Written by: Bitget Research Institute

Summary

Bitcoin breaks through $71,000, and the first leveraged Ethereum ETF has been launched, with first-day trading volume exceeding $5 million. The wealth effect of the BTC ecological sector is significant, including:

  • The sectors with strong wealth-creating effects are: Inscription sector, new assets in the BTC ecosystem;

  • Hot searched tokens and topics: Catizen, Natix Network, Jasmy

  • Potential airdrop opportunities include: Scroll, Zircuit

Data statistics time: 4:00, June 5, 2024 (UTC+0)

1. Market environment

Yesterday, Bitcoin exceeded $71,000, a 24-hour increase of 2.74%. Altcoins rally as BTC rallies closer to previous highs. BTC ecological assets and inscription assets have returned, and the wealth effect is significant. At the same time, the Bitcoin staking protocol Babylon tweeted that it will launch Cap 2 of Bitcoin Staking Testnet-4 on June 5. The market has high expectations for its secondary performance, and investors will continue to pay attention to its Testnet situation.

In the market, spot ETFs have seen net inflows for 15 consecutive days, and market liquidity has improved. Yesterday, the first leveraged Ethereum ETF in the United States was listed, with a first-day trading volume of over $5 million.

2. Wealth-making sector

1) Block changes: Inscription blocks (ORDI, SATS)

The main reason: the BTC ecosystem began to recover and took the lead in the inscription ecosystem. Inscription projects such as ORDI and SATS began to rise due to the influx of hot money.

Rising: ORDI rose 15% today, SATS rose 5.15%;

Factors affecting the market outlook:

  • Updates from BTC core developer Casey and other related project parties: Pay attention to the project party’s Twitter and TG/DC news releases. The possibility of BTC ecological projects releasing positive news is very high. It is necessary to pay attention to the release of project news in a timely manner. As a new track, the new asset protocol Runes may see hot asset speculation in the ecosystem;

  • Atomicals' AVM launch rhythm: Atomicals Protocol released the Atomicals Virtual Machine (AVM) white paper. The software release will be completed in stages, starting with the interpreter running and then modifying the indexer node. Each major progress in the later stage may trigger subsequent market trends.

2) Sector changes: New assets in the BTC ecosystem (RUNE, CKB, STX)

Main reasons: BTC broke through 71,000 USD in the short term, the BTC ecosystem began to recover, and new asset types in the BTC ecosystem had room for speculation;

Increase: In the past 24 hours, Runestone increased by 5%, CKB increased by 23% today, and STX increased by 15% today;

Factors affecting the market outlook:

  • CKB and STX have attracted much attention from the market during the rise of BTC: CKB is favored as a UTXO Stack prototype project and is considered one of the best representatives of Bitcoin Layer2 technology. Recently, asset issuance protocols based on RGB++ have gradually emerged, bringing wealth creation effects to the ecosystem. STX chose the threshold signature algorithm token T, and with the Nakamoto upgrade of STX on May 15, there is speculation in the market. In addition, the halving of Bitcoin will also bring new changes, and miners' income will be further reduced, requiring ecological prosperity to support income transformation. Investors can pay attention to the flow of funds in the ecosystem to assist investment decisions.

3) Sectors that need to be focused on in the future: AI sector

main reason:

  • With the recent recovery of the BTC ecosystem and the influx of hot money, the AI ​​sector will have another rebound. In addition, the SuperAI conference will be held in Singapore recently, and there will be a wave of new developments from the project parties at that time.

  • OpenAI launched its flagship AI model GPT-4o, which can perform audio, visual and text reasoning in real time. In February, OpenAI launched the text and video model Sora, which boosted the valuation of the entire sector. The launch of GPT-4o allows us to keep an eye on the AI ​​sector.

Specific currency list:

  • TAO: Bittensor is an open source protocol that powers a blockchain-based machine learning network. Machine learning models train collaboratively and are rewarded in TAO based on the value of the information they provide to the collective.

  • NEAR: Recently, many AI projects in the NEAR ecosystem are in the building/funding stage. NEAR is expected to become the AI ​​hub of the future.

3. User Hot Searches

1) Popular Dapps

Catizen: According to the official announcement, the on-chain transaction volume of Catizen, a cat-raising game on the Ton chain, has exceeded 13 million US dollars, with more than 12 million players, more than 730,000 on-chain users participating, and more than 2.2 million on-chain transactions. Its fishing activity ended on June 3, and the official will airdrop TON and FISH rewards to active participants within a week. As the coin issuance may be approaching, users can actively participate in the game.

2）Twitter

Natix Network: Natix Network is a blockchain-based crowdsourced camera network that creates a real-time world map. This decentralized physical infrastructure network (DePIN) of cameras uses Natix's artificial intelligence technology to map the world while ensuring that no private data is collected. Since the token fundraising on Coinlist in May received widespread attention, the project is currently hot and users can actively participate in related ecological activities.

3) Google Search & Region

From a global perspective:

JASMY: Jasmy Coin is a cryptocurrency created by Jasmy Corporation, a Japanese company founded by former Sony executives. JasmyCoin differentiates itself through its commitment to data security and user sovereignty. By leveraging edge computing and IPFS technology, JasmyCoin decentralizes data storage and management, ensuring that data is secure and controlled by its owners. The project is relatively popular in Japan, up 50% in 7 days.

From the hot searches in each region:

(1) The distribution of hot searches in Asia is relatively scattered. All tracks are receiving attention, but there is no unified hot search topic.

(2) Europe and the United States are paying attention to the TON ecosystem. In addition to TON and NOT, Layer2 and public chain projects have also received widespread attention, among which STRK, SOLANA, and MONAD appear most frequently.

(3) In the CIS region, DePIN projects such as GRASS are listed in many countries.

Potential Airdrop Opportunities

Scroll

Scorll recently launched a points system to prepare for the final sprint for the token issuance. The rules of the points system are relatively clear at present. Users can obtain points by staking ETH, LST, various stablecoins, etc., and seize the airdrop opportunity before the final token issuance.

Scroll has raised a total of US$80 million in financing from investors including Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming Venture Partners.

How to participate: Users can log in to https://scroll.io/sessions to link their wallets, and complete the corresponding tasks according to the requirements of Session Zero to earn points, and then they can get future airdrop rewards.

Zircuit

Zircuit is a parallel and AI-integrated Layer2 public chain project based on zkRollup. It is invested by Pantera and Dragonfly. The current TVL of the project has exceeded 1.1 billion US dollars. Zircuit's current ecosystem is gradually improving, and it already includes functions such as staking, cross-chain bridges, and browsers. Users can also obtain airdrop qualifications by participating in ecosystem construction and community interaction.

Specific ways to participate: 1) Enter the staking page (https://stake.zircuit.com/) to participate in staking to win points; 2) Participate in node deployment to win points (https://build.zircuit.com/build).