Bitget Research: Options block trades primarily for hedging; increased risk of a second downturn in the crypto market suggests caution and observation advised
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Bitget Research: Options block trades primarily for hedging; increased risk of a second downturn in the crypto market suggests caution and observation advised
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
On the evening of August 15, cryptocurrencies suddenly plunged, with Bitcoin dropping to its lowest level since early-August market panic. The largest options block trades overall reflected a notably risk-averse sentiment. Key highlights:
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Wealth-generating sectors: Solana Memes, Bitcoin ecosystem projects
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Most-searched tokens & topics by users: Chaos Labs, Swell Network, Tapswap
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Potential airdrop opportunities: Sofamon, Lava Network
Data collection time: August 16, 2024, 4:00 (UTC+0)
I. Market Environment
On the evening of August 15 (Beijing time), cryptocurrencies suddenly crashed, with Bitcoin falling to its lowest level since early August's market panic. Currently, there appears to be no clear external trigger for today’s sell-off. U.S. equities surged again, with the Nasdaq up 2.4% and the S&P 500 rising 1.6%—both now back to levels seen before the early-August panic.
The largest options block trade involved purchasing year-end call options at $65,000 while selling March-end next-year calls at $85,000, totaling 380 BTC. The selling of call options was primarily aimed at locking in profits, reflecting an overall pronounced risk-off sentiment.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Memes (SOLS, JUNGLE)
Main reasons:
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USDC Treasury minted 250 million USDC on the Solana chain 15 minutes ago. Increased liquidity on Solana could boost performance across various ecosystem assets.
Price increases:
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SOLS and JUNGLE rose 4.01% and 4.88%, respectively, within 24 hours;
Factors influencing future trends:
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SOL token price movement: Within the Solana ecosystem, SOL's price affects the entire ecosystem as many tokens on DEXs are priced in SOL. Monitor SOL’s price trend closely; if SOL maintains an upward trajectory, holding Solana-based assets may remain favorable.
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Open interest changes: SOL’s open interest rose yesterday, indicating inflow of speculative capital. Use tv.coinglass to monitor derivatives data—first check the net long increase; then see whether there is a net rise in long positions, increasing open interest (OI), and expanding trading volume. If so, it suggests sustained buying pressure by major players, supporting continued holding.
2) Sector to Watch: Bitcoin Ecosystem Projects (SATS, ATOM)
Main reason:
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Arthur Hayes, co-founder of BitMEX, stated on social media that if the Bank of Japan and the Federal Reserve do not allow the yield spread between the dollar and yen to narrow, markets will continue adding leverage. Should the fiat system collapse or more fiat liquidity chase limited-supply assets, Bitcoin would surge significantly—benefiting the BTC ecosystem.
Specific token list:
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SATS: A leading BRC-20 inscription project within the BTC ecosystem with meme characteristics. SATS has recently outperformed ORDI noticeably, possibly signaling upcoming positive developments;
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ATOMARC: Atomicals Protocol is a simple and flexible protocol enabling creation, transfer, and updating of digital objects on UTxO-model blockchains like Bitcoin. As the largest-cap token in this ecosystem with high capital concentration, ATOM stands to benefit first during bullish moves.
III. User Search Trends
1) Popular Dapp
Chaos Labs:
Blockchain risk analytics provider Chaos Labs raised $55 million in a Series A round led by Haun Ventures, with participation from F-Prime Capital, Slow Ventures, Spartan Capital, Lightspeed Venture Partners, Galaxy Ventures, and PayPal Ventures.
2) Twitter
Swell Network:
Swell launched swBTC, the first Bitcoin Liquid Restaking Token (LRT) in the Ethereum ecosystem, enabling Bitcoin holders to earn rewards from EigenLayer and other restaking protocols such as Symbiotic and Karak. Users can deposit WBTC to receive swBTC, with yields expected to begin in mid-September. Restaking WBTC earns triple Black Pearl and Symbiotic points.
3) Google Search & Regions
Globally:
Tapswap:
TapSwap is a Tap2Earn mini-app endorsed 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.
By regional search trends:
(1) Hotspots in Asia are relatively scattered, with "RWA" appearing on search trends in multiple countries;
(2) Europe and North America also lack clear hotspots, with the Philippines showing increased interest in U.S. stocks such as Tesla and NVIDIA.
(3) Latin America shows higher interest in SOL and ETH, with AI-related projects appearing on search trends in Colombia and Argentina.
IV. Potential Airdrop Opportunities
Sofamon
Sofamon is a Base-network-based project currently building a Telegram sticker marketplace for personal chats, allowing users to manage sticker packs, invite friends, access private Sofamon group chats, etc.
Web3 social project Sofamon has completed a seed round funded by Polychain Capital, Seed Club Ventures, Inception Capital, among others. Angel investors include Nick White, COO of Celestia; 0xBeans, former Coinbase engineer; and George Lambeth, co-founder of Divergence Ventures.
How to participate: While official airdrop details have not yet been announced, given Sofamon’s current visibility on social media and within the crypto community, an airdrop is highly possible. Investors can purchase NFT sticker collections released by Sofamon to qualify.
Lava Network
Lava Network, dubbed “Celestia of 2024,” gained rapid attention due to its large seed funding and strong investor lineup. It raised $15 million in a seed round in February, co-led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners, and executives from blockchain projects including Celestia, Cosmos, StarkWare, and Filecoin.
Lava Network is currently on testnet, planning mainnet launch in the first half of this year. Prior to mainnet, Lava launched the Magma Points rewards program. Users can earn Magma Points by switching their RPC connections to Lava.
Participation steps: 1) Visit the official website, connect your wallet, join Discord, and follow them on X. 2) Change your wallet’s existing RPC settings via MetaMask network configuration to use Lava-provided RPC endpoints.
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