Bitget Research: BTC ETFs See Over $700 Million Net Inflows Over 8 Consecutive Trading Days, Improved Liquidity Suggests Monitoring Altcoin Market

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Bitget Research2024/08/27 08:46

By:Aaron & Tommy

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

In the past 24 hours, BTC ETF net inflows exceeded $200 million. BTC experienced volatility, declining to around $63,000, where it has temporarily stabilized. The market is currently in a phase of correcting after an overheated rebound. The highlights are as follows:

Sectors with strong wealth creation effect: AI and DePin sectors, and Solana ecosystem.
Top searched tokens and topics: Orderly Network, Bitget, DOGS, and NULS.
Potential airdrop opportunities: Soneium, Orderly token claims and staking.

Data collection time: August 27, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, BTC price experienced downward fluctuations, currently stabilizing at the $63,000 level. According to Alternative.me, the fear and greed index has recovered to 48, indicating a neutral sentiment. The total open interest across the market fell by 2%, and the funding rates for BTC and ETH futures trades are under 10% annualized. Most major traders are in a wait-and-see mode.

On a macro level, BTC ETFs have seen net inflows for 8 consecutive trading days, with a total exceeding $700 million. According to Defillama, the total market cap of stablecoins is nearing $170 billion, an increase of nearly $5 billion in the past month. The influx of traditional capital into the crypto space is very evident, which is expected to improve liquidity in the market and potentially trigger a rally in altcoins. It is advisable to monitor the recent trends in altcoins.

2. Wealth Creation Sectors

2.1 Sector Movements – AI and DePin Sectors (HNT and AKT)

Primary reasons:

Nvidia is set to release its earnings report this week, leading the market to actively invest in the AI and DePin sectors.
Recently, crypto-related terms such as AI and FET, have trended on Google searches. The AI sector is a key focus for European and English-speaking users, with significant market attention.

Gainers: HNT and AKT have increased by 12% and 10%, respectively, in the past 24 hours.

Factors affecting future market conditions:

Nvidia’s future performance: Nvidia will release its earnings report this week. It is advisable to closely monitor the report's data. If earnings surpass expectations, the AI sector will likely continue to have upward potential.
Changes in open interest: The open interest for AKT futures trades increased by 22% in the past 24 hours, indicating that the price of AKT has risen due to the influx of speculative capital. It is recommended to keep a close watch on the changes in open interest for related assets in the secondary market. If open interest continues to increase, it suggests ongoing inflows of speculative capital, and holding these assets might be advisable.

2.2 Sectors to Focus on Next – Solana Ecosystem (JUP, WIF, and POPCAT)

Primary reasons:

The price of SOL has remained stable, holding above the $150 threshold. In the past 24 hours, SOL’s exchange rate relative to BTC and ETH has increased. The setback in the TON ecosystem have been relatively positive for the SOL ecosystem.

Specific tokens:

JUP: A leading DEX platform within the Solana ecosystem, well-positioned with a large user base.
WIF: A memecoin within the Solana ecosystem, previously listed on Robinhood. Typically, when SOL rises, leading Solana memecoins tend to rise even faster.
POPCAT: A core memecoin on Solana, which has seen a recent increase in trading volume. The high demand for transactions suggests that this token has potential for strategic positioning.

3. Top Searches

3.1 Popular DApps

Orderly Network:

Orderly Network, a Web3 liquidity provider backed by Pantera Capital, Dragonfly, and others, has completed the TGE for its token ORDER. The airdrop claim and staking for ORDER token are now live. The two associated smart contracts on the ETH chain have reached 35,043 and 27,931 transaction counts, ranking third and fifth in terms of interaction activity on the Ethereum chain.

3.2 X (former Twitter)

Bitget (BGB):

Orderly Network's ORDER token has been listed on Bitget Launchpool. Bitget has also introduced a new user pool for DOGS on PoolX. New users can stake USDT in the DOGS and earn an APY exceeding 350%. Yesterday, BGB broke through the $1 mark again, marking a 130% increase over the past year.

3.3 Google Search (Global and Regional)

Global focus:

DOGS:

The high-traffic Telegram project DOGS recently completed its TGE, achieving a trading volume of over $2 billion within just 20 hours. Currently, DOGS has an FDV of approximately $700 million, which is 78% of Notcoin’s (NOT) FDV.

NULS:

Binance announced the listing of NULS/USDT perpetual futures pair with up to 75x. NULS has seen an intraday increase of over 30%. Recently, after Binance listed perpetual futures for established tokens like ALPACA, SYS, and RARE, these tokens experienced significant price rallies.

4. Potential Airdrop Opportunities

Soneium

Soneium, an Ethereum Layer 2 solution launched by Sony, aims to bridge blockchain technology (Web3) with everyday internet services (Web2). It will utilize Optimism rollup technology and build on the Optimism blockchain ecosystem’s OP stack.

How to participate: Soneium will launch its testnet on August 28, 2024. Users can participate in testnet interactions once it goes live. For now, it is advisable to learn about the project and secure a role on their Discord; https://discord.com/invite/soneium.

Orderly Network

Orderly Network is a Web3 liquidity provider, backed by Pantera Capital, Dragonfly, OKX Ventures, Foresight Ventures, and others. Yesterday, the ORDER token had its TGE, and the airdrop claim and staking features are now live. Bitget has also listed the ORDER token on its Launchpool.

After claiming the tokens, you can stake ORDER/esORDER to earn Valor and receive a portion of Orderly’s treasury. Valor can be exchanged for USDC. Previously, Orderly announced that “60% of net fee rewards will be distributed to token stakers.” Even after the TGE, you can still earn token rewards on Orderly through trading, providing market-making, and other activities.

Orderly token claim and staking links:

Airdrop claim: https://airdrop.orderly.network

Staking: https://app.orderly.network/staking

Trading rewards: https://app.orderly.network/tradingRewards

Market making rewards: https://app.orderly.network/MMRewards

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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