Bitget Research Institute: German government wallets continue to sell off, and the market is facing a liquidity crisis and plummeting across the board

Written by: Bitget Research Institute

Summary

Bitcoin (BTC) fell below $56,000 in the early trading hours, and the decline widened to nearly $5.8% within 24 hours, falling to the lowest price since early May. Various selling information added up, making the market pessimistic and illiquid. Among them:

• The sectors with relatively strong wealth creation effects are: ETH ecology,AI Plate

• User Hot SearchToken＆Topics: Unisat, Hamster, Tapswap

• Potential airdrop opportunities include: Magic Eden Wallet, Movement

Data statistics time: July 5, 2024 4:00 (UTC+0)

1. Market environment

Bitcoin (BTC) fell below $56,000 in early trading, extending its 24-hour losses to nearly $5.81T and hitting its lowest price since early May. The sell-off came as the now-defunctcryptocurrencyexchange Mt. GoxwalletIn first sign of activity in a month, German government transfers more than $75 million tocryptocurrencyexchange, the $75 million was sent to Kraken and Coinbase, and the intention to sell was obvious.

The combined effects of various selling information have made the market pessimistic and liquidity poor. Investors are advised to wait and see in the near future.

2. Wealth-making sector

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

main reason:

• On July 4, the Ethereum spot ETF listing and trading plan failed, resulting in the collapse of some Ethereum ecosystems.Token出现下跌，但是对于以太坊现货 ETF 上市交易依然有机会在 7 月中旬落实，因此以太坊生态部分代币可能存在一定的超跌反弹机会。

• Bloomberg ETF analyst James Seyffart said on social media, "Asset management company Bitwise has submitted a revised S-1 form for the Ethereum spot ETF, a few days ahead of the July 8 deadline. Other issuers are expected to submit more revised S-1 forms this week. We believe these products may be listed later next week or the week of the 15th.

Factors affecting the market outlook:

There are two main factors affecting the price of Ethereum ecosystem project tokens: 1. Whether the Ethereum spot ETF can be listed for trading in the near future, and 2. The regulatory attitude of the US SEC towards some projects. If the Ethereum spot ETF can be approved and listed for trading in mid-July, it will be a big positive for all Ethereum ecosystem projects. Otherwise, it may cause trading expectations to fail and lead to market sell-offs.

2) Sectors that need to be focused on in the future:AI Plate

main reason:

• IO, ATH and other recently launched AI track infrastructure projects have received widespread attention from the market. Such projects as platforms can generate relatively stable cash flow. At the same time, as the core narrative of the global technology community, the AI track will also continue to raise the valuation of AI projects in the crypto industry.

• Due to the recent market decline, AI sector tokens have generally experienced a severe correction. The short-term blow to market sentiment has led to oversold prices. After the market recovers, the value return is expected to rebound strongly.

Factors affecting the market outlook:

• AI narrative: Projects such as IO and ATH are AI computing power supply platforms and belong to infrastructure projects. If such projects can form cooperation with the mainstream technology industry, such as reaching cooperation projects with companies such as Apple, Microsoft, and Nvidia, then the valuation of project tokens will naturally rise;

• Core data of ecological development: The cash flow of platform projects is relatively clear. If the platform demand can continue to develop healthily and generate stable cash flow, the valuation of platform tokens will enter a healthy development.

3. User Hot Searches

1) Popular Dapps

Unisat

UniSat officially announced that it had completed its Pre-A round of financing in May this year.BinanceThe specific amount of financing has not been disclosed. Unisat said that this strategic investment strengthens the existing technical and business partnership between the two parties and lays a solid foundation for further cooperation in the future. Previously, Inception Capital said in May that it had participated in UniSat's Pre-A round of financing.

2) Twitter

Hamster:

Hamster Kombat 是一款基于 Telegram 的点击类游戏，玩家可以通过点击跟其他方式购买替换币，玩家扮演cryptocurrencyexchange CEO, just click on the hamster on the screen on Telegram to get gold coins. By earning gold coins to strengthen the exchange and upgrade the hourly profit, you can get token airdrop rewards in the future. Players can also increase their income by subscribing to Telegram channels, inviting friends, etc. The number of users has exceeded 200 million, making it the third fastest application in history to reach 150 million users.

3) Google Search & Region

From a global perspective:

Tapswap:

Since the beginning of 2024, various tap-to-earn gaming apps on Telegram have beenCommunityTapSwap was launched on February 15, 2024, and users can earn in-game tokens by clicking and completing tasks. Today, the app has more than 50 million users worldwide and nearly 1 million active users online.

From the hot searches in each region:

(1) Asian countries: why crypto The terms "is down today" and "greed and fear index" appeared at the top of the hot searches in many Asian countries, and investors were most concerned about the reasons for the market crash.

(2) European and American countries: There are no obvious hot spots. The tokens and terms on the top search lists of different countries are different. For example, Italian traders are paying attention to TAO, NOT, SOL, etc., German users are paying attention to SOL, LDO, and British users are paying attention to ETH, TAO, etc.

Potential Airdrop Opportunities

Magic Eden Wallet

Magic Eden is a well-known NFT market, with heavyweight VC investments such as Coinbase, Paradigm, and Solana. Magic Eden once tweeted,walletThe token claiming product will be launched later in Q3.

Magic Eden Wallet is its mobile app. In addition to obtaining "diamond" points through trading NFTs and other methods, Magic Eden will soon release a test link for Magic Eden Mobile Wallet on its official Twitter for users to test. This may also be a way to obtain airdrops.

How to participate: (1) Follow Magic Eden Wallet’s Twitter account (https://twitter.com/MagicEdenWallet)Xiaobai Navigationttps://x.com/MagicEdenWallet), set a reminder; (2) When the account sends a test invitation link, you can quickly click in to use and test the App. Only a few thousand places are released each time.

Movement

BlockchainThe development team Movement Labs was founded in 2022 and previously completed a $3.4 million seed round of financing in September 2023. In addition to its flagship product Movement L2, Movement Labs will also launch Move Stack, an execution layer framework compatible with rollup frameworks such as Optimism, Polygon and Arbitrum.

BlockchainThe development team Movement Labs was founded in 2022 and previously completed a $3.4 million seed round of financing in September 2023. In addition to its flagship product Movement L2, Movement Labs will also launch Move Stack, an execution layer framework compatible with rollup frameworks such as Optimism, Polygon and Arbitrum.

Recently, Movement Labs completed a US$38 million Series A financing round, led by Polychain Capital, with participation from many well-known institutions such as Hack VC, Foresight Ventures, and Placeholder.

The article comes from the Internet:Bitget Research Institute: German government wallets continue to sell off, and the market is facing a liquidity crisis and plummeting across the board

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