Bitget Research Institute: Bitcoin rebounded weakly over the weekend, UniSat product updates drove SATS up

Summary

The German government continued to sell BTC over the weekend, BTC rebounded weakly over the weekend, and ETH approached the support level of $2,800. UniSat product updates pushed SATS up, but the Bitcoin ecosystem and inscription sector were generally indifferent. NOT surged by 50% over the weekend, and the entire TON ecosystem was relatively resilient in the recent decline.

• The sectors that are representative of the changes and worth paying attention to are: SATS, TON Ecosystem

• User Hot SearchToken＆Topics: Data Ownship Protocol ($DOP), BitLayer, Tapswap;

• Potential airdrop opportunities include: RedStone, Symbiotic;

Data statistics time: July 8, 2024 4:00 (UTC+0)

1. Market environment

BTC spot ETF had a net inflow of 143 million US dollars on the last working day of last week. The German government continued to sell BTC over the weekend. The market rebounded and then fell over the weekend. Bitcoin's rebound was weak. Altcoins also rose and fell sharply with Bitcoin. Market sentiment was pessimistic.

Altcoins have few bright spots. UniSat product updates have driven SATS up, but the overall Bitcoin ecosystem and the inscription sector have performed poorly recently. NOT rebounded strongly over the weekend, and TON TokenIn the past 7 days, it rose 5% against the trend while BTC fell 13%.

2. Wealth-making sector

1) Sector changes: SATS

main reason:

• UniSat released a product update for UniSat Swap, which will launch the Swap feature on the Bitcoin mainnet and Fractal Bitcoin. Fractal Swap will be launched in September. In subsequent iterations, BTC and other mainnet assets can also exist on Fractal Bitcoin as BRC-20 packaged assets, providing greater flexibility. From a user's perspective, the main difference is that Fractal has faster confirmation and lower overall fees; the similarity is that both are based on the BRC-20 protocol and use BRC-20 sats as Gas fees. Fractal Swap will implement a competitive Rollup mechanism, allowing users to package their Rollup results into the sorter and earn transaction fees (BRC-20 sats) generated by all transactions within the Rollup.

• Unisat announced in early July that it had completed its Pre-A round of financing in May this year.BinanceLead investor.

Factors affecting the market outlook:

• Although UniSat has been active since July, the price of the entire BTC ecosystem, including BTC Layer2 and the inscription track, has performed poorly. Since BRC-20 tokens are priced in BTC on the on-chain market, this track is more affected by the overall market. The entire BTC ecosystem will most likely need to perform far better than Beta during the rise of the overall market.

2) The sector that needs to be focused on in the future: TON ecosystem

Xiaobai Navigation

main reason:

• In the short-term rebound of the market over the weekend, Notcoin (NOT) surged by +50%. During the decline of the market after the rebound, the price of NOT was relatively stable and did not plummet after the rebound like other altcoins.

• In the past 7 days, BTC fell by 13%, altcoins generally fell sharply, while TON token rose by 5% in the past 7 days, bucking the trend.

Factors affecting the market outlook:

• Whether subsequent high-traffic projects in the TON ecosystem, such as Catizen and Hamster Kambot, can continue to create wealth effects; whether the TON ecosystem itself can quickly make up for the shortcomings of DeFi within the ecosystem will determine the stability of TON tokens and the momentum for their continued rise to a certain extent.

3. User Hot Searches

1) Popular Dapps

Data Ownship Protocol ($DOP)

Data Ownership Protocol (DOP) is leveragingZero knowledge proof, in order to achieve flexible transparency on top of Ethereum L1. DOP allows users and DApp Store assets and make transaction data controlled by users, or selectively disclose token holdings and historical information. Currently, the project has opened token claims, and many recent transfers on the chain come from token claims. The coin price has performed well in the recent falling market conditions, and it is one of the few newly launched tokens with good price trends.

2) Twitter

BitLayer

Bitlayer is a layer 2 solution that provides Bitcoin equivalentSafetyIt is also the first to be built on top of BitVM. Bitlayer aims to bringSafetyscalability, promote asset diversity and stimulate innovation to provide faster and moreSafety, more flexible user experience.

Recently, Bitlayer opened the second phase of the first mining event. The participants of this first mining event include six Bitlayer ecological projects, including GamerBoom, Macaron, Anome, Vanilla Finance, Avalon Finance and Zearn. The event will provide participants with Bitlayer tokens (BTR) rewards worth US$1.2 million, as well as a wealth of ecological project airdrops.

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 is no obvious hot spot. The tokens and terms on the top search lists of different countries are different. For example, Australian users are concerned about how to purchase through PayPal.cryptocurrency, Canadian users are concerned about meme coins such as doge, and French users are concerned about tokens such as maga, alephium, and FTM.

Potential Airdrop Opportunities

RedStone

RedStone is a cross-chain oracle project. RedStone is a modular oracle for LST and LRT, providing a cross-chain oracle for multiple L1 and L2 dApps and smartcontractProvide frequently updated, reliable and diverse data sources. The market expects the project to issue coins in the second half of 24.

At present, RedStone has completed a total of US$15 million in Series A financing, led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11 and SevenX Ventures. In 2023, the founder of Aave and co-founder of Polygon invested in the project in the angel round.

How to participate: (1) Earn RSG points by participating in on-chain activities, Galxe tasks, etc. released by RedStone and its various partners. (2) Creators can also earn RSG points by creating content and participating in designated activities on the RedStone Discord server (such as the best content of the week or the Hall of Fame).

Symbiotic

Symbiotic is a general purpose restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It provides a method for decentralized applications, called Active Validation Services or “AVS”, to collectively ensure each other’sSafety.

Symbiotic recently completed its seed round of financing, with Paradigm and Cyber Fund participating in the investment, with a financing amount of US$5.8 million.

Specific participation method: Enter the project's official website, linkwallet, deposit ETH and ETH LSD assets.

The article comes from the Internet:Bitget Research Institute: Bitcoin rebounded weakly over the weekend, UniSat product updates drove SATS up

Related recommendations: Consensys is sued, and the US SEC takes action on pledge again

SEC accuses ConsenSys of using its digital assetswallet MetaMask "engages in the issuance and sale of securities". Written by: Mary Liu, BitpushNews The recent regulatory negatives are really not quiet. On June 28, local time, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in the Brooklyn Federal Court in New York against…