Bitget Research: Market remains in narrow-range consolidation, BWB rises against the trend
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Bitget Research: Market remains in narrow-range consolidation, BWB rises against the trend
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 $61,000. U.S. producer prices for July rose less than expected, with July's PPI flat compared to the previous month. Key highlights:
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Wealth-generating sectors: Blue-chip public chain sector, RWA sector, Bitget platform tokens
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User trending tokens & topics: Pump.fun, Perplexity
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Potential airdrop opportunities: Tonstakers, Kelp DAO
Data collection time: August 14, 2024, 04:00 (UTC+0)
1. Market Environment
Over the past 24 hours, BTC briefly surpassed $61,000 and is currently oscillating between $59,000 and $61,000. Daily volatility has noticeably narrowed, indicating that the current rebound phase may be encountering resistance. ETH briefly broke above $2,700. Spot Ethereum ETFs recorded their first weekly positive inflow, with net inflows of 31,500 ETH (approximately $75.07 million) last week. This round of capital inflow was primarily driven by BlackRock, which cumulatively purchased ETH worth $168.55 million. On the market front, leading blue-chip public chains have shown steady gains over the past seven days. Meanwhile, Bitget Wallet surpassed 30 million users and exceeded MetaMask in downloads during July. Investors should closely monitor BWB’s future performance.
From a macro perspective, U.S. producer price growth in July was lower than expected, with July’s PPI unchanged from the previous month. The more closely watched CPI data will be released on Wednesday, with expectations pointing to a slight increase. With easing inflationary pressures and weak employment data in July, economists anticipate the Federal Reserve will begin a series of rate cuts starting next month. According to CME's "FedWatch" tool, there is a 50.5% probability of a 25-basis-point rate cut in September and a 49.5% chance of a 50-basis-point cut.
2. Wealth-Generating Sectors
1) Sector Movement: Blue-Chip Public Chain Sector (FTM, APT, TON)
Main reasons:
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New public chain sectors had been consolidating after prolonged declines. In the context of an oversold market rebound, they were among the first to attract investor attention. Recently, ETH has underperformed significantly, with frequent institutional sell-offs in secondary markets. Capital is shifting toward new-generation public chains, forming a consensus. Additionally, Aptos has launched its second game on Tapos, accessible via browser and Telegram, increasing its recent visibility.
Price performance: FTM, APT, and TON rose 5%, 9%, and 6% respectively over the past 24 hours;
Factors influencing future trends:
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Sustained TVL growth: According to DefiLlama, Aptos’ TVL has surpassed $400 million, reaching a new all-time high. TON’s ecosystem total value locked has exceeded $80 million, also setting a record—four times its TVL in early March. Continued monitoring of TVL across these ecosystems is recommended; sustained capital inflows support investment in top-tier public chains.
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Ongoing ecosystem development: OKX Ventures and the Aptos Foundation recently announced a joint $10 million fund aimed at supporting growth within the Aptos ecosystem and broader Web3 adoption.
2) Sector Movement: RWA Sector (ONDO, Pendle)
Main reasons:
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The RWA sector remains one of the most prominent areas in the crypto industry, widely seen as having significant growth potential. ONDO and Pendle lead in government bond tokenization and crypto interest rate swaps, respectively. These sectors have extremely high asset ceilings, and protocol revenues grow proportionally with assets under management. Investors should pay special attention during every market recovery cycle.
Price performance: ONDO and Pendle rose 3.4% and 6% respectively over the past 24 hours;
Factors influencing future trends:
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Total assets under management (AUM): Cash flow from such protocols depends heavily on their AUM. As protocol asset sizes grow, so do potential earnings and corresponding token valuations.
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Regulatory impact: As the crypto industry advances through legislative milestones and gains broader societal recognition, favorable policies will become key drivers for RWA-related token appreciation. With more major asset managers entering this space, continued steady growth is expected.
3) Sector to Watch Going Forward: Bitget Platform Tokens (BGB, BWB)
Main reasons:
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Bitget recently announced measures to support the long-term development of Bitget Token (BGB), enhancing holder benefits through a smart contract upgrade. This aims to expand BGB’s utility across DeFi, DEX, GameFi, and other decentralized applications. With Bitget Wallet surpassing 30 million users and exceeding MetaMask in downloads during July, market sentiment around BGB price appreciation is growing.
