Bitget Research: U.S. Bitcoin ETFs See Net Outflows of $1.015 Billion in 7 Days, Caution Advised as Risk Aversion Intensifies

John & Victoria

2024/09/06

Bitget Research: U.S. Bitcoin ETFs See Net Outflows of $1.015 Billion in 7 Days, Caution Advised as Risk Aversion Intensifies

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

Bitcoin's price currently sits at $56,300, marking a 5% decline from the previous month. Spot Bitcoin ETFs have seen a net outflow of $1.015 billion over the past seven days. The highlights are as follows:

Sectors with strong wealth creation effect: AI sector and Solana memecoins.
Top searched tokens and topics: Aleo and Yuga Labs.
Potential airdrop opportunities: Zircuit and Symbiotic.

Data collection time: September 6, 2024, 4:00 AM (UTC)

1. Market Environment

The price of Bitcoin is currently at $56,300, down 5% from last month and over 23% lower from its all-time high of $73,500 six months ago. According to Farside Investors, spot Bitcoin ETFs saw a net outflow of $1.015 billion in seven days. The upcoming easing cycle has failed to generate significant upward momentum for Bitcoin prices. In recent weeks, each interest rate cut signal has only temporarily reversed Bitcoin's downward trend, with the overall market remaining relatively quiet.

So far, key indicators such as the manufacturing PMI, the Fed's Beige Book, and the August's ADP employment report have all pointed to a sluggish economy, increasing the likelihood of the Fed implementing bolder easing measures. According to CME FedWatch, there is now a 44% probability of a 50 basis point cut, up from 34% a week ago. As expectation of larger interest rate cut rises, this could potentially boost the Bitcoin market.

2. Wealth Creation Sectors

2.1 Sectors to Focus on Next — AI Sector

Primary reasons:

Tadao Nagasaki, CEO of OpenAI's Japan subsidiary, revealed that the new generation model, codenamed "GPT-Next", is expected to be 100 times more powerful than the current GPT-4 model. The release of GPT-Next is planned for later this year.
SSI, a new AI company founded by OpenAI's former chief scientist, has raised $1 billion in a funding round, with participation from a16z and others. Enthusiasm for AI market financing remains high.

Factors affecting future market conditions:

Nvidia's future trend: As a key player in the AI industry, Nvidia's stock performance serves as a bellwether for the AI sector's overall valuation. If Nvidia continues to rally in the U.S. stock market tomorrow, the AI sector in the crypto market could see a sustained upward momentum.
News-related impact: Keep an eye on product updates and partnerships announcements from projects. If an AMA is scheduled, it may be worth positioning assets ahead of time, as there's a strong likelihood that the team will take advantage of improved market liquidity to release positive news

2.2 Sectors to Focus on Next – SOL Memecoins (WIF, BONK, and POPCAT)

Primary reasons:

The Solana Foundation has announced the launch of the Radar hackathon, and registration is now open on the Colosseum platform.
Binance plans to launch a Solana (SOL) staking product by the end of September, while Bitget is also set to release a liquid staking token soon.

Specific tokens:

WIF: A memecoin in the Solana ecosystem, previously listed on Robinhood. When SOL rises, leading Solana memecoins tend to rise even faster.
BONK and POPCAT: Core memecoins on Solana, which have seen a recent increase in trading volume. The high demand for transactions suggests that these tokens have potential for strategic positioning.

3. Top Searches

3.1 Popular DApps

Aleo:

Programmable privacy network Aleo announces the recipients of its incentive program airdrop and the token claim process. The airdrop will be available to eligible participants once the mainnet is launched. Aleo is a developer platform for building fully private, scalable, and cost-effective applications. Using zero-knowledge cryptography, Aleo moves smart contract execution off-chain to enable a variety of decentralized applications that are completely private and can scale to thousands of transactions per second.

3.2 X (former Twitter)

Bitget Research: U.S. Bitcoin ETFs See Net Outflows of $1.015 Billion in 7 Days, Caution Advised as Risk Aversion Intensifies image 0

Yuga Labs:

Greg Solano, co-founder of Yuga Labs and BAYC and the new CEO of Yuga Labs, says the company is reshaping its roadmap with a new program called BluePrint.

The Bored Ape Yacht Club-themed project will launch consumer-grade applications to attract new users and incentivize community building on the upcoming ApeChain network, which an employee at Yuga Labs confirmed will be "coming soon."

3.3 Google Search (Global and Regional)

Bitget Research: U.S. Bitcoin ETFs See Net Outflows of $1.015 Billion in 7 Days, Caution Advised as Risk Aversion Intensifies image 1

Global focus:

Jupiter:

This DEX aggregator in the Solana ecosystem announces that its spot trading module has been integrated with token issuance platform Moonshot, providing users with a full suite of spot trading tools, including limit orders, DCAs, and moving averages. Jupiter co-founder Meow says in an X post that crypto is an extremely tough game.

Regional focus:

(1) In the English-speaking regions in Europe and North America, there is a certain level of memecoin search activity: The trending words in Canada, Australia, the Netherlands, and Poland are varied, with some focus on Blum, Yescoin, etc. In the UK, Hamster Kombat emerges among the trending keywords.

(2) There are no significant trends in Asia or Latin America, and the trending words are varied. The TON meme ecosystem game, as well as Jupiter and Solana are mentioned in a few countries.

4. Potential Airdrop Opportunities

Zircuit

Backed by Pantera and Dragonfly, Zircuit is a Layer 2 ZK-rollup with parallel sequencers and AI-based security. The project's TVL has surpassed $1.1 billion. Zircuit's ecosystem has evolved to include features such as staking, cross-chain bridges, and an explorer. Users can receive airdrops by participating in ecosystem development and community interaction.

How to participate: 1. Go to the staking page (https://stake.zircuit.com/) and stake to earn points; 2. Deploy nodes to earn points (https://build.zircuit.com/build).

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.