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Bitget Research: Crypto Market Continues to Pull Back, Leading Projects in Each Sector See Opportunities for Recovery

Victoria & John
2024/03/20
Bitget Research: Crypto Market Continues to Pull Back, Leading Projects in Each Sector See Opportunities for Recovery
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are very likely to be the next wealth creation opportunities.

Overview

In the past 24 hours, Bitcoin spot ETF net outflows reached $326 million, the crypto market continued to pull back, BTC corrected significantly to approach the $60,000 mark and stabilize after the retracement, and opportunities to buy low have appeared for certain high-quality altcoin leaders.
  • Sectors with strong wealth creation effects: Public chain and RWA.
  • Users' top searched tokens and topics: Enders Gate, Taiko, Mantra, and Polyhedra.
  • Potential airdrop opportunities: Kelp DAO and Zeta Markets.
Data collection time: March 20, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, Bitcoin spot ETF net outflows reached $326 million, the crypto market continued to pull back, and BTC corrected significantly to approach the $60,000 mark. Grayscale says it expects to lower the fees of GBTC in the coming months. On March 19, the U.S. SEC said that Ethereum spot ETF applications may be delayed until May 23. The overall crypto market is more risk averse, so once the price of Bitcoin stabilizes, consider buying the dip on quality altcoins.
Elsewhere, a rate cut in June now looks more unlikely as CPI inflation rebounded modestly in February, and the Fed needs more data to feel more confident about cutting rates. U.S. stocks showed mixed performance, with somewhat lackluster gains. Though BTC's price is at a record high and the market is trending toward retracement, memecoins are dominating market FOMO sentiment. In addition to creating wealth for the SOL ecosystem, a trend of attention feedback can be observed. For example, the Solana public chain also pulls the value of other public chains (FTM, APT, SUI), and this correlation may serve as a reference for investors.

2. Wealth Creation Sectors

2.1 Sector Movements: Public Chain Sector (FTM, APT, SUI)

Primary reason: The trading volume of DEXes on the Solana chain exceeded $3.6 billion, second only to Ethereum. Due to the influence of its wealth creation effect, other L1 public chains started to make up for increases when memecoin popularity lowered, and market capital began to pay more attention to leading public chains.
Gainers: FTM (13%), APT (12%), and SUI (11%).
Factors affecting future market conditions:
  1. FTM technology upgrades: Fantom Sonic is an update aimed at improving network scalability and designed to enhance the performance of the Fantom blockchain by increasing transactions per second (TPS), lowering storage costs, and maintaining a near-second time to finality (TTF). The update is expected to drive Fantom's expansion for the rest of 2024 and increase developer and user engagement with the network, driving the token up.
  2. Benefits of Move's high performance: Move is used by APT and SUI, both of which are driven by SOL. The Move programming language provides high extensibility, good programmability, fast speed, low costs, and more. The ecosystem is booming, and hot projects are emerging. At the same time, the APT and SUI teams have solid technical capabilities and strong investment backgrounds. APT will unlock $400 million in tokens on April 12, while SUI will not have a large room for further unlock in the next two months. Their current prices are in a trend of further upward breakthroughs.

2.2 Sector Movements: RWA Leader (ONDO)

Primary reason: On March 19, BlackRock spent $100 million to set up the Ethereum-backed Digital Liquidity Fund and began asset tokenization in a sign that is good for RWA projects. These projects can provide higher APY products for Web3 users, and their TVL will continue to improve in the future.
Gainers: ONDO (32%) in the last 24h.
Factors affecting future market conditions:
  1. BlackRock bets on Ondo RWA U.S. treasuries: Ondo Finance, a blue-chip RWA asset with strong prospects, has invested its assets in Blackrock's iShares Short Treasury Bond ETF and made innovations in stablecoin-backed cash equivalents.
  2. Information influence: Ondo published an ecosystem catalog on its website, disclosing its partnerships in liquidity, custody, and other key areas. Its custody and trust partners include TradFi giants such as Morgan Stanley, BlackRock, Ankura Trust, Clear Street, and NAV Consulting. ONDO was the first to rise on news from BlackRock. In the future, we will continue to pay attention to the dynamics of TradFi institutions, as the two are more closely related.

2.3 Sectors to Focus on Next: BTC L2 Sector (CKB, STX)

Primary reason: During last night's rebound after BTC dropped to $62,000, CKB and STX led the rise against the trend and broke through the low consolidation period. There are some favorable project event meetings, which are expected to usher in a new rally.
Specific token list:
  • CKB: The team' originates from Nervos CKB, a well-known public chain, and has been deeply engaged in PoW. Bitcoin asset issuance protocol RGB++ has released a roadmap and plans to launch in late March, which will be favorable for CKB. It is advised to keep a close eye on CKB for opportunities to buy the dip.
  • STX: Stacks' ecosystem development has been solid, and the overall segment TVL continues to reach new heights. The Nakamoto upgrade is expected to take place around April 15, greatly enhancing performance. The project is a solid BTC L2 target to buy the dip in the near future.

