Bitget Research Institute: Mt.Gox cold wallet transferred nearly $7 billion of BTC, causing the market to pull back intraday

Summary

Yesterday, Mt. Gox was cold-listed again after 6 years.walletA total of over 107,000 BTC have been transferred out, with a market value of over 7 billion USD, and the market is under increasing pressure to correct in the short term.

• Sectors with strong wealth-creating effects are: MEME sector, ETH ecological blue chip projects;

• User Hot SearchToken& Topics: pump.fun, MOG, Jenner, FLOKI, TURBO;

• Potential airdrop opportunities include: Linea Surge, Sanctum (Community Quests);

Data statistics time: May 28, 2024 4:00 (UTC+0)

1. Market environment

Yesterday, Mt. Gox was once again closed through cold storage after 6 years.walletA total of more than 107,000 BTC were transferred out, with a market value of about 7.2 billion US dollars, triggering market speculation about Mt. Gox's subsequent actions. Traders and market makers began to reduce their BTC positions for risk aversion, causing BTC to fall back after hitting 70,500 yesterday. Users are advised to reduce their account leverage and BTC positions, and make trading decisions after Mt. Gox's transfer intentions are clear.

On a macro level, BTC ETF has been a window for traditional capital inflows, with $2 billion of capital flowing into it in the past two weeks. As the U.S. midterm elections begin to warm up, Trump announced at the weekend that he would strongly support the development of the crypto industry, which attracted the attention of the market. In the future, the two parties are likely to find ways to attract more investors in the election.cryptocurrencyThe holder of the ballot is likely to have more information aboutcryptocurrencyGood news for the industry was released.

2. Wealth-making sector

1) Sector changes: MEME sector (WOJAK, FLOKI, WIF)

main reason:

• WOJAK posted a message in the community yesterday saying “It’s time to pull up the market”, which caused market fluctuations. From the K-line, it can be seen that there is a large amount of capital involved.

• FLOKI announced yesterday that the trading robot has completed the internal testing of the Beta version, and the fees collected after it goes online in the future will be used to repurchase FLOKI.

Increase situation: WOJAK increased by 30% in a single day, FLOKI increased by 15% in a single day, and WIF increased by 9% in a single day;

Factors affecting the market outlook:

• CommunityInformation: The operation of Meme coin has a great impact on the trend of Meme. Pay attention to the AMA and Twitter content information of the trading target. If there is new news, you can trade in time and seize the opportunity to build a position at the first time;

• Open PositionscontractIncrease or decrease in volume: open positions of WIF and FLOKIcontractVolume rose yesterday, indicating an influx of hot money.contractTo 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;

2) The sector that needs to be focused on in the future: ETH ecological blue chip projects

The main reason is that the ETH ecosystem is relatively undervalued, and the ETH-BTC exchange rate has rebounded recently. With the release of ETF information and the SEC's prosecution of related DeFi, the ETH ecosystem, especially projects with fundamentals, has room for development.

Specific currency list:

• UNI:BlockchainThe first DeFi Swap project on the application received a Wells Notice from the SEC last month. 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 34.5 billion US dollars and a valuation of less than 2.5 billion US dollars, is relatively undervalued;

• OP: The Base chain is built using OP stack technology. Last year, the Base chain signed a profit-sharing agreement with the OP Foundation and indirectly obtained Coinbase endorsement.

• PENDLE: The TVL of the project has continued to rise. The current TVL has reached 5.7 billion US dollars. The total market value of stablecoins has increased, and the popularity of the Restaking track has increased the demand for PENDLE's business in the bull market.

3. User Hot Searches

1) Popular Dapps

pump.fun:

Solana's one-click issuance of Meme coins platform pump.funci previously set a new high of $753,000 in fee income on May 7, becoming the application with the highest daily income on the Solana network. In the past two days, American media celebrity Caitlyn Jenner and rapper Rich The Kid have been relatedTokenIt is also suitable for Pump release to increase the popularity of the application again.

