Bitget Research: Bitcoin continues to rise, breaking through $66,000, with significant wealth effect in the Meme sector
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Bitget Research: Bitcoin continues to rise, breaking through $66,000, with significant wealth effect in the Meme sector
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
BTC continues to rise, the overall market recovers, and BTC breaks through the 66,000 USD resistance level, showing strong wealth effects. Specifically:
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Sectors with relatively strong wealth creation: Meme sector, AI sector, ETH ecosystem projects
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User's most-searched tokens & topics: Jumper.Exchange, Ethereum, PEPE
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Potential airdrop opportunities: Kiloex, Owlto Finance
Data collection time: July 17, 2024, 04:00 (UTC+0)
I. Market Environment
Over the past 24 hours, BTC has shown a one-sided upward trend, rising continuously from around 64,000 USD to its current level of 66,000 USD. On July 16, nine U.S. spot Bitcoin ETFs collectively added 5,383 BTC (worth $342.5 million). Following the weekend assassination attempt on Trump, market sentiment toward election-themed meme coins surged, leading to a wave of new meme coins appearing on-chain. Meanwhile, the AI sector also rebounded alongside the broader market.
On the market front, according to The Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) has informed asset management firms that U.S. spot Ethereum ETFs could launch as early as July 23. The SEC has preliminarily approved at least three asset managers to begin trading spot Ethereum ETFs starting next Tuesday, with a total of eight firms seeking to launch such funds.
II. Wealth-Creating Sectors
1) Sector Movement: AI Sector (WLD, TAO, NEAR)
Main reasons:
According to the official Worldcoin blog, Tools for Humanity announced an extension of the token lock-up period for early Worldcoin contributors. Starting July 24, 2024, the WLD token lock-up period for team members and investors will be extended from the originally planned three years to five years.
Price performance: WLD has risen for two consecutive days, up +24% in the past 24 hours. TAO rose 7%, and NEAR gained 5%.
Factors affecting future trends:
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Major funding news in the primary market: ETHCC took place as scheduled in Brussels, with institutional participants focusing on AI sector developments. Sentient, an AI model-related research project, completed an $85 million funding round, reigniting interest in the integration of AI ecosystems with blockchain.
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Positive developments: Recent favorable news from projects like Near and WLD have been well received by the market. Previously, the WorldCoin Foundation announced plans to launch the World Chain public blockchain, which may see progress within the next two months. The Worldcoin developer is also reportedly exploring collaborations with PayPal and OpenAI.
2) Sector Movement: Meme Sector (PEPE, WIF, FLOKI)
Main reasons:
The core theme of this bull market revolves around institutions and retail investors refusing to buy each other's overpriced assets. Retail investors favor fairly distributed, conceptually simple, and easily understandable meme coins—such as the current meme leaders PEPE, WOJAK, WIF, and FLOKI. Strong retail enthusiasm combined with coordinated signals from promotional groups has made this round of meme coins particularly outstanding.
Price performance: PEPE, WIF, and FLOKI rose 6%, 7%, and 6% respectively within 24 hours.
Factors affecting future trends:
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Community updates: Meme coin operations significantly influence price movements. Monitor AMAs and Twitter content from project teams; timely trading based on new announcements can help capture early entry opportunities.
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Changes in open interest: Use tv.coinglass to track futures data and detect institutional movements. In the past 24 hours, PEPE’s open interest surged by 30%, driven primarily by increased net long positions. The long/short account ratio dropped below 1, indicating that major players are opening long positions via futures contracts. Continued monitoring of derivatives data is recommended.
3) Sectors to Watch Going Forward: ETH Ecosystem Projects (UNI, LDO, PEPE)
Main reasons:
The S-1 filing for spot ETH ETFs could officially go live in U.S. capital markets on July 23, potentially creating speculative momentum for ETH ecosystem assets. Recently, this sector has seen significant pullbacks, opening attractive entry points.
Specific token list:
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UNI: The first DeFi swap project on the blockchain. 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 market cap of less than $180 million, indicating relative undervaluation.
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PEPE: Currently the most speculative meme coin within the ETH ecosystem, with a strong community base likely to continue tracking ETH’s price increases.
III. User Search Trends
1) Popular Dapps
Jumper.Exchange:
Cross-chain aggregator LI.FI confirmed a protocol hack and advised users who have set unlimited approvals to immediately revoke contract authorizations. Losses from the exploit have exceeded $10 million. Investigations are ongoing, and users are urged to revoke permissions promptly.
2) Twitter
Ethereum:
According to WSJ, sources say the U.S. SEC has informed several asset managers that the first spot Ethereum ETFs could launch as early as next Tuesday (July 23). After asset managers submit their final filings this week, the agency is expected to announce the effectiveness of ETF registration statements on Monday. Once effective, spot Ethereum ETFs can begin trading. Users should pay attention to related tokens in the Ethereum ecosystem.
3) Google Search & Regions
Globally:
Pepe coin:
Yesterday, as the broader market recovered, meme coins saw widespread gains. Pepe surged over 26%. With capital flowing into Pepe, both volume and price rose sharply—trading volume increased by 62.8% on the day. Some smart money began accumulating the token, with crypto investment firm Nascent withdrawing PEPE worth $7.73 million within a month. Users may consider monitoring related trades.
By regional search trends:
(1) In Asia, yesterday’s regional search trends showed no clear commonality. Notably, with EtherFi’s second-season token airdrop approaching, Indonesia has begun showing interest in ETHFI.
(2) In Europe and North America, meme tokens remain dominant in multiple countries’ trending searches. The U.S. focused mainly on boden, France searched maga, while dog-themed meme coins like Floki and Shiba appeared in trending lists across the U.S., Switzerland, Poland, and others.
IV. Potential Airdrop Opportunities
Kiloex
The exclusive airdrop event co-hosted by perpetual contract DEX KiloEx and Binance Web3 Wallet has officially launched. Binance Wallet users need only stake in KiloEx’s yield pool on the opBNB chain and complete one leveraged trade on KiloEx to share a prize pool of 3,750,000 KILO tokens. The event runs from July 16 to July 30.
How to participate: 1) Trade in the derivatives market—users can open both long and short positions on the same asset to hedge losses. Every $1,000 traded earns 35 points; 2) It is recommended to use opBNB or Manta chains for lower fees compared to BNB Chain; 3) For yield farming, note that kUSD carries a premium—if its price drops, redemption may result in losses. Participation should be evaluated carefully.
Owlto Finance
Owlto Finance is a decentralized cross-rollup bridge focused on Layer2, currently enabling cross-chain transfers between over 15 L2 networks including Ethereum Mainnet, zkSync Era, and Starknet.
Today, Owlto Finance launched its "Owlmazing Summer" cross-chain campaign, lasting four weeks. Each week, the top 1,000 users on the points leaderboard will receive a free NFT powered by Owlto airdrops. Collecting all four different NFTs also offers a chance to win a mystery prize.
How to participate: 1) Owlto has released the Owlto Solana Bridger NFT—holders of WIF, BOME, and Solana Mobile 2 can directly claim the NFT airdrop; 2) Users can earn NFT minting eligibility by conducting Solana cross-chain transactions via Owlto; 3) All new Solana address users will receive an additional Owlto activation subsidy.
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