3. User Trending Searches

1) Popular DApps

Enders Gate (not issued yet):
On February 20, Linea, in partnership with Layer3, launched Linea Park, a Web3 gaming platform where users can explore cutting-edge projects and earn Linea LXP tokens. One of the participating projects is Enders Gate, a Web3 collectible card game that enables players to trade and battle using a custom deck consisting of 30 NFT digital cards. Since Enders Gate hasn't issued its token yet, users can engage in playtest, earning potential Linea airdrops, while receiving Enders Gate token airdrops.

2) Twitter

Bitget Research: Crypto Market Continues to Pull Back, Leading Projects in Each Sector See Opportunities for Recovery image 0
Taiko (not issued yet):
Taiko is a decentralized Ethereum equivalent of ZK-EVM and generic ZK-Rollup, making it easy for dApps to be deployed to L2 while inheriting Ethereum's security. With total funding of $22 million from leading investors like Sequoia China, Generative Ventures, and GSR, there is considerable anticipation for Taiko's airdrops in the market. The mainnet is expected to go live by the end of the first quarter of 2024. As the end of the quarter is approaching in about ten days, interest in the project is rising. This presents a good opportunity to engage with the project.

3) Google Search (Global and Regional)

Bitget Research: Crypto Market Continues to Pull Back, Leading Projects in Each Sector See Opportunities for Recovery image 1
Global focus:
(1) Mantra (OM): Yesterday, Mantra announced the closure of an $11 million funding round led by Shorooq Partners. These fresh funds will be used to achieve three key objectives: building a regulatory-compliant infrastructure, providing support for developers, and expanding the scope of the RWA tokenization program. Mantra has been gaining momentum since transitioning to the Atom ecosystem. Following the pivot to RWA and the development of a public chain in the Atom ecosystem, Mantra's token price has experienced rapid growth. Mantra currently offers an incentivized testnet where participants can earn OM tokens through airdrops.
(2) Polyhedra (ZK): Polyhedra, led by Binance Labs and Polychain Capital, offers Web3 infrastructure backed by zero-knowledge (ZK) proofs. Its zero-knowledge proof cross-chain bridge has emerged as one of the most widely used ZKP cross-chain bridges in the market. The ZK airdrop was launched yesterday. However, its low value (with an average allocation of 5-40 tokens valued at around $15-$120) and the high Ethereum gas fee have caused users to give up on claiming the airdrop. This incident has caused dissatisfaction within the community, potentially dampening retail interest in the project. Therefore, it is advisable to take a more cautious approach.
Regional focus:
(1) Aevo is generating significant interest in Asia:
Particularly in the Asian region, the continuous decline in the coin's price post-launch has sparked some discussions within the community. Despite negative information, attention remains high on Aevo's product updates and other announcements. Notably, Paul Veradittakit, Pantera Capital's managing partner, revealed that Pantera recently invested in Aevo. Then, Aevo's launch of a futures contract for the popular SLERF has generated significant interest among users.
(2) Certain projects are trending across various regions:
Bitcoin has gained attention in almost all regions as its price continues to fall below $62,000, marking a cumulative decline of over 16%. According to Farside Investors, the overall net outflow of Bitcoin spot ETFs has reached $326 million. Combined with recent inflation data from the United States and central bank officials' reluctance to further cut interest rates, this has further dampened market sentiment. Additionally, Bloomberg Intelligence ETF analyst James Seyffart has indicated a likely rejection of Ethereum spot ETFs on May 23, further fueling fears among users that Bitcoin price may continue to fall.

4. Potential Airdrop Opportunities

[Kelp DAO] Restaking protocol with high potential airdrop value
Kelp DAO is currently developing an LRT solution on EigenLayer, with its restaked token known as rsETH. The supported LSTs include tETHx (Stader), sfrxETH (Frax), and stETH (Lido). According to DeFiLlama data, Kelp DAO's TVL currently stands at $617 million.
Kelp DAO has introduced the Kelp Miles incentive program, which tracks user contributions to Kelp and determines future reward distribution ratios. Kelp Miles are calculated based on the restaked LST amount and the staking duration. This project is highly anticipated in the restaking space and is expected to launch its token in Q2.
To participate: (1) Connect your wallet to Kelp DAO, (2) Deposit ETHx (Stader), sfrxETH (Frax), and stETH (Lido) or ETH into the staking contract, and (3) Hold the converted rsETH and earn points.
[Zeta Market] Solana ecosystem DEX project with high funding and high potential airdrop value
Zeta Markets is a DeFi futures and options trading platform that enables users to hedge against cryptocurrency market volatility and extreme events. Led by Jump Capital, the project has completed a strategic funding round of $8.5 million.
The second season of Zeta Markets' points program commenced on January 10th, featuring a straightforward points system: for every $1 in taker volume, your Z-Score increases by 1. The higher your rank on the profit leaderboard, the greater the points multiplier, making it highly appealing to professional traders.
To participate: (1) Connect your wallet to Zeta Market, (2) Deposit USDC, (3) Select assets for taker futures trading, and accumulate points for each trade.
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