Written by: Bitget Research Institute
Summary
The annual rate of the unadjusted core CPI in June was 3.3%, lower than the market expectation of 3.4%, and fell to the lowest level since April 2021. As a related risk asset, Bitcoin fell due to the negative impact of U.S. stocks.
The sectors with relatively strong wealth-creating effects are: Solana Meme, ETH ecology;
The most popular tokens and topics searched by users are: Nillion Network, Bitcoin;
Potential airdrop opportunities include: Espresso, Mezo;
Data statistics time: July 12, 2024 4:00 (UTC+0)
1. Market environment
The annual rate of the unadjusted core CPI in June was 3.3%, lower than the market expectation of 3.4%, and fell to the lowest level since April 2021. US technology stocks fell sharply yesterday, with Nvidia closing down 5.57%, Tesla down 8.44%, Meta down more than 4%, and Apple, Microsoft, Google and Amazon down more than 2% respectively. Mainly due to the implementation of the expectation of interest rate cuts, the interest rates in the bond market will fall in the future, and prices will rise. Institutions began to withdraw from the overbought stock market and buy bonds instead. As a related risk asset, Bitcoin fell due to the negative impact of US stocks.
In terms of the trading market, according to Arkham monitoring, in the past 24 hours, the "German government" wallet transferred out 10,627 bitcoins, and then took back 4169 bitcoins from CEX. It currently still holds 9094 bitcoins (about US$522.29 million). At present, the impact of the remaining selling pressure on the market has weakened.
2. Wealth-creating sector
1) Sector changes: Solana Meme (MOTHER, BODEN)
main reason:
DWFLabs announced its latest strategic partnership with Iggy Azalea, dedicated to supporting innovative projects in the Web3 space.
US President Biden said at a press conference that he would not withdraw from the election.
Rising situation: MOTHER and BODEN rose by 10.8% and 21.32% respectively within 24 hours;
Factors affecting the market outlook:
SOL token trend: In the Solana ecosystem, the trend of SOL tokens will affect the price of the entire ecosystem token, because many tokens on DEX are priced in SOL. Keep an eye on the price trend of SOL. If SOL maintains an upward trend, you can continue to hold SOL ecosystem assets.
Increase or decrease in open interest: SOL's open interest rose yesterday, indicating an influx of hot money. Through the contract data on the tv.coinglass website, we can understand the movement of the main funds. First, we need to see how much the net long position on the contract increases; then we need to see whether the contract data shows a net increase in long positions, an increase in OI, and an increase in trading volume. If so, it means that the main force continues to buy and can continue to hold.
2) Sectors that need to be focused on in the future: ETH ecosystem (ENS, ETHFI)
main reason:
The second season of Etherfi airdrop has been launched. Please check the website. The third season will last from July 1 to September 14, and 25 million ETHFI will be distributed.
Bloomberg ETF analyst Eric Balchunas predicts that the U.S. SEC may approve a spot Ethereum ETF on July 18.
Factors affecting the market outlook:
The news about the ETH spot ETF will directly affect the price of ETH and the trend of well-known projects in the ETH ecosystem. In addition, after the SEC announced that it "believes that Lido and Rocket Pool staking projects are securities", whether it will further include SSV and other projects in the scope of securities considerations will also have a significant impact on projects in this track.
3. User Hot Searches
1) Popular Dapps
Nillion Network
Nillion, a decentralized public network based on Nil Message Compute (NMC), announced that it has launched the second phase of Catalyst Convergence. This phase includes: supporting developers to build and deploy Blind applications on the network; using NIL tokens from its Faucet to promote projects; interacting directly with the test network and accessing SDK functions; using Petnet for secure storage and computing; using Blind computing to manage and process sensitive data; and deploying the Nada AI software package.
2）Twitter
Bitcoin：
Affected by yesterday's CPI data, BTC has a certain decline in the past 24 hours. Today's Fear and Greed Index is 25, and the level has changed from fear to extreme panic.
3) Google Search & Region
From a global perspective:
Aerodrome:
Since the Base-based DEX Aerodrome announced that Coinbase Ventures acquired AERO tokens in the secondary market, it was found that the Coinbase Ventures address has purchased at least 4.7 million AERO (about $2.7 million). In addition, TradingVaults used by Coinbase Ventures also holds 1.5 million AERO (about $936,000). The last batch of purchases was completed 8 days ago, and all acquired tokens are locked in the Aerodrome ecosystem.
From the hot searches in each region:
(1) There are no obvious characteristics in the Google Trends hot searches in Asian countries. BTC has become the focus of market attention. In addition, the Ton ecosystem game project hamster kombat is on the list, and the market is paying attention to the airdrop opportunities of this project.
(2) There are no obvious characteristics in the hot searches in European and American countries. Coinbase, Crypto AI and other hot topics are on the list. There is no consensus on the tracks and projects that are being paid attention to. Bitget has become the CEX that British users are paying attention to.
Potential Airdrop Opportunities
Espresso
Espresso is a shared sorter market project that uses ZK-Rollups. The project mainly solves the consensus and interoperability between various Layer2s. The core of Espresso's strategy is to focus on privacy and decentralization. The core members of the project are members of the Applied Cryptography Research Group at Stanford University.
The project recently announced the completion of a USD 28 million Series B financing, led by A16Z, with participation from Polychain, Coinbase Ventrues Sequioia, Sequioia, etc., making for a luxurious financing lineup.
Specific participation method: The project is currently in its early stages. Users can participate in the early project by participating in the verification node, and may obtain early airdrop qualities. For specific implementation, please refer to the official document: https://docs.espressosys.com/sequencer/guides/running-a-sequencer-node
Middle
Mezo is a BTC Layer 2 project that focuses on the BTC ecosystem, helping BTC holders to transfer and manage their assets on the chain, and driving the development of the BTC DeFi system. Mezo recently announced the completion of a $21 million financing round, with participating institutions including Pantera Capital, Hack VC, Multicoin Capital and other leading institutions in the industry.
The official has already disclosed its BTC asset pledge plan and introduced a Referal mechanism. There are strong expectations for the project’s airdrops and it is currently in the initial stages of early operations.
Specific participation methods: 1) Visit the project official website and find the invite code in Discord; 2) Type the invite code and link the unisat wallet; 3) Deposit BTC.
