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Bitget Research: Spot BTC ETF Officially Begins Trading in Hong Kong, Eigenlayer Launches Airdrop

Aaron & Tommy
2024/04/30
Bitget Research: Spot BTC ETF Officially Begins Trading in Hong Kong, Eigenlayer Launches Airdrop
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

Yesterday, the spot BTC ETF officially began trading in Hong Kong, providing a boost to the market. The market hotspots were varied, with no significant wealth effect observed. The highlights are as follows:
  • Sectors with strong wealth creation effect: DePIN sector, New memecoins, and AI sector.
  • Top searched tokens and topics: Xterio, EigenLayer, and Kelp DAO.
  • Potential airdrop opportunities: Orderly Network and Jumper Exchange.
Data collection time: April 30, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, BTC saw a modest rebound, with its price rising from $61,700 to $63,700. The market's hotspots were dispersed, and there was no significant wealth effect observed. An important project in the ETH ecosystem, EigenLayer, announced a token launch and airdrop, leading to funds flowing back into the ETH ecosystem. The ETH/BTC exchange rate broke above 0.05. There was no clear sector that dominated market interest; the community focused on projects within the Restaking+DeFi sector but remained cautious overall.
The spot BTC ETF officially began trading in Hong Kong, with relatively ideal trading volume, and the Asia-Pacific funds paying close attention to its subsequent trend. The U.S. 10-year Treasury yield peaked and fell back, and the U.S. dollar index dropped before rebounding, benefiting the risk markets. All three major U.S. stock indices have risen, providing a certain boost to the crypto market. The market is focusing on the results of the Federal Reserve's interest rate meeting on May 1, with a near-unanimous consensus that interest rates will not be cut, thus attention is particularly on Chair Powell's subsequent remarks.

2. Wealth Creation Sectors

2.1 Sector Movements – DePIN Sector (HNT and MOBILE)

Primary reasons: 1. Helium’s COO Scott Sigel recently discussed the DePIN concept at Blockworks, explaining how Helium helps solve connectivity issues; 2. The community recently voted on a new sensor deployment plan, garnering significant attention.
Gainers: HNT rose 40% over three days, with MOBILE seeing a 30% increase.
Factors affecting future market conditions:
  • Futures data: Utilize the tv.coinglass to understand the direction of major funds, monitor futures data, especially the increase in net long positions. Check if there is a rise in open interest (OI) and trading volume. If so, it indicates increased bullish buying, suggesting that holdings can be maintained.
  • Actions by project teams: Follow the project teams' Twitter, Telegram, and Discord announcements. HNT is actively developing in the DePin sector. It is crucial to monitor these news to decide whether they signal profit-taking or long-term benefits.

2.2 Sector Movements — New Memecoins (BONK and PEPE)

Primary reasons: 1. The market experienced a pullback yesterday, with a change in trading sentiment and a rise in memecoins.; 2. A16Z refuted the existence of memecoins, which led to community backlash and pushed memecoins into the spotlight.
Gainers: Both BONK and PEPE saw increases in trading volume and price, outperforming the broader market.
Factors affecting future market conditions:
  • Whether native token price continues to rise: Many memecoins on Solana are priced in SOL. An increase in SOL's price directly boosts the value of Solana-based memecoins. If the price of SOL continues to rise, the memecoin season on Solana is likely to maintain its popularity.
  • Cryptocurrency market sentiment: Yesterday, the market experienced a slight rebound, with funds beginning to circulate, and the wealth effect extending its benefits to the memecoin sector. If this upward movement continues, it would be wise to keep an eye on the memecoins.

2.3 Sectors to Focus on Next — AI Sector

Primary reasons: The AI sector is quite active in the primary market, with decentralized computing platforms like io.net recently launching points systems indicating their tokens might go live soon. These developments attracted high market attention, leading to high valuations in the primary market.
Specific tokens:
  • ARKM: Arkham is a blockchain analytics platform that utilizes artificial intelligence to analyze blockchain and on-chain data.
  • NEAR: Recently, many AI projects within the NEAR ecosystem have been fundraising, positioning NEAR to potentially become a future AI Hub.

3. Top Searches

3.1 Popular DApps

Xterio:
Xterio is a developer and publisher of Play2Earn projects, focusing on creating a Web3 native universe that expands across all media and platforms. Recently, the platform held a highly participated Palio NFT raffle event. Previously, Xterio secured $55 million through two rounds of funding, with the most recent round led by Binance Labs. In early April this year, Xterio announced a collaboration with AltLayer to launch the Layer 2 network, Xterio Chain.

3.2 X (former Twitter)

EigenLayer (EIGEN):
The restaking project EigenLayer, with a TVL of $16 billion, announced the launch of its token EIGEN and will conduct a "Stakedrop" airdrop. However, the airdrop's unsatisfactory share allocation, strict geographical restrictions, and the initial non-transferability of the airdrop have led to considerable controversy within the community regarding EigenLayer. As of April 30, 4:00 AM (UTC), the price of EIGEN on Aevo was $11.

3.3 Google Search (Global and Regional)

Global focus:
Kelp DAO:
Kelp DAO is a restaking protocol based on EigenLayer. rsETH is a Liquidity Restaking Token (LRT) issued by Kelp DAO. Recently, Kelp DAO has been active with new events and announcements: 1. It has relaunched the "Road to One Billion" event, offering multiple rewards for deposits of ETHx, stETH, and ETH; 2. It has established a strategic partnership with Nomura Group's digital asset subsidiary, Laser Digital.
Regional focus:
(1) Yesterday's hot searches in Asia’s various regions showed strong diversity with no apparent patterns or characteristics. For instance, in the Philippines, the memecoin BRETT on the Base chain and the game PIXEL on the Ronin chain were trending, while in Indonesia, users were searching for HBAR, STX, PEPE, and TAO. In India, the trends were focused on GALA and Polygon.
(2) Users in Europe have shown interest in DePIN: The term "DePIN" appeared in the hot searches of Belgium, Germany, and France, with Helium trending in countries like Italy and Spain. The decentralized computing platform io.net was trending in France and the UK.
(3) Users in Latin America have focused on the restaking project Renzo (REZ), which was trending in Argentina and Chile. REZ will have its TGE and open airdrop claims soon.

4. Potential Airdrop Opportunities

Orderly Network
Orderly Network is a Web3 omnichain liquidity layer and central limit order book (CLOB) infrastructure. Established in April 2022, it is incubated by NEAR and WOO Network.
In June 2022, Orderly Network completed a $20 million funding round with participation from Three Arrows Capital, Pantera Capital, Dragonfly Capital, IOSG Ventures, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures, MetaWeb, and more.
How to participate: (1) Complete transactions on DApps built on the Orderly mainnet, such as WOOFi PRO, LogX Pro, REF Finance, Jump DeFi, and BTSE DEX. When interacting with these DApps, it is important to see which on-chain liquidity is provided by Orderly; (2) Keep up with Orderly updates and participate in promotions such as those on Galxe.
Jumper Exchange
Jumper Exchange is a multi-chain liquidity aggregator supporting cross-chain exchanges and gas fee swaps for most mainstream blockchains, technically supported by LI.FI. Its developer LI.FI completed a $17.5 million Series A funding round led by CoinFund and Superscrypt.
How to participate: Complete multiple cross-chain transactions on Jumper Exchange. Specific trading volume, number of transactions, and active times can be referenced from past DEX airdrop standards.
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