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Bitget Research: BTC Holds Steady Above $71,000 Attempts to Break New High, Aethir Announces Token Airdrop

Jarseed & Aaron
2024/06/06
Bitget Research: BTC Holds Steady Above $71,000 Attempts to Break New High, Aethir Announces Token Airdrop
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

Bitcoin surged to $71,900 before falling back to $71,000 yesterday. The total market capitalization of the crypto market continues to rise steadily:
  • Sectors with strong wealth creation effects: Bitcoin ecosystem and Web3 gaming sector.
  • Top searched tokens and topics: CARV, CKB, TAIKO, FLOKI.
  • Potential airdrop opportunities: Tonstakers and bemo.
Data collection time: June 6, 2024, 4:00 AM (UTC)

1. Market environment

The U.S. ADP nonfarm employment figures show the smallest increase since January this year. Additionally, several important data releases and policy announcements are coming up soon, including the European Central Bank's interest rate cut announcement on June 6, U.S. nonfarm payroll data on June 7, and CPI data on June 12. Many central banks are adopting interest rate cuts, and expectations for a U.S. rate cut in September are increasing, which benefits the crypto market and risky assets.
Regarding Bitcoin ETFs, there was a net inflow of $488 million yesterday, showing a three-day inflow of over $100 million. Bitcoin prices have been consistently strengthening. Data from exchanges indicate that Bitcoin holdings are continuously increasing, with significant increases in both funding rates and implied volatility. This suggests that the market is generally bullish on the upcoming market trend.
The recent positive macro environment has led many projects in the crypto industry ecosystem to initiate their token generation events (TGE). These projects include IO.net, Aethir, LayerZero, and zkSync. Investors can closely follow Bitget Research's daily research reports for first-hand investment news.

2. Wealth creation sectors

2.1 Sector movements: Bitcoin Ecosystem (BB, DOG, MRL)

Primary reason: Most assets within the Bitcoin ecosystem are closely tied to the price of Bitcoin. For instance, asset issuance protocols like Ordinals and Rune require Bitcoin UTXOs. As the price of Bitcoin continues to rise, the value of such assets will also increase.
Price increase: BB has risen by 23.9%, DOG by 33.8%, and MERL by 11.4% in the past 7 days.
Factors affecting future market conditions:
  • BTC price: As mentioned earlier, both Ordinals and Rune are tied to Bitcoin, so an increase in Bitcoin's price will lead to a rise in the value of these assets.
  • Innovative breakthroughs: Recent intensive discussions have revolved around the Bitcoin script opcode OP_CAT. If this opcode is reintroduced, it will unlock more possibilities for Bitcoin's executable logic, enhancing the practical utility of related Layer 2 solutions and assets. This could lead to a positive impact on their prices.

2.2 Sector movements: Web3 gaming sector (NOT, PIXL, BURGER)

The launch of NOT has reignited interest in the gaming sector, prompting industry professionals and investors to recognize the fundamental business principle that users are paramount. Game projects and platforms with a large user base and high user engagement are once again attracting significant funding.
Price increase: NOT has risen by 78.8%, PIXL by 52.9%, and BURGER by 95.8% in the past 7 days.
Factors affecting future market conditions:
  • Focus on game trends and audience size: The current resurgence in the Web3 gaming sector is mainly driven by the performance of the NOT token within the TON ecosystem. Many Web3 games that received substantial funding during 2022 and 2023 are now entering their maturity phase. Investors should monitor the user engagement and total user base of these games closely. As Web3 games achieve mass adoption, their token prices are expected to perform well.

3. Top Searches

3.1 Popular DApps

CARV (DApp): CARV is a modular data layer product that primarily stores on-chain games and AI data, providing users with security and control over their own data. The project recently completed a funding round totaling $14 million, with participation from Animoca Brands, IOSG Ventures, OKX Ventures, and others. The project recently initiated a node sale promotion. According to its tokenomics, over 50% of tokens will be distributed to node buyers in the future, following a similar operational logic to Aethir.

3.2 X (former Twitter)

Nervos Network (CKB): CKB, as a prototype project for the UTXO Stack, is highly favored and considered one of the best representatives of Bitcoin Layer 2 technology. Recent futures market data indicates a significant inflow of funds. On June 4, major futures saw a net buy of nearly 310 million tokens, with an inflow of approximately $5 million, resulting in a short-term surge of 30% in the token's price. From the perspective of futures trading data, significant positions held by major funds have not been fully closed. Investors should monitor this token closely.

3.3 Google Search (Global and Regional)

Global focus:
TAIKO: Taiko is a decentralized EVM-equivalent ZK-rollup layer 2 network. It is considered the most Ethereum-equivalent and stands out for its technical prowess in the sector. While it may not wield the same level of influence as zkSync and Starknet, it is positioned as a potential dark horse project. Upbit has announced the initial listing of TAIKO and the token is now available for trading on Bitget.
FLOKI: The project continues to garner positive attention. FLOKI recently announced that its trading bots have completed beta testing, and the fees collected after the future launch will be used to buy back FLOKI tokens. DWF Labs plan to purchase $12 million worth of FLOKI tokens to support the FLOKI ecosystem. The project's token has experienced a recent surge in price, reflecting high market interest and positive trading opportunities. It is crucial to stay updated on this project.
Regional focus:
(1) WAVES has attracted attention in Asia's hot searches. Since its delisting by Binance, WAVES has plummeted by 40%, indicating relatively high risk.
(2) In Europe and America, the focus is on projects with strong fundamentals, particularly RWA, DePIN, and POW chains, along with trending projects like KAS, ONDO, and GRASS. Additionally, there is increasing interest in runes, with DOG appearing on the hot research lists of several European countries.
The CIS region is focused on the TON ecosystem and AI projects, with assets such as NOTcoin and ARKM standing out in Google's hot searches.

4. Potential airdrop opportunities

Tonstakers
Tonstakers is the largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.8% APY. The project currently boasts a TVL of $256 million, indicating a high potential valuation.
It has garnered attention from the Ton Foundation and currently has 68,000 stakers. Tonstakers collaborates with Ton's core developers, Tonkeeper, and OKX, which supports its potential for future token issuance.
How to participate: 1. Visit the project's official website and select Stake Now; 2. Connect your Ton wallet to stake.
Bemo
Bemo is the second largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.9% APY. The project currently has a TVL of $76 million and is an early-stage project with significant potential within the Ton ecosystem.
The official website features an airdrop promotion, where bemo's staking users can earn xtXP rewards, which can later be exchanged for $BMO tokens.
How to participate: 1. Visit the project's official website and select Stake Now; 2. Connect your Ton wallet to stake.
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