Bitget Research: BTC ETF sees net inflows for two consecutive days; market may experience short-term rebound but remains at risk of a double bottom
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Bitget Research: BTC ETF sees net inflows for two consecutive days; market may experience short-term rebound but remains at risk of a double bottom
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
Over the past 24 hours, BTC price has seen a corrective rebound. Bitcoin ETFs recorded net inflows for two consecutive days. The market may experience a short-term recovery, but caution is warranted regarding a potential second downturn. Key highlights:
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Sectors with strong wealth-generation potential include real yield projects (BANANA, AAVE) and tokens facing large upcoming unlocks (APT, SUI);
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Most-searched tokens & topics: Catizen, Ether.fi
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Potential airdrop opportunities: Plume Network, Movement
Data cutoff time: September 11, 2024, 4:00 AM UTC
I. Market Environment
Over the past 24 hours, BTC price hovered around $56,000. Trading volume across 11 U.S. spot Bitcoin ETFs reached $711 million—the third lowest since launch. U.S. spot Bitcoin ETFs saw net inflows of $116.97 million yesterday, while U.S. spot Ethereum ETFs recorded $11.4 million in net inflows. Recently, activity in primary markets has slowed. Sony’s Layer2 network Soneium will partner with Sony Bank to launch a Japanese yen-pegged stablecoin, attracting continued market attention.
From a macro perspective, the crypto market has stabilized after last week's volatility, though implied volatility remains elevated. Markets remain cautious ahead of major upcoming events this week, particularly the Trump-Harris debate and CPI data release. Due to last week’s sharp decline, sentiment remains risk-averse, with risk reversals for both Bitcoin and Ethereum skewed toward put options through October.
II. Wealth-Generating Sectors
1) Sector Movement: Real Yield Projects (BANANA, AAVE)
Main reasons:
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In the current bearish market environment, investors are seeking projects within the crypto industry that generate genuine revenue and distribute earnings to token holders. BANANA, as a leading Telegram bot project, maintains a stable market share and strong price support, with objectively healthy revenue amid active meme markets. Recent on-chain data for AAVE shows borrowing activity reaching an all-time high in terms of active users, which increases protocol revenue.
Price performance: BANANA rose 2.5% over the past 24 hours; AAVE surged 10.4%.
Factors influencing future outlook:
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Market Share: Market share is a key metric for evaluating real yield projects. With limited overall crypto market share, maintaining top-tier positioning is crucial for sustained high income. Currently, BANANA ranks among the top three Telegram bot projects, while AAVE leads in lending with high user stickiness—both demonstrating strong fundamentals.
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Revenue Distribution Policies: A new proposal for AAVE considers adding a fee conversion mechanism to return a portion of excess net revenue to key users. This could also lead to re-staking within the AAVE protocol, creating new revenue streams for AAVE and its users.
2) Sectors to Watch: APT, SUI and Other Tokens Facing Large Unlocks
Main reason:
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On September 12, SUI and APT will unlock 3.24% and 2.35% of their circulating supply, worth approximately $82 million and $81 million respectively at current prices. APT previously experienced aggressive price pumping around prior large unlock events. However, given current market conditions and sentiment, outcomes may differ significantly. Traders should closely monitor trading opportunities surrounding these unlock events.
Tokens to watch: APT, SUI
III. User Search Trends
1) Popular Dapp
Catizen:
Catizen is an innovative game built on the TON ecosystem, structured around a virtual cat café called MEOWverse, where different breeds of virtual cats unlock various levels and player credentials. Steve Yun, chairman of the TON Foundation, publicly endorsed Catizen, a Telegram-based cat-themed gaming platform. The platform now boasts 36 million registered users and over 860,000 paying users. Multiple exchanges—including Bitget, OKX, Bybit, and KuCoin—are preparing to list Catizen.
2) Twitter
Ether.fi:
Ethereum restaking protocol ether.fi has released a Temp Check proposal for its Season 4 airdrop. Season 4 rewards will begin on September 15, with each season lasting four months and offering unique incentives. In August, ether.fi generated $2.19 million in revenue, making it one of the most profitable projects on Ethereum. The current ETHFI price stands at $1.28, with a total market cap of approximately $1.2 billion. Users are advised to participate cautiously.
3) Google Search & Regional Trends
Globally:
Simon's cat:
FLOKI announced the successful distribution of Simon's Cat (CAT) tokens via airdrop to eligible FLOKI holders. Per previously disclosed criteria, users holding at least 400,000 FLOKI tokens received proportional airdrops directly on Binance, OKX, and in their wallets. Most recipients sold immediately upon receipt, causing CAT’s price to drop 9.46% that day. We recommend taking a wait-and-see approach for now.
Regional search trends:
(1) Blum has become a primary focus in South Asia and CIS regions, with notable searches in Pakistan, Belarus, and Ukraine.
(2) Search interest in Western Europe and North America is more fragmented, but concentrated around public chains, meme coins, and exchanges. Among public chains, MATIC appeared in trending searches in Australia, France, Italy, Germany, and Switzerland. Meme tokens such as Maneki, SHIB, DOGE, and CAT ranked highly in the U.S., France, Spain, Germany, and Belgium, respectively.
IV. Potential Airdrop Opportunities
Plume Network
Plume Network is a modular L2 focused on the RWA sector, aiming to tokenize real-world assets by integrating suppliers directly onto the blockchain. The project recently completed a $10 million seed round, backed by Haun Ventures, Superscrypt, Galaxy, and SV Angel.
The project has launched its testnet and introduced engagement campaigns 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 such as Swap, Stake, Speculate, and daily check-ins within the platform.
Movement
Movement Labs was founded in 2022 and raised $3.4 million in a seed round in September 2023. Beyond its flagship product, Movement L2, the team is developing Move Stack—an execution-layer framework compatible with rollup ecosystems like Optimism, Polygon, and Arbitrum.
Recently, Movement Labs secured $38 million in Series A funding led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent firms.
How to participate: Access the Movement Zealy task portal (note: social tasks are time-limited and continuously updated). Engage in DEX interactions—complete a few test transactions—and await further official announcements.
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