Bitget Research: Record highs in U.S. stocks drive crypto rally; BTC short-term holder growth exhaustion suggests weakening upward momentum
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Bitget Research: Record highs in U.S. stocks drive crypto rally; BTC short-term holder growth exhaustion suggests weakening upward momentum
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
Executive Summary
Amid the Federal Reserve's significant rate cut, which has boosted confidence among risk asset traders, cryptocurrencies have surged. Key highlights include:
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The most wealth-generating sectors are: Solana Meme and Restaking;
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Top user-searched tokens & topics: Tensor, Bonfida, APY crypto meaning;
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Potential airdrop opportunities: Owlto Finance, Major;
Data as of: September 20, 2024, 4:00 AM (UTC+0)
1. Market Environment
The Federal Reserve’s aggressive rate cut has strengthened investor confidence across various risk assets, potentially signaling the beginning of a monetary easing cycle by the U.S. central bank. As a result, cryptocurrency prices have rallied. Bitcoin recovered from Wednesday’s dip below $60,000, gaining nearly 6% and approaching $64,000 yesterday. The positive momentum was further supported by traditional markets, with the S&P 500 and Nasdaq rising 1.7% and 2.5%, respectively, boosting overall crypto market sentiment.
According to TheBlock, data from CryptoQuant shows that the 30-day netflow of bitcoins held by short-term holders (STH) has dropped to its lowest level since 2012. This indicates a sharp decline in new demand for Bitcoin. Since sustained price increases rely on fresh demand from short-term holders, the current upward momentum for Bitcoin appears weak.
2. Wealth-Generating Sectors
1) Sector Movement: Solana Meme (BILLY, MANEKI)
Main Drivers:
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Kyle Samani, co-founder and managing partner at Multicoin Capital, stated during the TOKEN2049 panel discussion titled "Why SOL Will Flip ETH" that validator rewards paid to ETH and SOL holders have become increasingly comparable—some weeks favoring Ethereum, others Solana. These metrics are now essentially neck-and-neck.
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Rising SOL price has eased panic sentiment within its ecosystem, with temporary improvements in liquidity, driving broader gains across Solana-based assets.
Price Performance:
BILLY and MANEKI rose 17.59% and 12.25% respectively over the past 24 hours.
Factors Influencing Future Trends:
SOL Token Price: Within the Solana ecosystem, SOL’s price heavily influences other ecosystem tokens, as many DEX trading pairs are priced in SOL. Continued monitoring of SOL’s trajectory is crucial. If SOL sustains an uptrend, holding Solana ecosystem assets remains a viable strategy.
Open Interest (OI) Changes: Yesterday, SOL’s open interest increased, indicating inflow of speculative capital. By checking contract data on tv.coinglass, investors should first assess the net long positions. Then determine whether there is a sustained increase in net longs, rising OI, and expanding trading volume. If all three align, it signals strong bullish positioning, supporting continued holdings.
2) Sector to Watch: Restaking
Main Driver:
Ether.fi has launched its EIGEN airdrop claim portal, allocating 16,480,753 EIGEN tokens to eETH restakers. With EIGEN set to enable transfers by the end of September, the official launch is imminent. This could trigger a rally across the restaking sector.
Key Projects:
ETHFI: First restaking project to conduct TGE and distribute initial airdrops, generating notable wealth effects;
EIGEN: Leading restaking protocol on Ethereum, currently the largest by market cap and TVL;
REZ: One of the core projects in the restaking space, with TVL reaching $1 billion;
3. User Search Trends
1) Popular Dapp
Tensor (Dapp)
Richard Wu, co-founder of Tensor—a leading NFT marketplace in the Solana ecosystem—recently announced:
1. Tensor is now fully open-sourced, including five protocols such as its NFT marketplace, and has deployed free, fully customizable Web2 APIs.
2. Fees on the Tensor NFT marketplace are split equally: 50% to developers, 50% to the Tensor Foundation treasury.
3. The Tensor Foundation has launched a grant program offering token funding. Applications are open. Tensor has been actively developing a new product over the past month.
As a top-tier NFT marketplace on Solana, Tensor’s token is currently priced at $0.38 and listed on Bitget. With solid positioning and strong product execution, the token holds promising potential. Investors may consider close monitoring.
2) Twitter
Bonfida (FIDA)
Bonfida is a leading domain service provider in the Solana ecosystem, offering Solana Name Service (SNS). Given Solana’s high-performance blockchain infrastructure, Bonfida is poised to become a critical component in the next wave of dApp adoption. In the past 24 hours, Binance launched futures trading for FIDA, sparking widespread community attention and a surge in token price. Combined with improving macro liquidity, FIDA may see sustained rebound momentum. The asset is already listed on Bitget and worth watching.
3) Google Search & Regional Trends
Global Overview:
APY crypto meaning:
APY stands for Annual Percentage Yield. Amid volatile market conditions, users show heightened interest in crypto financial products. Bitget offers structured products such as Dual Investment and Range Sniper, providing high-yield, stablecoin-denominated options. Additionally, Bitget’s staking and fixed deposit offerings yield higher returns than comparable products in the market.
Regional Search Trends:
(1) Grass is a major search topic in CIS regions. Meanwhile, “Crypto Bubble” has trended in Ukraine and Russia, indicating strong secondary market interest in these areas.
(2) Search trends in Europe and North America are more diversified, focusing on recently outperforming projects such as FIDA, FTM, GALA, and AERO.
(3) Asian users show stronger interest in large-cap cryptocurrencies like BTC, SOL, ETH, and MATIC. In the Middle East, searches for “Crypto Exchange” have increased significantly.
4. Potential Airdrop Opportunities
Owlto Finance
Owlto Finance is a decentralized cross-rollup bridge focused on Layer 2 networks. It currently supports cross-chain transfers between Ethereum mainnet and over 15 L2s, including zkSync Era and Starknet.
Owlto Finance has reached a valuation of $150 million and ranks #1 on DefiLlama for 24-hour bridging volume, capturing a 33% market share.
How to participate: On August 28, the project launched the Metaverse Owlypics cross-chain airdrop campaign with a prize pool of $34,000. The two-week event allows users to earn rewards by interacting on Arbitrum, Optimism, Linea, Scroll, Base, Blast, Taiko, and BOB networks.
Major
Major is a minimalist game built on Telegram. Players aim to collect as many stars as possible—the more stars, the higher the ranking and the greater the rewards. Stars can be earned through daily tasks, referrals, and profile completion. Bitget has launched a pre-market listing, allowing users to place pre-market sell orders to lock in profits early.
In Major, players compete weekly for TON token rewards. Top 100 players on the leaderboard receive rewards: 1st place – 150 TON; 2nd – 100 TON; 3rd – 70 TON; 4th–5th – 50 TON each; 6th–10th – 20 TON each; 11th–100th – 5 TON each.
How to play: 1) Receive initial stars upon entering the game; 2) Complete daily tasks, invite friends, and fill out your profile via the task center to earn additional stars.
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