Bitget Research: BTC ETF sees net inflows exceeding $700 million for eight consecutive trading days; improved liquidity suggests attention to altcoin market performance
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Bitget Research: BTC ETF sees net inflows exceeding $700 million for eight consecutive trading days; improved liquidity suggests attention to altcoin market performance
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
Over the past 24 hours, BTC ETFs saw net inflows exceeding $200 million. BTC fluctuated downward but temporarily stabilized around $63,000, with the market currently in a phase of correction after an overheated rebound. Key highlights:
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Sectors showing strong wealth-generation potential: AI & DePin sector, Solana ecosystem;
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Top user-searched tokens & topics: Orderly Network, Bitget, DOGS, NULS;
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Potential airdrop opportunities: Soneium, Orderly token claim and staking;
Data cutoff time: August 27, 2024, 4:00 AM (UTC+0)
1. Market Overview
In the past 24 hours, BTC price fluctuated downward and is currently stabilizing at around $63,000. According to data from Alternative.me, the Fear & Greed Index has recovered to 48, indicating neutral market sentiment. Total open interest across the crypto market dropped by 2%, while funding rates for BTC and ETH perpetual contracts remain below 10% annualized. Major traders are currently in a wait-and-see mode.
On the macro front, BTC ETFs have recorded net inflows for eight consecutive trading days, totaling over $700 million in net inflows. According to Defillama, the total market cap of stablecoins in the crypto market is nearing $170 billion—up nearly $5 billion in the past month. The clear influx of traditional capital suggests improved liquidity ahead, potentially triggering a rally in altcoins. Investors are advised to closely monitor recent altcoin price movements.
2. Wealth-Generating Sectors
1) Sector Movement: AI & DePin (HNT, AKT)
Main drivers:
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NVIDIA is set to release its earnings report this week, prompting increased market positioning in the AI & DePin赛道;
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Recently, crypto-related terms such as "AI" and "FET" have trended on Google Search, particularly among European and English-speaking users, indicating heightened market attention on AI-related projects;
Price performance: HNT and AKT rose 12% and 10% respectively over the past 24 hours.
Factors influencing future trends:
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NVIDIA’s post-earnings trajectory: With NVIDIA's financial results due this week, close monitoring is recommended. Stronger-than-expected earnings could further boost the AI sector;
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Open interest changes: Open interest for AKT futures surged 22% in 24 hours, driving price appreciation due to inflows of speculative capital. Continued monitoring of open interest in related assets is advised. Rising open interest signals sustained hot money inflow, supporting a hold position.
2) Sector to Watch: Solana Ecosystem (JUP, WIF, POPCAT)
Main reasons:
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SOL price remains stable, holding above the $150 psychological level; SOL appreciated against both BTC and ETH over the past 24 hours. Meanwhile, setbacks in the TON ecosystem present relative tailwinds for Solana;
Key tokens to watch:
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JUP: A leading DEX aggregator on Solana with strong ecosystem positioning and a large user base;
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WIF: A top meme coin on Solana, previously listed on Robinhood. Meme coins on Solana typically outperform during SOL rallies;
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POPCAT: A core Solana-based meme coin experiencing increased trading volume and demand, presenting potential upside for investors;
3. User Trends
1) Popular Dapp
Orderly Network:
Orderly Network, a Web3 liquidity provider backed by Pantera Capital, Dragonfly, and others, has completed the token generation event (TGE) for its ORDER token. Token claim and staking functions are now live. Two Orderly-related contracts recorded 35,043 and 27,931 transactions respectively, ranking third and fifth in Ethereum chain interaction activity.
2) Twitter
Bitget (BGB):
ORDER has been listed on Bitget Launchpool. Additionally, Bitget launched a new-user PoolX for DOGS, where new users staking USDT can earn over 350% APY. BGB surpassed $1 again yesterday and has risen +130% over the past year.
3) Google Search & Regional Trends
Global overview:
DOGS:
DOGS, a high-traffic project on Telegram, completed its TGE and achieved over $2 billion in global trading volume within just 20 hours. Its current FDV is approximately $700 million, or 78% of Notcoin's (NOT) FDV.
NULS:
Binance announced the launch of NULS perpetual contracts with 1–75x leverage against USDT, prompting NULS to surge over 30% intraday. Recently, Binance has listed perpetual contracts for older tokens like ALPACA, SYS, and RARE—all of which experienced significant price increases afterward.
4. Potential Airdrop Opportunities
Soneium
Soneium is an Ethereum Layer 2 blockchain launched by Sony, aiming to bridge blockchain technology (Web3) with everyday internet services (Web2). Built using Optimism’s OP Stack and leveraging Optimism Rollup technology, it integrates into the broader Optimism ecosystem.
How to participate: Soneium will launch its testnet on August 28, 2024. Users can engage via testnet interactions. For now, the best actions are learning about the project and joining the Discord community to secure roles: https://discord.com/invite/soneium.
Orderly Network
Orderly Network is a Web3 liquidity provider backed by Pantera Capital, Dragonfly, OKX Ventures, Foresight Ventures, and others. The ORDER token completed its TGE yesterday, with airdrop claiming and staking now live. Bitget has also listed ORDER on its Launchpool.
After claiming tokens, users can stake ORDER/esORDER to earn Valor, which represents a share of Orderly’s treasury. Valor can be redeemed for USDC. Orderly previously announced it will distribute 60% of net fee revenue to stakers. Even post-TGE, users can continue earning ORDER rewards through trading and market-making activities.
Orderly token claim and staking links:
Airdrop Claim: https://airdrop.orderly.network
Staking: https://app.orderly.network/staking
Trading Rewards: https://app.orderly.network/tradingRewards
MM Rewards: https://app.orderly.network/MMRewards
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