Bitget Research: Bitcoin fails to rebound over weekend, UniSat product update drives SATS rally
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Bitget Research: Bitcoin fails to rebound over weekend, UniSat product update drives SATS rally
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-building opportunities.
Navigating Web3 tides with focused insightsSummary
The German government continued selling BTC over the weekend, while Bitcoin failed to sustain its rebound and Ethereum approached the $2,800 support level. UniSat's product updates drove SATS higher, but overall activity in the Bitcoin ecosystem and the inscriptions sector remained muted. NOT surged 50% over the weekend, and the TON ecosystem demonstrated relative resilience amid recent market declines.
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Notable and watchlisted sectors: SATS, TON ecosystem
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User's trending tokens & topics: Data Ownership Protocol ($DOP), BitLayer, Tapswap;
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Potential airdrop opportunities: RedStone, Symbiotic;
Data statistics as of: July 8, 2024, 04:00 (UTC+0)
1. Market Environment
BTC spot ETFs recorded a net inflow of $143 million on the last business day of last week. The German government continued offloading BTC over the weekend. The broader market initially rebounded before falling again, with Bitcoin showing weak recovery momentum. Altcoins followed suit—rising sharply then plunging—as sentiment turned bearish.
Few altcoins stood out. UniSat’s product update boosted SATS, but performance across the broader Bitcoin ecosystem and inscriptions sector has been lackluster recently. NOT showed strong rebound strength over the weekend, while TON token rose 5% over the past seven days despite BTC dropping 13%, demonstrating counter-trend strength.
2. Wealth-Generating Sectors
1) Sector Movement: SATS
Main reasons:
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UniSat announced an update for UniSat Swap, introducing swap functionality on both the Bitcoin mainnet and Fractal Bitcoin. Fractal Swap is scheduled to launch in September. In future iterations, BTC and other mainnet assets will be able to exist as wrapped BRC-20 assets on Fractal Bitcoin, offering greater flexibility. From a user perspective, key differences include faster confirmations and lower overall fees on Fractal; similarities include reliance on the BRC-20 protocol and using BRC-20 sats as gas. Fractal Swap will implement a competitive rollup mechanism, allowing users to bundle their rollup results into the sequencer and earn transaction fees (in BRC-20 sats) from all transactions within the rollup.
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In early July, UniSat revealed it had completed a Pre-A funding round in May, led by Binance.
Factors affecting future outlook:
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Although UniSat has been active since July, the entire BTC ecosystem—including BTC Layer2 and inscription-related projects—has seen poor price performance. Since BRC-20 tokens are priced in BTC on-chain, this sector is particularly sensitive to broader market movements. The BTC ecosystem is unlikely to significantly outperform market beta unless there is a sustained bull run.
2) Sector to Watch: TON Ecosystem
Main reasons:
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During the brief market rebound over the weekend, Notcoin (NOT) surged +50%. While most altcoins rallied and then sharply corrected, NOT maintained relative price stability afterward.
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Over the past 7 days, BTC dropped 13% and most altcoins fell sharply, yet TON token rose 5%, moving against the broader trend.
Factors affecting future outlook:
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Whether high-traffic projects in the TON ecosystem such as Catizen and Hamster Kombat can continue generating wealth effects, and whether the TON ecosystem can quickly address its current DeFi infrastructure gaps, will significantly influence the stability and upward momentum of the TON token.
3. User Trends
1) Popular Dapp
Data Ownership Protocol ($DOP)
The Data Ownership Protocol (DOP) leverages zero-knowledge proofs to enable flexible transparency on top of Ethereum L1. DOP allows users and DApps to store assets and control transaction data, or selectively disclose token holdings and historical information. The project has recently opened token claims, leading to significant on-chain transfers. Despite the broader market downturn, DOP has performed well—a rare example among newly launched tokens with positive price action.
2) Twitter
BitLayer
BitLayer is a Layer 2 solution offering Bitcoin-equivalent security and Turing completeness. It is also the first built on BitVM. BitLayer aims to bring secure scalability to the Bitcoin ecosystem, promote asset diversity, and foster innovation to deliver faster, safer, and more flexible user experiences.
Recently, BitLayer launched its second-phase early mining campaign, involving six ecosystem projects: GamerBoom, Macaron, Anome, Vanilla Finance, Avalon Finance, and Zearn. Participants can earn $1.2 million worth of Bitlayer tokens (BTR) and various ecosystem airdrops.
3) Google Search & Regional Trends
Global trends:
Tapswap:
Since early 2024, tap-to-earn games on Telegram have gained popularity in the crypto community. TapSwap launched on February 15, 2024, allowing users to earn in-game tokens by tapping and completing tasks. The app now boasts over 50 million global users, with nearly 1 million active online users.
Regional search trends:
(1) Asian countries: "why crypto is down today" and "greed and fear index" ranked highly in multiple Asian countries, indicating investor focus on understanding recent market drops.
(2) Western countries: No clear dominant trends. Top search terms varied by country—for example, Australian users searched how to buy crypto via PayPal, Canadians focused on meme coins like DOGE, and French users showed interest in MAGA, Alephium, and FTM.
4. Potential Airdrop Opportunities
RedStone
RedStone is a cross-chain oracle project and a modular oracle for LSTs and LRTs, providing frequent, reliable, and diversified data feeds to dApps and smart contracts across multiple L1s and L2s. The market expects the project to launch its token in the second half of 2024.
RedStone has raised a total of $15 million in Series A funding, led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures. In 2023, the project received angel investments from the founder of Aave and a co-founder of Polygon.
How to participate: (1) Earn RSG points by joining on-chain campaigns and Galxe quests hosted by RedStone and its partners. (2) Content creators can earn RSG points by producing content and participating in designated activities on the RedStone Discord server (e.g., weekly best content or hall of fame).
Symbiotic
Symbiotic is a universal restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It offers a mechanism called Active Validation Service ("AVS") that allows decentralized applications to collectively secure one another.
Symbiotic recently completed a seed round of $5.8 million, backed by Paradigm and Cyber Fund.
How to participate: Visit the project’s official website, connect your wallet, and deposit ETH or ETH LSD assets.
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