Written by: Bitget Research Institute
Summary
The market showed signs of rebounding after a month of volatile decline. The BTC spot ETF ended its continuous net outflow last week and had a small net inflow for four consecutive working days. The rebound of high-market-cap new coins and ETH ecological tokens was relatively strong. This week, the market focused on the progress of the ETH spot ETF and the US unemployment rate and non-farm data on Friday.
The sectors with relatively strong wealth-creating effects are: New coin sector (ZRO, ZK, LISTA), ETH ecosystem (ENS, SSV);
Hot search tokens and topics by users are: Jumper Exchange, Kaspa, Daddy;
Potential airdrop opportunities include: Karak, Li.Fi;
Data statistics time: July 1, 2024 4:00 (UTC+0)
1. Market environment
The BTC spot ETF stopped its net outflow last week and had a small net inflow for the past four consecutive working days. After a week of volatile decline, BTC rebounded and hit $63,000, recovering the losses of the past week.
There will be multiple macro data releases this week, with the market focusing on the U.S. unemployment rate and non-farm data on Friday. Over the weekend, sources said the SEC had returned the S-1 form to the ETH spot ETF issuer and required it to be revised and resubmitted before July 8.
During the market rebound, new coins such as ZRO, ZK, LISTA and ETH ecosystem tokens such as ENS rose significantly, with ENS breaking through its highest level in the past 29 months.
2. Wealth-making sector
1) Sector changes: New coins (ZRO, ZK, LISTA)
main reason:
New coins rebounded from oversold levels. The prices of high-market-cap new coins such as ZRO and ZK were far lower than pre-market expectations amid negative market sentiment. As market sentiment was gradually digested, investment and pricing gradually returned to rationality, and ZRO and ZK quickly rebounded.
Factors affecting the market outlook:
Whether new coin projects such as LayerZero and ZKsync can take further actions to release positive factors to continuously stabilize the coin price, and the extent to which the market's negative sentiment is digested will directly affect the price of the new coin.
2) Sector changes: ETH ecosystem (ENS, SSV)
main reason:
Sources said that the SEC has returned the S-1 form to the ETH spot ETF issuer and required it to be revised and resubmitted before July 8. Even if ETH spot ETH is not directly approved in early July, it is likely to continue to release good news.
Even in the market news on June 29, the US SEC considered the Lido and Rocket Pool staking projects to be securities, which led to the decline of LDO and RPL, it failed to stop the rise of ETH ecosystem tokens such as ENS and SSV during the market rebound. ENS broke through the highest level in the past 29 months.
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
Jumper Exchange & Li.Fi：
Jumper Exchange is a multi-chain liquidity aggregator that supports cross-chain exchange and exchange gas fee functions of most mainstream blockchains, and is technically supported by LI.FI. Recently, the interaction between Jumper and Li.Fi protocols has increased significantly. The market speculates that the project may have TGE and airdrop plans, which has led users to interact more frequently.
2）Twitter
When
Recently, Marathon Digital Holdings announced its Kaspa (KAS) mining business. As of June 25, 2024, the company has mined 93 million KAS, worth approximately $15 million. Kaspa is the fifth largest proof-of-work (PoW) digital asset, with decentralized and scalable characteristics. Marathon has successfully diversified its revenue sources by deploying approximately 60 petahash Kaspa ASICs in Texas, leveraging existing infrastructure and expertise, and plans to be fully operational in the third quarter of 2024.
3) Google Search & Region
From a global perspective:
DADDY：
The Solana chain token DADDY is a meme coin issued by the well-known KOL Andrew Tate. The main intention is to fight against the MOTHER token on the Solana chain and end the situation of only having a mother but no father on the Solana chain. Andrew Tate has 9.54 million followers on Twitter, and the token rose rapidly after the issuance. However, the celebrity coins on the Solana chain have performed poorly, and investors are advised to invest with caution.
From the hot searches in each region:
(1) There is a lack of hot spots in Asia, and no general pattern of hot searches has been found in each region.
(2) The attention of Europe and the United States has returned to the mainstream meme. Maga appeared on the hot search in France; PEPE also appeared on the hot search in many European and American countries.
(3) ONDO has become a hot search topic in South American and European countries. Ondo Finance is a financial protocol focusing on the RWA track. At present, its main business is to tokenize high-quality assets such as US Treasury bonds and money market funds within a compliance framework to facilitate investment and transactions by users on the blockchain. The recent price performance has been relatively strong.
Potential Airdrop Opportunities
Karak
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 from investors including Panetra, Lightspeed Capital, Framework Ventures, etc. Staking on Karak can earn "staking rewards + re-staking rewards + Eigenlayer points + staked LRT points + Karak XP" at the same time.
Specific ways to participate: 1) Add the Karak network (you can add Karak Mainnet to the chainlist); 2) Cross-chain the currency to the Karak chain (currently supports rswETH, USDC, wETH), and stake it in Karak Pools.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that supports the exchange between any two assets by aggregating bridges and DEX aggregators from more than 20 networks including Ethereum, Arbitrum, Optimism, Solana, Polygon, Base, etc.
Cross-chain infrastructure protocol LI.FI completed a US$17.5 million Series A financing round, led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra and nearly 20 angel investors.