2) Twitter

MOG:

The meme coin MOG on the ETH chain has surged by +70% in the past week, and the total network transaction volume has increased. In the past 24 hours, the total network transaction volume of this token has exceeded 90 million US dollars. After the important documents related to the ETH spot ETF were approved, PEPE led the ETH ecosystem meme coins to collectively surge, and MOG, TURBO, WOJAK, etc. are among them.

3) Google Search & Region

From a global perspective:

Jenner:

Caitlyn Jenner, an American media personality, promoted the Meme Coin “JENNER” through her X account.Xiaobai NavigationThe community speculated thatstealHowever, Jenner deleted her tweets and changed her tone several times afterwards, triggering new speculations in the community, and the price of the coin also fluctuated greatly. "Celebrities issuing coins" caused controversy, and then rapper Rich The Kid also began to issue coins on Pump. After TGE, the price of the coin quickly rose and then fell sharply.

FLOKI:

Floki developers announced the launch of a trading bot tool that allows FLOKI holders to trade on the BNB Chain network. The Telegram-based bot will initially be available to a small number of users during the Beta testing period and is expected to be available to the public in mid-June. The bot charges a fee of 1% per transaction, of which 50% will be used to purchase FLOKI on the open market, thereby increasing purchasing demand.

TURBO:

Turbo is a meme using the ChatGPT Turbo model. AI + meme is on top of the two sectors that are the focus of speculation in this round of market. AI There are many positive news and upcoming events, which may bring more hype to Turbo, such as Apple's Worldwide Developers Conference, GPT5 may be released in June, etc. The recent TURBO price has risen dramatically, up 5 times in the past week.

From the hot searches in each region:

(1) Hot searches in Europe, America and the Middle East: polifi-themed meme coins such as MAGA and TRUMP are on the list in many countries.

(2) The hot search terms in various regions in Asia yesterday had no obvious focus or characteristics.

Potential Airdrop Opportunities

Linea Surge

Following Linea Park, Linea Voyage: The Surge event has officially started. Please note that you need to use the referral code to activate it on the linea website before you can start collecting LXP-L points (https://referrals.linea.build/?refCode=zC0GCkXn5K).

The purpose of Linea Surge is to attract users and increase TVL. The activity will last for 6 months or until TVL reaches 3 billion US dollars. Previously, the community believed that it would be difficult for Linea to reach 3 billion US dollars in TVL and it would take 6 months, but now Linea's TVL has reached 1.1 billion US dollars. With the issuance of tokens by top projects such as zkSync and LayerZero, a large amount of funds may flow to Linea to make Linea's TVL reach 3 billion US dollars and end the activity ahead of schedule.

Specific participation methods: (1) First, activate the Linea account as described above; (2)AI (1) Deposit assets supported by The Surge campaign to the Linea network; (2) Deposit assets into DEX and lending protocols such as SyncSwap, Mendi Finance, and SushiSwap to obtain LXP-L points (Linea has released more than 20 supported protocols, which can be found here: https://www.openblocklabs.com/app/linea/dashboard).

Sanctum (Community Quests)

As mentioned in previous daily reports, Solana Ecosystem LST Protocol Sanctum officially announced the launch of the loyalty program Sanctum Wonderland. Previously, Sanctum completed a seed round extension round of financing, led by Dragonfly, with participation from Solana Ventures, Jump Capital, etc., and the total financing has now reached US$6.1 million.

The basic participation method was explained in the daily report on May 24, so I won't go into details here. During the Wonderland event, multiple Community Quests will appear on the project website. You can get points by answering the questions in the Quests. Here are the answers to several Quests.

Season 2 Answers: EVENSTAR CATHEDRAL

Season 3 Answers: GLOAMTIDE

Season 4 Answers: THE EARNEST SHALL BUILD OUR NEW WORLD

Season 5 Answer: A SYZYGY OVER THE HEART OF VOH

The article comes from the Internet:Bitget Research Institute: Mt.Gox cold wallet transferred nearly $7 billion of BTC, causing the market to pull back intraday

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