Bitget Research: After the CPI release, the crypto market fluctuated and declined, with short-term risks still present; observation is recommended
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Bitget Research: After the CPI release, the crypto market fluctuated and declined, with short-term risks still present; observation is recommended
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
In the past 24 hours, markets fluctuated and continued to decline after the U.S. released July CPI data:
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The most wealth-generating sectors were: Real Yield (BANANA, AAVE), Bitget platform tokens
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Highest user search interest: Ton Network, Bitgo
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Potential airdrop opportunities: Solayer, Plume Network
Data cutoff time: August 15, 2024, 4:00 AM UTC
I. Market Environment
Yesterday, the U.S. released July CPI data at 2.9%, higher than expected. Following the announcement, markets widely anticipate a 25 basis point rate cut in September. As a 50bp cut did not materialize, markets reacted with volatility and declined.
On ETFs, Bitcoin ETFs saw a net outflow of $81 million yesterday, while Ethereum ETFs recorded a net inflow of $10.8 million. Currently, ETF flows lack sustained momentum, making it difficult to drive continuous market trends. Therefore, BTC price action remains primarily range-bound.
By sector, assets within the Bitcoin ecosystem have performed well, driven by recent developments in the Bitcoin ecosystem. Coinbase is preparing to launch cbBTC, bringing Bitcoin into DeFi through a centralized and compliant custody model, sparking broad market anticipation for BTCfi.
II. Wealth-Generating Sectors
1) Sector Movement: Real Yield (BANANA, AAVE)
Main reasons:
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In the current weak market environment, investors are seeking crypto projects that genuinely generate revenue and distribute earnings to token holders. BANANA, as a leading Telegram bot project, maintains stable market share with strong price support. Its revenue remains solid even amid meme market fluctuations. For AAVE, recent on-chain data shows active borrowing users reaching an all-time high, increasing protocol income as more users participate in lending.
Price performance: BANANA up 8.78% in the last 24 hours; AAVE up 10.4% over the same period.
Factors influencing future outlook:
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Market Share: This is a key metric for real yield projects. Given limited market share in crypto, maintaining top-tier positioning is critical for sustainable revenue. BANANA ranks among the top three Telegram bot projects, while AAVE leads in lending with highly sticky users—both demonstrating strong fundamentals.
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Revenue Distribution Policies: A new proposal for AAVE considers introducing a fee conversion mechanism to return excess net revenue to key users. This could also lead to AAVE protocol restaking, creating new income streams for AAVE and its users.
2) Sector to Watch: Bitget Platform Tokens (BGB, BWB)
Main reasons:
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Bitget recently announced a smart contract upgrade for Bitget Token (BGB) to enhance long-term development and holder benefits. The upgrade expands BGB’s utility across DeFi, DEX, and GameFi decentralized applications. Bitget Wallet has surpassed 30 million users and ranked above MetaMask in downloads during July, fueling bullish sentiment around its token value.
Token details:
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BGB: Bitget added 2.9 million new users, bringing total users to 25 million. The platform attracted approximately $700 million in capital inflows. With ongoing efforts in LaunchPool and PoolX, potential demand for BGB may surge significantly—warranting close attention;
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BWB: Bitget Wallet's native token, with a current market cap of only $500 million. The wallet sector offers strong growth potential, making BWB suitable for long-term holders.
III. User Search Trends
1) Popular Dapp
Ton Network (blockchain)
Recently, Binance announced TON would be featured on Launchpool, driving TON’s price upward yesterday, briefly breaking $7. The asset has shown strong wealth effect and trading热度. Backed by Telegram, TON’s ecosystem boasts a massive user base, with many gaming projects based on simple Tap-to-Earn mechanics where users complete tasks to earn rewards. TON has maintained strong popularity recently. Bitget was the second exchange globally to list TON spot trading, offering solid liquidity and depth.
2) Twitter
Bitgo:
BitGo CEO Mike Belshe downplayed Sun Yuchen's involvement in the joint venture during a recent interview, emphasizing BitGo’s long-standing commitment to security. He stated: “BiT Global has an entire team responsible for managing multiple client accounts, with fiduciary duties to safeguard assets. They cannot lend out funds or hand them over to Sun Yuchen, me, or anyone else arbitrarily—doing so would be illegal and lead to prison. For proof, we’ve always had wbtc.network, and it will continue operating.” BitGo custodies the BTC used to back WBTC issuance. Recent deep collaboration between Sun Yuchen and BitGo has sparked community concerns about WBTC’s safety. WBTC previously experienced a slight de-pegging from BTC.
3) Google Search & Regional Trends
Globally:
CPI (Event):
July CPI was largely in line with expectations, continuing the year-on-year decline trend. Overall CPI YoY rose 2.9%, finally dropping below 3%. Taken together, a 25bp rate cut in September appears more likely. Market reaction has been muted. Next focus points include Thursday’s weekly jobless claims and retail sales data, followed by the Jackson Hole symposium.
Regional search trends:
(1) In Asia: Interest across regions is highly fragmented with few commonalities, though some localized hotspots exist. For example, Hong Kong, Singapore, and Vietnam show increased interest in RWA-related projects. Bome appeared on Japan’s user interest list.
(2) In Western countries: Search terms are scattered without clear patterns. However, there's relatively stronger interest in new-generation blockchain projects such as SUI, Celo, and Solana. Floki and Alephium also made the list.
(3) CIS region: Mainly focused on Blum and Grass. Meme coins like Floki and Myro remain popular.
IV. Potential Airdrop Opportunities
Solayer
Solayer is building a restaking network on Solana. It leverages economic security and high-quality execution to serve as decentralized cloud infrastructure, enabling application developers to achieve higher levels of consensus and customizable blockspace.
In July 2024, Solayer announced completion of a builder-focused funding round, with undisclosed amounts. Investors include Binance Labs, Anatoly Yakovenko (co-founder of Solana Labs), Rooter (founder of Solend), and Richard Wu (co-founder of Tensor).
How to participate: Stake SOL or supported SOL LSTs (jitoSOL, mSOL, bSOL, INF) to earn points per epoch. The mainnet is live—staking SOL yields sSOL and earns platform points.
Plume Network
Plume Network is a modular L2 focused on the RWA sector, aiming to tokenize real-world assets directly via integrated product offerings. The project recently completed a seed round raising $10 million, backed by Haun Ventures, Superscrypt, Galaxy, and SV Angel.
The project recently launched its testnet, initiating activities including "Earn Mile," "Check In," and "Passport."
How to participate: 1) Visit the official website, click "Connect Wallet," then enter the app; 2) Earn miles by completing tasks, check-ins, and actions such as Swap, Stake, and Speculate within the platform.
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