Bitget Research: Spot BTC ETFs End Net Outflows, ZRO and Other New Tokens Lead the Rebound

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Bitget Research2024/07/01 07:48

By:Tommy & Jarseed

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.

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

The broader market showed signs of rebound after a month of volatile declines. The spot BTC ETFs concluded their sustained net outflows last week, achieving slight net inflows across four consecutive working days. High market cap new coins and the ETH ecosystem tokens displayed a strong rebound. This week, market attention is centered on the progress of the spot Ethereum ETF and the U.S. unemployment rate and non-farm payroll data due on Friday.

Sectors with strong wealth creation effect: New coin sector (ZRO, ZK, LISTA), and the ETH ecosystem (ENS, SSV).
Top searched tokens and topics: Jumper Exchange, Kaspa, and Daddy.
Potential airdrop opportunities: Karak and Li.Fi.

Data collection time: July 1, 2024, 4:00 AM (UTC)

1. Market Environment

The spot BTC ETFs halted their net outflows last week and saw slight net inflows over the past four working days. After a week of volatile declines, BTC rallied to $63,000, recovering the losses from the previous week.

This week, multiple macroeconomic data releases are anticipated, with a focus on the U.S. unemployment rate and non-farm payroll data on Friday. Over the weekend, sources reported that the SEC returned the Form S-1 to the issuers of the spot Ethereum ETF, requesting revisions and resubmission by July 8.

During the market rebound, new coins such as ZRO, ZK, LISTA, and ETH ecosystem tokens like ENS saw significant gains, with ENS breaking its 29-month high.

2. Wealth Creation Sectors

2.1 Sector Movements – New Tokens (ZRO, ZK, and LISTA)

Primary reasons:

The prices of high market cap new coins such as ZRO and ZK rebounded from significant lows, which had fallen well below pre-market expectations due to prevailing negative market sentiment. As the market sentiment gradually stabilized, investment and pricing returned to rational levels, allowing ZRO and ZK to quickly recover during the rebound.

Factors affecting future market conditions:

Whether new coin projects like LayerZero and ZKsync can release further positive news to stabilize their coin prices, and the extent to which negative market sentiment is absorbed, will directly impact the prices of new coins.

2.2 Sector Movements – ETH Ecosystem (ENS and SSV)

Primary reasons:

Sources reported that the SEC returned the Form S-1 to the issuers of the spot Ethereum ETF, requesting revisions and resubmission by July 8. Even if the spot Ethereum ETF is not directly approved in early July, it is highly likely to continue generating positive news.
Despite the market news on June 29 that the SEC would consider the Lido and Rocket Pool staking projects as securities, leading to a decline in LDO and RPL, this did not stop the rise of ETH ecosystem tokens like ENS and SSV during the market rebound, with ENS reaching a new high over the past 29 months.

Factors affecting future market conditions:

The situation surrounding the spot Ethereum ETF will directly influence the price of ETH and the trajectory of prominent projects in the ETH ecosystem. Additionally, following the SEC's announcement that it considers the Lido and Rocket Pool staking projects as securities, whether it will similarly classify projects like SSV as securities could significantly impact this segment of the 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 Research: Spot BTC ETFs End Net Outflows, ZRO and Other New Tokens Lead the Rebound image 0

Kaspa

Marathon Digital Holdings has recently announced its Kaspa (KAS) mining services. As of June 25, 2024, the company has mined 93 million KAS, valued at approximately $15 million. Kaspa is the fifth largest Proof of Work (PoW) digital asset, characterized by its decentralization and scalability. Marathon has successfully diversified its revenue streams by deploying about 60 petahash of Kaspa ASICs in Texas, utilizing existing infrastructure and expertise, and plans to fully activate in the third quarter of 2024.

3.3 Google Search (Global and Regional)

Bitget Research: Spot BTC ETFs End Net Outflows, ZRO and Other New Tokens Lead the Rebound image 1

Global focus:

DADDY:

DADDY, a memecoin on the Solana chain, has been issued by the prominent influencer Andrew Tate. It primarily aims to counter the MOTHER token and address the lack of a 'father' figure alongside the 'mother' on the Solana blockchain. Andrew Tate has 9.54 million followers on Twitter, and the token rapidly appreciated following its launch. However, celebrity tokens on the Solana blockchain typically perform poorly, so investors are advised to exercise caution.

Regional focus:

(1) Asia shows a scarcity of trending topics, with no consistent patterns in searches across various areas.

(2) The spotlight in Europe and the Americas has returned to mainstream memecoins, with MAGA appearing on trending searches in France and PEPE appearing on trending searches in several countries/regions in Europe and the Americas.

(3) In South America and Europe, there has been significant interest in ONDO. Ondo Finance focuses on the RWA sector, with its primary operations involving the tokenization of high-quality assets like U.S. Treasuries and money market funds within a regulatory framework, facilitating investments and trades for blockchain users. ONDO has shown a relatively strong price performance recently.

4. Potential Airdrop Opportunities

Karak

Karak is an Ethereum Layer 2 restaking layer with multi-chain advantages. Backed by Andalusia Labs, a provider of digital asset risk infrastructure, it has raised $51.2 million from investors including Pantera, Lightspeed Capital, and Framework Ventures. Staking on Karak can yield staking and restaking rewards, Eigenlayer points, staked LRT points, and Karak XP.

How to participate: 1. Add the Karak mainnet (can be added via Chainlist); 2. Cross-chain tokens to the Karak chain (currently supports rswETH, USDC, wETH), and stake them on Karak pools.

LI.FI

LI.FI is a multi-chain liquidity aggregation protocol that supports exchanges between any two assets by aggregating bridges and DEX aggregators from over 20 networks including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base.

The cross-chain infrastructure protocol LI.FI raised $17.5 million in Series A funding round led jointly by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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