Written by: Bitget Research Institute

Summary

After Powell's speech, traders expect the probability of the Fed's first rate cut in September to be slightly higher than 70%. BTC spot ETF has seen net inflows for three consecutive working days. The German government's move to transfer BTC did not further cause the market to fall, and the panic in the market is being gradually digested.

  • The sectors with relatively strong wealth creation effects are: Modular public chains

  • Hot search tokens and topics by users: Stargate, SSV, PEIPEI

  • Potential airdrop opportunities include: Symbiotic, Karak+Etherfi

Data statistics time: July 10, 2024 4:00 (UTC+0)

1. Market environment

Fed Chairman Jerome Powell delivered his semi-annual monetary policy testimony before the Senate Banking Committee. Indicating that the FOMC is unlikely to cut interest rates when it meets at the end of this month, traders are pricing in a slightly higher than 70% chance of the Fed's first rate cut in September. They are expecting two 25 basis point rate cuts in 2024.

BTC spot ETF has seen net inflows for three consecutive working days. The German government's move to transfer BTC to the exchange did not cause a significant drop in BTC yesterday. The panic in the market may be gradually being digested, and the market is fluctuating weakly.

Some altcoins rebounded from oversold levels, but market liquidity is still scarce. TIA, the leading modular public chain project, surged.

2. Wealth-making sector

1) Sector changes: Modular public chains (TIA, DYM)

The main reason: The modular public chain sector bottomed out and rebounded, the annualized TIA short-selling fee rate on multiple head exchanges exceeded 100%, and TIA was forced to rise.

Rising situation: TIA and DYM, two well-known modular public chain projects, rose by 18% and 15% respectively in the past 24 hours;

Factors affecting the market outlook:

  • The actions and operational ideas of market makers before TIA’s October unlock may be the key to determining the trend of its token.

  • If a large number of projects based on modular public chains such as Celestia issue coins in a centralized manner in each cycle and make large airdrops to TIA and DYM pledgers, or if these projects obtain significant financing to give the market higher airdrop expectations, it may drive a rapid rise in tokens such as TIA and DYM.

3. User Hot Searches

1) Popular Dapps

Stargate：

Stargate Finance is the first Dapp built on the LayerZero protocol. It has built the first fully composable native asset bridge, with the vision of making cross-chain liquidity transfer a seamless, single process. Yesterday, Coinbase Assets announced that it would re-enable Stargate Finance (STG) transactions (ERC-20 tokens) on the Ethereum network. Due to the news, STG rose by more than 9% in a short period of time, temporarily reporting $0.3778.

2）Twitter

SSV.Network：

The project is a decentralized, open ETH staking network for any individual or service provider who wants to run an Ethereum node. The network uses a privacy-sharing-based validator protocol to achieve secure and decentralized management of Ethereum validator node keys. Recently, SSV Network announced that more than 1,000,000 ETH have been staked in the protocol, with a TVL of more than $3 billion. Due to the high TVL and high degree of decentralization of the project, users can continue to pay attention.

3) Google Search & Region

From a global perspective:

PEIPEI：

According to coinmarketcap data, the price of PEIPEI rose by 21.4% today, with a daily trading volume of 160 million US dollars. The number of holders is 26.32K, and the number of transactions on the chain is 4373. Due to the large trading volume and the high increase, the community has become more popular.

From the hot searches in each region:

(1) There are no obvious characteristics in the Google Trends searches of Asian countries, but it is worth noting that the focus of Asian countries has gradually shifted from conceptual terms to specific projects. For example, Indonesia has shown its concern for the eth ecosystem, and projects such as etherfi have emerged. Singapore has also shown its concern for AI projects.

(2) There are no obvious characteristics in the hot searches in European and American countries, but the focus of the United States recently has been on meme tokens. There have been hot searches for cartoon-type meme tokens such as Pepe and Floki, as well as political figure memes such as Boden and Trump.

Potential Airdrop Opportunities

Symbiotic

Symbiotic is a general-purpose restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It provides a method for decentralized applications, called Active Validation Services or "AVS", to collectively ensure the security of each other.

Symbiotic recently completed its seed round of financing, with Paradigm and Cyber ​​Fund participating in the investment, with a financing amount of US$5.8 million.

Specific participation method: Go to the project's official website, link your wallet, and deposit ETH and ETH LSD assets.

Karak+Etherfi

Karak is Ethereum Layer2, a re-staking layer with multi-chain advantages. Andalusia Labs behind it is a digital asset risk infrastructure provider, raising $51.2 million, and investors include Panetra, Lightspeed Capital, Framework Ventures, etc. Staking in Karak can get "staking rewards + re-staking rewards + Eigenlayer points + staked LRT points + Karak XP" at the same time. Currently, karak has launched a liquid pool in cooperation with Etherfi. Staking various types of LRT or WETH into the liquid pool can get Eigenlayer points + staked LRT points + Karak XP + Etherfi Points triple points.

Specific ways to participate: 1) Add the Karak network (you can go to chainlist to add Karak Mainnet); 2) Stake the coins in the Etherfi liquid pool.