Bitget Research Institute: US government on-chain BTC transfers triggered market panic, risk aversion intensified before interest rate meeting
Written by: Bitget Research Institute
Summary
In the past 24 hours, BTC briefly broke through 70,000 USD and then fell back to the current level of around 66,500 USD. Some sectors and projects have obvious wealth effects, and intraday trading opportunities are obvious. Among them:
-
The sectors with relatively strong wealth creation effects are: Bitget Ecosystem (BGB), POW sector, BTC Ecosystem
-
User Hot SearchToken＆Topics: Layer3, Compound, Tapswap
-
Potential airdrop opportunities include: Symbiotic, Usual
Data statistics time: July 30, 2024 4:00 (UTC+0)
1. Market environment
In the past 24 hours, the crypto market continued to rise under the leadership of BTC. After BTC briefly touched 70,000 US dollars, it began to fall and pull back. Currently, BTC fluctuates around 66,500 US dollars. Other crypto assets such as ETH and SOL rose first and then fell, and the opportunities for intraday trading are relatively obvious. The DEX trading heat on SOL is significantly better than ETH, which is the main reason for the continuous rise of the SOL/ETH exchange rate.
On the news front, the US government transferred more than $2 billion of BTC on the chain yesterday, of which 10,000 were deposited in institutional custody services. After the on-chain transfer, the market began to fall in risk aversion, which was the direct cause of BTC's decline after touching 70,000 points. This week, 5 of the 7 major US technology companies released financial reports, and there were important events such as the Federal Reserve's interest rate meeting. The market may have early risk aversion demand.
2. Wealth-making sector
1) Sector changes: Bitget Ecosystem (BGB)
main reason:
-
Bitget announced today the launch of a new phase of Launchpool Project Layer3, you can participate by staking BGB;
Rising situation: BGB rebounded against the trend within 24 hours and is currently fluctuating around 1.12 US dollars;
Factors affecting the market outlook:
-
BGB empowerment: BGB holders can continue to participate in Bitget's three major new platforms Launchpad, Launchpool, and Poolx, bringing the listing bonuses of high-quality assets in the bull market toCommunity, suitable for long-term holding.
-
Open PositionscontractIncrease or decrease in volume: Bitget recently launched the perpetual BGBcontract交易对，可以根据未平仓合约量的增多 / 减少，了解 BGB 的潜在买盘、卖盘意愿。
2) Sector changes: POW sector (BCH, KAS, BSV)
main reason:
-
On July 27, local time, Republican presidential candidate Trump will attend the BTC conference. The essence of this is to win over the miners in the United States. Good news for the mining industry will be announced at the conference.
Increase: BCH, KAS, and BSV increased by 15%, 12%, and 18% respectively in 7 days;
Factors affecting the market outlook:
-
POW popularity: After Trump attended the BTC conference recently, POW popularity rose in a short period of time, and the net inflow of funds and traffic was quite obvious. In the future, we need to continue to pay attention to the miners' circles on Youtube and Telegram.Tokendegree of attention.
-
Increase or decrease in open interest: Taking BCH as an example, the open interest of BCH increased 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.
3) Sectors that need to be focused on in the future: Bitcoin ecosystem projects (SATS, CKB)
main reason:
-
Former US President Trump will make a landmark statement at the Bitcoin 2024 conference in Nashville. Trump announced that after taking office, he plans to use Bitcoin (BTC) as a strategic reserve asset for the United States and will never sell any BTC, which is good for the BTC ecosystem.
Specific currency list:
-
SATS: A leading BRC inscription project in the BTC ecosystem, with meme attributes; SATS has recently performed significantly stronger than ORDI, and there may be related good news in the future;
-
CKB: CKB is a Bitcoin Layer2 project based on the extended protocol RGB++. It continues to build the technical level of the project in the competition of Layer2 solutions. The project insists on being isomorphic to Bitcoin and further bridges the shortcomings of the Bitcoin ecosystem.
3. User Hot Searches
1) Popular Dapps
Layer 3 (L3):
Layer3 是一个链上任务平台，用户可以在上面发现新项目并获得奖励。通过聚合多链和 dApp 的用户活动，Layer3 生成用户的链上身份 DID，实现高效的Token分配。Layer3 协议昨日 Unique Active Users 数量上升 +30%，Bitget 即将上线 Layer3（L3）的 Launchpool。
2) Twitter
Compound (COMP):
A recent proposal passed by lending protocol Compound Finance has sparkedCommunityMembers’ concerns about governance attacks. Subsequently, Compound CommunityPropose to launch a new Staked Compound product to eliminate community governance risks.
3) Google Search & Region
From a global perspective:
Tapswap:
TapSwap is a Tap2Earn Mini App that was once liked by Telegram founder Pavel Durov. It was launched at the end of 2023. It was originally released on the Solana network and later transferred to the TON ecosystem. The overall popularity of the project is extremely high.
From the hot searches in each region:
(1) Hotspots in Europe and the United States are relatively scattered and there is no general pattern, but the "jd vance cryptoThe term "political impact on Crypto" has become a hot search in many countries, and European and American traders are more concerned about the impact of politics on Crypto.
(2) There are also no obvious hot spots in Asia, but the Philippines has shown interest in US stocks such as Tesla and Nvidia.
(3) Latin America AI,DePIN showed higher interest, GRASS and AGIX and NEAR appeared on the trending searches in Colombia and Argentina, respectively.
Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal re-staking system that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It will provide a method for decentralized applications, called Active Validation Services (AVS), to collectively protect each other. Users will be able to re-stake assets they have deposited in other crypto protocols to help protect these AVS in exchange for rewards.
Symbiotic is regarded as a challenger to EigenLayer in the market. Symbiotic has completed a seed round of financing of US$5.8 million, led by Paradigm and Cyber Fund. Currently, with a hard cap on deposits, Symbiotic's TVL has reached US$1.2 billion.
Specific participation method: Deposit various tokens supported by Symbiotic, such as wstETH, cbETH, sUSDe, etc., into its protocol. However, the deposit limits for most tokens have reached the hard cap, and only cbETH can be deposited. You need to wait for Symbiotic to open deposits next time.
Usual
Usual is an RWA stablecoin protocol that launched USD0, a permissionless and fully compliant stablecoin backed 1:1 by RWA, and USUAL, a governance token that allows the community to guide the future development of the network. Usual solves the current stablecoin market problems by redistributing profits to the community and rewarding token holders with actual income generated by RWA.
Usual has completed a $7 million financing round, with investments from IOSG Ventures, Kraken Ventures, GSR, etc. On July 11, Usual announced that its mainnet has been officially launched, and the points activity has been launched simultaneously. Early participating users can get more points, Usual Pills, by providing liquidity or by minting and holding USD0++, and use these points to obtain USUAL tokens during the airdrop period.
Specific participation method: Use USDC, ETH, etc. on the Ethereum chain to mint USD0 tokens on the Usual website, select the "Provide USD0 as liquidity on Curve" option, and use the minted USD0 tokens to provide liquidity.
The article comes from the Internet:Bitget Research Institute: US government on-chain BTC transfers triggered market panic, risk aversion intensified before interest rate meeting
In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money. Written by: Bitget Research Institute Summary BTC spot ETF has a net inflow for 6 consecutive working days, and the German governmentwalletThe BTC balance in the market was cleared, and the BTC price rose to over 62,000 USD for a short period of time. However, in this BTC …
相关文章
