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  • Bitget Research: BTC Fails to Break Through $64,000 and Continues to Pull Back, Crypto Market Lacks Wealth Effect Before Ethereum ETF Approval

Bitget Research: BTC Fails to Break Through $64,000 and Continues to Pull Back, Crypto Market Lacks Wealth Effect Before Ethereum ETF Approval

Victoria & John
2024/07/03
Bitget Research: BTC Fails to Break Through $64,000 and Continues to Pull Back, Crypto Market Lacks Wealth Effect Before Ethereum ETF Approval
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

The market continues to fluctuate, with Bitcoin briefly falling below $62,000 yesterday and currently hovering around $61,000. Overall, wealth effects have diminished, though certain sectors still exhibit notable wealth effects:
  • Sectors with strong wealth creation effect: New tokens (ZRO and ZK), and the ETH ecosystem (ENS and SSV).
  • Top searched tokens and topics: Sanctum, Astar Network, and Pendle.
  • Potential airdrop opportunities: Hamster Kombat and Sanctum.
Data collection time: July 3, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, Bitcoin briefly dipped below $62,000. The market continues to experience a downward and volatile trend, with a weakening of wealth effects, necessitating caution from investors. Additionally, yesterday, nine Bitcoin ETFs collectively added 2372 Bitcoins, valued at approximately $147.78 million, marking several days of net inflows. Data from CryptoQuant indicates a 7.6% decrease in Bitcoin hashrate, reaching its lowest level since December 2022. Other indicators, such as Bitcoin exchange reserves, the Miners' Position Index (MPI), and Bitcoin miner reserves also suggest that the market may have reached its bottom, indicating low selling pressure for Bitcoin.
Regarding the market, The ETF Store predicts that the spot Ethereum ETF could launch around the week of July 15. An SEC commissioner has called for an update to the Form S-1 to better accommodate the unique characteristics of cryptocurrencies.

2. Wealth Creation Sectors

2.1 Sector Movements – New Tokens (ZRO and ZK)

Primary reasons:
The new tokens, such as ZRO and ZK, have not followed the general market's downward trend, with their prices significantly below pre-market expectations amidst negative market sentiment. As this sentiment gradually stabilized, investment and pricing returned to rational levels, providing strong support for ZRO and ZK during the general decline of altcoins.
Gainers: Within the last 24 hours, ZRO and ZK have risen by 3.4% and 3%, respectively.
Factors affecting future market conditions:
Whether new token projects like LayerZero and ZKsync can release further positive news to stabilize their coin prices, and the extent to which negative market sentiment is absorbed, will directly impact the prices of new tokens.

2.2 Sectors to Focus on Next – ETH Ecosystem (ENS and SSV)

Primary reasons:
  • Nate Geraci, President of The ETF Store, has predicted the launch timing of the spot Ethereum ETF. He states that Bloomberg still forecasts a mid-July launch, with the revised S-1 forms expected to be submitted on July 8, and the final S-1 forms possibly submitted by July 12, potentially leading to a launch during the week of July 15.
  • Despite the news on June 29 indicating that the U.S. SEC considers Lido and Rocket Pool staking projects as securities, leading to a drop in LDO and RPL, it did not prevent the rise of ETH ecosystem tokens such as ENS and SSV during the market rebound, with ENS reaching a new high over the past 29 months.
Factors affecting future market conditions:
The situation surrounding the spot Ethereum ETF will directly influence the price of ETH and the trajectory of prominent projects in the Ethereum ecosystem. Additionally, following the SEC's announcement that it considers the Lido and Rocket Pool staking projects as securities, whether it will similarly classify projects like SSV as securities could significantly impact this segment of the market.

3. Top Searches

3.1 Popular DApps

Sanctum: Sanctum is an LST liquidity aggregation protocol in the Solana ecosystem. It recently announced the CLOUD tokenomics, allocating 10% of its token supply to an initial airdrop. The founder, FP Lee, stated on social media that half of the airdrop (5%) would be distributed based on Wonderland XP ratios. The other half (5%) will be allocated based on Earnestness requirements. With a cumulative TVL exceeding $870 million, making it the fifth-largest project in the Solana ecosystem by TVL, users might consider participating in its staking promotion.

3.2 X (former Twitter)

Astar Network: Astar Network is set to burn 350 million ASTR tokens, which represents 5% of its total supply. These tokens were originally allocated for Polkadot parachain auctions, which were later shelved by Polkadot. The 350 million tokens generated 70 million ASTR rewards, now transferred to the community treasury. The upcoming large-scale token burn has sparked community interest.

3.3 Google Search (Global and Regional)

Global focus:
Pendle: According to Bitget market data, PENDLE broke below $4.1 and is now quoted at $4.08, with a 24-hour decline of 17.4%. The primary reason for the declineis the conclusion of the Pendle market for Ether.Fi's eETH, Renzo's ezETH, Puffer's pufETH, Kelp's rsETH, and Swell's rswETH last Thursday. Last week, Pendle's TVL decreased by 40%, with over $3 billion in user funds outflow.
Regional focus:
(1) Yesterday, no significant altcoins stood out across various Asian countries. The projects of interest varied widely, ranging from Layer 1 technologies and memecoins to market software, with little overlap between the countries.
(2) Europe and the Americas: English-speaking countries/regions maintain consistent interest in blockchains, with projects like INJ, SUI, and Monad remaining popular in searches. The USA showed significant interest in memecoins, with PEPE, HERO, and TRUMP making the list. European countries like the Netherlands and Poland continue to show a strong interest in Solana.

4. Potential Airdrop Opportunities

Hamster Kombat
Hamster Kombat is a clicker game on Telegram, where players can earn tokens by tapping and through other methods of interaction. Players take on the role of a cryptocurrency exchange CEO, and by tapping, they earn tokens which can be used to enhance their exchange and upgrade their hourly earnings. Future token airdrop rewards are possible, and players can also boost their earnings by subscribing to Telegram channels or inviting friends.
Currently, the game has over 150 million users globally, with 5.515 million followers on X and over 26 million on the official Telegram channel.
How to participate: Access the mini-program via a Telegram link. Click/tap on the hamster in the center to collect tokens. Three clicks unlock a hidden feature, turning the background red and allowing for Morse code input; correct answers earn 1,000,000 tokens daily. Selecting the hourly earnings (an important basis for the airdrop) section allows for card upgrades; upgrading to three daily cards can yield an additional 5,000,000 coins per day.
Sanctum
Sanctum, a Solana ecosystem LST protocol, officially announced the launch of its loyalty program, Sanctum Wonderland. Sanctum Wonderland aims to fully utilize SOL for profit through a gamified experience. Users can stake SOL to collect pets and earn experience points (EXP) to level up, earning EXP through their pets.
Previously, Sanctum, a liquid staking service protocol in the Solana ecosystem, completed an extended seed round of funding led by Dragonfly, with participation from Solana Ventures, CMS Holdings, DeFiance Capital, Genblock Capital, Jump Capital, and Marin Digital Ventures. The total funding has now reached $6.1 million.
How to participate: Open the link, connect your wallet, and enter the invitation code. Exchange SOL for Infinity and deposit at least 0.122 SOL, plus the 0.05 SOL transaction fee. Your wallet should have at least 0.172 SOL. Deposit at least 0.11 SOL for the pet to automatically grow and earn EXP. If the LST balance falls below 0.1 SOL, the pet will enter hibernation and stop earning EXP. It is recommended to deposit more than 1 SOL to earn 10 EXP per minute per SOL. You can withdraw at any time with very low gas fees.
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