Bitget Research: Bitcoin briefly drops below $58,000; Solana LST protocol Sanctum launches token airdrop
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Bitget Research: Bitcoin briefly drops below $58,000; Solana LST protocol Sanctum launches token airdrop
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 insightsSummary
Bitcoin briefly dropped below $58,000, triggering a surge in panic sentiment across the crypto market. Yesterday's Federal Reserve meeting minutes reiterated that inflation remains unresolved.
Relatively strong wealth-generating sectors include:
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DePin (MOBILE, HONEY), ETH ecosystem (ENS, SSV)
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User trending tokens & topics: Sentient, Astar Network, TAO
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Potential airdrop opportunities: Linea Surge, Solayer
Data as of: July 4, 2024, 04:00 (UTC+0)
I. Market Environment
Yesterday, the overall crypto market declined, with Bitcoin briefly falling below $58,000, significantly increasing market-wide fear and panic. Most major cryptocurrencies have broken below their daily bullish trendlines, suggesting potential for further downside.
The Federal Reserve’s released meeting minutes yesterday indicated that more confidence-building data is needed before considering rate cuts, signaling that inflation has not yet reached target levels. On the Bitcoin ETF front, there was a net outflow of $20.5 million yesterday. Market speculation that Ethereum ETFs would begin trading on July 4 has proven false, leading to sharp declines in Ethereum-based tokens.
Solana LST protocol Sanctum announced its airdrop details yesterday, allocating 10% of token supply to the initial airdrop. Half (5%) will be distributed based on Wonderland XP ratios, while the other half (5%) will be allocated according to "Earnestness." Sanctum currently holds a total value locked (TVL) of $790 million on Solana, ranking fifth in TVL among Solana-based protocols.
II. Wealth-Generating Sectors
1) Sector Movement: DePin (MOBILE, HONEY)
Main reasons:
Recently, several DePin projects have announced positive developments. For example, Helium Mobile is launching a licensing program for hotspot devices, allowing it to earn licensing fees from hotspots manufactured elsewhere while expanding its cellular network. Hivemapper has already covered 23% of the globe in building its decentralized map.
Price performance: MOBILE rose 70% over the past 7 days; HONEY increased by 48.8%.
Factors affecting future outlook:
The future performance of DePin projects largely depends on project progress, changes in incentive policies, and the number of global nodes. The core of DePin lies in enabling globally distributed hardware to participate in incentivized networks and share rewards. Therefore, the number of connected devices is the primary factor influencing project success. Investors should closely monitor related developments and metrics when making investment decisions.
2) Sector to Watch: ETH Ecosystem (ENS, SSV)
Main reasons:
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The anticipated launch of spot Ethereum ETFs on July 4 failed to materialize, causing some Ethereum ecosystem tokens to drop. However, there remains a chance for ETF approval in mid-July, which could trigger an oversold rebound in certain ETH ecosystem tokens.
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Nate Geraci, President of The ETF Store, predicts the launch timing of spot Ethereum ETFs, noting Bloomberg still forecasts mid-July. Revised S-1 filings are expected by July 8, with final S-1 submissions possibly on July 12, theoretically enabling a launch during the week of July 15.
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Even after June 29 news that the U.S. SEC may classify Lido and Rocket Pool staking programs as securities—leading to drops in LDO and RPL—tokens like ENS and SSV continued to rise during market rebounds. ENS recently broke a new high not seen in 29 months.
Factors affecting future outlook:
Two key factors driving ETH ecosystem token prices: 1) Whether spot Ethereum ETFs receive approval and launch soon; 2) The U.S. SEC’s regulatory stance toward specific projects. Approval of spot Ethereum ETFs in mid-July would be highly positive for all ETH ecosystem projects. Conversely, failure to approve could lead to market disappointment and sell-offs.
III. User Trending Topics
1) Popular Dapp
Sentient
Sentient is an open-source artificial intelligence development platform. It launches "campaigns" for contributors, each with specific metrics used to evaluate contributions and distribute rewards. The project recently raised $85 million in funding from top-tier investors including Pantera Capital*, Framework Ventures, Hash VC, and Foresight Ventures. It may become a focal point in the AI sector, warranting ongoing attention.
2) Twitter
Astar Network (ASTR) launched its token and listed on major exchanges back in 2022. Despite the broader market downturn, it rebounded early last week, attracting trader interest. The token is now listed on Bitget, and its price action is worth monitoring. If the broader market stabilizes and recovers, Astar Network could generate strong wealth effects.
3) Google Search & Regions
Global trends:
Why is down today:
The crypto market continues to decline gradually. BTC found some support around the $58,000 level. With rate cut expectations being priced in earlier in the second half of the year, and 10-year Treasury yields falling, the U.S. dollar index may weaken. Rate cuts are generally positive for crypto assets, so positioning ahead of potential second-half rallies may be prudent.
TAO:
Yesterday, Bittensor suffered an attack due to a compromised private key, resulting in the theft of 32,000 TAO tokens (worth approximately $8 million). As a result, Bittensor (TAO) dropped below 240 USDT to 237 USDT, down over 10% in 24 hours. The incident caused significant price volatility and drew widespread market attention.
Regional search trends:
(1) Asian countries: “why crypto is down today” and “greed and fear index” ranked highly in multiple Asian nations, indicating strong investor focus on understanding recent market declines.
(2) Western countries: No clear consensus. Top trending tokens and search terms varied by country—for example, Italian traders focused on TAO, NOT, SOL; German users searched SOL, LDO; UK users looked up ETH, TAO.
IV. Potential Airdrop Opportunities
Linea Surge
Following Linea Park, the Linea Voyage: The Surge campaign has officially launched. Note that users must activate their accounts on the Linea website using a referral code to start earning LXP-L points. Whales Market has launched a marketplace for trading Linea points, indicating potential future airdrop opportunities.
Although the market previously doubted Linea could reach $3 billion in TVL, it has already achieved $700 million. After major projects like zkSync and LayerZero launched their tokens, capital may increasingly flow into Linea, potentially accelerating its path to $3 billion TVL and ending the event early.
How to participate: (1) Activate your Linea account via referral link; (2) Deposit ETH, DAI, or other supported assets into the Linea network; (3) Deposit assets into supported DeFi protocols such as SyncSwap, Mendi Finance, or SushiSwap to earn LXP-L points (Linea supports over 20 protocols—check full list at: https://www.openblocklabs.com/app/linea/dashboard).
Solayer
Solayer is a native restaking protocol for the Solana ecosystem, analogous to EigenLayer’s role in Ethereum. Solayer enhances data security and enables high-speed transaction validation through decentralized cloud infrastructure.
The project recently completed a funding round with participation from notable figures including Anatoly Yakovenko (Founder of Solana), Sandeep Nailwal (Co-founder of Polygon), Joseph Delong, Joe Lallouz, Rooter, Richard Wu, Ansem, and DCF GOD. Backed by industry heavyweights, Solayer is expected to achieve a high valuation, offering promising airdrop-driven wealth potential.
How to participate: (1) Visit the official website and enter your referral link; (2) Deposit SOL, mSOL, JitoSOL, or bSOL on the platform.
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