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Bitget Research: Mt. Gox Cold Wallet Transfers Nearly $7 Billion in BTC, Crypto Market Sees Intraday Pullback

Aaron & Tommy
2024/05/28
Bitget Research: Mt. Gox Cold Wallet Transfers Nearly $7 Billion in BTC, Crypto Market Sees Intraday Pullback
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, after a hiatus of six years, Mt. Gox again transferred over 107,000 BTC from its cold wallets, with a market cap exceeding $7 billion. This has increased the short-term pressure for a market pullback. The highlights are as follows:
  • Sectors with strong wealth creation effect: Memecoin sector and Blue-chip projects in the ETH ecosystem.
  • Top searched tokens and topics: pump.fun, MOG, Jennings, FLOKI, and TURBO.
  • Potential airdrop opportunities: Linea Surge and Sanctum (Community Quests).
Data collection time: May 28, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, Mt. Gox transferred over 107,000 BTC from its cold wallet for the first time in six years, involving approximately $7.2 billion worth of BTC. This move has sparked speculation about the future actions of Mt. Gox. Traders and market makers, in a move to hedge, started reducing their BTC positions, leading to a pullback after BTC reached $70,500. It is advisable for users to lower their account leverage and BTC positions until Mt. Gox's transfer intentions are clearer.
On a macro level, BTC ETFs have continuously been a channel for traditional capital inflows, with $2 billion entering over the past two weeks. As the U.S. midterm elections heat up, Trump's weekend announcement supporting the development of the crypto industry has garnered market attention. Both parties are likely to court crypto holders' votes in their campaigns, potentially leading to more positive news about the crypto industry before the elections.

2. Wealth Creation Sectors

2.1 Sector Movements – Meme Sector (WOJAK, FLOKI, and WIF)

Primary reasons:
  • WOJAK generated significant market activity yesterday with the community message "It's time to raise those price targets, brothers," indicating large capital involvement as observed on the candlestick chart.
  • FLOKI announced the completion of the beta version of its trading bot, with future transaction fees intended for buying back FLOKI.
Gainers: WOJAK rose 30% in one day, FLOKI by 15%, and WIF by 9%.
Factors affecting future market conditions:
  • Community information: Operations of memecoins significantly influence their market movements. Pay attention to AMA sessions and X posts. Timely trades based on new information can provide opportunities to establish positions early.
  • Changes in the open interest amount: The increase occurred yesterday in open interest for WIF and FLOKI indicates an influx of hot money. Utilize the tv.coinglass to understand the direction of major funds, monitor futures data, especially the increase in net long positions. Check again 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.

2.2 Sectors to Focus on Next — ETH Ecosystem Blue-Chip Projects

Primary reason: The ETH ecosystem is currently undervalued, and the ETH-BTC exchange rate has seen a continuous rebound recently. As ETF developments take shape and the SEC progresses with lawsuits against related DeFi projects, fundamentally strong projects within the ETH ecosystem present significant opportunities.
Specific tokens:
  • 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.
  • 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.
  • 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.
  • 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

Pump.fun:
A platform on Solana for one-click issuance of memecoins, Pump.fun set a new high with $753,000 in fee revenue on May 7, becoming the highest-earning application on the Solana network for that day. Over the past two days, tokens associated with American media personality Caitlyn Jenner and rapper Rich The Kid were issued using Pump.fun, which significantly increased the application's popularity.

3.2 X (former Twitter)

Bitget Research: Mt. Gox Cold Wallet Transfers Nearly $7 Billion in BTC, Crypto Market Sees Intraday Pullback image 0
MOG:
Over the past week, the memecoin MOG on the Ethereum chain surged by 70%, with a significant increase in total trading volume. In the last 24 hours alone, MOG’s trading volume exceeded $90 million. Following the approval of critical forms related to spot Ethereum ETFs, PEPE led a significant rally among ETH ecosystem memecoins, with MOG, TURBO, and WOJAK as notable examples.

3.3 Google Search (Global and Regional)

Bitget Research: Mt. Gox Cold Wallet Transfers Nearly $7 Billion in BTC, Crypto Market Sees Intraday Pullback image 1
Global focus:
Jenner:
American media personality Caitlyn Jenner promoted a memecoin named "JENNER" through her X account, which was initially suspected to be hacked. However, after Jenner repeatedly deleted tweets and changed her statements, it led to new speculations within the community and significant fluctuations in the token's price. The concept of "celebrities issuing tokens" has sparked controversy. Following this, rapper Rich The Kid also issued a token on Pump.fun, and after the TGE, the price surged then plummeted.
FLOKI:
Floki developers announced the launch of a trading bot tool that allows FLOKI holders to trade on the BNB Chain. This Telegram-based bot will initially be available to a limited number of users during its beta testing phase, with a public release expected by mid-June. The bot charges a 1% fee on each transaction, with 50% of the fees used to buy FLOKI on the open market, thereby increasing buying demand.
TURBO:
Turbo is a memecoin built on the ChatGPT Turbo model, strategically positioned at the intersection of AI and meme trends, which are currently highly speculative sectors in the market. The upcoming favorable news in the AI domain and anticipated events are poised to amplify the hype around Turbo. Notable upcoming events include Apple's Worldwide Developers Conference and the potential release of GPT-5 in June. Recently, TURBO has seen a remarkable price surge, increasing 5X over the past week.
Regional focus:
(1) In Europe, the USA, and Middle East, memecoins with the PoliFi concept like MAGA and TRUMP are trending across several countries.
(2) There were no significant or distinctive hot search terms in various regions of Asia yesterday.

4. Potential Airdrop Opportunities

Linea Surge
Following the Linea Park, the Linea Voyage: The Surge promotion has officially begun. It is important to use a referral code to activate on the Linea website before beginning to collect LXP-L points (https://referrals.linea.build/?refCode=zC0GCkXn5K).
The goal of Linea Surge is to attract users and increase TVL. The promotion will continue for six months or until TVL reaches $3 billion. Previously, the community doubted Linea could achieve a $3 billion TVL within six months. However, Linea's current TVL has already reached $1.1 billion, and with upcoming token launches from major projects like zkSync and LayerZero, significant funds could flow into Linea, potentially reaching the $3 billion mark and concluding the promotion early.
How to participate: 1. Activate your Linea account as mentioned above; 2. Deposit assets supported by The Surge promotion such as ETH, DAI into the Linea network; 3. Deposit these assets into DEXs or lending protocols like SyncSwap, Mendi Finance, SushiSwap to earn LXP-L points. Linea supports over 20 protocols, and you can check them here: https://www.openblocklabs.com/app/linea/dashboard.
Sanctum (Community Quests)
As previously mentioned in another daily report, Sanctum, a Solana ecosystem LST protocol, officially announced the launch of its loyalty program, Sanctum Wonderland. Previously, Sanctum completed its seed and expansion rounds of funding, led by Dragonfly and with participation from Solana Ventures and Jump Capital, totaling $6.1 million in funding.
The participation methods were clarified in the May 24 daily report. During the Wonderland promotion, the project website features several Community Quests, and answering the Quests' questions can earn you bonus points. Here are answers to some of the Quests:
Season 2 answer: EVENSTAR CATHEDRAL
Season 3 answer: GLOAMTIDE
Season 4 answer: THE EARNEST SHALL BUILD OUR NEW WORLD
Season 5 answer: A SYZYGY OVER THE HEART OF VOH
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