Bitget Research: BTC briefly breaks above $68,000, Solana ecosystem shows significant wealth creation effect
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Bitget Research: BTC briefly breaks above $68,000, Solana ecosystem shows significant wealth creation effect
Over 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 insightsSummary
BTC briefly surged past $68,000, gaining 0.8% over the past 24 hours. If spot Ethereum ETFs are approved on July 23, it would mark a new shift in U.S. crypto regulation. Current market wealth effects are primarily concentrated in:
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Sectors with relatively strong wealth effects: blue-chip public chains, Ethereum Layer2, and ETH ecosystem projects;
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User-searched tokens & topics: Particle Network, Helium;
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Potential airdrop opportunities: Particle Network, Movement;
Data as of: July 22, 2024, 04:00 (UTC+0)
I. Market Environment
BTC briefly broke above $68,000, rising 0.8% over the past 24 hours. U.S. spot Bitcoin ETFs recorded net inflows of $1.196 billion last week, marking the third consecutive week of positive flows. On Monday, Tuesday, and Friday, U.S. spot Bitcoin ETFs saw inflows of $300.9 million, $422.5 million, and $383.6 million respectively. Year-to-date net inflows into these ETFs have reached $17 billion for the first time—remarkable given that these products were only launched six months ago. BlackRock’s IBIT ETF has approached nearly $1.2 billion in trading volume, while Fidelity’s FBTC now exceeds $410 million in daily volume. These figures reflect growing investor confidence and genuine demand for spot Bitcoin ETFs, rather than mere market speculation.
During this BTC-led market rebound, no particular sector has shown strong momentum. Previously resilient sectors such as AI, Solana ecosystem, and public chains have displayed modest recovery strength. With a potential approval of spot Ethereum ETFs expected tomorrow, signaling a regulatory shift, the Ethereum-led Layer2 sector is particularly worth watching.
II. Wealth-Generating Sectors
1) Sector Movement: Blue-Chip Public Chain Sector (AVAX, APT, SOL)
Main reasons:
As BTC reclaimed the $68,000 level, market wealth effects spilled over to major public chain tokens. Additionally, some L1/L2 projects are realizing positive catalysts, allowing wealth effects to circulate within their ecosystems and creating potential buying pressure for their native assets.
Price performance: APT up over 5% in the past 24 hours; AVAX up 12%; SOL up over 5%;
Factors influencing future trends:
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Rising TVL: According to Defillama, Solana's TVL reached $5.15 billion, ranking second only to Ethereum and Tron, with a 7-day increase of 13.7%. Over the past 24 hours, Solana’s NFT sales neared $6 million, surpassing Ethereum to rank first. Specifically, Solana recorded $5,821,706 in NFT sales—a 55.7% increase—while Ethereum saw $3,666,892, down 21.53%. Bitcoin ranked third with approximately $2.902 million in sales, down 19.89%. Avalanche’s TVL stands at $710 million; NFT sales exceeded $28.3 million, a tenfold year-on-year increase; stablecoin market cap hit $1.6 billion, with USDT and USDC increasing 10.1% and 4.4% respectively from the previous period.
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Ongoing ecosystem development: Although Solana’s DeFi TVL declined 9% quarter-over-quarter in USD terms to $4.5 billion—ranking fourth across networks—its TVL measured in SOL increased by 26% QoQ, indicating continued capital confidence without significant outflows. Furthermore, the emergence of the Blinks feature at the end of Q2 shows Solana’s ecosystem continues to expand actively.
2) Sector Movement: Ethereum Layer2 Sector (ARB, OP, STRK)
Main reasons:
Driven by news that spot Ethereum ETFs may begin trading on July 23, Ethereum Layer2 tokens have broadly risen. The potential approval of ETH ETFs is widely interpreted as positive for Layer2 assets. As investors monitor the ETF decision, they should also consider investment opportunities in related Layer2 tokens.
