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Bitget Research: Spot Ethereum ETF Approved, ETH and Ecosystem Tokens Expected to See a Medium-Term Rise

Aaron & Tommy
2024/07/23
Bitget Research: Spot Ethereum ETF Approved, ETH and Ecosystem Tokens Expected to See a Medium-Term Rise
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

In the past 24 hours, the crypto market has seen a minor pullback, with BTC fluctuating around $66,500. The wealth effect was limited to specific sectors and projects. The highlights are as follows:
  • Sectors and tokens with strong wealth creation effect: BGB, POW sector, and ETH ecosystem projects.
  • Top searched tokens and topics: Solana Dust Vacuum, MakerDAO, and AVAIL.
  • Potential airdrop opportunities: Zircuit and Vooi.
Data collection time: July 23, 2024, 4:00 AM (UTC)

1. Market Environment

Over the past 24 hours, the crypto market has experienced a pullback, with BTC retracting to around $66,500. ETH showed more weakness compared to BTC, with a more significant pullback. Data from Coinglass indicates that the current market-wide funding rate for long BTC positions remains low, with oscillations observed. In some mainstream CEXs, the futures price of BTC is even lower than its spot price, suggesting direct investment in spot BTC by external funds, which is favorable for future market conditions.
On the news front, the question of whether BTC can become a "reserve asset" of the USA was discussed on CNBC and other media outlets yesterday. The BlackRock BTC ETF witnessed its second-highest daily net inflow since its launch, reaching $526 million. The Ethereum ETF has been approved and will launch in the U.S. this Tuesday, with an anticipated $5 billion inflow. The market is also focusing on the core PCE data to be released this Friday and Donald Trump’s speech at the BTC conference on Saturday.

2. Wealth Creation Sectors

2.1 Sector Movements – Bitget Ecosystem (BGB)

Primary reasons:
  • Bitget announced today the launch of a new Launchpool project, Upland (SPARKLET), where staking BGB allows participation.
Gainers: Contrary to the trend, BGB rebounded 3% within 24 hours, returning to the key round figure of $1.20.
Factors affecting future market conditions:
  • BGB empowerment: Holders of BGB can continuously participate in Bitget’s three primary platforms for new launches: Launchpad, Launchpool, and PoolX. These platforms bring the benefits of bull market quality asset launches to the community, making it suitable for long-term holding.
  • Changes in open interest: Bitget recently introduced perpetual futures trading pairs for BGB. Changes in the open interest of these futures can provide insights into potential buying or selling interest in BGB.

2.2 Sectors to Focus on Next – POW (DOGE, LTC, and KAS)

Primary reasons:
  • On July 27, Republican presidential candidate Donald Trump will attend the BTC conference. The essence of his appearance is to appeal to the miner community in the United States, where he may announce favorable news for BTC and the mining industry.
Specific tokens:
  • DOGE: A prominent memecoin. Elon Musk will also attend the BTC conference. He may share comments favorable to DOGE, which could make it a good candidate for early positioning.
  • LTC: An early POW token, currently generating a daily profit of $28.75 with the Antminer L9, making it a token of significant interest among the mining community.
  • KAS: KAS has shown a very strong performance trend, with daily mining profits high enough to provide abundant cash flow for the mining community.

2.3 Sectors to Focus on Next – ETH Ecosystem Projects (UNI and LDO)

Primary reasons:
  • The spot Ethereum ETF will officially launch in the U.S. this Tuesday, with an anticipated $5 billion net inflow. Ecosystem projects are currently undervalued, presenting opportunities for strategic investments. ETH and tokens within its ecosystem are expected to see a medium-term rise.
Specific tokens:
  • UNI: The first DeFi Swap project on the blockchain, Uniswap, has generated an average daily revenue of around $1 million.
  • LDO: A leading LSD project within the ETH ecosystem. It has a TVL of $29.6 billion but is relatively undervalued at just under $2 billion.

3. Top Searches

3.1 Popular DApps

Solana Dust Vacuum:
The primary function of Solana Dust Vacuum is to reclaim unused accounts, thereby freeing up unnecessary storage space on validator nodes and returning account rents to users (according to Solana’s rental standards, the rent for one account is typically 0.00203928 SOL). The number of unique active wallets for this DApp surged yesterday, reaching 878k in 24 hours. Given that this project is new and has no disclosed funding background, particular attention should be paid to contract security during interactions to avoid phishing scams.

3.2 X (former Twitter)

Bitget Research: Spot Ethereum ETF Approved, ETH and Ecosystem Tokens Expected to See a Medium-Term Rise image 0
MakerDAO (MKR):
Yesterday marked the end of four months of selling pressure for MKR: over 126 days, 30,971 MKR (worth approximately $92.08 million) related to the MakerDAO team were completely transferred out. Additionally, according to blockchain data monitoring, whales have begun buying MKR on the chain.

3.3 Google Search (Global and Regional)

Bitget Research: Spot Ethereum ETF Approved, ETH and Ecosystem Tokens Expected to See a Medium-Term Rise image 1
Global focus:
AVAIL:
The modular blockchain project Avail announced on platform X that it would launch its mainnet today and provide liquidity staking, as well as distribute AVAIL token airdrop. Avail is a modular blockchain focused on data availability. It sorts and records blockchain transactions without the need to download the entire block to prove data availability. The project has previously raised $43 million in a Series A and $27 million in a seed round funding.
Regional focus:
(1) Europe and North America: "JD Vance" appeared on trending searches in several countries. According to news reports, JD Vance criticized Kamala Devi Harris during his first appearance as the Republican vice-presidential candidate. Recently, there has been significant volatility in PoliFi concept tokens, with high interest from users in Europe and North America.
(2) Asia and Latin America: There were no significant trending keywords in these regions yesterday. The trending tokens varied widely, with Kelp DAO, AGIX, and NEAR appearing in Argentina's hot searches, while PEPE and SOL were popular in Brazil's searches.

4. Potential Airdrop Opportunities

Zircuit
Recent media reports state that Zircuit, an EVM-compatible zkRollup network, has completed its mainnet fundraising with participants including Binance Labs, Mirana Ventures, Amber Group, among others. Bitget Research had already mentioned Zircuit in its daily reports, and today we reiterate its significance following the important funding news.
The first season of Zircuit Points has ended, and the second season has begun.
How to participate: 1. Go to the Stake page (https://stake.zircuit.com/) and stake to earn points; 2. Deploy nodes to earn points (https://build.zircuit.com/build); 3. Testnet interaction: Collect ETH testnet coins and engage in cross-chain activities with the Zircuit testnet at https://bridge.zircuit.com/.
Vooi
Vooi is an on-chain derivatives DEX aggregator currently integrating liquidity from Orderly, KiloEx, and SynFutures, with plans to incorporate Hyperliquid soon. Users can choose different liquidity sources for futures trading on Vooi at lower fees, and Vooi will update to automatically select the best liquidity source.
Vooi is one of 13 projects shortlisted for the Binance Labs MVB VII Accelerator Program. Interacting with Vooi offers dual benefits: while using Vooi, users also stand a chance to receive potential airdrops from Orderly, KiloEx, or SynFutures.
How to participate: Go to https://app.vooi.io/, connect your wallet, deposit into Vooi, and choose one of the three liquidity sources to trade.
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