Bitget Research: BTC Spot ETF halts net outflows, with new coin sectors like ZRO leading the rebound
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Bitget Research: BTC Spot ETF halts net outflows, with new coin sectors like ZRO leading the rebound
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
After a month of volatile decline, the market shows signs of rebounding. BTC spot ETFs ended their sustained net outflows last week, recording minor net inflows for four consecutive trading days. High-market-cap new tokens and ETH ecosystem tokens have demonstrated strong rebounds. This week, market attention centers on developments regarding ETH spot ETFs and Friday's U.S. unemployment rate and non-farm payroll data.
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Relatively strong wealth-generating sectors include: New token sector (ZRO, ZK, LISTA), ETH ecosystem (ENS, SSV);
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User's most-searched tokens & topics: Jumper Exchange, Kaspa, Daddy;
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Potential airdrop opportunities: Karak, Li.Fi;
Data collection time: July 1, 2024, 4:00 AM (UTC+0)
I. Market Environment
BTC spot ETFs halted net outflows last week, registering slight net inflows over the past four consecutive trading days. After a week of volatile decline, BTC rebounded, surpassing $63,000 and recovering losses from the previous week.
Multiple macroeconomic data releases are scheduled this week, with markets particularly focused on Friday’s U.S. unemployment and non-farm payroll figures. Over the weekend, sources reported that the SEC returned S-1 forms to ETH spot ETF issuers, requesting revisions and resubmission by July 8.
During the market rebound, new tokens such as ZRO, ZK, LISTA, and ETH ecosystem tokens like ENS showed significant gains, with ENS breaking its highest level in the past 29 months.
II. Wealth-Generating Sectors
1) Sector Movement: New Tokens (ZRO, ZK, LISTA)
Main reasons:
New tokens are rebounding from oversold conditions. High-market-cap new tokens such as ZRO and ZK had fallen significantly below pre-launch market expectations amid negative market sentiment. As market sentiment gradually stabilizes and investment valuations return to rational levels, ZRO and ZK quickly recovered during the rebound.
Factors influencing future trends:
Whether project teams behind new token projects such as LayerZero and ZKsync can take further actions to release positive news and sustainably stabilize token prices, along with the degree to which negative market sentiment is absorbed, will directly impact new token valuations.
2) Sector Movement: ETH Ecosystem (ENS, SSV)
Main reasons:
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Sources indicate that the SEC has returned S-1 forms to ETH spot ETF issuers, requiring revisions and resubmission by July 8. Even if ETH spot ETFs are not directly approved in early July, favorable news is likely to continue emerging.
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Despite market news on June 29 indicating that the U.S. SEC considers Lido and Rocket Pool staking programs as securities—leading to declines in LDO and RPL—this did not prevent ETH ecosystem tokens such as ENS and SSV from rising during the market rebound. ENS broke its highest level in the past 29 months.
Factors influencing future trends:
Developments surrounding ETH spot ETFs will directly affect ETH’s price and the performance of well-known projects within the ETH ecosystem. Additionally, whether the SEC will extend its scrutiny of classifying staking programs as securities to include projects such as SSV could significantly impact this sector.
III. User Search Trends
1) Popular Dapps
Jumper Exchange & Li.Fi:
Jumper Exchange is a multi-chain liquidity aggregator supporting cross-chain swaps and gas fee payments across most major blockchains, powered by LI.FI technology. Recently, interaction activity with both Jumper and the Li.Fi protocol has noticeably increased. Market speculation suggests the project team may have plans for a token generation event (TGE) or airdrop, prompting users to engage more frequently.
2) Twitter
Kaspa
Recently, Marathon Digital Holdings announced its mining operations for Kaspa (KAS). As of June 25, 2024, the company has mined 93 million KAS, valued at approximately $15 million. Kaspa is the fifth-largest proof-of-work (PoW) digital asset, known for its decentralization and scalability. Marathon successfully diversified its revenue streams by deploying around 60 petahash of Kaspa ASICs in Texas, leveraging existing infrastructure and expertise, and plans full operational deployment by Q3 2024.
3) Google Search & Regional Trends
Globally:
DADDY:
DADDY is a meme coin launched on the Solana blockchain by prominent KOL Andrew Tate, primarily intended to counter the MOTHER token on Solana and address the imbalance of having only mother-themed tokens without father-themed ones. With 9.54 million followers on Twitter, the token surged rapidly after launch. However, celebrity-backed tokens on Solana have generally underperformed, and investors are advised to proceed with caution.
By regional search trends:
(1) Asia shows limited hotspots, with no widespread search trend patterns observed across regions.
(2) Western Europe and North America have refocused attention on mainstream memes, with maga appearing in France’s trending searches and PEPE showing up in multiple Western European and North American countries.
(3) ONDO has emerged as a trending search in South American and European countries. Ondo Finance is a financial protocol focused on the RWA sector, currently specializing in tokenizing high-quality assets such as U.S. Treasuries and money market funds within a compliant framework, enabling investment and trading by blockchain users. Its price performance has been relatively resilient recently.
IV. Potential Airdrop Opportunities
Karak
Karak is an Ethereum Layer2 re-staking layer with multi-chain advantages. Backed by Andalusia Labs, a provider of digital asset risk infrastructure, it has raised $51.2 million in funding from investors including Pantera, Lightspeed Capital, and Framework Ventures. Staking on Karak allows users to earn “staking rewards + re-staking rewards + Eigenlayer points + staked LRT points + Karak XP.”
How to participate: 1) Add the Karak network (available via chainlist to add Karak Mainnet); 2) Bridge assets to the Karak chain (currently supports rswETH, USDC, wETH) and stake through Karak Pools.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that enables exchanges between any two assets by aggregating bridges and DEX aggregators across more than 20 networks, including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base.
Cross-chain infrastructure protocol LI.FI has completed a $17.5 million Series A funding round led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.
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