Bitget Research: Large bullish options trades bet on Bitcoin's rise, SHIB plunges as WazirX hacker sells out
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Bitget Research: Large bullish options trades bet on Bitcoin's rise, SHIB plunges as WazirX hacker sells out
Over 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 insightsAuthor: Bitget Research
Summary
As U.S. stock markets continued to decline amid rising speculation around the presidential election, the cryptocurrency market saw losses again on Thursday. Meanwhile, several developments yesterday indicated increasing bullish sentiment toward Bitcoin, including:
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The most wealth-generating sectors: TGBOT sector, Bitcoin ecosystem projects
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Most-searched tokens and topics by users: Banana Gun, Ton, Tapswap;
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Potential airdrop opportunities: Symbiotic, Elixir
Data collection time: July 19, 2024, 4:00 (UTC+0)
1. Market Environment
Amid ongoing declines in U.S. stock markets and growing speculation around the upcoming presidential election, the crypto market posted losses again on Thursday. Last night, BTC plummeted from $65,000 to $63,500 within just two hours, dropping 1.7% over the past 24 hours. ETH and SOL also declined but showed smaller volatility compared to Bitcoin.
Several developments yesterday signaled growing bullish momentum for Bitcoin. According to data shared by Deribit officials, one user purchased a $100,000 year-end Bitcoin call option on the platform today, amounting to 1,250 BTC, paying a premium of $4.737 million—indicating strong long-term bullish sentiment. Additionally, nine U.S.-listed Bitcoin ETFs collectively added 2,194 BTC yesterday.
2. Wealth-Generating Sectors
1) Sector Movement: TGBOT Sector (UNIBOT, BANANA)
Main reasons:
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Binance announced Banana Gun (BANANA) as the first project on its HODLer Airdrop portal. Users who subscribed to BNB Simple Earn products will receive airdrop allocations. Binance will list BANANA at 09:00 UTC on July 20, 2024, and assign it a seed tag.
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The TG bot sector broadly rallied due to Binance listing BANANA.
Price performance: UNIBOT rose 41.23%, BANANA increased 21.43%;
Factors influencing future outlook:
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Positive catalyst: Banana Gun is a typical example of news-driven gains with strong market response. Previously, the BananaGun treasury address bananagun-treasury.eth received 800,000 unlocked BANANA tokens, which were later transferred to a new address 0xa1a, likely in preparation for the Binance airdrop;
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Capital impact: With Banana Gun’s listing on Binance, liquidity will increase, potentially drawing more capital into similar projects seeking higher returns and better trading opportunities.
2) Sector to Watch Going Forward: Bitcoin Ecosystem Projects (ORDI, SATS, QUARK)
Main reason:
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According to CryptoSlate, former U.S. President Donald Trump is expected to deliver a landmark statement at the upcoming Bitcoin 2024 conference in Nashville. Industry insiders suggest Trump may propose holding Bitcoin (BTC) as a strategic reserve asset for the United States.
Specific token list:
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CKB: A Layer2 project built on the RGB++ extension protocol for Bitcoin, CKB has consistently maintained its original vision in the Layer2 race. It remains architecturally aligned with Bitcoin while further bridging gaps in the Bitcoin ecosystem.
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BB: BounceBit is a BTC restaking chain. BB has a maximum supply of 2.1 billion tokens, with an initial circulating supply of 409.5 million. It is a Binance Lab–backed project, and Binance has already listed BB.
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MERL: Merlin Chain is now listed on major exchanges such as OKX. As a Layer2 project based on the Bitcoin network, Merlin Chain has achieved a TVL of $1.18 billion, making it the highest TVL project among Bitcoin L2s.
3. User Search Trends
1) Popular Dapps
Banana Gun:
Yesterday, Binance announced the listing of Banana Gun ($BANANA), a leading Telegram-based trading bot project and a top player in the TG Bot space since its inception. Bitget listed this token immediately at its TGE on September 19, 2023, when the closing price was $11.29—rising to today's $68, representing a 607% gain. This marks the first project under Binance’s HODLer Airdrops program, which rewards BNB holders with token airdrops based on historical BNB balance snapshots. Subscribing to BNB Simple Earn automatically qualifies users for HODLer Airdrops, as well as Launchpool and Megadrop rewards.
2) Twitter
TON:
With recent market recovery, speculative sentiment has risen again, particularly around the TON ecosystem. Notably, meme tokens that previously gained popularity on Solana are now gaining traction on TON. In addition to NOT, projects like Hamster Kombat, Catizen, and DOGS have recently surged in popularity, attracting widespread attention upon launch.
3) Google Search & Regional Trends
Global overview:
Tapswap:
TapSwap, a Tap-to-Earn Telegram mini-app, recently launched on the TON blockchain. According to Ton, TapSwap was 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. Yesterday, it announced a joint AMA event with OKX Wallet on Twitter, and many users participated in its USDT-USDC swap campaign, generating significant buzz and high search volume.
Regional trends:
(1) Asian countries show no distinct Google Trends patterns. Tokens with strong wealth effects such as GODS, A8, and ALICE are drawing market attention, along with assets like BTC, LDO, and RPL appearing on search trend lists in Asia.
(2) In Western countries, MAGA and FLOKI meme assets are trending. Amid U.S. election excitement, Trump-related tokens have drawn significant attention, forming early market focus areas with potential wealth-generation effects going forward.
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 each other.
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.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network that allows anyone to directly provide liquidity to order books, bringing liquidity to long-tail crypto assets and enabling exchanges and protocols to bootstrap their ledger liquidity.
On March 12, 2024, Elixir raised $8 million in a Series B round at an $800 million valuation. On October 18, 2023, it secured $7.5 million in a Series A round, and on January 17, 2023, it closed a $2.1 million seed round. Investors include Hack VC, GSR, Sui, and Amber Group.
How to participate: Join Apothecary to earn points by depositing at least $100 worth of ETH to mint elxETH and unlock treasure chests. elxETH is a native yield-bearing token backed 1:1 by ETH and will serve as a cross-chain LP token upon mainnet launch, powering order book liquidity for exchanges. Additionally, users can provide liquidity to Elixir-supported protocols via https://agg.elixir.xyz/.
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