Price performance: ARB up 8% over 7 days; OP up 8.5%; STRK up 7%;
Factors influencing future trends:
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Will ETH ETFs launch smoothly? Current market prices largely anticipate the ETF approval. If the listing encounters unexpected delays tomorrow, a broad market reversal could occur;
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Layer2 project developments: As widely adopted ecosystem chains, the future growth of Layer2 platforms depends heavily on partner projects and user adoption.
3) Sectors to Watch Going Forward: ETH Ecosystem Projects (UNI, LDO)
Main reasons:
The S-1 filing for spot ETH ETFs could officially go live on U.S. capital markets on July 23, potentially opening speculative room for ETH ecosystem assets. ETF Store’s president stated that SEC approval of a spot Ethereum ETF “strongly suggests ETH is a commodity, not a security.” This is a landmark moment, signaling that crypto assets may transition from being classified as securities to commodities over time.
Specific token list:
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UNI: The pioneering DeFi swap project on blockchain applications. Uniswap generates average daily revenue around $1 million, making it highly profitable;
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LDO: A leading LSD project in the ETH ecosystem, with a TVL as high as $2.96 billion but a valuation under $1.8 billion—indicating relative undervaluation;
III. User Search Trends
1) Popular Dapps
Particle Network
Modular blockchain Particle Network announced a $15 million Series A funding round led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others. This brings Particle Network’s total raised capital to $25 million.
2) Twitter
Helium:
Helium is a decentralized wireless network project aiming to provide low-power connectivity for IoT devices via a distributed network. Using blockchain technology and token incentives, Helium builds a community-operated wireless network composed of devices called "Hotspots," which simultaneously provide network coverage and mine HNT (Helium Token). Hotspot owners earn HNT rewards for contributing to network coverage. Recently gaining attention amid rising interest in the DePin narrative, Helium has attracted widespread investor interest.
3) Google Search & Regional Trends
Globally:
Tapswap:
TapSwap, a Tap-to-Earn Telegram mini-app, recently launched on the TON blockchain. According to Ton, TapSwap was introduced on February 15, 2024, allowing users to earn in-game tokens by tapping and completing tasks. It now boasts over 50 million users globally, with nearly 1 million active online users. Yesterday, it announced an upcoming AMA event with OKX Wallet on Twitter, and many users participated in USDT-USDC swaps on the platform, driving significant buzz and search traffic.
By region:
(1) In Asian countries, Google Trends show no distinct pattern. Tokens with strong wealth effects like Doge and RWA remain focal points, while BTC and ETHFI also appear in regional trending lists.
(2) CIS regions show Tapswap and Blum as top search terms, while Western countries trend MAGA, AI-related tokens, and SOL.
IV. Potential Airdrop Opportunities
Particle Network
Particle Network is a developer platform that connects multiple blockchains—including Bitcoin, EVM, and IBC—via a unified account system, offering modular interfaces to enhance wallet connectivity and transaction execution. The platform focuses on chain abstraction, wallet abstraction, liquidity abstraction, and gas abstraction, aiming to simplify Web3 application development and deployment.
Particle Network announced a $15 million Series A funding round led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others. This brings its total funding to $25 million.
How to participate: Visit https://pioneer.particle.network/, link your social accounts, claim test tokens, check in daily, complete tasks, and conduct transactions using Universal Gas. You can use testnet tokens from MetaMask to interact between your MetaMask wallet and the Particle Network wallet.
Movement
Founded in 2022, Movement Labs previously raised $3.4 million in a seed round in September 2023. Beyond its flagship product Movement L2, Movement Labs plans to launch Move Stack—an execution layer framework compatible with rollup frameworks such as Optimism, Polygon, and Arbitrum.
Recently, Movement Labs secured $38 million in a Series A round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent firms.
How to participate: Access the Movement Zealy task interface (note: social tasks have time limits and are continuously updated), perform DEX interactions—just a few test transactions—and await further official updates.
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