Bitget Research Institute: BTC ETF has seen net inflows for two consecutive days, and the AI sector continues to rise

Written by: Bitget Research Institute

Summary

Yesterday, BTC rebounded to $65,500 in the short term, and then fell, and there are significant opportunities for intraday trading. Among them:

• The sectors with strong wealth-creating effects are: AI Sector, Solana ecosystem, ETH ecosystem;

• User Hot SearchToken& Topics: friend.tech, Bitget Wallet, RNDR, TRB, Tom Brady;

• Potential airdrop opportunities include: Tabi, MYX Finance;

Data statistics time: 4:00 on May 7, 2024 (UTC+0)

1. Market environment

Yesterday, BTC led the overall crypto market to rebound and rise. BTC hit $65,500 and then began to fall. The current price fluctuates around $63,500. The high daily volatility has causedcontractAt the level, long positions of 150 million US dollars and short positions of 70 million US dollars were liquidated, and the opportunities for intraday trading are relatively obvious.

The US dollar index returned to above 105, the US capital market rose overall, and the Nasdaq rose by 1.19%, providing emotional support for the crypto market. BTC ETF received an inflow of 217 million US dollars yesterday, and GBTC had a net inflow of funds for two consecutive trading days. The impact of the selling pressure from the BTC ETF was announced to be temporarily over. Pay attention to the support level of BTC at 62,500 US dollars in the future. If there is strong support, you can consider buying BTC on dips.

2. Wealth-making sector

1) Sector changes:AI Sectors (NEAR, AR, RNDR)

main reason:

AI 赛道是本轮行情正当下跌中韧性较强，回涨较快的板块，同样也是本轮 VC 集体看好押注的赛道。其中例如 NEAR、AR 和 RNDR 均是 AI 赛道中的细分领域的龙头；

Increase: NEAR increased by 10% in the past 7 days, RNDR increased by 34% in the past 7 days, and AR increased by 15% in the past 7 days;

Factors affecting the market outlook:

• Impact on traditional technology companies: Technology companies continue to deploy AI projects. Recently, there is news that Microsoft is training a new artificial intelligence model MAI-1 internally, allocating more talent, funds, and materials to the AI field. Since AI projects in the crypto market are in the same track, their valuations have room to rise;

• Focus on AI narrative: The application of AI not only needs to pay attention to whether the narrative level has a high ceiling, but also needs to pay attention to the actual demand and user volume of the product. At present, there are already many AI applications that can be implemented in the encryption field, and investors should pay more attention to the demand level of the application.

2) Sector changes: Solana ecosystem (SOL, KMNO, JTO)

Main reasons: 1. Solana nativeToken SOL has been rising recently, outperforming BTC and ETH, and the ecosystem is in a state of net capital inflow; 2. The second round of FTX locked SOL auction has ended, and the SOL auction price is between 95-110 US dollars;

Rising situation: SOL rose by 14% in the past 7 days, KMNO rose by 75% in the past 7 days, and JTO rose by 23% in the past 7 days;

Factors affecting the market outlook:

• contractData: Viewed from tv.coinglass websitecontractTo understand the trend of the main funds, first observe the increase in net long positions on the contract; then observe whether there is a net increase in long positions, an increase in OI, and an increase in trading volume. If so, it means that the main force continues to buy and can continue to hold;

• Project's actions: Solana has recently been promoting the concept of Restaking, referring to Eigenlayer to perform objective subjectivity authentication at the consensus layer, which will boost the entire ecosystem.

3) The sector that needs to be focused on in the future: ETH ecosystem

Main reason: The ETH ecosystem is in a relatively undervalued state, but with the implementation of ETF information and the advancement of the SEC's prosecution of related DeFi, the ETH ecosystem will be more compliant and have room for layout;

Specific currency list:

• UNI:BlockchainThe first DeFi Swap project on the application recently received a Wells Notice from the SEC. Uniswap will make a self-certification in the near future to form a trading opportunity;

• LDO: The leading LSD project in the ETH ecosystem, with a TVL of 28.7 billion US dollars and a valuation of less than 2 billion US dollars, is relatively undervalued;

3. User Hot Searches

1) Popular Dapps

friend.tech:

friend.tech said that new features such as Keydrops, Memeclubs and Pinned Rooms will be launched soon. Dune data shows that since friend.tech released V2 on May 4, the number of clubs has reached 107,513.

2) Twitter

Bitget Wallet:

Bitget Wallet announced yesterday: GetDrop is launched. This is a new product from Bitget Wallet’s ecological cooperation project.Community、BWB Points 以及未来Token持有者发放独家空投的福利专区。GetDrop 第一期「MEME 轰趴」即将于 5 月 7 日上线。

3) Google Search & Region

From a global perspective:

RNDR: Yesterday, all AI tokens including RNDR rose. RNDR saw abnormal transfers on the chain. Apple's Worldwide Developers Conference will start on June 10, and RNDR may usher in speculation. Previously, the price of RNDR had huge fluctuations before and after the Apple Vision Pro conference.

TRB: TRB, a token with strong control by the market maker, has risen sharply in the past two days, and has risen by 72% in the past 7 days. In Q4 2023, TRB had two huge short-term pump and dumps, and the contract liquidation volume was extremely high. Traders need to pay attention to the risk of sharp rise and fall of strongly controlled tokens.

From the hot searches in each region:

Yesterday, the hot searches in various regions showed great differences, with no general regional rules. The hot words and tokens globally were Grass, TRB, RNDR, and JUP.

However, the hot word "Tom Brady" has been on the hot search list in Europe, America, Asia and other regions. Tom Brady (Tom Brady) was on Netflix Roast becausecryptocurrencyAngry at the joke, he had previouslycryptocurrencysuffered heavy losses on investment.

Potential Airdrop Opportunities

Tabi (zero-cost interaction on the testnet)

TabiChain is a blockchain based on Cosmos.Xiaobai NavigationGamesBlockchain, with EVM compatibility. Tabi Chain connects the Cosmos and ETH ecosystems through cross-chain functionality to achieve smooth communication. The asset layer centralizes the liquidity of chains and shards to achieve seamless gamingBlockchainInteraction. Previously it was the cross-chain NFT market Treasureland.

In 2023, the project completed a US$10 million angel round of financing, with investors including Animoca Brands, Binance Labs, Draper Dragon, HashKey Capital, Infinity Crypto Ventures, Youbi Capital, etc.

How to do it specifically: (1) Go to the project's official website to claim the testnet's test coins (https://faucet.testnet.tabichain.com/); (2) Complete the Voyage mission. The first phase has ended and the second phase is in progress. You can join the project's Discord to find an invitation code; (3) Complete the social media mission on Galxe; (4) According to the information officially disclosed by the project, it can be seen that in the future, nodes similar to XAI may be sold. This part may be the focus of airdrops. If you are optimistic about the project, you can purchase and configure nodes. This part requires DYOR.

MYX Finance

MYX Finance is a decentralized derivative product based on the MPM modelexchange, incubated by D11 Labs, adopts smart rates and risk hedging mechanisms to ensure protocol stability and provide sustainable high returns.

In November 2023, MYX announced the completion of a $5 million seed round of financing at a valuation of $50 million. This round of financing was led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures and others.

How to operate: There is not much difference between the user operation level and the general derivatives DEX. The operations that users can perform are trading, providing LP, etc. Currently, the project integrates Linea and Arbitrum, which can appropriately increase the activity on the Linea chain in order to obtain Linea airdrops in the future.

The article comes from the Internet:Bitget Research Institute: BTC ETF has seen net inflows for two consecutive days, and the AI sector continues to rise

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