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- Bitget Research: Approval of ETH ETF Sees Breakthrough, Bitget Wallet Launches BWB LaunchPad
Bitget Research: Approval of ETH ETF Sees Breakthrough, Bitget Wallet Launches BWB LaunchPad
Aaron & Tommy
2024/05/21
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
Yesterday, the likelihood of the SEC approving the spot
Ethereum ETF reversed, leading to a significant market rally driven by Ethereum, with altcoins poised to continue generating wealth effects. The highlights are as follows:
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Sectors with strong wealth creation effect: ETH ecosystem.
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Top searched tokens and topics: Li.Fi, Bitget Wallet (BWB), and GALA.
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Potential airdrop opportunities: Spark and Amnis Finance.
Data collection time: May 21, 2024, 4:00 AM (UTC)
1. Market Environment
According to Bloomberg senior ETF analyst James Seyffart, the probability of the spot Ethereum ETF being approved by the SEC increased to 75% yesterday, countering earlier predictions from Wall Street of a likely rejection. This turnaround in the approval chances for the spot Ethereum ETF spurred a $600 rebound in ETH within 24 hours, significantly boosting market sentiment. BTC reached a new all-time high of $72,000, and there was a general rise in altcoins, reflecting a strong positive market effect.
The BTC ETF saw an inflow of $237 million, marking six consecutive days of traditional capital flowing into the
cryptocurrency market. The Nasdaq reached a new historical high, reflecting a robust upward trend in global capital
markets. The macro-environment remains stable, and the crypto market's wealth effect is expected to continue.
2. Wealth Creation Sectors
2.1 Sector Movements – Core Assets in the ETH Ecosystem (PENDLE, ETHFI, and LDO)
Primary reasons:
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The U.S. SEC has urged exchanges to expedite updates to the 19B-4 form for the spot Ethereum ETF, increasing the likelihood of approval by May 31.
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ETH rose by 20% in the last 24 hours.
Gainers: In a single day, PENDLE rose by 20%, ETHFI by 24%, and LDO by 30%.
Factors affecting future market conditions:
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Continued rise of ETH: DEXs in the Ethereum ecosystem have good liquidity, where many tokens are priced in ETH. An increase in ETH directly boosts the rise in Ethereum ecosystem assets. If the ETH price keeps rising, core assets on Ethereum tend to maintain their popularity.
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Updates on the Ethereum ETF: The U.S. SEC is set to decide on the VanEck spot Ethereum ETF on the 24th. It is advisable to follow Bloomberg senior ETF researchers James Seyffart and Eric Balchunas on X for timely trading based on the latest information.
2.2 Sector Movements – Memecoins in the ETH Ecosystem (PEPE, WOJAK, and FLOKI)
Primary reasons: 1. Reversal in the probability of approval for the spot Ethereum ETF; 2. ETH rose 20% in 24 hours.
Gainers: PEPE rose by 19% in one day, WOJAK by 27%, and FLOKI by 10%.
Factors affecting future market conditions:
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Continued rise of ETH: DEXs in the Ethereum ecosystem have good liquidity, where many tokens are priced in ETH. An increase in ETH directly boosts the rise in Ethereum ecosystem assets. If the ETH price keeps rising, core assets on Ethereum tend to maintain their popularity.
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Changes in the open interest amount: The surge occurred yesterday in open interest for PEPE and FLOKI indicates an influx of hot money. Utilize the tv.coinglass to understand the direction of major funds, and monitor futures data, especially the increase in net long positions. Check if there is a rise in open interest (OI) and trading volume. If so, it indicates increased bullish buying, suggesting that holdings can be maintained.
2.3 Sectors to Focus on Next — ETH Ecosystem
Primary reason: The Ethereum ecosystem is currently undervalued, with a rebound in the ETH-BTC exchange rate. As ETF developments take shape and the SEC progresses with lawsuits against related DeFi projects, there are strategic opportunities within the Ethereum ecosystem.
Specific tokens:
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UNI: The first DeFi Swap project among blockchain applications, which received a Wells notice from the SEC last month. Uniswap is expected to soon present a self-defense, creating trading opportunities.
