Bitget Research: ETH dropped over 20% in a single day due to institutional sell-offs, with accelerated market declines laying the groundwork for a future upward trend.
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Bitget Research: ETH dropped over 20% in a single day due to institutional sell-offs, with accelerated market declines laying the groundwork for a future upward trend.
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The overall market accelerated its decline, with BTC falling below $55,000 and ETH suffering institutional sell-offs resulting in a single-day drop exceeding 20%. The ETH/BTC exchange rate dropped to its lowest level in three years. Weaker-than-expected employment data intensified concerns about an economic recession, leading to sharp declines in U.S. stocks and most Asian equity markets, amplifying global financial market panic.
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Recommended to watch: High-yield, low-risk USD-denominated yield pools (Kamino, Aries Markets, etc.);
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User's trending tokens & topics: Jump, Matr1x, Puffer Finance;
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Potential airdrop opportunities: Particle Network, Movement;
Data collection time: August 5, 2024, 4:00 AM (UTC+0)
I. Market Environment
The cryptocurrency market continued its rapid decline, with BTC dropping below $55,000 and ETH experiencing heavy institutional selling, plunging over 20% in one day. Jump Crypto is suspected of selling large amounts of ETH, pushing the ETH/BTC exchange rate down to 0.042—the lowest level since Q3 2021. Altcoins plummeted, and BTC dominance rose to 57%.
U.S. equities also plunged, with news of Warren Buffett selling off stocks triggering widespread market panic. Asian stock markets were severely hit—Japanese government bond futures triggered circuit breakers, while Australia’s benchmark index dropped over 3%, marking its largest single-day fall since June 2022.
II. Wealth Creation Sectors
1) Recommended Focus: High APY, Low-Risk USD-Denominated Yield Pools
Main reasons:
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Market sentiment remains fearful, with little chance of a significant rebound in the short term. Before a major bullish wave emerges, it is advisable to hold substantial stablecoin reserves and wait for market stabilization before entering on the right side of the trend.
Recommended projects:
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Kamino: Currently the lending protocol with the highest TVL on Solana. Supplying USDC offers an APY of 13%, while supplying PYUSD yields 19%;
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Aries Markets: Currently the protocol with the highest TVL on Aptos. Supplying USDC yields 10% APY, and supplying USDT yields 10.5% APY. Both borrowing and lending are subsidized with APT rewards, offering relatively stable returns;
III. User Trends
1) Popular Dapps
Particle Network:
Binance Labs announced an investment in modular blockchain project Particle Network, which aims to unify all blockchains through a universal account system. As an L1 solution, it seeks to address user and liquidity fragmentation in Web3. The newly raised funds will be used for global team expansion, enhancing features and integrations within its chain abstraction ecosystem, and ensuring the launch of its L1 mainnet later this year.
Recently, Particle Network launched the first Joint Testnet (Co-Testnet) of its Chain Abstraction Alliance, taking the first step toward unifying all chains through collaboration with Berachain.
Following the announcement of its funding round and testnet launch, Particle Network has gained significant traction and attracted widespread user participation.
2) Twitter
Matr1x:
Matr1x positions itself as infrastructure and a distribution system for Web3 cultural entertainment—an innovative platform integrating Web3 gaming, artificial intelligence, esports, and blockchain infrastructure. It aims to transform the global gaming and digital content industries using blockchain and AI technologies, accelerating the arrival of the Web3 era.
In terms of team and funding, Matr1x’s core team members have over 10 years of working experience together, with strong backgrounds in developing top-tier Web2 FPS games and operating high-DAU products. The project is well-funded, having publicly raised over $20 million, including a recent investment from North American top-tier fund Makers Fund on July 26.
3) Google Search & Regions
Globally:
jump:
Jump Trading may be dumping ETH: Recently, they have been gradually redeeming a wstETH position worth $410 million (120,000 tokens) into ETH and transferring them to exchanges like Binance and OKX. Since July 25, within just nine days, they have converted 83,000 wstETH into 97,500 ETH. Of these, 66,000 ETH ($191.4 million) have already moved into exchanges.
By regional trends:
(1) CIS region trends include Blum, notcoin, tapswap, etc., with popular trends mainly centered around "tap-to-earn" mini-games on Telegram and related tokens/apps.
(2) Asia shows no clear hotspots; the Philippines shows interest in RWA and meme coins.
(3) Latin America shows stronger interest in SOL and ETH, with AI-related projects appearing on search trends in Colombia and Argentina.
IV. Potential Airdrop Opportunities
Particle Network
Particle Network is a development platform that connects multiple blockchains (such as Bitcoin, EVM, and IBC) via a unified account system, providing modular interfaces to enhance wallet connectivity and transaction execution. The platform focuses on chain abstraction, wallet abstraction, liquidity abstraction, and gas abstraction, aiming to simplify the development and deployment of Web3 applications.
Particle Network recently announced a $15 million Series A round led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others. This brings Particle Network’s total funding to $25 million.
How to participate: Visit https://pioneer.particle.network/, link your social accounts, claim test tokens, sign in daily, complete tasks, and use Universal Gas for transactions. You can interact between MetaMask testnet tokens and the Particle Network wallet.
Movement
Movement Labs was founded in 2022 and previously raised $3.4 million in a seed round in September 2023. In addition to its flagship product, Movement L2, Movement Labs will launch Move Stack—a new execution layer framework compatible with rollup frameworks such as 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 page (note: social tasks are time-limited and continuously updated), interact with the DEX, make a few test transactions, and await further official updates.
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