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Bitget Research: Crypto Market May Experience Final Decline, Consider Buying Low in Batches During BTC's Second Bottom Test

Victoria & John
2024/08/28
Bitget Research: Crypto Market May Experience Final Decline, Consider Buying Low in Batches During BTC's Second Bottom Test
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

In the past 24 hours, BTC briefly dipped to $58,000, and ETH fell below $2400, marking the second bottom test. The market lacks hotspots, which might set the stage for a major upward trend in the future. The highlights are as follows:
  • Sectors with strong wealth creation effect: Solana memecoins and RWA sector (ONDO, Pendle).
  • Popular tokens and topics: Solayer and Fractal.
  • Potential airdrop opportunities: Plume Network and Fuel.

Data collection time: August 28, 2024, 4:00 AM (UTC)

1. Market Environment

Over the past 24 hours, BTC briefly dropped to $58,000, and ETH fell below $2400. BTC ended its rebound with a significant drop yesterday, and ETH gas fees fell to 1 gwei, highlighting a lack of market hotspots. The amount of Bitcoin on exchanges has reached its lowest level since November 2018. In the short term, after a second bottom test, the market may enter a primary upward trend, with a bullish long-term outlook still in place.
From a macro perspective, yesterday saw a net outflow of $3.44 million from the U.S. spot Ethereum ETFs and a net outflow of $127 million from spot Bitcoin ETFs. The FOMC meeting minutes and Powell’s dovish stance contributed to Bitcoin's recent rise, with short squeezes potentially pushing prices higher. Following the rebound, another bottom test seems likely, setting the stage for the next major upward trend. Meanwhile, Nasdaq is seeking SEC approval to launch Bitcoin index options, signaling growing traditional financial interest. The crypto market is expected to see improved liquidity, potentially sparking an altcoin rally. It is recommended to monitor the recent trends in altcoins.

2. Wealth Creation Sectors

2.1 Sector Movements – Solana Memecoins (WIF, BONK, and POPCAT)

Primary reason: The price of SOL has stabilized, firmly holding above the $147 mark. Recent record highs in trading volume on Solana's DEXes indicate active capital, which has spurred the rise of ecosystem projects.
Gainers: POPCAT has increased by 62.5% over the past seven days.
Factors affecting future market conditions:
  • SOL trend: The price of SOL influences the prices of Solana ecosystem tokens, as many trading pairs on DEXs are priced in SOL. Monitor SOL's price trend closely. If SOL continues to rise, holding SOL ecosystem assets may be advisable.
  • Performance of leading memecoins: Memecoins within the Solana ecosystem, especially those listed on Robinhood, often see faster increases when the SOL token appreciates. Recently, core memecoins on Solana have experienced an increase in trading volume and high demand, suggesting potential for strategic investment in these tokens.

2.2 Sectors to Focus on Next – RWA (ONDO and Pendle)

Primary reasons:
  • The RWA sector continues to draw significant attention within the cryptocurrency industry and is viewed as having substantial potential for market growth. ONDO and PENDLE dominate the RWA sectors for government bonds tokenization and crypto asset interest rate swaps, respectively. These segments have a high asset ceiling, and as such, the revenue generated by these protocols increases with the growth in asset volume. Investors should pay special attention to these sectors during each market rebound.
Factors affecting future market conditions:
  • Total protocol asset size: The cash flow generated by such protocols primarily depends on the asset size they manage. As the asset size within these protocols gradually increases, the revenue produced will also rise, leading to strong performance in their respective token prices.
  • Policy impact: As the cryptocurrency industry gradually gains legislative approval and societal acceptance, favorable policies for this sector will also become a major factor driving the rise in token prices. With more asset management giants entering this field, the continued development of this sector is expected to advance steadily.

3. Top Searches

3.1 Popular DApps:

Solayer:
Solayer is a restaking protocol in the Solana ecosystem. Yesterday, it announced the completion of a $12 million seed funding round, led by Polychain Capital, with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes' family office, Maelstrom. Currently, Solayer has a TVL exceeding $178 million, showing high user engagement.

3.2 X (former Twitter)

Bitget Research: Crypto Market May Experience Final Decline, Consider Buying Low in Batches During BTC's Second Bottom Test image 0
Fractal:
Fractal Bitcoin, an scalable network of Bitcoin, announced on social media that it plans to launch its mainnet on September 9. The project also revealed its tokenomics: 80% allocated to the community and 20% to the team and contributors (with a lock-up period). The distribution includes 50% for POW mining, 15% for the ecosystem treasury, 5% for the presale, 5% for advisors, 10% for community grants, and 15% for core contributors. Given the high level of interest in the project, users may consider participating in potential airdrop opportunities.

3.3 Google Search (Global and Regional)

Bitget Research: Crypto Market May Experience Final Decline, Consider Buying Low in Batches During BTC's Second Bottom Test image 1

Global focus:

Blum listing date:
Blum is a decentralized exchange that offers token trading from both centralized and decentralized platforms, along with simplified derivatives trading. It has launched a mobile app and a mini app within Telegram. Blum will support futures trading and allow token purchases across various networks. While its trading features are not yet live, the platform has attracted 10 million users through a mini game mining model that allows users to earn points. According to the official Telegram channel, users are currently in the stage of collecting Blum points, which will be redeemable for tokens. Given the high interest in the project, users may consider participating in the Telegram bot mini games for potential future airdrops.

Regional focus:

(1) Asia: The trending searches in the Asia region are very scattered, with no particularly popular keywords appearing.
(2) CIS region: The CIS region maintains high enthusiasm for mini games in the Ton ecosystem. Projects like Blum appear frequently in searches, and Sun Pump also shows up, indicating a growing interest in Tron-based memecoins in the region.
(3) Latin America: Interest in dog-themed tokens is prominent in Latin America, along with projects like Grass, a DePIN project, and Sun Pump, a memecoin launchpad. Overall, due to market conditions, the region’s focus on specific tokens has decreased.

4. Potential Airdrop Opportunities

Plume Network
Plume Network is a modular Layer 2 network dedicated to the RWA sector, specializing in integrated asset tokenization to supply vendor products directly on the blockchain. The project recently raised $10 million in a seed round funding, with investments from Haun Ventures, Superscrypt, Galaxy, and SV Angel.
Plume Network has recently launched its testnet and initiated promotions such as Earn Mile, Check In, and Passport.
How to participate: 1. Visit the project's official website and select Connect Wallet to enter the app interface; 2. Earn Plume miles by completing tasks and check-ins within the platform, such as Swap, Stake, and Speculate.
Fuel
Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum.
In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit qualifying tokens to earn points. For every $1 deposited, participants will earn 1.5 points per day.
Earn 1.5 points per day with the following assets: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. Additionally, earn 3 points per day when you deposit ezETH from July 8 to July 22.
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