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- Bitget Research: BTC Call Options Surge in Demand, WazirX Hacker's Sell-Off Causes SHIB to Drop
Bitget Research: BTC Call Options Surge in Demand, WazirX Hacker's Sell-Off Causes SHIB to Drop
John & Victoria
2024/07/19
![Bitget Research: BTC Call Options Surge in Demand, WazirX Hacker's Sell-Off Causes SHIB to Drop](https://img.bitgetimg.com/multiLang/web/ec8fdc4af550963072c444bbaa9296ec.png)
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
As the U.S. stock market continues to decline and speculation around a presidential election heats up, the cryptocurrency market experienced another loss on Thursday. Meanwhile, multiple updates indicated an increase in Bitcoin's bullish momentum:
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Sectors with strong wealth creation effects: TGBOT sector, Bitcoin ecosystem projects.
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Top searched tokens and topics: Banana Gun, Ton, Tapswap.
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Potential airdrop opportunities: Symbiotic and Elixir.
Data collection time: July 19, 2024, 4:00 AM (UTC)
1. Market Environment
With the U.S. stock market continuing to fall and speculation around the presidential election intensifying, the cryptocurrency market saw another loss on Thursday. Last night, BTC plummeted from $65,000 to $63,500 in just two hours, down 1.7% in the past 24 hours. ETH and SOL, although experiencing declines, are less volatile than Bitcoin.
Yesterday, there were multiple updates suggesting an increase in Bitcoin's bullish momentum. According to official block trade data from Deribit, a user purchased a $10,000 end-of-year call option, totaling 1250 BTC with a premium of $4.737 million. This move represents a bullish long-term expectation. Additionally, nine Bitcoin ETFs added a total of 2,194 Bitcoins to their holdings yesterday.
2. Wealth Creation Sectors
(1) Sector Movements: TGBOT Sector (UNIBOT, BANANA)
Primary reasons:
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Binance announces Banana Gun (BANANA), the first project on the HODLer airdrop portal, during which subscribers to the BNB Simple Earn product will receive airdrops. Binance will list BANANA with a seed tag on July 20, 9:00 AM (UTC).
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Influenced by the listing of BANANA on Binance, the TG bot sector has seen a general price surge.
Gainers: UNIBOT increased by 41.23% and BANANA increased by 21.43%.
Factors affecting future market conditions:
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Positive news release: Projects like Near and Worldcoin have recently released favorable news, receiving positive market reactions. The Worldcoin Foundation previously announced it would launch the World Chain, with potential new developments in the next two months. Worldcoin developers are also attempting to collaborate with PayPal and OpenAI.
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Financial impact: With Grayscale's launch of the Decentralized AI Fund LLC, a new investment tool has been introduced for mainstream funds in the crypto AI sector. This development provides favorable conditions for traditional finance to invest in this sector, with incremental funds expected to continuously drive up the value of AI sector crypto assets.
(2) Sectors to Focus on Next: Bitcoin ecosystem projects (ORDI, SATS, QUARK)
Primary reasons:
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CryptoSlate reports that former U.S. President Donald Trump will deliver a historic statement at the upcoming Bitcoin 2024 conference in Nashville. According to industry sources, the former President may have plans to unveil Bitcoin (BTC) as a strategic reserve asset for the US.
Specific tokens:
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CKB: A Bitcoin Layer 2 project based on the RGB++ scaling protocol, CKB has stayed true to its original vision as a Layer 2 solution. It adopts isomorphic binding with Bitcoin and further improves the Bitcoin ecosystem.
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BB: BounceBit is a BTC restaking chain. BB has a maximum supply of 2.1 billion, with an initial circulation of 409.5 million, and is a project with investments from Binance Lab. Binance will list BB after the Megadrop is completed.
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MERL: A Layer 2 project based on the Bitcoin network and currently listed on major exchanges like OKX. Merlin Chain's on-chain TVL has reached $1.18 billion, the highest TVL among Bitcoin Layer 2 projects.
3. Top Searches
3.1 Popular DApps
Banana Gun:
Yesterday, Binance announced the listing of Banana Gun ($BANANA), a leading project in the Telegram trading bot sector. Since its inception, the project has consistently maintained a top position in this space. Bitget listed the token on September 19, 2023, immediately following its TGE. On its first day of trading, the token closed at $11.29, and it now stands at $68, reflecting an impressive 607% increase. This project is also the first to be featured in Binance HODLer Airdrops, a program that rewards BNB holders with token airdrops based on historical snapshots of their BNB balances. By subscribing to BNB on Simple Earn, users automatically qualify for HODLer airdrops (as well as Launchpool and Megadrop rewards).
3.2 X (former Twitter)
![Bitget Research: BTC Call Options Surge in Demand, WazirX Hacker's Sell-Off Causes SHIB to Drop image 0](https://img.bitgetimg.com/multiLang/web/270f27757e80a63308562c5715bee682.png)
TON:
With the recent market recovery, hype for crypto has surged once again, with the TON ecosystem being particularly noteworthy. Notably, memecoins that previously surged on Solana are now gaining traction on TON. Besides the NOT token, recently popular projects like Hamster Kombat, Catizen, and DOGS have quickly garnered widespread attention upon their launch.
3.3 Google Search (Global and Regional)
![Bitget Research: BTC Call Options Surge in Demand, WazirX Hacker's Sell-Off Causes SHIB to Drop image 1](https://img.bitgetimg.com/multiLang/web/f7082207ef0b25737be9007f67a792d4.png)
Global focus:
Tapswap:
TapSwap, a Tap-to-earn Telegram mini app, was recently launched on the TON blockchain. Since its launch on February 15, 2024, TapSwap allows users to earn in-game tokens by tapping and completing tasks. The app now boasts over 50 million users globally, with nearly one million active online users. Yesterday, TapSwap announced on X that it will hold an AMA event in collaboration with OKX Wallet. This news, along with numerous users participating in the USDT/USDC swap promotion on TapSwap, created a buzz on X, boosting its search popularity.
Regional focus:
(1) There are no significant trends to note in Google Trends search data for Asian countries. However, tokens with strong wealth effects like GODS, A8, and ALICE have become focal points in the market. Additionally, assets such as BTC, LDO, and RPL have also made it to the top searches in those countries
(2) In Europe and America, meme assets like MAGA and FLOKI are trending. Due to the U.S. presidential election, Trump-related tokens have gained significant attention, becoming early focal points in the market. These tokens also show potential for wealth effects in the future.
4. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a generalized restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It offers decentralized applications a method known as AVS (Active Validation Service) to collectively ensure mutual security.
Symbiotic recently raised $5.8 million in seed round funding led by Paradigm and Cyber Fund.
How to participate: Visit the project's official website, link your wallet, and deposit ETH and ETH LSD assets.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network that allows anyone to provide liquidity directly to the order book, bringing liquidity to long-tail crypto assets and enabling exchanges and protocols to direct their ledger liquidity.
On March 12, 2024, Elixir completed an $8 million Series B funding, bringing its valuation to $800 million. Previously, on October 18, 2023, Elixir completed a $7.5 million Series A funding, and on January 17, 2023, it secured $2.1 million in seed funding, with investors including Hack VC, GSR, Sui, and Amber Group.
How to participate: Earn points on Apothecary by depositing at least $100 worth of ETH to mint elxETH and unlock treasure boxes. elxETH is a native yield token backed on a 1:1 ratio by ETH, which will become a universal LP token across all chains upon mainnet launch, powering order book liquidity for exchanges. Additionally, you can provide liquidity for Elixir-supported protocols through https://agg.elixir.xyz/.