Bitget Research Institute: CPI data caused the US stock market to pull back, driving the overall decline in the crypto market

Written by: Bitget Research Institute

Summary

The annual rate of the U.S. core CPI in June was 3.3%, lower than the market expectation of 3.4%, and fell to the lowest level since April 2021. As a related risk asset, Bitcoin fell due to the negative impact of U.S. stocks.

• The sectors with relatively strong wealth-creating effects are: Solana Meme, ETH ecology;

• User Hot SearchToken&Topics: Nillion Network, Bitcoin;

• Potential airdrop opportunities include: Espresso, Mezo;

Data statistics time: July 12, 2024 4:00 (UTC+0)

1. Market environment

The annual rate of the unadjusted core CPI in June was 3.3%, lower than the market expectation of 3.4%, and fell to the lowest level since April 2021. US technology stocks fell sharply yesterday, Nvidia closed down 5.57%, Tesla fell 8.44%, Meta fell more than 4%, Apple, Microsoft, Google and Amazon fell more than 2% respectively. Mainly due to the implementation of the expectation of interest rate cuts, the interest rates in the bond market will fall in the future, and prices will rise. Institutions began to withdraw from the overbought stock market and buy bonds instead. As a related risk asset, Bitcoin fell due to the negative impact of US stocks.

In the trading market, according to Arkham monitoring, in the past 24 hours, the German governmentwallet10,627 bitcoins were transferred out, and 4169 bitcoins were later recovered from CEX. Currently, 9094 bitcoins (about 522.29 million U.S. dollars) are still held. At present, the impact of the remaining selling pressure on the market has weakened.

2. Wealth-making sector

1) Sector changes: Solana Meme (MOTHER, BODEN)

main reason:

• DWFLabs announced its latest strategic partnership with Iggy Azalea, dedicated to supporting innovative projects in the Web3 space.

• US President Biden said at a press conference that he would not withdraw from the election.

Rising situation: MOTHER and BODEN rose by 10.8% and 21.32% respectively in 24 hours;

Factors affecting the market outlook:

• SOL Token走势：在 Solana 生态中，SOL Token的走势会影响整个生态代币的价格，因为在 DEX 上的交易对很多代币以 SOL 进行计价。持续关注 SOL 的价格走势，如果 SOL 维持上涨态势，可以持续持有 SOL 生态资产。

• Open PositionscontractVolume increase or decrease: SOL open positionscontractThe volume rose yesterday, indicating that hot money is pouring in. Through the contract data on the tv.coinglass website, we can understand the movement of the main funds. First, we should observe the increase in net long positions on the contract; then we should see whether the contract data shows a net increase in long positions, an increase in OI, and an increase in trading volume. If so, it means that the main force is continuously buying up and can continue to hold.

2) Sectors that need to be focused on in the future: ETH ecosystem (ENS, ETHFI)

main reason:

• Etherfi's second season airdrop has been launched. Please check the website. The third season will last from July 1 to September 14, and 25 million ETHFI will be distributed.

• Bloomberg ETF analyst Eric Balchunas predicts that the US SEC may approve the spot Ethereum ETF on July 18.

Factors affecting the market outlook:

• The news about ETH spot ETF will directly affect the price of ETH and the trend of well-known projects in the ETH ecosystem. In addition, after the SEC announced that it "believes that Lido and Rocket Pool staking projects are securities", whether it will further include SSV and other projects in the scope of securities considerations will also have a significant impact on the projects in this track.

3. User Hot Searches

1) Popular Dapps

Nillion Network

Nillion, a decentralized public network based on Nil Message Compute (NMC), announced that it has launched the second phase of Catalyst Convergence. This phase includes: supporting developers to build and deploy blind applications on the network; using NIL tokens from its Faucet to promote projects; interacting directly with the test network and accessing SDK functions; using Petnet forSafetyStorage and computing; Managing and processing sensitive data using blind computing; Nada Xiaobai NavigationAI Package deployment.

2) Twitter

Bitcoin:

Affected by yesterday's CPI data, BTC has a certain decline in the past 24 hours. Today's Fear and Greed Index is 25, and the level has changed from fear to extreme panic.

3) Google Search & Region

From a global perspective:

Aerodrome:

Since the Base-based DEX Aerodrome announced that Coinbase Ventures acquired AERO tokens in the secondary market, it was found that the Coinbase Ventures address has purchased at least 4.7 million AERO (about $2.7 million). In addition, TradingVaults used by Coinbase Ventures also holds 1.5 million AERO (about $936,000). The last batch of purchases was completed 8 days ago, and all acquired tokens are locked in the Aerodrome ecosystem.

From the hot searches in each region:

(1) There are no obvious characteristics in the Google Trends hot searches of Asian countries. BTC has become the focus of market attention. In addition, the Ton ecological game project hamster kombat is on the list, and the market is paying attention to the airdrop opportunities of this project.

(2) There are no obvious characteristics in the hot searches in European and American countries. Coinbase and Crypto AI There is no consensus on the tracks and projects that are of interest, and Bitget has become the CEX that British users pay attention to.

Potential Airdrop Opportunities

Espresso

Espresso is a shared sorter market project that uses ZK-Rollups. The project mainly solves the consensus and interoperability between various Layer2s. The core of Espresso's strategy is to focus on privacy and decentralization, and the core members of the project are members of the Applied Cryptography Research Group at Stanford University.

The project recently announced the completion of a USD 28 million Series B financing, led by A16Z, with participation from Polychain, Coinbase Ventrues Sequioia, Sequioia, etc., making for a luxurious financing lineup.

Specific participation method: The project is currently in its early stages. Users can participate in the early project by participating in the verification node, and may obtain early airdrop qualities. For specific implementation, please refer to the official document: https://docs.espressosys.com/sequencer/guides/running-a-sequencer-node

Mezo

Mezo is a BTC Layer 2 project that focuses on the BTC ecosystem, helping BTC holders to transfer and manage money on the chain, and driving the development of the BTC DeFi system. Mezo recently announced the completion of a $21 million financing round, with participating institutions including Pantera Capital, Hack VC, Multicoin Capital and other leading institutions in the industry.

The official has already disclosed its BTC asset pledge plan and introduced a referral mechanism. There are strong expectations for the project's airdrops and it is currently in the initial stage of operation.

How to participate: 1) Visit the project website and find the invite code in Discord; 2) Enter the invite code and link to unisa wallet;3) Deposit BTC.

The article comes from the Internet:Bitget Research Institute: CPI data caused the US stock market to pull back, driving the overall decline in the crypto market

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