Bitget Research: Market faces sharp decline with no rebound in sight; Bitget's third Launchpool in two weeks keeps BGB price resilient
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Bitget Research: Market faces sharp decline with no rebound in sight; Bitget's third Launchpool in two weeks keeps BGB price resilient
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
A September rate cut by the Federal Reserve is now largely expected. BTC led a broad market decline, with both BTC and ETH spot ETFs seeing significant net outflows last week. Ethereum's persistently low on-chain gas fees reflect weak market sentiment, and there are currently no signs of a rebound. Within just two weeks, Bitget has launched three consecutive Launchpools, contributing to relative price resilience in BGB. Key highlights include:
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The most promising wealth-generating sector: BGB;
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Most-searched tokens & topics by users: CARV, CryptoKitties, TON, etc.;
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Potential airdrop opportunities: Fuel, Story Protocol;
Data cutoff time: September 2, 2024, 04:00 (UTC+0)
I. Market Environment
A Fed rate cut in September is increasingly likely. According to CME’s "Fed Watch" tool, there is a 67% probability of a 25-basis-point cut and a 33% chance of a 50-basis-point reduction.
BTC dragged the broader market lower. Last week, BTC spot ETFs saw a net outflow of $277 million, while ETH spot ETFs recorded a net outflow of $12.6 million. Ethereum’s on-chain gas fees have remained below 1 gwei, and the ETH/BTC exchange rate has dropped to 0.042, indicating that market sentiment and on-chain activity have reached rock bottom. For now, there are no immediate signs of recovery.
Within two weeks, Bitget has successively launched three Launchpool projects. Amid last week’s market downturn, BGB ranked fifth among the top 100 non-stablecoin tokens by market cap in terms of performance over the past seven days (down only 4.69%, outperforming BTC’s 10.8% drop).
II. Wealth-Generating Sectors
1) Sector to watch: BGB
Main reasons:
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Bitget has launched three Launchpool projects within two weeks—Orderly Network (ORDER), Counterfire Economic Coin (CEC), and MetaCene (MAK)—providing continuous holding rewards for BGB holders during the market downturn, supporting BGB’s price resilience.
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Bitget’s fundamentals continue to strengthen. Monthly web traffic to Bitget’s site has increased by 284% year-on-year. On August 19, the Bitget app surged in rankings on Apple’s iOS App Store, entering the top 10 in the finance category across 11 countries—ranked #2 in Nigeria, #6 in Ukraine, and #8 in Belarus.
Factors influencing future performance:
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Whether Bitget can continue offering benefits such as Launchpools in the coming months will be the most direct driver of BGB price appreciation.
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Ongoing brand development and user growth on the Bitget platform remain the strongest moat supporting BGB’s long-term value.
III. User Search Trends
1) Popular Dapp
CARV:
CARV is a game-focused ID infrastructure platform aiming to build user-owned gaming identities, enabling achievement tracking, friend discovery, game monetization, and portability across platforms. In the past week, the dapp recorded over 4.45 million unique active wallets. Recent developments include: On April 26, CARV announced a $10 million Series A funding round; on May 31, Animoca Brands announced a strategic investment in CARV and became one of its node operators.
2) Twitter
CryptoKitties:
The veteran NFT project CryptoKitties launched a new collection called "egg," which recently completed minting at 0.008 ETH per NFT. A total of 3,134 NFTs were minted. The floor price now stands at 0.1121 ETH, reflecting a 24-hour increase of 261.67%.
3) Google Search & Regional Trends
Global trends:
Why is crashing:
The crypto market has seen broad declines recently, prompting investors worldwide to search for explanations. The current downturn is primarily attributed to liquidity shortages and a lack of market catalysts. Conditions may significantly improve following the Fed rate decision or the U.S. presidential election, but near-term volatility and downward pressure are likely to persist.
Regional search trends:
(1) Asia and Africa: Interest is more fragmented, with common searches around Blum, Solana, reasons for frequent price drops, overall crypto market cap, and the Fear & Greed Index.
(2) English-speaking regions: Searches include ONDO, PEPE, TON, FLOKI—projects that showed some resilience during recent declines—indicating user interest in assets that hold up better during downturns.
IV. Potential Airdrop Opportunities
Fuel
Fuel is a UTXO-based modular execution layer designed to bring globally accessible scalability 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 round led by Blockchain Capital and Stratos Technologies, with participation from top-tier firms including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit eligible assets into Fuel to earn points. For every $1 deposited in the following assets, users earn 1.5 points daily: ETH, WETH, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to July 22, deposits of ezETH earned 3 points per day per dollar.
Story Protocol
Story Protocol is an intellectual property (IP) management protocol aiming to transform how humanity records history using blockchain technology—by registering content and IP across multiple blockchains and linking them together.
The project recently closed an $80 million Series B round led by a16z Crypto, with participation from Foresight Ventures, Hashed, and others. To date, PIP Labs—the open team behind Story Protocol—has raised $140 million at a valuation of $2.25 billion. The project has attracted significant attention and could emerge as a leading player in a new blockchain sector.
How to participate: Story Protocol has partnered with several projects, including ColormyNFT. Users can mint NFTs through these partner launches and actively engage with ongoing tasks and updates to potentially qualify for future IP token airdrops.
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