Specific token list:
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BGB: Bitget’s native token. Following a recent smart contract upgrade, BGB is expected to play a deeper role in DeFi, DEX, and GameFi applications. Potential demand for BGB could surge, making it a key focus area;
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BWB: Bitget Wallet’s token, with a current market cap of only $50 million. Given the strong growth outlook for wallet platforms, BWB is suitable for long-term holders.
3. User Trends
1) Popular DApp
Pump.fun:
According to DefiLlama, Solana-based meme coin platform Pump.fun generated $28.73 million in protocol revenue in July, a record high. Cumulative protocol revenue now stands at $89.03 million. Over the past three months, Pump.fun’s fee account has converted 222,073 SOL into 35.54 million USDC at an average price of $160. The platform’s popularity signals that meme coin trading on Solana has entered a heated phase, though marginal returns and wealth effects are beginning to diminish.
2) Twitter
Perplexity:
Prediction market Polymarket is partnering with AI-powered search engine Perplexity to display news summaries for events. When users click on an event on Polymarket, they now see relevant news summaries based on Perplexity’s search results, along with a search box to ask follow-up questions.
Perplexity raised $73.6 million in a Series B round in January at a $520 million valuation, led by IVP. Total funding has reached $100 million. Perplexity’s search tool enables users to get reliable answers instantly with full sources and citations—eliminating the need to browse multiple links or compare answers manually. As the company has pursued equity financing, it is unlikely to launch a cryptocurrency.
3) Google Search & Regional Trends
Global Overview:
Blast:
Officially announced, Blast has launched the second distribution round of its Phase Two Gold points, distributing 11 million Gold tokens to DApps. Of these, 10 million were allocated to existing DApps on the Blast mainnet and 1 million to newly launched DApps. According to DefiLlama, Blast’s mainnet TVL has declined over 60% from its peak, currently at $883 million. The Blast token has also dropped over 46%, with unclear market momentum ahead—users are advised to proceed cautiously.
Regional Search Trends:
(1) In Asia: Interest across regions is highly fragmented, with few common themes, though some localized hotspots exist. For example, Vietnam, the Philippines, and Singapore show increased interest in RWA-related projects. Layer 1 projects appear frequently in Indonesia’s trending searches, while Malaysia shows stronger interest in mainstream cryptocurrencies like Bitcoin.
(2) In Western countries, search trends are scattered without clear patterns. Enthusiasm for meme coins has somewhat cooled, with Pepe and Floki remaining the primary trending tokens.
(3) In CIS regions, alongside TON ecosystem keywords, Solana ecosystem LST project Sanctum and AI-related terms are appearing in trending searches.
4. Potential Airdrop Opportunities
Tonstakers
Tonstakers is the largest liquid staking provider in the TON ecosystem, offering users an annual yield of 3.8% for staking TON. The project currently has $256 million in TVL and carries a relatively high potential valuation.
It has gained attention from the TON Foundation and currently serves 68,000 stakers. Collaborations with core TON developers, Tonkeeper, OKX, and other institutions provide strong support for a potential token launch.
How to participate: 1) Visit the official website and click “Stake Now”; 2) Connect your Ton wallet to stake.
Kelp DAO
Kelp DAO is building an LRT solution on EigenLayer, with its restaked token rsETH. Supported LSTs include ETHx (Stader), sfrxETH (Frax), and stETH (Lido). According to DefiLlama, Kelp DAO’s TVL currently stands at $617 million.
Kelp DAO has launched Kelp Miles, a rewards program tracking user contributions to determine future reward allocations. Kelp Miles are earned based on the amount and duration of LST restaking. Widely regarded as a leading unfunded project in the restaking space, a token launch is estimated for Q2.
How to participate: (1) Connect your wallet to Kelp DAO; (2) Prepare ETHx (Stader), sfrxETH (Frax), stETH (Lido), or ETH for deposit; (3) Hold the resulting rsETH to accumulate points.
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