Bitget Research: The positive BTC futures funding rate indicates short-term buying pressure, while multiple institutions submit S-1 forms for ETH spot ETFs
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Bitget Research: The positive BTC futures funding rate indicates short-term buying pressure, while multiple institutions submit S-1 forms for ETH spot ETFs
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 continues to fluctuate, with BTC oscillating within a narrow range between $55,000 and $57,500, generating certain wealth effects. Specifically:
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The sectors showing relatively strong wealth creation are: well-known Meme coins and ETH ecosystem projects
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Top user-searched tokens & topics: Raydium, BGB, ETH Spot ETF
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Potential airdrop opportunities: Fuel, DeBank
Data collection time: July 9, 2024, 4:00 AM (UTC+0)
I. Market Environment
Yesterday, the market continued its volatile trend, with BTC fluctuating in a tight range between $55,000 and $57,500, offering some intraday trading opportunities. The German government has been continuously transferring BTC to centralized exchanges, which the market interprets as sustained selling pressure. However, U.S. Bitcoin spot ETFs recorded net inflows for two consecutive trading days, with yesterday’s single-day net inflow reaching as high as $296 million—the third-largest daily inflow since June. BTC futures funding rates have turned positive, indicating capital is flowing into both BTC spot and derivatives markets, signaling short-term capital returning to the crypto market.
On the macro front, market attention is focused on Thursday’s upcoming U.S. CPI data, with expectations of a 3.1% month-on-month increase. If the actual figure falls below 3.1%, the probability of a Fed rate cut in September could significantly increase, benefiting the crypto market. Additionally, multiple institutions have submitted revised S-1 forms for ETH spot ETFs, raising the possibility of ETH ETF approval in July—making ETH’s performance worth watching.
II. Wealth-Creating Sectors
1) Sector Movement: Well-Known Memes (BONK, PEPE, BOME)
Main reasons:
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Blue-chip tokens such as ETH and SOL have begun to show signs of bottoming out and rebounding;
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Increased market attention toward the meme coin sector—Bithumb listed BRETT, while figures like Justin Sun and IOSG Ventures’ founder expressed their views on meme coins.
Price increases: BONK, PEPE, and BOME rose 21.4%, 12%, and 9.8% respectively over the past 24 hours;
Factors affecting future trends:
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Pricing token movements: For BONK, SOL’s price movement impacts BONK since BONK is priced in SOL on DEXs. Monitor ETH and SOL price trends closely—if ETH and SOL maintain an upward trajectory, holding meme assets within these ecosystems remains viable.
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Changes in open interest: Use tv.coinglass.com to track futures data and understand institutional movements. Over the past 24 hours, BONK’s open interest surged by 70%, primarily due to increased net long positions, with the long/short account ratio falling below 1—indicating institutional funds are opening long futures positions on BONK. Going forward, continue monitoring changes in futures data.
2) Sector to Watch: ETH Ecosystem Projects (UNI, LDO, PEPE)
Main reason:
Multiple institutions have submitted S-1 filings for ETH spot ETFs, and SEC approval for these S-1 documents could come as early as July, potentially creating speculative momentum for ETH ecosystem assets. Recently, this sector has seen significant pullbacks, opening up attractive entry points.
Specific token list:
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UNI: The first DeFi swap project on blockchain applications. Uniswap generates average daily revenue of around $1 million, making it highly profitable;
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LDO: A leading LSD project in the ETH ecosystem, with a TVL of $2.96 billion but a valuation of less than $160 million—currently undervalued;
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PEPE: Currently the most speculative meme coin in the ETH ecosystem, with a strong community base that may continue to follow ETH’s price rallies.
III. User Search Trends
1) Popular Dapp
Raydium:
Yesterday, Solana-based DEX Raydium generated protocol fees of $2.5 million, ranking second globally—surpassing Ethereum network fees ($1.36 million) and Solana network fees ($1.15 million).
2) Twitter
BGB:
Yesterday, Bitget launched the BGB/USDT perpetual contract with up to 50x leverage. One week earlier, on July 1, Bitget announced an upgrade to the BGB smart contract address, expanding benefits for BGB holders and broadening its use cases across DeFi, DEX, GameFi, and other decentralized applications, delivering greater value and opportunities to BGB holders.
3) Google Search & Regional Trends
Global overview:
ETH Spot ETF:
On July 8, according to SEC filing documents, VanEck submitted a revised S-1 registration statement for its Ethereum spot ETF, proposing to rename the "VanEck Ethereum Trust" to "VanEck Ethereum ETF." On July 9, The Block reported that following VanEck's update, 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale also submitted amended S-1 registration statements before the deadline.
Regional search trends:
(1) In Asian countries, Google Trends show no prominent patterns. However, SLP appeared on the Philippines' trending list. Yesterday, the Philippine stablecoin PHPC was also listed on Ronin, highlighting the high traffic and recognition of gaming blockchains and the broader GameFi sector in the Philippines.
(2) Western countries also lack clear search trends—BLAST, VET, and JUP were trending in the UK, while MAGA and XAI topped searches in the U.S., reflecting a fragmented and generally weak market sentiment.
IV. Potential Airdrop Opportunities
Fuel
Fuel is a UTXO-based modular execution layer that brings globally accessible scalability to Ethereum. As a modular execution layer, Fuel achieves global throughput in ways monolithic chains cannot, while inheriting Ethereum’s security.
In September 2022, Fuel Labs raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies, with participation from top-tier investors including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit eligible tokens into Fuel to earn points. Participants earn 1.5 points per dollar deposited daily for the following assets: ETH, WETH, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to July 22, depositing ezETH earns 3 points per dollar per day.
DeBank
DeBank is a multi-chain DeFi portfolio tracker supporting various DeFi protocols across multiple blockchains. Last year, DeBank announced plans to launch DeBank Chain based on OP Stack, with mainnet expected to go live in 2024.
Yesterday, DeBank announced that the snapshot for DeBank XP was taken at 8:00 AM Beijing Time on July 4. All active addresses are eligible to claim initial XP airdrops. Each address’s initial XP allocation will be determined by its on-chain assets, credit score, and Web3 social ranking on DeBank. The XP claim page is now live on DeBank and will remain open for one month.
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