Bitget Research: Ethereum spot ETF sees over $1.019 billion in first-day trading volume, while mini-games within the TON ecosystem remain highly popular
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Bitget Research: Ethereum spot ETF sees over $1.019 billion in first-day trading volume, while mini-games within the TON ecosystem remain highly popular
In 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
Over the past 24 hours, Bitcoin (BTC) has remained around $66,000. Spot Ethereum ETFs recorded over $1.019 billion in trading volume on their first day. Market wealth effects are currently concentrated in specific sectors and projects. Specifically:
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Sectors with relatively strong wealth creation: AI sector, TON ecosystem;
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Most-searched tokens & topics by users: Jito, Ethereum, AVAIL
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Potential airdrop opportunities: Mezo, Kakarot
Data collection time: July 24, 2024, 04:00 (UTC+0)
1. Market Environment
Early session saw BTC prices hovering around $66,000, while altcoins broadly declined. BTC is slightly below $66,500, remaining largely flat over the past 24 hours. ETH price fluctuates between $3,400 and $3,500. Yesterday, multiple early-stage projects announced successful funding rounds. Meanwhile, Catizen, a mini-game within the TON ecosystem, continues to gain traction. Cross-chain protocol Owlto Finance processed over 110,000 cross-chain transactions in the past 24 hours, capturing a 25% market share. Overall wealth effects remain focused on the AI sector and TON ecosystem.
On the data front, U.S. spot Bitcoin ETF data for July 23 showed BITB with $70.3 million in net outflows and ARKB with $52.3 million in net outflows; EZBC had no inflows or outflows. Following approval, spot Ethereum ETFs recorded over $1.019 billion in first-day trading volume. Grayscale’s ETHE accounted for nearly half of total volume, with a net inflow of $106 million yesterday. Bitwise announced it will donate 10% of its spot Ethereum ETF profits to Ethereum open-source developers. According to Grayscale, the Grayscale Ethereum Trust (ETHE) currently holds over 2.629 million ETH, with assets under management exceeding $9 billion. Investors should monitor ETHE fund flows as an indicator of potential pressure on ETH prices.
2. Wealth-Creating Sectors
1) Sector Movement: AI Sector (FIL, TAO, NEAR)
Main reasons:
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Yesterday, decentralized AI platform SingularityNET announced a $53 million investment into modular supercomputing focused on decentralized Artificial General Intelligence (AGI). The initial phase includes a $26.5 million investment utilizing Ecoblox modular data centers and high-performance hardware from Nvidia and AMD.
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Grayscale announced via X that its newly launched Grayscale Decentralized AI Fund is now open to qualified investors, offering diversified exposure to the intersection of AI and cryptocurrency. As of July 22, the fund’s AUM reached $562,664.08.
Price performance: Consider accumulating positions in Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR) on dips.
Factors influencing future trends:
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Positive developments: Projects like Near and Filecoin have recently seen favorable news, receiving positive market reactions. For instance, the WorldCoin Foundation announced plans to launch its public chain, World Chain, potentially bringing new developments within the next two months. Additionally, Worldcoin’s developer is reportedly exploring collaborations with PayPal and OpenAI.
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Capital impact: With Grayscale launching its decentralized AI fund, institutional capital gains a new investment vehicle into the crypto AI space, facilitating easier entry for traditional finance and driving sustained capital inflows that could support further price appreciation of AI-related crypto assets.
2) Sector to Watch: TON Ecosystem
Main reason:
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In an otherwise lackluster narrative environment for Layer 1 blockchains, TON stands out as one of the few chains sustaining FOMO for months. Yesterday, Binance Labs announced an investment in Pluto Studio—the publishing platform behind Telegram-based Web3 game Catizen—though the amount was undisclosed. This reignited interest in TON’s mini-games. Telegram CEO Pavel Durov stated in his Telegram channel that “the mini-game Catizen has attracted over 26 million players, generated $16 million in in-app purchases, and donated 1% of proceeds to help stray cats.”
Factors influencing future trends:
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Whether high-traffic projects in the TON ecosystem—such as Catizen and Hamster Kombat—can sustain wealth generation, and whether the TON ecosystem can rapidly address its DeFi infrastructure gaps, will significantly influence the stability and upward momentum of the TON token.
3. User Search Trends
1) Popular Dapp
Jito: Jito is currently Solana's largest liquid staking protocol. Its TVL surpassed $2 billion yesterday, making it the only protocol on Solana to achieve this milestone. OKX Web3 Wallet has also integrated Jito services, enhancing user transaction experience on the Solana network. Solana has outperformed both Bitcoin and Ethereum in price appreciation, and liquid staking protocols may perform even better during bull markets.
2) Twitter
Ethereum: Nine spot Ethereum ETFs launched yesterday. According to The Block, cumulative trading volume exceeded $1.019 billion on their first day of listing in U.S. exchanges. Grayscale’s Ethereum Trust (ETHE) led with $456 million in volume, accounting for nearly half of the total. However, Ethereum’s price showed little movement. Given significant selling pressure from Grayscale, users are advised to trade cautiously.
3) Google Search & Regions
Global overview:
AVAIL:
Modular blockchain project Avail launched its Avail DA mainnet and AVAIL token. Avail DA is a modular blockchain solution designed to optimize data availability (DA), enabling highly scalable and customizable rollups. Airdrops have been completed and tokens directly distributed to wallets. AVAIL is currently priced at $0.1721, down from its initial opening level.
Regional search trends:
(1) In Europe and North America, attention is more focused on specific tokens, though not limited to any single theme—interest tends to follow recent strong price performers. For example, boden in the U.S. saw a sharp rebound today. Similarly, pepe in Switzerland and ftt in Spain made regional trending lists.
(2) In Asia and Latin America, trending tokens were more scattered, but there was a stronger regional preference for meme coins. Thailand’s trending list included pepe, Indonesia featured dogecoin, Argentina showed floki, and Brazil’s top search was bonk.
4. Potential Airdrop Opportunities
Mezo
Mezo is a Bitcoin Layer 2 project focused on the BTC ecosystem, enabling BTC holders to conduct on-chain transfers and financial activities, thus driving the development of BTC DeFi systems. Mezo recently announced a $21 million funding round backed by top-tier firms including Pantera Capital, Hack VC, and Multicoin Capital.
The team has publicly shared its BTC asset staking plan and introduced a referral mechanism, indicating strong airdrop expectations. The project is currently in its early operational stage.
How to participate: 1) Visit the official website and find the invite code in Discord; 2) Enter the invite code and connect your Unisat wallet; 3) Deposit BTC.
Kakarot
Kakarot is a zkEVM built on Starknet and Cairo. In the short term, it enables StarknetOS to become EVM-compatible. Mid-term, it aims to serve as a modular backbone for EVM validium RaaS stacks. Long-term, Kakarot intends to become a high-performance zkEVM Type 1 client capable of proving Ethereum blocks and transactions.
Kakarot plans to launch a testnet community points system and deploy on Starknet Sepolia by late summer, evolving into a dual-VM ZK-Rollup supporting both EVM and CairoVM.
How to participate: 1) Builders can deploy smart contracts, particularly user-focused dApps. 2) Regular users can explore the Kakarot testnet via apps such as iZUMi Finance, HisokaFinance, Goku Hub, and Swaplace.
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