Bitget Research: Sharp decline in U.S. stocks triggers panic selling in crypto assets; market may face short-term correction
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Bitget Research: Sharp decline in U.S. stocks triggers panic selling in crypto assets; market may face short-term correction
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-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Yesterday, the three major U.S. stock indices fell sharply, with Nasdaq dropping 3.64%. Risk-averse sentiment intensified in the market, causing crypto assets to follow suit on the downside. ETH ETF recorded a net outflow of $100 million, with Grayscale being the primary contributor to the outflows. Specifically:
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The sectors with relatively strong wealth-generation effects are: AI sector, TON ecosystem;
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Most-searched tokens and topics among users: Layer3, Ordinals, Tapswap;
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Potential airdrop opportunities: EIGENPIE, Tonstakers;
Data collection time: July 25, 2024, 04:00 (UTC+0)
I. Market Environment
The three major U.S. stock indices declined significantly, with Tesla plunging 12.33% in a single day and Nasdaq falling 3.64%. The fear index (VXX) rose 13.55%, indicating heightened risk-averse sentiment in the market, with crypto assets following the downward trend.
ETH ETF has been approved. On-chain data shows large whales selling the news—yesterday saw a net outflow of $100 million from ETH ETFs, led primarily by Grayscale. The market will require some time to absorb Grayscale’s short-term selling pressure.
From futures data, long positions on ETH were clearly liquidated, with $100 million in liquidations over 24 hours. Capital positioned ahead of the ETH ETF announcement had no exit room, leading to a stampede effect during the price drop.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Ecosystem (JTO, PYTH, JUP)
Main reasons:
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After the launch of Ethereum ETFs, the market broadly began speculating on the next likely ETF approval, with Solana currently viewed as the strongest candidate. Meanwhile, Solana ecosystem tokens have shown consistent strength recently, with various projects making solid progress and experiencing rising prices and volumes.
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Solana’s DEX trading volume over the past 30 days surpassed Ethereum Mainnet for the first time, making it now the most-used blockchain by this metric. With growing on-chain activity, DeFi infrastructure within the Solana ecosystem is undergoing valuation recovery, and market participants are generally raising valuations for related sectors.
Price performance: Consider accumulating JTO, PYTH, JUP, etc., on dips;
Factors influencing future trends:
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On-chain activity: The valuation of DeFi infrastructure depends on whether the chain can maintain stable, leading market share—measured by active on-chain user counts and DEX trading volume. This has significant implications for DEXs, PERP platforms, oracles, and liquid staking projects across different blockchains. Investors should closely monitor these metrics to assess upward or downward revisions in market valuations;
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Funding impact: After the Ethereum ETF launch, market capital is increasingly pricing in expectations for a potential SOLANA ETF. Users should monitor changes in SOL trading volume and capital flows to identify emerging trading opportunities.
2) Sector to Watch Going Forward: TON Ecosystem
Main reasons:
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In an otherwise narrative-stagnant Layer 1 landscape, TON stands out as one of the few blockchains that has sustained FOMO for months. Yesterday, Binance Labs announced its investment in Pluto Studio, the publishing platform behind Catizen—a Telegram-based Web3 game—with undisclosed funding amount—sparking renewed attention on mini-games within the TON ecosystem. Telegram CEO Pavel Durov stated via 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 continue generating wealth effects, and whether the ecosystem can quickly address its current lack of DeFi infrastructure, will significantly influence the stability and upward momentum of the TON token.
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Currently, most high-traffic projects in the TON ecosystem still struggle with monetization. While high traffic combined with Web3 is relatively rare in previous crypto cycles, how these projects achieve commercial monetization—and how they sustain wealth creation after attracting massive user inflows—are key questions for every project and participant to consider.
III. User Search Trends
1) Popular Dapp
Layer3 (Dapp)
Layer3, an infrastructure platform for distribution, identity, and incentives, has opened its airdrop eligibility checker. L3 tokens will be distributed based on users’ historical and current activities—including CUBE balance, task completion, cross-chain interactions, and swap volumes—with a minimum requirement of at least 50 CUBEs earned before May 10. Users must also mint a Trident NFT to participate in Season 2 distributions. The project’s token has already launched on Bitget Premarket, allowing eligible users to sell early and lock in profits.
2) Twitter
Ordinals (BRC-20)
During yesterday’s broad market correction, BRC-20 assets showed clear divergence: ORDI dropped 6.57% in 24 hours, falling below the $35 psychological level, while runner-up SATS rose 5% over the same period. The increasing fragmentation among BRC-20 assets may indicate upcoming positive developments, with capital positioning early amid the broader downturn.
3) Google Search & Regional Trends
Global overview:
Tapswap:
Tap-2-Earn Telegram mini-app TapSwap 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. It now boasts over 50 million global users, with nearly 1 million concurrent active users. Yesterday, it announced a joint AMA event with OKX Wallet on Twitter, while many users participated in its USDT-USDC swap campaign, sparking widespread buzz on Twitter and driving high search interest.
Regional search trends:
(1) In Asian countries, Google Trends show no distinct characteristics, with BTC, SOLANA, and AAVE being focal points. Crypto data sites Coinglass and Coinmarketcap also ranked among top searches in Asia.
(2) CIS regions show more Meme coin-related searches, such as PENG. In Western countries, top searched terms include blue-chip assets like BTC, ETH, ASI, ADA, and AVAX.
IV. Potential Airdrop Opportunities
EIGENPIE
Eigenpie is a restaking SubDAO that enables Liquid Staked Token (LST) holders to restake their assets and amplify profit potential. By creating dedicated liquid restaking versions for each supported LST on its platform, Eigenpie effectively isolates risks associated with any individual LST.
The project’s TVL has just surpassed $1.446 billion. Given the high valuation of this sector, potential airdrop rewards appear attractive. Market rumors suggest EIGENPIE could list on Binance as the next Launchpool project.
How to participate: Visit the project website and stake ETH, swETH, or other LSD assets into Eigenlayer via the protocol. Alternatively, directly delegate your Eigenlayer token voting rights to Eigenpie.
Tonstakers
Tonstakers is the largest liquid staking provider in the TON ecosystem, offering users an annual yield of 3.8% by staking TON through the protocol. Currently, the project holds a TVL of $220 million, indicating relatively high potential valuation.
The project has drawn attention from the TON Foundation and currently has 68,000 stakers. It collaborates with core TON developers, Tonkeeper, OKX, and other institutions, giving it strong support prospects for future token issuance.
How to participate: 1) Visit the official website and click “Stake Now”; 2) Connect your Ton wallet to begin staking.
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