Bitget Research: U.S. government's on-chain BTC transfer triggers market panic, risk-averse sentiment intensifies ahead of interest rate meeting
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Bitget Research: U.S. government's on-chain BTC transfer triggers market panic, risk-averse sentiment intensifies ahead of interest rate meeting
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Over the past 24 hours, BTC briefly broke above $70,000 before pulling back to around $66,500. Certain sectors and projects have shown notable wealth effects, with clear intraday trading opportunities. Specifically:
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Sectors with relatively strong wealth creation: Bitget ecosystem (BGB), Proof-of-Work (POW) sector, Bitcoin (BTC) ecosystem
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User's most searched tokens & topics: Layer3, Compound, Tapswap
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Potential airdrop opportunities: Symbiotic, Usual
Data collection time: July 30, 2024, 04:00 (UTC+0)
1. Market Environment
Over the past 24 hours, the crypto market continued to rise under BTC’s lead. After briefly touching $70,000, BTC began to retreat and is now oscillating around $66,500. Other crypto assets such as ETH and SOL followed a similar pattern—initially rising then falling—with clearly visible intraday trading opportunities. DEX trading activity on SOL has notably outperformed that on ETH, which was the primary driver behind the continuous rise in the SOL/ETH exchange rate.
On the news front, yesterday the U.S. government transferred over $200 million worth of BTC on-chain, including depositing 10,000 BTC into institutional custody services. Immediately after these on-chain transfers, the market turned risk-off and declined, directly triggering BTC’s pullback from the $70,000 level. This week, five out of seven major U.S. tech companies will release their earnings reports, along with the Federal Reserve’s monetary policy meeting—these key events may trigger preemptive risk aversion in the market.
2. Wealth-Creating Sectors
1) Sector Movement: Bitget Ecosystem (BGB)
Main reasons:
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Bitget announced today the launch of a new Launchpool project, Layer3, where users can participate by staking BGB;
Price performance: BGB rebounded逆势 within 24 hours and is currently trading around $1.12;
Factors influencing future outlook:
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BGB utility: BGB holders can continuously participate in Bitget’s three major launch platforms—Launchpad, Launchpool, and Poolx—gaining early access to high-quality bull-market assets. This makes BGB 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 assess potential buying or selling pressure on BGB.
2) Sector Movement: POW Sector (BCH, KAS, BSV)
Main reasons:
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On July 27 local time, Republican presidential candidate Donald Trump attended the BTC Conference, primarily aiming to win support from U.S. mining communities. He announced favorable policies for the mining industry during the event;
Price performance: BCH, KAS, and BSV rose 15%, 12%, and 18% respectively over the past 7 days;
Factors influencing future outlook:
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POW popularity: Following Trump’s appearance at the BTC Conference, interest in POW coins spiked temporarily, with evident net inflows of capital and traffic. Ongoing attention should be paid to miner communities on platforms like YouTube and Telegram regarding their engagement with these tokens.
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Open interest trends: Taking BCH as an example, its open interest increased yesterday, indicating hot money inflow. Using tv.coinglass to analyze futures data, first observe the increase in net long positions; then check whether there is a net increase in long contracts, rising open interest, and expanding trading volume. If all conditions are met, it suggests sustained buying by major players, supporting a hold strategy.
3) Sector to Watch: Bitcoin Ecosystem Projects (SATS, CKB)
Main reasons:
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Former U.S. President Donald Trump will deliver a landmark speech at the Bitcoin 2024 Conference in Nashville. He announced plans to designate Bitcoin (BTC) as a strategic reserve asset for the United States upon taking office, and pledged never to sell any BTC—a positive development for the BTC ecosystem.
Specific token list:
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SATS: A leading BRC-20 inscription project in the BTC ecosystem with meme characteristics. Recently, SATS has significantly outperformed ORDI, possibly signaling upcoming favorable news;
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CKB: A Bitcoin Layer2 project based on the RGB++ scaling protocol. CKB continues to strengthen its technical capabilities amid competition among Layer2 solutions. The project maintains architectural alignment with Bitcoin while addressing gaps in the Bitcoin ecosystem.
3. User Search Trends
1) Popular Dapp
Layer3 (L3):
Layer3 is an on-chain task platform where users can discover new projects and earn rewards. By aggregating user activities across multiple chains and dApps, Layer3 generates users’ on-chain identity (DID) to enable efficient token distribution. Yesterday, Layer3 saw a +30% increase in Unique Active Users. Bitget is set to launch a Launchpool for Layer3 (L3).
2) Twitter
Compound (COMP):
A recent proposal passed by lending protocol Compound Finance has raised concerns within the community about governance attacks. In response, the Compound community has proposed launching a new Staked Compound product to mitigate governance risks.
3) Google Search & Regional Trends
Globally:
Tapswap:
TapSwap is a Tap2Earn Mini App previously praised by Telegram founder Pavel Durov. Launched at the end of 2023 initially on Solana, it later migrated to the TON ecosystem and has maintained extremely high popularity.
Regional search trends:
(1) Hotspots in Europe and the U.S. are scattered without clear patterns, but the term "jd vance crypto" appeared on trending lists in several countries, reflecting Western traders’ heightened attention to political impacts on crypto.
(2) Asia also lacks prominent hotspots, though users in the Philippines show particular interest in U.S. stocks such as Tesla and Nvidia.
(3) Latin America shows stronger interest in AI and DePIN, with GRASS and AGIX, NEAR appearing on search trends in Colombia and Argentina respectively.
4. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal restaking system enabling decentralized networks to bootstrap robust, fully sovereign ecosystems. It provides decentralized applications with a method called Active Validation Service (AVS) to collectively secure each other. Users can restake assets already deposited in other crypto protocols to help protect these AVSs and earn rewards in return.
Marketed as a challenger to EigenLayer, Symbiotic raised $5.8 million in seed funding led by Paradigm and Cyber Fund. Despite imposing deposit caps, Symbiotic has already achieved a TVL of up to $1.2 billion.
How to participate: Deposit supported tokens such as wstETH, cbETH, sUSDe into the Symbiotic protocol. However, most token deposit limits have reached their caps—only cbETH deposits remain open. Participants must wait for Symbiotic to reopen additional deposit windows.
Usual
Usual is an RWA-backed stablecoin protocol. Its USD0 is a permissionless, fully compliant stablecoin backed 1:1 by real-world assets (RWA). USUAL is the governance token allowing the community to guide the network’s future development. Usual addresses current stablecoin market issues by redistributing profits to the community and rewarding token holders with real yields generated from RWAs.
Usual raised $7 million in funding from investors including IOSG Ventures, Kraken Ventures, and GSR. On July 11, Usual announced the official mainnet launch and initiated a points campaign. Early participants can earn more “Usual Pills” points by providing liquidity or minting and holding USD0++, which can be redeemed for USUAL tokens during the airdrop.
How to participate: Visit the Usual website and mint USD0 tokens using USDC or ETH on the Ethereum blockchain. Select the option “Provide USD0 liquidity on Curve” and use your minted USD0 tokens to provide liquidity.
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