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Bitget Research: U.S. CPI Data to be Released This Wednesday, Crypto Market Experiences Intraday Rebound but Dip Risks Remain

Aaron & Tommy
2024/09/10
Bitget Research: U.S. CPI Data to be Released This Wednesday, Crypto Market Experiences Intraday Rebound but Dip Risks Remain
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

Over the past 24 hours, the price of BTC has rebounded, rising by $2000 within the day and currently fluctuating around $56,500. The highlights are as follows:
  • Sectors with strong wealth creation effect: ETH DeFi sector and Solana Meme sector.
  • Top-searched tokens and topics by users: Catizen, AAVE, RPL, and Fantom (renamed to Sonic).
  • Potential airdrop opportunities: DRiP and ODOS.
Data collection time: September 10, 2024, 4:00 AM (UTC)

1. Market Environment

Over the past 24 hours, the price of BTC has rebounded, rising by $2000 within the day and currently fluctuating around $56,500. According to Alternative.me, the Fear and Greed Index has risen to 33, indicating a state of fear. Open interest across the market increased by 3%, with BTC futures entering a negative funding rate phrase, indicating poor market liquidity. Over the past day, $128 million worth of futures were liquidated across the market, with $94 million in short positions, which was the main driving force behind BTC's short-term rise.
On a macro level, Bitcoin ETFs have seen net inflows for 8 trading days, with a total of $28.6 million. However, the SEC issued a warning yesterday about the risks of Bitcoin and Ethereum ETFs, labeling BTC and ETH as highly speculative assets. It is important to monitor future developments. The U.S. CPI data for August will be released this Wednesday, a key indicator ahead of the Federal Reserve's potential rate cut announcement in mid-September. There may be another market dip triggered by the exit of safe-haven funds, so investors should remain cautious.

2. Wealth Creation Sectors

2.1 Sector Movements: ETH DeFi Sector (RPL, AAVE, and BAL)

Primary reasons:
  • Binance will be launching RPL perpetual futures with up to 75x leverage, and other exchanges are likely to follow suit.
  • Continuous updates: Balancer announced that its v3 Hookathon is live, while Aave will launch custom markets for EtherFi and Ethena on the Ethereum mainnet in the coming weeks.
Price increase: Over the past 24 hours, RPL, AAVE, and BAL have increased by 20.66%, 9.82%, and 17.94%, respectively.
Factors affecting future market conditions:
  • TVL changes: Total Value Locked (TVL) is an important reference for the price of ETH DeFi tokens. If the project's TVL steadily increases in the near term, the token price is likely to rise as well.
  • Project updates: Recently, AAVE introduced a token buyback mechanism as part of its tokenomics update. This may prompt other DeFi projects to adopt similar strategies. It's recommended to keep an eye on product updates in the DeFi space, as positive news could present trading opportunities.

2.2 Sectors to Focus on Next – Solana Memecoins (BEER, WIF, and POPCAT)

Primary reasons:
  • As SOL's price rebounds, panic around assets within its ecosystem has subsided. Temporary improvements in liquidity are driving up asset prices across the entire ecosystem.
Specific tokens:
  • BEER: A memecoin in the Solana ecosystem. Futures data shows a significant influx of funds, resulting in increased volatility and suggesting that the upward trend may continue.
  • WIF: A memecoin in the Solana ecosystem, previously listed on Robinhood. When SOL rises, leading Solana memecoins tend to rise even faster.
  • POPCAT – A key memecoin in the Solana ecosystem. Its trading volume has remained consistently high, increasing more than 50 times over the past year, which suggests a relatively stable token price.

3. Trending Searches

3.1 Popular DApps

Catizen:
According to Cointelegraph, Catizen has reached 800,000 paying users within six months, with an average revenue per paying user (ARPPU) of $33. Additionally, Catizen's publisher, PLUTO Studio, recently secured an undisclosed investment from The Open Platform.

3.2 X (former Twitter)

Bitget Research: U.S. CPI Data to be Released This Wednesday, Crypto Market Experiences Intraday Rebound but Dip Risks Remain image 0
AAVE:
Aave co-founder Stani announced on social media that customized markets for EtherFi and Ethena will be launched on the Ethereum mainnet in the coming weeks. The protocol will also expand to the ZKsync and Linea L2 networks.

3.3 Google Search (Global and Regional)

Bitget Research: U.S. CPI Data to be Released This Wednesday, Crypto Market Experiences Intraday Rebound but Dip Risks Remain image 1
Global focus:
PL: Binance announces the launch of RPL perpetual futures with up to 75x leverage, causing a short-term surge in RPL's value.
Fantom: A few days ago, Sonic Labs (formerly Fantom) announced the launch of the Sonic testnet, allowing users to play Play-to-Earn games.
Regional focus:
(1) South Asia (India and Pakistan) shows interest in Blum, while trending coins vary across Southeast Asia—TON, ETH, MATIC, and DOGS are the most searched coins in Indonesia, Singapore, Malaysia, and the Philippines, respectively.
(2) The trending coins are quite diverse in Europe and the USA. In Germany, popular searches include PEPE, DOGE, GRASS, and TRON. Switzerland's trending topics feature AIOZ, BONK, FLUX, and STX. In Spain, the most searched coins are RENDER, CVC, AMP, ONDO, and QUBIC, while Italy shows interest in KAS, TRX, JUP, and MATIC.

4. Potential Airdrop Opportunities

DRiP
DRiP is a creator platform on the Solana blockchain that allows artists and creators to distribute digital works, such as art and music, to their followers. With a focus on a mainstream user-friendly experience, DRiP is expanding the types of content and experiences available to creators, including news, video, and podcasts.
DRiP recently completed an $8 million seed round led by NFX, Coinbase Ventures, and Progression, a fund founded by a former TikTok executive.
How to participate: DRiP is powered by "droplets," which can be claimed every six hours. Users can log in to continuously claim droplets, engage in platform activities, play mini-games, and like their favorite creations—all of which may increase their chances of receiving an airdrop.
ODOS
Odos is a DEX aggregator that enables retail and institutional traders to benefit from incremental savings when converting one or several cryptocurrency tokens into other assets.
At the end of August, ODOS completed a Series A funding round with participation from Uniswap Labs, CEIC, Curved Ventures, Orbs, Mantle, PAKA, and angel investors. The exact amount of the funding was not disclosed.
How to participate: Use ODOS for multi-chain transactions and try swapping multiple assets in a single transaction.