Bitget Research: Historically, multiple gas price troughs have coincided with mid-term price bottoms; if a second dip occurs, consider accumulating in batches
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Bitget Research: Historically, multiple gas price troughs have coincided with mid-term price bottoms; if a second dip occurs, consider accumulating in batches
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
BTC ended its rebound and sharply declined over the weekend. ETH chain gas fees dropped to 1gwei, and market interest remains extremely weak. In the short term, there is a possibility of a secondary downturn; however, centralized exchange BTC reserves have fallen to their lowest level in five years, and large whales continue accumulating BTC during the dip—indicating long-term bullish sentiment. Key highlights:
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Notable performing sector: T (Threshold);
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User trending tokens & topics: SolvBTC, WBTC, Celsius;
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Potential airdrop opportunities: Fuel, Elixir;
Data collection time: August 12, 2024, 4:00 AM (UTC+0)
1. Market Environment
After recovering half of its recent losses in a rebound, BTC fell again over the weekend. During the past five trading days, BTC spot ETFs saw net inflows for two days and net outflows for three days, with overall market activity remaining muted.
ETH chain gas fees dropped below 1gwei, reflecting low on-chain activity. Historically, periods of extremely low gas fees often coincide with intermediate price bottoms. Although the decline is partly due to the Dencun upgrade introducing blob-based transactions, the drop in ETH network activity is also evident.
Despite the risk of a secondary downturn, two data points are worth noting for long-term holders: (1) BTC reserves on centralized exchanges have reached their lowest level since November 19, 2018; (2) Long-term BTC holders acquired over 180,000 BTC during the recent market correction. These factors may lay the groundwork for a future major upward move.
2. Wealth-Generating Sectors
1) Sector Movement: T (Threshold)
Main reasons:
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WBTC and BitGo are embroiled in centralization concerns. MakerDAO has proposed a motion to halt WBTC borrowing and reduce WBTC collateral ratios on Spark to zero.
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Both tBTC and WBTC are tokenized versions of Bitcoin on Ethereum. WBTC is managed by companies like BitGo, while tBTC uses smart contracts and a decentralized node network to ensure Bitcoin-tBTC convertibility. Nodes must post collateral to mint tBTC, making it more decentralized.
Price movement: T (Threshold) trading volume surged sixfold compared to the previous day, rising over 10% for two consecutive days against the broader market trend.
Factors affecting future performance:
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Whether Threshold can seize this opportunity through marketing, reporting, and increasing credibility will be key to sustaining T’s momentum. Additionally, BitGo CEO’s prompt response to the WBTC controversy—offering assistance in MakerDAO’s due diligence—along with how MakerDAO’s proposal unfolds and BitGo’s PR and crisis management outcomes, will be critical.
3. User Trends
1) Popular Dapp
SolvBTC:
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SolvBTC is the first cross-chain yield-generating Bitcoin asset launched by Solv Protocol. This token aims to provide Bitcoin holders with a stable and low-risk income source by integrating with decentralized finance (DeFi) protocols to offer diversified earning opportunities. SolvBTC is supported across multiple blockchain networks including Ethereum, Arbitrum, BNB Chain, and Merlin Chain, with plans to expand to additional chains.
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The token’s yield is based on a diversified “Delta-neutral strategy” portfolio, targeting a base return of 5–10% in BTC. SolvBTC further enhances APR by unlocking native yield opportunities, bringing more economic potential to the Bitcoin DeFi (BTCFi) ecosystem.
2) Twitter
WBTC:
Recent risks surrounding WBTC stem from custody changes and trust issues related to Justin Sun. BitGo announced transferring WBTC custody to a new joint venture with BiT Global, triggering concerns in the DeFi community about decentralization and transparency. If MakerDAO reduces or eliminates WBTC as collateral, it could trigger widespread selling, increasing volatility in Bitcoin prices and uncertainty within the DeFi ecosystem.
3) Google Search & Regional Trends
Globally:
Celsius: Recent developments at Celsius Network center around exiting bankruptcy proceedings and returning assets to users. The company has reached two key settlement agreements enabling it to conclude bankruptcy and return partial assets. These settlements resolve claims arising from management fraud allegations and provide partial crypto assets and shares in a new entity to users who deposited into its Earn program. Implementation is expected to begin in early 2024.
Regional search trends:
(1) In the CIS region, Tapswap is trending. TapSwap is a Tap2Earn mini-app praised by Telegram founder Pavel Durov, launched in late 2023 initially on Solana before migrating to the TON ecosystem. The project has gained significant popularity.
(2) In Latin America, higher interest is observed in SOL and ETH, while AI-related projects appear on search trends in Colombia and Argentina.
4. Potential Airdrop Opportunities
Fuel
Fuel is a UTXO-based modular execution layer that brings globally accessible scale to Ethereum. As a modular execution layer, Fuel achieves global throughput in ways monolithic chains cannot, while inheriting Ethereum’s security.
In September 2022, Fuel Labs raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Backers include top-tier investors such as CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit eligible tokens into Fuel to earn points. Participants earn 1.5 points per dollar per day for depositing any of the following: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to July 22, depositing ezETH earned 3 points per dollar per day.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network enabling anyone to directly provide liquidity to order books, bringing liquidity to long-tail crypto assets and helping exchanges and protocols bootstrap ledger liquidity.
On March 12, 2024, Elixir completed an $8 million Series B round at an $800 million valuation. On October 18, 2023, it raised $7.5 million in a Series A round. On January 17, 2023, it secured a $2.1 million seed round. Investors include Hack VC, GSR, Sui, and Amber Group.
How to participate: Earn points via Apothecary by depositing at least $100 worth of ETH to mint elxETH and unlock treasure boxes. elxETH is a native yield-bearing token backed 1:1 by ETH and will serve as a cross-chain LP token powering order book liquidity on exchanges after mainnet launch. Users can also provide liquidity to Elixir-supported protocols via https://agg.elixir.xyz/.
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