Bitget Research: The Federal Reserve signals potential rate cuts as early as September, while the crypto market continues to trade in a high-range consolidation
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Bitget Research: The Federal Reserve signals potential rate cuts as early as September, while the crypto market continues to trade in a high-range consolidation
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-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
After the release of the Federal Reserve's FOMC meeting minutes last night, Fed Chair Powell stated that a rate cut in September is under consideration. Subsequently, U.S. stocks surged, while crypto assets did not show significant gains and remain range-bound at elevated levels. Key highlights:
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High wealth-generation potential sectors: POW sector (KAS, ALPH, SMR), DeFi sector (AAVE, COMP);
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Top user-searched tokens & topics: Marinade, Swell Network, Tapswap;
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Potential airdrop opportunities: Plume Network, Movement;
Data cutoff time: August 1, 2024, 4:00 AM (UTC+0)
1. Market Environment
Following the release of the Federal Reserve’s FOMC meeting minutes last night, Fed Chair Powell indicated that a September rate cut remains under consideration. As a result, U.S. equities rallied strongly, but crypto assets failed to see notable gains and continue trading sideways at high levels.
Regarding Bitcoin ETFs, there was a net inflow of $300,000 yesterday, marking a significant decline in inflow volume. For Ethereum ETFs, there was a net outflow of $77.2 million, continuing the trend of substantial capital outflows. Overall, the market remains in a consolidation phase at elevated price levels.
In the crypto ecosystem, certain POW-based tokens have attracted market attention—likely tied to the recent recovery in crypto mining. Governments worldwide are actively introducing favorable policies for mining operations. In addition to deploying mainstream crypto mining equipment, mining farms are now exploring new POW tokens for investment.
2. Wealth-Generating Sectors
1) Sector Movement: POW Sector (KAS, ALPH, SMR)
Main reasons:
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Recently, governments around the world have been advancing the legalization of cryptocurrency mining—for example, Russia has introduced relevant policies, and the U.S. is actively expanding the industry. As a result, miners are beginning to explore beyond mainstream mining assets and identify emerging POW tokens suitable for investment. A number of high-quality projects have emerged, experiencing significant increases in hash power and strong price performance.
Price performance: KAS up 2.37% over the past 24 hours, ALPH up 3.94%, SMR up 53.6%;
Factors affecting future outlook:
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Hashrate trends: Sustained growth in hashrate indicates continuous deployment of mining hardware and rising mining costs for these tokens. This suggests most market participants still find mining profitable at current cost levels. Moreover, large-scale entry into mining may signal institutional or major capital involvement.
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Ecosystem development: Many POW projects also support application ecosystems. Ecosystem growth is key to achieving mass adoption. If such ecosystems attract sufficient developers and users, demand for their native tokens will rise, increasing the likelihood of sustained price momentum.
2) Sector to Watch Going Forward: ETH and ETH DeFi-related Sectors
Main reasons:
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Since the launch of Ethereum ETFs, capital has continued to exit, mirroring the pattern seen during the early days of Bitcoin ETFs. Once selling pressure subsides and net inflows resume, ETH prices are likely to stage a strong rebound.
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Several legacy DeFi projects on Ethereum have recently proposed changes to their token models. For instance, AAVE is preparing a community temperature check to gauge support for distributing protocol revenue directly to AAVE token holders. With top DeFi protocols generating substantial profits, returning earnings to token holders could spark a new wave of innovation and adoption across DeFi.
Price performance: AAVE up 19.7% over the past 7 days, COMP up 8.5%;
Factors affecting future outlook:
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Regulatory shifts: The market widely believes that recent changes in DeFi protocols stem from expectations that SEC Chair Gary Gensler may not seek reappointment. This reduces fears of enforcement actions classifying tokens as securities. Protocols are proactively adapting by exploring mechanisms to distribute real earnings to token holders via dividends.
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Protocol revenue: If protocols begin distributing income, the sustainability of that revenue will directly impact token valuations. Investors should closely monitor each protocol’s revenue share, long-term viability, and potential influencing factors.
3. User Search Trends
1) Popular Dapp
Marinade (Dapp)
Yesterday, the project announced it will launch the mainnet for its Stake Auction Market (SAM) on August 14, aiming to boost yields and enhance Solana’s decentralization. SAM simulations opened for testing at the end of June, with live auctions scheduled to begin in August. Currently, the project has a market cap of just $10 million, with its token trading at low levels and limited trading activity, suggesting significant room for strategic positioning.
2) Twitter
Swell Network (Dapp)
Swell Network completed a snapshot for its Pearls program yesterday. Following the snapshot, Swell will disclose more details about its Token Generation Event (TGE) and anti-sybil measures. Under the new airdrop plan, users holding swETH and rswETH can earn Black Pearl tokens within the DeFi ecosystem. The airdropped token has already launched on Bitget’s pre-market, allowing users to hedge exposure in advance via Bitget’s pre-market trading.
3) Google Search & Regions
Global overview:
Tapswap:
TapSwap is a Tap2Earn mini-app praised by Telegram founder Pavel Durov. Launched at the end of 2023 initially on Solana before migrating to the TON ecosystem, the project has gained extremely high popularity.
Regional search trends:
(1) Interest in Europe and North America is relatively scattered. The term "FOMC" appeared on trending lists in multiple countries, reflecting traders’ close attention to the outcome of the Fed’s interest rate decision.
(2) Asia shows no clear hotspots either. In the Philippines, public interest focuses on U.S. stocks such as Tesla and Nvidia.
(3) Latin America shows higher interest in SOL and ETH, while AI-related projects appear on search trends in Colombia and Argentina.
4. Potential Airdrop Opportunities
Plume Network
Plume Network is a modular Layer 2 network focused on the RWA sector, aiming to tokenize real-world assets and integrate them directly onto the blockchain. The project recently closed its seed round, raising $10 million from investors including Haun Ventures, Superscrypt, Galaxy, and SV Angel.
The project has recently launched its testnet, featuring engagement activities such as "Earn Mile," "Check In," and "Passport."
How to participate: 1) Visit the official website, click "Connect Wallet," then enter the app; 2) Complete platform tasks—including Swap, Stake, Speculate, Check-in—to earn miles.
Movement
Movement Labs was founded in 2022 and previously raised $3.4 million in a seed round in September 2023. Besides its flagship product, Movement L2, Movement Labs plans to launch Move Stack—an execution layer framework compatible with rollup platforms like Optimism, Polygon, and Arbitrum.
Recently, Movement Labs secured $38 million in Series A funding led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent firms.
How to participate: Access the Movement Zealy task portal (note: social tasks are time-limited and continuously updated). Engage in DEX interactions—complete a few test transactions—and await further instructions from the official team.
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