Bitget Research: Approval of ETH Spot ETF Could Drive Mid-Term Continued Growth for ETH and Ecosystem Tokens
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Bitget Research: Approval of ETH Spot ETF Could Drive Mid-Term Continued Growth for ETH and Ecosystem Tokens
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 insightsAuthor: Bitget Research
Summary
Over the past 24 hours, the crypto market experienced a slight pullback, with BTC fluctuating around $66,500. Wealth creation effects were limited to specific sectors and projects. Key highlights include:
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Sectors showing relatively strong wealth generation: BGB, POW sector, ETH ecosystem projects
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Most searched tokens & topics by users: Solana Dust Vacuum, MakerDAO, AVAIL
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Potential airdrop opportunities: Zircuit, Vooi
Data collection time: July 23, 2024, 4:00 AM (UTC+0)
1. Market Environment
Over the past 24 hours, the crypto market saw a daily-level correction, with BTC pulling back to around $66,500. ETH has underperformed BTC, with a more noticeable decline. According to Coinglass data, funding rates for BTC long positions across contracts remain low, and on major CEXs, BTC futures prices have even dipped below spot prices—indicating direct investment in BTC spot, which is positive for the market outlook.
On the news front, discussions emerged yesterday about whether BTC could become a U.S. "reserve asset," covered by media outlets like CNBC. BlackRock's BTC ETF recorded its second-highest single-day net inflow since launch, reaching $526 million. The ETH ETF has been approved and will go live on U.S. capital markets this Tuesday, with market expectations pointing to approximately $5 billion in initial inflows. Investors are closely watching Friday’s core PCE data release and Trump’s speech at the BTC Conference this Saturday.
2. Wealth-Generating Sectors
1) Sector Movement: Bitget Ecosystem (BGB)
Main reasons:
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Bitget announced today the launch of a new Launchpool project, Upland (SPARKLET), where users can stake BGB to participate;
Price performance: BGB逆势 rebounded 3% within 24 hours, recovering to the key psychological level of $1.20;
Factors influencing future outlook:
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BGB utility: BGB holders can continuously participate in Bitget’s three major platforms—Launchpad, Launchpool, and PoolX—gaining early access to high-quality assets during bull markets, making it suitable for long-term holding.
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Open interest changes: Bitget recently launched perpetual contract trading pairs for BGB. Monitoring increases or decreases in open interest can help gauge potential buying or selling pressure for BGB.
2) Sector to Watch: POW Tokens (DOGE, LTC, KAS)
Main reason:
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On July 27 local time, Republican presidential candidate Donald Trump will attend the BTC Conference—an event aimed at rallying support from the U.S. mining community. He may announce favorable policies regarding BTC and the mining industry.
Specific token list:
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DOGE: A well-known meme coin. Elon Musk will also attend the BTC Conference, and he may make supportive statements about DOGE, suggesting a potential opportunity for early positioning;
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LTC: An early POW token. Currently, the Antminer L9 generates a daily revenue of $28.75, making it a popular choice among miners;
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KAS: KAS has shown extremely strong price momentum, with very high daily mining yields, providing substantial cash flow to miners.
3) Sector to Watch: ETH Ecosystem Projects (UNI, LDO)
Main reason:
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The ETH spot ETF is set to officially launch on U.S. capital markets this Tuesday. Market estimates suggest around $5 billion in net inflows. With current valuations for ecosystem projects remaining low, there are attractive entry points, and both ETH and its ecosystem tokens may see sustained mid-term growth.
Specific token list:
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UNI: The first DeFi swap project on the blockchain. Uniswap has averaged around $1 million in daily revenue, generating solid income;
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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 $200 million—significantly undervalued.
3. User Search Trends
1) Popular Dapp
Solana Dust Vacuum:
Solana Dust Vacuum primarily helps users reclaim inactive accounts, freeing up unnecessary storage space on validator nodes and returning account rent to users (typically 0.00203928 SOL per account under Solana’s rent policy). Yesterday, the Dapp saw a surge in activity, with 24-hour unique active wallets reaching 878k. As the project is new and lacks disclosed funding history, users should be cautious about contract security when interacting to avoid phishing scams that could result in token loss.
2) Twitter
MakerDAO (MKR):
Yesterday marked the end of a four-month selling pressure on MKR: after 126 days, all 30,971 MKR (worth approximately $92.08 million) linked to MakerDAO team addresses were fully transferred out. Meanwhile, on-chain monitoring data shows that large whales have started accumulating MKR on-chain.
3) Google Search & Regional Trends
Global trends:
AVAIL:
Modular blockchain project Avail announced on X that it will launch its mainnet today, offering liquid staking and distributing AVAIL token airdrops. Avail is a modular blockchain focused on data availability—responsible for ordering and recording blockchain transactions while enabling verification of data availability without downloading entire blocks. It previously raised $43 million in Series A and $27 million in seed funding.
Regional search trends:
(1) In multiple European and American countries, “JD Vance” appeared as a trending topic. News reports indicate that JD Vance, as the Republican vice-presidential nominee, criticized “Kamala Devi Harris” during his first campaign appearance. Recently, PoliFi-related tokens on-chain have seen significant price swings, attracting high user attention in Western countries.
(2) No prominent trending keywords emerged in Asia and Latin America yesterday. Search interests were scattered—for example, Kelp DAO, AGIX, and NEAR appeared in Argentina’s trending searches, while PEPE and SOL topped Brazil’s list.
4. Potential Airdrop Opportunities
Zircuit
Yesterday’s news: Zircuit, an EVM-compatible zkRollup network, announced the completion of its mainnet fundraising round, with participation from Binance Labs, Mirana Ventures, Amber Group, and others. Bitget Research previously covered Zircuit in its daily report; we revisit it following this significant funding announcement.
Zircuit’s first season of points accumulation has ended, and Season 2 has begun.
How to participate: 1) Visit the staking page (https://stake.zircuit.com/) to stake and earn points; 2) Participate in node deployment to earn points (https://build.zircuit.com/build); 3) Interact with the testnet: Claim testnet ETH and perform cross-chain interactions via the Zircuit bridge (https://bridge.zircuit.com/).
Vooi
Vooi is a DEX aggregator for on-chain derivatives, currently integrating liquidity from Orderly, KiloEx, and SynFutures, with plans to soon add Hyperliquid. Users can conduct contract trades across different liquidity sources with lower fees. Vooi will later upgrade to automatically select the best available liquidity source.
Vooi is one of the 13 projects selected for Binance Labs’ MVB VII accelerator program. Interacting with Vooi offers a “two birds, one stone” benefit—users not only engage with Vooi but also stand a chance to receive potential airdrops from Orderly, KiloEx, or SynFutures.
How to participate: Go to https://app.vooi.io/, connect your wallet, deposit funds into Vooi, and trade using one of the three available liquidity sources.
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