Bitget Research: BTC fails to break above $64,000 and continues to pull back; market unlikely to see wealth effect before Ethereum ETF approval
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Bitget Research: BTC fails to break above $64,000 and continues to pull back; market unlikely to see wealth effect before Ethereum ETF approval
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 market remains volatile. Bitcoin briefly dropped below $62,000 yesterday and is currently oscillating around $61,000. Wealth effects are weakening, with the following areas still showing some potential:
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High-wealth-potential sectors: New tokens (ZRO, ZK), ETH ecosystem (ENS, SSV)
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User's most-searched tokens & topics: Sanctum, Astar Network, Pendle
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Potential airdrop opportunities: Hamster Kombat, Sanctum
Data collection time: 04:00 July 03, 2024 (UTC+0)
1. Market Environment
Yesterday, Bitcoin briefly fell below $62,000. The market continues to experience downward volatility, with diminishing wealth effects, requiring investors to remain cautious. Meanwhile, nine Bitcoin ETFs collectively added 2,372 BTC yesterday, worth approximately $147.78 million, marking multiple consecutive days of net inflows. According to CryptoQuant data, Bitcoin’s hashrate has declined by 7.6%, reaching its lowest level since December 2022. Additionally, other indicators such as Bitcoin exchange reserves, Miner Position Index (MPI), and Bitcoin miner reserves support a market bottom, suggesting low selling pressure.
On the market front, The ETF Store predicts spot Ethereum ETFs could launch during the week of July 15. An SEC commissioner has called for updates to the S-1 form to better accommodate the unique nature of cryptocurrencies.
2. Wealth-Generating Sectors
1) Sector Movement: New Tokens (ZRO, ZK)
Main reasons:
New tokens have not broadly followed the overall market downtrend. High-market-cap new tokens like ZRO and ZK are now priced significantly below pre-market expectations amid negative sentiment. As market emotions stabilize and valuations return to rational levels, ZRO and ZK show strong resilience even as altcoins broadly decline.
Price movement: ZRO and ZK rose 3.4% and 3% respectively over the past 24 hours.
Factors affecting future outlook:
Whether project teams behind new tokens like LayerZero and ZKsync can take further actions to sustain positive momentum and stabilize prices, along with how much market negativity has been absorbed, will directly impact these tokens’ prices.
2) Sector to Watch: ETH Ecosystem (ENS, SSV)
Main reasons:
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Nate Geraci, President of The ETF Store, forecasts the launch timing for spot Ethereum ETFs. Bloomberg’s prediction remains mid-July, with a revised S-1 expected to be filed on July 8 and the final S-1 potentially submitted on July 12. This theoretically implies a launch during the week of July 15.
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Even after the June 29 market news that the U.S. SEC might classify Lido and Rocket Pool staking projects as securities—leading to declines in LDO and RPL—ENS, SSV, and other ETH ecosystem tokens continued rising during market rebounds. Notably, ENS has broken a new high unseen in the past 29 months.
Factors affecting future outlook:
News regarding spot ETH ETFs will directly influence ETH’s price and the performance of major projects within the ETH ecosystem. Furthermore, whether the SEC extends its “securities” classification to include other staking protocols like SSV will significantly impact this sector.
3. User Search Trends
1) Popular Dapp
Sanctum: Sanctum is a liquidity aggregation protocol for Liquid Staking Tokens (LST) in the Solana ecosystem. It previously announced the tokenomics for its CLOUD token, allocating 10% of the supply for an initial airdrop. Founder FP Lee stated on social media that half of the airdrop (5%) will be distributed based on Wonderland XP ratios, while the other half (5%) will be allocated based on "Earnestness." With total value locked (TVL) exceeding $870 million, ranking as the fifth-largest project by TVL in the Solana ecosystem, users may consider participating in its staking activities.
2) Twitter
Astar Network: Astar Network will burn 350 million ASTR tokens, representing 5% of the total supply. These tokens were originally allocated for Polkadot parachain auctions, which were later shelved by Polkadot. The 350 million tokens generated 70 million ASTR in rewards, which will now be transferred to the community treasury. The large-scale token burn has sparked significant community attention.
3) Google Search & Regions
Global perspective:
Pendle: According to Bitget market data, PENDLE has fallen below $4.1, currently trading at $4.08, down 17.4% over 24 hours. The main reason for the drop is that Pendle markets for Ether.Fi’s eETH, Renzo’s ezETH, Puffer’s pufETH, Kelp’s rsETH, and Swell’s rswETH concluded last Thursday. Pendle’s TVL dropped 40% last week, with over $3 billion in user funds exiting.
Regional search trends:
(1) Yesterday, no clear trending altcoins emerged across Asian countries. Projects of interest varied widely—from Layer 1s and memecoins to trading platforms—with low overlap between countries.
(2) Western countries: English-speaking regions continue to consistently follow public blockchain projects, with items like INJ, SUI, and MONAD remaining on热搜 for extended periods. The U.S. shows particular interest in memecoins, with PEPE, HERO, and TRUMP all trending. European countries like the Netherlands and Poland maintain strong interest in Solana.
4. Potential Airdrop Opportunities
Hamster Kombat
Hamster Kombat is a clicker game built on Telegram. Players act as a cryptocurrency exchange CEO, earning coins by tapping a hamster on screen within Telegram. These coins can be used to upgrade the exchange and increase hourly profits, with future token airdrops as rewards. Additional earnings can be boosted by subscribing to Telegram channels or inviting friends.
The project has surpassed 150 million global users. On social media, it has 5.515 million Twitter followers and over 26 million subscribers on its official Telegram channel.
How to participate: Access the mini-app via Telegram, tap the hamster in the center to earn coins. Tap three times to unlock a hidden feature: the background turns red, and a Morse code challenge appears. Correct answers grant 1,000,000 coins per day. Enter the hourly earnings section to upgrade cards; upgrading three daily cards grants an additional 5,000,000 coins.
Sanctum
Solana-based LST protocol Sanctum officially launched its loyalty program, Sanctum Wonderland. The program offers gamified yield generation using SOL. Users stake SOL to collect pets and earn experience points (EXP) through pet activity.
Previously, Sanctum, a liquid staking protocol on Solana, 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 the referral code. Exchange SOL for Infinity, deposit at least 0.122 SOL plus 0.05 SOL for gas fees—your wallet should hold at least 0.172 SOL. Deposit at least 0.11 SOL to activate automatic pet growth and EXP earning. If LST balance falls below 0.1 SOL, pets go into hibernation and stop earning EXP. For optimal results, deposit 1 SOL or more—1 SOL earns 10 EXP per minute. Funds can be withdrawn anytime, with minimal gas fees.
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