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LDO: A leading LSD project within the ETH ecosystem. It has a TVL of $34.5 billion but is valued at just under $2.5 billion, making it relatively undervalued.
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OP: Built using OP stack technology on the Base chain. Last year, the project signed a profit-sharing agreement with the OP Foundation, indirectly receiving an endorsement from Coinbase.
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PENDLE: The project's TVL has been on a continuous rise, now standing at $5.7 billion. The increase in stablecoin market cap and high demand in the restaking sector have led to an increased demand for PENDLE's services during the bull market.
3. Top Searches
3.1 Popular DApps
Jumper Exchange Li.Fi:
Jumper Exchange is a multi-chain liquidity aggregator supporting cross-chain exchanges and gas fee swaps for most mainstream
blockchains, technically supported by Li.FI. Recently, there has been a noticeable increase in interactions with the Jumper and Li.Fi protocols, with market speculation about potential TGE and airdrop plans, leading to more frequent user interactions.
3.2 X (former Twitter)
Bitget Wallet (BWB):
Bitget Wallet announced that the BWB Launchpad will launch a public sale on the Base mainnet on May 23. The subscription price is 1 BWB = $0.1, with a full FDV of only $100 million for BWB based on this subscription price, which is quite low considering the development stage, user base, and reputation of Bitget Wallet (for reference, TWT's FDV = $1.1 billion). Therefore, this launchpad is expected to have a significant wealth effect.
How to participate: 1. Users who have completed trades totaling over $200 on Bitget Swap since May 1 can participate; 2. The public sale amount is 85,000 USDC, and the final subscription amount = individual total subscription amount ÷ total subscription amount of all users × total public pool amount; 3. Available subscription shares: 50–500 USDC per person. Participants need to have Base mainnet's USDC and ETH assets ready in their Bitget Wallet before the subscription starts.
3.3 Google Search (Global and Regional)
Global focus:
Ethereum ETF – CoinDesk reported that the U.S. SEC had urged exchanges to expedite updates to the 19B-4 form for the spot Ethereum ETF. Following this, Bloomberg ETF analysts Eric Balchunas and James Seyffart announced an increase in the likelihood of the spot Ethereum ETF's approval from 25% to 75%, which spurred a significant rise in the price of ETH.
GALA – The Web3 gaming platform Gala Games reportedly suffered a hacking attack, losing over $200 million, which led to a sharp decline in the price of GALA. Following the attack, the founder of Gala Games confirmed the security of the GALA Ethereum contract and mentioned cooperation with the FBI and other agencies to track down the attackers.
Regional focus:
(1) There were no significant or distinctive hot search terms in various regions of Asia yesterday.
(2) PEPE, FLOKI, GRASS, and BONK appeared frequently in hot searches across Europe, the USA, and Latin America.
(3) Blum, a previously trending project in the CIS region, appeared on trending searches in the CIS region, the Philippines, Türkiye, and Poland yesterday.
4. Potential Airdrop Opportunities
Spark
Spark Protocol is a lending market launched by MakerDAO, which integrates direct lending functions into MakerDAO. Through Spark, users can access DAI loans using assets such as ETH, stETH, and sDAI.
Spark has announced the upcoming second season of SPK token pre-mining, which will be allocated to eligible SparkLend users on Ethereum. The second pre-mining season started on May 20 (UTC) and will conclude with the launch of SPK and Spark SubDAO.
How to participate: Refer to the project announcements for specific requirements, including the amount of ETH deposited, the amount of DAI borrowed, and the duration of the ETH deposit or DAI loan position.
Amnis Finance
Amnis Finance is an LSD protocol on the Aptos blockchain, currently with a TVL of $130 million, making it the second largest after the lending protocol Aries Markets. The circulating supply of Amnis Aptos Coin (amAPT) issued by the project has reached 3.42 million. This project is suitable for users holding APT positions.
How to participate: 1. Stake APT in Amnis Finance to receive amAPT, with options to choose MintStake afterward. Even without staking, you can proceed to the next step; 2. Add liquidity on Liquidswap by joining the amAPT/APT LP pool and staking LP. This also allows interaction with Liquidswap and access to higher annualized returns in APT.
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