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Bitget Research: Multiple Exchanges Hint at SOL LST Launch, BTC Price Faces Resistance at $60K Suggesting Caution

John & Victoria
2024/08/30
Bitget Research: Multiple Exchanges Hint at SOL LST Launch, BTC Price Faces Resistance at $60K Suggesting Caution
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

Favorable macroeconomic data has not positively impacted the cryptocurrency market. Bitcoin has attempted twice to break above $60,000 this week but has faced significant short-term resistance. Key highlights include:
  • Sectors with strong wealth creation effects: BTC inscription sector and Bitget platform tokens.
  • Top searched tokens and topics by users: Bridge, Solana, and MBAPPE.
  • Potential airdrop opportunities: Kamino and Bedrock.
Data collection time: August 30, 2024, 4:00 AM (UTC)

1. Market Environment

U.S. initial jobless claims and GDP data were broadly in line with expectations, with jobless claims slightly below projections. This data has had little impact on market expectations regarding future financial policy changes. The latest estimates from CME Group's FedWatch tool show that the market continues to bet on a 0.25% rate cut by the Federal Reserve in September.
Despite favorable macroeconomic data, the cryptocurrency market has not responded positively. After briefly exceeding $61,000, Bitcoin's price has dropped and is now hovering around $59,000. This week, Bitcoin has twice failed to break above $60,000, indicating strong short-term resistance. Meanwhile, Bitget, Binance, and Bybit have all hinted at the launch of new liquid staking tokens on X, but SOL's price has not risen in response to this positive news.

2. Wealth Creation Sectors

2.1 Sectors to Focus on Next — BTC Inscription Sector

Primary reasons:
  • BRC-20 tokens on Fractal will be activated at a block height of 21,000 on the Fractal mainnet. Fractal's PizzaSwap (previously known as Fractal Swap) will launch on the testnet this week. Following the launch of PizzaSwap, officials will begin testing an embedded mini-asset bridge that allows users to transfer BTC and other assets between Bitcoin and Fractal.
Factors affecting future market conditions:
  • The BTC ecosystem currently holds a relatively weak narrative position. The future trajectory of BTC inscriptions will depend on whether Bitcoin inscription platforms like Unisat can release new positive developments, whether products can undergo iterations to capture market attention, and whether Babylon's narrative gains market acceptance.

2.2 Sectors to Focus on Next – Bitget Platform Tokens (BGB and BWB)

Primary reasons:
  • Bitget has been making significant moves recently, as its official X account announced the upcoming launch of BGSOL.
  • Bitget is about to launch the Launchpool project Counterfire Economic Coin (CEC), with a total prize pool of 11.54 million CEC. Staking will be open from August 30 at 2:00 PM to September 9 at 2:00 PM (UTC+8).
  • The recently listed DOGS token has seen over $145 million in daily trading volume on Bitget, accounting for 18.16% of the total trading volume across all CEXs, second only to Binance.
Specific tokens:
  • BGB: As Bitget's platform token, BGB is expected to play an increasingly integral role in DeFi, DEX, and GameFi applications following its recent smart contract upgrade. The potential demand for BGB may surge in the future, making it a key token to watch.
  • BWB: Bitget Wallet token, with a total market cap of only $500 million. The wallet sector has strong growth potential, making BWB suitable for long-term holders.

3. Top Searches

3.1 Popular DApps

Bridge:
Bridge, a stablecoin payment network founded by former Coinbase and Square employees, raised $58 million in a funding round with participation from Sequoia Capital, Ribbit, Index, and Haun Ventures. Bridge is building a stablecoin-based payment platform that offers cross-border payments and foreign currency exchange.

3.2 X (former Twitter)

Bitget Research: Multiple Exchanges Hint at SOL LST Launch, BTC Price Faces Resistance at $60K Suggesting Caution image 0
Solana:
Yesterday, Bybit announced plans to launch bbSOL, an exchange-supported liquid staking token on the Solana chain. By staking Solana (SOL) on Bybit Web3, users can earn bbSOL tokens, unlocking additional earning opportunities in Bybit's CEX and Web3 products. This news has gained some traction on X.

3.3 Google Search (Global and Regional)

Bitget Research: Multiple Exchanges Hint at SOL LST Launch, BTC Price Faces Resistance at $60K Suggesting Caution image 1
Global focus:
MBAPPE:
French football star Mbappe's X account was hacked, and a post promoting the MBAPPE token was made. The post has since been deleted. MBAPPE's market cap surged to several million dollars within minutes before crashing to zero. One user bought 2 SOL (about $286) and sold at the peak for a profit of 1,398 SOL (about $200,000).
Regional focus:
(1) Asia and Africa: The focus is more dispersed, with significant search volume for FLOKI, Solana, and XRP, indicating that users in the region are more interested in mainstream public chains and leading memecoins. Additionally, "crypto prices" frequently topped search charges in various regions, indicating high investor interest in Bitcoin and overall market trends.
(2) English-speaking regions: There has been growing interest in crypto casinos, and the launch of new betting games on Lucky Block Casino yesterday have drawn considerable market attention.

4. Potential Airdrop Opportunities

Kamino
Kamino's Season 2 promotion has concluded, with a total of 350 million KMNO tokens set to be distributed to Kamino users by mid-August. The rewards will be fully unlocked and automatically staked upon collection. Users can unstake without a cooldown period, and they can check their allocation at app.kamino.finance.
Kamino's TVL has recently surpassed Marinade, making it the second-ranked DeFi protocol in the Solana ecosystem's TVL and the top-ranked lending protocol. Users can deposit their SOL, JitoSOL, LST, USDC, USDT, and other supported tokens to earn APY and Kamino points.
Bedrock
Bedrock is a multi-asset liquidity restaking protocol. It started with uniETH, its institutional-grade liquid restaking token on EigenLayer, and later expanded to become the first and largest liquid staking protocol on the IoTeX network. The protocol will be introduced on the Babylon mainnet before its launch, supporting the liquid staking of Bitcoin (uniBTC).
Bedrock's TVL has already surpassed $200 million. The project was led by OKX Ventures, LongHash Ventures, and Comma3 Ventures, and participated by Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and angel investors including Fisher Yu, co-founder of Babylon.
How to participate: If you hold ETH or IOTX, you can stake them as uniETH or uniIOTX on Bedrock to earn staking rewards and future Bedrock airdrops. If you hold wBTC, you can stake it as uniBTC to receive staking rewards, as well as Babylon and Bedrock airdrops.
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