Bitget Research: BTC spot ETF sees net inflows for three consecutive days as market panic sentiment is being absorbed
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Bitget Research: BTC spot ETF sees net inflows for three consecutive days as market panic sentiment is being absorbed
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
After Powell's speech, traders now estimate a slightly above 70% chance of the Fed's first rate cut in September. Bitcoin spot ETFs recorded net inflows for three consecutive trading days. Germany’s government transfer of BTC did not further trigger market declines, and market panic is gradually being absorbed.
- Relatively strong wealth-generating sectors: Modular blockchains
- User trending tokens & topics: Stargate, SSV, PEIPEI
- Potential airdrop opportunities: Symbiotic, Karak+Etherfi
Data collection time: July 10, 2024, 04:00 (UTC+0)
1. Market Environment
Federal Reserve Chair Powell delivered his semi-annual monetary policy testimony before the Senate Banking Committee, stating that the FOMC is unlikely to cut rates at its meeting at the end of this month. Traders now assign a slightly above 70% probability to the Fed’s first rate cut in September, expecting two 25-basis-point cuts in 2024.
Bitcoin spot ETFs saw net inflows for three consecutive trading days. The German government’s transfer of BTC to exchanges yesterday did not lead to a significant drop in BTC prices, suggesting that market panic may be gradually subsiding. The broader market remains weak with mild consolidation.
Some altcoins rebounded from oversold levels, though overall market liquidity remains low. Leading modular blockchain project TIA surged sharply.
2. Wealth-Generating Sectors
1) Sector Movement: Modular Blockchains (TIA, DYM)
Main reason: The modular blockchain sector has rebounded from lows. Annualized short funding rates for TIA on several major exchanges exceeded 100%, triggering a short squeeze and pushing TIA higher.
Price performance: Top modular blockchain projects TIA and DYM rose 18% and 15% respectively over the past 24 hours.
Factors influencing future trends:
- Market makers’ actions and strategies ahead of TIA’s major unlock in October could be key determinants of its price trajectory.
- If numerous projects built on modular blockchains like Celestia launch tokens en masse within each cycle and distribute substantial airdrops to TIA and DYM stakers—or secure major funding that raises market expectations for future airdrops—this could drive rapid appreciation in TIA and DYM.
3. User Trends
1) Popular Dapp
Stargate:
Stargate Finance is the first Dapp built on the LayerZero protocol, creating the first fully composable native asset bridge with the vision of making cross-chain liquidity transfers seamless and single-step. Yesterday, Coinbase Assets announced the relisting of Stargate Finance (STG) trading on the Ethereum network (ERC-20 token). Affected by the news, STG briefly spiked over 9%, currently trading at $0.3778.
2) Twitter
SSV.Network:
SSV.Network is a decentralized open ETH staking network designed for individuals or service providers who want to run Ethereum nodes. It enables secure and decentralized management of validator keys through a privacy-preserving shared validator protocol. Recently, SSV Network announced that over 1,000,000 ETH have been staked on its protocol, achieving a TVL exceeding $3 billion. Given its high TVL and strong decentralization, users are advised to keep monitoring the project.
3) Google Search & Regional Trends
Global perspective:
PEIPEI:
A China-themed Pepe meme coin. According to CoinMarketCap data, PEIPEI rose 21.4% today, with a daily trading volume of $160 million. The number of holders stands at 26.32K, with 4,373 on-chain transactions. Due to its high trading volume and sharp price increase, community interest has risen significantly.
Regional search trends:
(1) Asian countries show no clear Google Trends pattern, but notably, interest is shifting from conceptual terms toward specific projects. For example, Indonesia shows growing interest in Ethereum ecosystem projects such as Etherfi, while Singapore displays increased attention toward AI-related projects.
(2) Western countries also lack distinct trends, but U.S. searches recently focus clearly on meme coins—particularly cartoon-based ones like Pepe and Floki—as well as political figure memes such as Boden and Trump.
4. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal restaking protocol enabling decentralized networks to bootstrap robust, fully sovereign ecosystems. It offers decentralized applications a mechanism called Active Validation Service (AVS) to mutually secure one another.
Symbiotic recently completed a seed round raising $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.
Karak+Etherfi
Karak is an Ethereum Layer 2 with multi-chain advantages serving as a restaking layer. Its parent company, Andalusia Labs, is a provider of digital asset risk infrastructure, having raised $51.2 million from investors including Pantera, Lightspeed Capital, and Framework Ventures. Staking on Karak earns users multiple rewards: “staking rewards + restaking rewards + Eigenlayer points + LRT points + Karak XP.” Currently, Karak has partnered with Etherfi to launch a liquid pool. Depositing various LRTs or WETH into this liquid pool earns triple rewards: Eigenlayer points, LRT points, Karak XP, and Etherfi Points.
How to participate: 1) Add the Karak network (available via Chainlist as Karak Mainnet); 2) Stake your assets in the Etherfi liquid pool.
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