch platform called "Moonshot," positioning itself as a competitor to pump.fun. This launchpad follows principles including unruggable contracts, LP burn, ownership renounced, and automatically migrating all remaining tokens and liquidity to Raydium once market cap reaches 500 SOL (approximately $67,700).
"CTO Meaning" made the trending list following this news—it’s a meme-community slang term standing for "Chief Troll Officer," referring to community-driven or community-launched meme tokens.
Regional search trends:
(1) Asian countries: Terms like “why crypto is down today” and “greed and fear index” ranked highly across multiple Asian nations, reflecting investors’ top concern regarding the recent market drop.
(2) Western countries: No clear dominant trend—top searches varied by country. For example, Italian traders focused on SHIB, NOT, SAND; German users searched Raydium, ARKM; UK users looked up TURBO, Moonshot, etc.
IV. Potential Airdrop Opportunities
Scroll - Scroll Session 1
Well-funded Layer 1 blockchain Scroll launched Scroll Session 1 three days ago. While the previous Session 0 awarded points simply for holding tokens in wallets and interacting with the Scroll chain, Session 1 now requires users to deposit assets into certain officially designated protocols.
How to participate: (1) Officially recommended DEXs include Ambient and Nuri; recommended lending protocols are Aave and Rho Markets; (2) “Marks = Value x Action x Time,” meaning score equals value multiplied by action and time. For details, visit the official blog: https://scroll.io/blog/session-one-defi-on-scroll
Sanctum - Sanctum Profiles
Sanctum is a liquid staking protocol on Solana, currently ranking fifth in the Solana ecosystem with a TVL exceeding $750 million. It recently concluded its Wonderland points campaign and just launched Sanctum Profiles (currently in beta). Sanctum Profiles allow users to build their identity within the Sanctum ecosystem and may evolve into a broader DID (Decentralized Identity) product in the future.
How to participate: (1) Visit https://app.sanctum.so/profile, connect your wallet, and click “Create Profile” to edit. (2) This could become one of the criteria or methods for future $CLOUD token airdrops or anti-Sybil mechanisms.
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