Bitget Research: Mt. Gox compensation assets continue to be sold off, short-term market performance remains weak
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Bitget Research: Mt. Gox compensation assets continue to be sold off, short-term market performance remains weak
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-generating opportunities.
Navigating Web3 tides with focused insightsSummary
The U.S. July ISM Manufacturing PMI dropped far more than economists' expectations, causing interest rates to fall to multi-month lows. Despite yesterday's net inflows of $26.2 million into spot Ethereum ETFs and $50.4 million into spot Bitcoin ETFs in the U.S., Bitcoin continues its downward trend, with poor short-term market performance. Specifically:
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Relatively strong wealth-generating sectors include: Curve-related tokens (CRV, CVX), Meme sector (NEIRO);
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User trending tokens & topics: Morpho, Aptos;
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Potential airdrop opportunities: Symbiotic, Mezo;
Data collection time: August 2, 2024, 4:00 AM (UTC+0)
I. Market Environment
The U.S. July ISM Manufacturing PMI declined significantly beyond economist forecasts, pushing interest rates across the board to several-month lows. Additionally, initial jobless claims in the U.S. surged to their highest level in about a year. Collectively, these data points further confirm that the U.S. economy is on the verge of a Federal Reserve monetary easing cycle, which in some sense is positive for risk markets.
Despite yesterday’s net inflow of $26.2 million into U.S. spot Ethereum ETFs and $50.4 million into spot Bitcoin ETFs, Bitcoin has maintained its downtrend. After reaching $70,000 this week, it sharply pulled back, falling to a two-week low of $62,700 last night. Short-term market conditions remain weak.
II. Wealth-Generating Sectors
1) Sector Movement: Curve-Related Tokens (CRV, CVX)
Main reasons:
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A whale accumulated a total of 18 million CRV ($4.68 million) from Binance and OKX within the past 30 hours at an average price of $0.26. Yesterday, the same whale withdrew another 5.5 million CRV (approximately $1.51 million) from Binance.
Price movement: CRV and CVX rose 7.46% and 5.38%, respectively, over the past 24 hours;
Factors influencing future outlook:
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Curve remains one of the premier venues for large-scale stablecoin trading and maintains solid real profits. Its main challenge lies in an outdated narrative—lacking new products or operations to excite the market. Past incidents and recent liquidations have also understandably raised concerns. However, previous bulk OTC purchases of CRV by major whales occurred at prices above $0.30, suggesting the current price still holds relative appeal.
2) Sector Movement: Meme Sector (NEIRO)
Main reasons:
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NEIRO received significant backing from numerous KOLs, particularly Japanese-speaking influencers. Supported by endorsements from prominent figures such as @apipiro22, @mikky_8080, @yukimaru_potty, @BrotherMKT, @KookCapitalLLC, and @OfficialTravlad—each with tens of thousands to hundreds of thousands of followers—NEIRO's price surged accordingly.
Price movement: NEIRO逆势 rose over 15% on the day;
Factors influencing future outlook:
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On-chain activity: The valuation of DeFi infrastructure depends on whether a chain can maintain stable, top-tier market share—measured by active on-chain users and DEX trading volume. This significantly impacts DEXs, PERP platforms, oracle services, and liquid staking projects across various public chains. Investors should closely monitor such metrics to assess upward or downward revisions in market valuations;
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Liquidity impact: With the launch of Ethereum ETFs, market capital is gradually increasing ETH liquidity. As a result, related meme tokens may benefit from capital spillover effects and experience further price appreciation.
III. User Trending Topics
1) Popular Dapp
Morpho
DeFi lending protocol Morpho has completed a $50 million funding round led by Ribbit Capital, with participation from a16z crypto, Coinbase Ventures, Variant, Pantera, Brevan Howard, BlockTower, and Kraken Ventures. Specific valuation details have not been disclosed. Morpho is a lending protocol that combines the capital efficiency of order book-based P2P matching engines with the current liquidity pool models used by Compound or AAVE. Morpho-Compound improves upon Compound by offering identical user experience, liquidity, and liquidation parameters, but delivers higher APY due to peer-to-peer matching.
2) Twitter
Aptos
Yesterday, OKX Ventures and the Aptos Foundation, a global blockchain leader, announced a joint $10 million fund aimed at supporting the growth of the Aptos ecosystem and broader Web3 adoption. The fund will support an accelerator program operated in collaboration with Ankaa, designed to foster high-quality projects and applications built on Aptos. Aptos is a scalable Layer 1 PoS blockchain using the Move programming language to make on-chain transactions more reliable, user-friendly, and secure. Selected Aptos ecosystem projects will receive venture support, targeted mentorship, marketing exposure, and access to a combined expert network from OKX, Ankaa, and the Aptos Foundation.
3) Google Search & Regions
Global perspective:
Why is down today & fear and greed index:
Yesterday, the U.S. July ISM Manufacturing PMI dropped far more than expected, sending interest rates to multi-month lows. The volatility index (VXX) rose 13.55%, indicating rising risk aversion in markets, with crypto assets following suit lower.
Regional search trends:
(1) In the CIS region, Tapswap is trending. TapSwap is a Tap2Earn Mini App 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.
(2) In Asia, there are no clear hotspots; in the Philippines, investor attention is focused on U.S. stocks such as Tesla and Nvidia.
(3) In Latin America, SOL and ETH show higher interest levels, while AI-related projects appear on trending searches in Colombia and Argentina.
IV. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal restaking project enabling decentralized networks to bootstrap powerful, fully sovereign ecosystems. It provides decentralized applications with a mechanism called Active Validation Service ("AVS") to collectively secure each other.
Symbiotic recently completed a seed round raising $5.8 million, backed by Paradigm and Cyber Fund.
How to participate: Visit the project’s official website, connect your wallet, and deposit ETH or ETH LSD assets.
Mezo
Mezo is a BTC Layer 2 project focused on the BTC ecosystem, helping BTC holders perform on-chain transfers and yield farming, driving the development of BTC DeFi systems. Mezo recently announced a $21 million funding round, with participation from leading industry firms including Pantera Capital, Hack VC, and Multicoin Capital.
The team has publicly released its BTC asset staking plan and introduced a referral mechanism, making a strong airdrop expectation likely. The project is currently in the early operational stage.
How to participate: 1) Visit the project website and find the invite code in Discord; 2) Enter the invite code and connect your Unisat wallet; 3) Deposit BTC.
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