Bitget Research: Risk-Aversion Predominates in Options Block Trading, Observation Suggested as Risk of Second Crypto Market Downturn Intensifies

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Bitget Research2024/08/16 07:34

By:John & Victoria

In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

cryptocurrency market experienced a sudden crash on August 15, with Bitcoin reaching its lowest level since the early August market panic. The largest block trades in options revealed a clear risk-aversion sentiment. The highlights are as follows:

Sectors with strong wealth creation effect: Solana memecoins and Bitcoin ecosystem projects.
Top searched tokens and topics: Chaos Labs, Swell Network, and Tapswap.
Potential airdrop opportunities: Sofamon and Lava Network.

Data collection time: August 16, 2024, 4:00 AM (UTC)

1. Market Environment

Cryptocurrency market experienced a sudden crash on August 15 (UTC+8), with Bitcoin reaching its lowest level since the early August market panic. Currently, there appears to be no clear external reason for the sell-off. U.S. stock markets surged again, with the Nasdaq rising 2.4% and the SP 500 up 1.6%—both indices have now returned to their pre-panic levels of early August.

The largest block trade in options was the purchase of call options at $65,000 for year-end while selling call options for March of next year at $85,000, totaling 380 BTC. The sale of these options primarily aimed to lock in profits, reflecting a strong risk-aversion sentiment.

2. Wealth Creation Sectors

2.1 Sector Movements – Solana Memecoins (SOLS and JUNGLE)

Primary reasons:

The USDC Treasury minted 250 million USDC on the Solana chain 15 minutes ago. Increased liquidity on the Solana chain fosters the performance of various ecosystem assets.

Gainers: SOLS and JUNGLE rose 4.01% and 4.88% respectively within 24 hours. Factors affecting future market conditions:

SOL trend: The price of SOL influences the prices of Solana ecosystem tokens, as many trading pairs on DEXs are priced in SOL. Monitor SOL's price trend closely. If SOL continues to rise, holding SOL ecosystem assets may be advisable.
Changes in open interest: SOL's recent increase in open interest suggests increased hot money inflows. Consider using tv.coinglass to gauge the movement of major funds and monitor futures data. Start by observing the uptick in net long positions, and then monitor the futures data for any increase in open interest and trading volume. Such trends typically signify heightened bullish sentiment, implying potential stability in holdings.

2.2 Sectors to Focus on Next – Bitcoin Ecosystem Projects (SATS and ATOM)

Primary reasons: BitMEX co-founder Arthur Hayes stated on social media that if the Bank of Japan and the Federal Reserve do not allow the interest rate differential between the US dollar and the yen to narrow, the market will continue to increase leverage. A collapse in the fiat currency system or more fiat liquidity chasing limited-supply assets would significantly boost Bitcoin. This is favorable for the BTC ecosystem.

Specific tokens:

SATS: A leading BRC inscription project within the BTC ecosystem, also possessing memecoin attributes. SATS has recently shown strong performance relative to ORDI, hinting at potential forthcoming positive news.
ATOMARC: Atomicals Protocol is a simple, flexible protocol that can be used to mint, transfer, and update digital objects on UTXO model-based blockchains similar to Bitcoin. ATOM, as the largest market cap token in the ecosystem, attracts concentrated capital and is a key player in rising markets.

3. Top Searches

3.1 Popular DApps:

Chaos Labs:

Blockchain risk analysis service provider Chaos Labs has completed a $55 million Series A funding round led by Haun Ventures, with participation from F-Prime Capital, Slow Ventures, Spartan Capital, Lightspeed Venture Partners, Galaxy Ventures, and PayPal Ventures.

3.2 X (former Twitter)

Swell Network: Swell has launched the first Bitcoin LRT, swBTC, within the Ethereum ecosystem to help Bitcoin holders earn through EigenLayer and other restaking protocols such as Symbiotic and Karak. Users can deposit WBTC to receive swBTC, with earnings expected to start from mid-September. Re-staking WBTC can earn triple Black Pearl and Symbiotic points.

3.3 Google Search (Global and Regional)

Global focus:

Tapswap:

TapSwap, a Tap2Earn mini-app, received an endorsement from Telegram founder Pavel Durov. Launched at the end of 2023, it initially debuted on the Solana network before transitioning to the TON ecosystem, where it has garnered significant attention.

Regional focus:

(1) Asia: The hot topics are quite dispersed with the term "RWA" climbing the hot search lists in multiple countries.

(2) No distinct hot topics are observed, but there is notable interest in U.S. stocks such as Tesla and NVIDIA in the Philippines.

(3) Latin America shows an increased interest in SOL and ETH, with AI project sector appearing on hot searches in Colombia and Argentina.

4. Potential Airdrop Opportunities

Sofamon

Sofamon is a project based on the Base network, currently developing a personal chat sticker marketplace on Telegram where users can manage their sticker collections, invite friends, and access Sofamon's private group chats.

The Web3 social project Sofamon completed its seed round funding with investments from Polychain Capital, Seed Club Ventures, Inception Capital, among others. Angel investors include Celestia COO Nick White, former Coinbase engineer 0xBeans, and Divergence Ventures co-founder George Lambeth.

How to participate: While no specific airdrop information has been released by the project, given Sofamon's current popularity on social media and in the crypto community, an airdrop opportunity is highly probable. Investors can participate by purchasing the NFT sticker collection launched by Sofamon.

Lava Network

Lava Network is touted as the "Celestia of 2024" due to its significant seed round funding and strong investor lineup. In February of this year, it raised $15 million in a seed round funding led by Jump Capital, Hashkey Capital, and Tribe Capital with participation from North Island Ventures, Dispersion Capital, Alliance DAO, and Finality Capital Partners. Executives from blockchain projects like Celestia, Cosmos, StarkWare, and Filecoin also participated in this funding round.

Lava Network is currently in its testnet phase, with plans to launch the mainnet in the first half of this year. Before the mainnet launch, Lava introduced the Magma points reward program. Users can earn Magma points by switching their RPC connection to Lava.

How to participate: 1. Visit the official website, connect your wallet, follow the project’s account on Discord and X; 2. Change the RPC of your existing wallet by logging into Metamask network settings and updating the RPC to the one provided by Lava.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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