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Bitget Research: Crypto Market Lacks Major Short-Term Catalyst, but Record Stablecoin Circulation Builds Momentum for Future Gains

Tommy & Jarseed
2024/09/09
Bitget Research: Crypto Market Lacks Major Short-Term Catalyst, but Record Stablecoin Circulation Builds Momentum for Future Gains
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

Last week, spot Bitcoin ETFs saw a net outflow of over $700 million, and market sentiment remains bearish. However, the circulating market cap of the stablecoins has quietly risen to a historical high, setting the stage for future market gains.
  • Sectors to focus on next: SUI and the SUI ecosystem.
  • Top searched tokens and topics: Delabs Games, Reef Chain, SUI, and QNT.
  • Potential airdrop opportunities: Story Protocol and Symbiotic.
Data collection time: September 9, 2024, 4:00 AM (UTC)

1. Market Environment

Last week, spot Bitcoin ETFs saw a net outflow of over $700 million, and market sentiment remains bearish. According to CME FedWatch, following the release of unemployment data by the Bureau of Labor Statistics, there is a 30% probability that the Fed will cut rates by 50 basis points in September.
Despite the bearish mood, the circulating market cap of stablecoins (excluding algorithmic stablecoins) quietly reached a historic high of $158 billion. The issuance of USDT and USDC has each increased by over 2.2% in the past month, building momentum for future market gains.

2. Wealth Creation Sectors

2.1 Sectors to focus on next: SUI and the SUI ecosystem

Primary reasons:
1) SUI has shown relative stability during the recent decline. Over the past month, while BTC fell by 9% and ETH by 12%, SUI rose by 6%.
2) Sui has been active lately:
  • On August 7, Grayscale announced the launch of two new trust funds: Grayscale Sui Trust and Grayscale Bittensor Trust. Grayscale Sui Trust will invest solely in SUI, the native token of the Sui network. This marks the first time Grayscale has launched a dedicated investment product focused on a Layer 1 blockchain after BTC, ETH, SOL, and FIL.
  • In early September, SuiPlay launched its Web3 native handheld gaming device, SuiPlay0X1. The product is expected to be launched in the first half of 2025, signaling SUI's expansion into the gaming space.
Factors affecting future market conditions:
  • In the short term, SUI's price is primarily influenced by market-making strategies. In the mid to long term, the market's recognition of SUI's accelerated expansion into GameFi, the development of GameFi projects within the SUI ecosystem, and the growth of SUI DeFi projects will likely have a significant impact on SUI's future growth.

3. Trending Searches

3.1 Popular DApps

Delabs Games:
Delabs Games is a Web3 game studio focused on building fun Web3 games from scratch. Since 2021, the team has been working on three games: Rumble Racing Star, Space Frontier, and Metabolts. Rumble Racing Star's Web3 feature allows players to fully customize their karts, drivers, and profile pictures (PFPs), all available in the form of NFTs RRS has also collaborated with several NFT-based PFP series, including Goblintown, y00ts, a KID called BEAST, Killers, and Quirkiesby, using their likeness as in-game characters. Holders of these collectibles will also receive unique in-game perks.

3.2 X (former Twitter)

Bitget Research: Crypto Market Lacks Major Short-Term Catalyst, but Record Stablecoin Circulation Builds Momentum for Future Gains image 0
Reef:
Layer 1 public chain Reef has launched a $10 million Accelerator Program to support, incubate, and invest in Web3 developers, teams and Reef-based projects in the Middle East region. The program is part of Reef's previous $20 million developer support fund. Reef has recently undertaken extensive community work, promoting community engagement, developer activity and MEME Season support. These factors have collectively contributed to the recent rise of the REEF coin.

3.3 Google Search (Global and Regional)

Bitget Research: Crypto Market Lacks Major Short-Term Catalyst, but Record Stablecoin Circulation Builds Momentum for Future Gains image 1
Global focus:
Adeniyi Abiodun, Mysten Labs co-founder, revealed in an interview that the team has completed research on enabling offline crypto transactions using radio waves. This would allow the Sui blockchain to transmit transactions via long-distance radio and even compress them into smaller text messages. Meanwhile, gaming startup Playtron has partnered with Mysten Labs to launch pre-orders for their gaming handheld device, SuiPlay0x1. Priced at $600 per unit (including shipping and taxes), the device will be available until all slots are sold out. It supports purchases using SUI, ETH, and SOL tokens. These developments are expected to drive an increase in SUI's price.
Regional focus:
(1) Europe, America, and English-speaking regions show notable search interest in existing projects like Quant, Cardano, XEN, and SUI. Many crypto projects have dropped to lower levels, but positive news announcements from project teams have led to significant price rebounds for some existing projects. Users in these regions are more familiar with the projects, resulting in increased search volume driven by price rebounds.
(2) There are no significant trends in Asia or Latin America, with trending keywords varying across regions. The RUNE ecosystem, Polygon, and Avalanche are notable in a few countries.

4. Potential Airdrop Opportunities

Story Protocol
Story Protocol, an IP management protocol, aims to revolutionize how human history is recorded using blockchain technology, documenting and integrating content and intellectual property across various blockchains.
The project recently completed a $80 million Series B funding round led by a16z Crypto, with participation from institutions like Foresight Ventures and Hashed. To date, PIP Labs, the development team behind Story Protocol, has raised $140 million, with a valuation of $2.25 billion. The project, with significant market attention, could become a leading contender in the new blockchain sector.
How to participate: Story Protocol has partnered with multiple projects, including Colormp. Users can participate in the minting of NFT to be launched by these projects and stay engaged by completing related tasks, potentially securing airdrops of IP tokens in the future.
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.
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