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- Bitget Research: BTC ETFs See Net Inflows for Two Consecutive Days, AI Sector Continues to Rise
Bitget Research: BTC ETFs See Net Inflows for Two Consecutive Days, AI Sector Continues to Rise
Aaron, Bitget Research
2024/05/07
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, BTC experienced a short-term rally to $65,500, followed by a decline, presenting significant intra-day trading opportunities. The highlights are as follows:
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Sectors with strong wealth creation effect: AI sector, Solana ecosystem, and ETH ecosystem.
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Top searched tokens and topics: friend.tech, Bitget Wallet, RNDR, TRB, and Tom Brady.
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Potential airdrop opportunities: Tabi and MYX Finance.
Data collection time: May 7, 2024, 4:00 AM (UTC)
1. Market Environment
Yesterday, BTC led a market-wide pullback followed by a surge to $65,500. It then began declining, with the price now fluctuating around $63,500. The high volatility triggered significant liquidations, with $150 million in long positions and $70 million in short positions liquidated, creating noticeable intra-day trading opportunities.
The U.S dollar Index climbed back above 105, and the overall U.S. capital market rose, with the Nasdaq increasing by 1.19%, providing emotional support to the crypto market. BTC ETFs saw an inflow of $217 million yesterday, and GBTC had net inflows for two consecutive trading days, easing the selling pressure from BTC ETFs temporarily. Moving forward, the $62,500 level should be monitored as a strong support for potential buying opportunities in BTC.
2. Wealth Creation Sectors
2.1 Sector Movements – AI Sector (NEAR, AR, and RNDR)
Primary reasons:
The AI sector has shown strong resilience and quick recovery in the current market downturn, making it a favorite among venture capitalists this cycle. Notably, NEAR, AR, and RNDR are leaders in specific segments within the AI sector.
Gainers: Over the past 7 days, NEAR has increased by 10%, RNDR by 34%, and AR by 15%.
Factors affecting future market conditions:
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Impact of traditional tech companies: Tech companies are continuously deploying AI projects. Recently, there was news that Microsoft is internally training a new artificial intelligence model, MAI-1, allocating more resources towards the AI sector. AI projects in the crypto market, being part of the same sector, have the potential for valuation increases.
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Focus on AI narrative: Applications in the AI sector require attention not only to their narrative potential but also to the actual market demand and user base. There are already several deployable AI applications in the crypto space, and investors should focus more on the demand aspect of these applications.
2.2 Sector Movements — Solana Ecosystem (SOL, KMNO, and JTO)
Primary reasons: 1. SOL, the native token of Solana, has been continuously rising recently, outperforming BTC and ETH, with a net inflow of funds into the ecosystem; 2. FTX's second round of locked SOL tokens auction concluded with prices ranging between $95 and $110.
Gainers: Over the past 7 days, SOL has increased by 14%, KMNO by 75%, and JTO by 23%.
Factors affecting future market conditions:
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Futures data: 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.
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Actions by projects: Solana is currently promoting the concept of Restaking, drawing on Eigenlayer to perform objective substantiation at the consensus layer, which boosts the entire ecosystem.
2.3 Sectors to Focus on Next — ETH Ecosystem
Primary reason: The ETH ecosystem is currently undervalued. However, with the ETF developments and SEC’s advancing lawsuits against related DeFi projects, the ETH ecosystem will become more compliant, offering potential for further expansion.
Specific tokens:
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UNI: The first DeFi Swap project among blockchain applications, which recently received a Wells notice from the SEC. Uniswap is expected to soon present self-defense, creating trading opportunities.
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LDO: A leading LSD project within the ETH ecosystem. It has a TVL of $28.7 billion but is valued at just under $2 billion, making it relatively undervalued.
3. Top Searches
3.1 Popular DApps
friend.tech:
friend.tech announced the upcoming launch of new features such as Keydrops, Memeclubs, and Pinned Rooms. According to Dune data, since the release of V2 on May 4, the number of Clubs has reached 107,513.
3.2 X (former Twitter)
Bitget Wallet:
Bitget Wallet released a statement yesterday announcing the launch of GetDrop, a dedicated area for exclusive airdrops from Bitget Wallet ecosystem partners to the community, BWB Points holders, and future token holders. The first round of GetDrop, "MEME FRENZY PARTY," is set to launch on May 7.
3.3 Google Search (Global and Regional)
Global focus:
RNDR: Yesterday, all tokens in the AI sector, including RNDR, experienced a rise. Notable on-chain transfer activity was observed with RNDR. The Apple Worldwide Developers Conference is set to start on June 10, potentially leading to increased speculation around RNDR. Previously, the price of RNDR saw significant fluctuations around the release of Apple Vision Pro.
TRB: Controlled by whales, TRB has seen a significant rise over the last two days, with a 72% increase in the past 7 days. In Q4 of 2023, TRB experienced two major short-term pump and dump events, resulting in high liquidation volumes. Traders should be wary of the risks associated with the extreme volatility of such strongly controlled tokens.
Regional focus:
Yesterday, the trending searches across various regions showed significant differences without a consistent pattern globally. The hottest keywords and tokens globally were Grass, TRB, RNDR, and JUP.
However, the term "Tom Brady" topped the hot search lists in regions including Europe, USA and Asia. Tom Brady became upset over
cryptocurrency-related jokes during Netflix roast after suffering significant losses on his crypto investments.
4. Potential Airdrop Opportunities
Tabi – Zero-cost interaction on testnet
TabiChain is a gaming blockchain built on Cosmos with EVM compatibility. It connects the Cosmos and ETH ecosystems through cross-chain functionality for seamless communication. The asset layer consolidates liquidity of chains and shards, enabling seamless blockchain interactions for gaming. Previously, it was the cross-chain NFT marketplace Treasureland.
In 2023, the project secured $10 million in angel funding from investors including Animoca Brands, Binance Labs, Draper Dragon, HashKey Capital, Infinity Crypto Ventures, and Youbi Capital.
How to participate: 1. Visit the official website to claim testnet tokens (https://faucet.testnet.tabichain.com/); 2. Complete the Voyage task. The first round has ended and the second round is ongoing. Join the project's Discord to find invitation codes; 3. Complete the social media task on Galxe; 4. According to the official disclosures, there may be future sales of nodes similar to XAI, which may provide eligibility for airdrops. If interested, consider purchasing and setting up nodes, but do your own research (DYOR).
MYX Finance
MYX Finance is a decentralized derivatives exchange operating on a MPM model, incubated by D11 Labs. It uses smart rates and risk hedging mechanisms to ensure protocol stability and sustain high returns.
In November 2023, MYX announced the completion of a $5 million seed round funding at a $50 million valuation, led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR
Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, among others.
How to participate: User actions are similar to those on a typical derivatives DEX; users can trade, provide liquidity, etc. Currently integrated with Linea and Arbitrum, increasing activity on the Linea chain may also lead to future Linea airdrops.