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Bitget Research: Spot BTC ETFs End Seven Consecutive Days of Net Outflows, AI Sector Rebounds Strongly

Tommy, Bitget Research
2024/05/06
Bitget Research: Spot BTC ETFs End Seven Consecutive Days of Net Outflows, AI Sector Rebounds Strongly
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

The weaker-than-expected US non-farm payroll data for April boosted market expectations for a rate cut, prompting a rebound in BTC starting last Friday. AI tokens surged during the market rebound, showing strong performance. Today, the gas fees on the Ethereum network dropped below 5 gwei, and the activity on the Ethereum network reached a low point.
  • Sectors with strong wealth creation effect: AI sector.
  • Sectors to focus on next: Meme sector.
  • Top searched tokens and topics: PalioAI , Fantasy.top, Golem, RNDR
  • Potential airdrop opportunities: PalioAI, Fantasy.top.
Data collection time: May 6, 2024, 4:00 AM (UTC)

1. Market Environment

In the U.S., the addition of 175,000 jobs in April fell short of expectations and the unemployment rate rose, boosting market expectations for a rate cut. Spot BTC ETFs ended their seven consecutive days of net outflows last Friday, with a net inflow of US$378 million, leading to a rebound in the broader market. The ETH/BTC exchange rate fell below 0.05 again, with Grayscale ETH showing a discount to NAV of 24.78%. It is widely anticipated that the spot Ethereum ETF is unlikely to be approved in May.
BTC led a strong rebound in the market, with the AI sector showing the most noticeable uptrend. The market is buoyed by expectations of the release of ChatGPT 5 in June and Apple’s Worldwide Developers Conference on June 10, which could further drive up the AI sector.

2. Wealth Creation Sectors

2.1 Sector Movements – AI Sector (AR, ARKM, WLD, and RNDR)

Primary reasons:
The AI sector has shown strong resilience in recent market rebounds following downturns. Lately, a number of buzzworthy developments have sparked interest in the AI sector.
(a) Web2:
  • Rumors suggest that OpenAI might announce its ChatGPT search engine on May 9, competing directly with Google.
  • ChatGPT 5 is expected to be officially released as early as June.
  • Apple’s Worldwide Developers Conference is set to begin on June 10.
(b) Web3:
  • The WorldCoin Foundation previously announced it would launch the World Chain, with potential new developments in the next two months. Worldcoin developers are also attempting to collaborate with PayPal and OpenAI.
  • May's "Super AI token" - ASI (merging tokens such as FET, AGIX, OCEAN) will undergo a merger in May.
Gainers:
Tokens in the AI sector have risen across the board. In the past 24 hours, WLD, LAI, PHB, OLAS, ARKM, AR, RNDR, FET, and AGIX have risen by 13%, 20%, 18%, 16%, 15%, 12%, 11%, 10%, and 10%, respectively. The AI sector has consistently demonstrated stronger rebounds compared to other altcoins during recent downturns.
Factors affecting future market conditions:
  • The market's reaction to the confirmation of multiple rumors about OpenAI and the performance of ChatGPT 5 after its launch will directly determine the market enthusiasm for the AI sector.
  • The ability of the cryptocurrency world to capitalize on major mainstream AI events, coupled with continuous product launches and positive news about brands, will determine the sustainability of the token price increases in this sector.

2.2 Sectors to Focus on Next — Meme Sector

Primary reasons:
Recently, many infrastructure projects with significant financing backgrounds performed poorly after launching: Projects like Merlin and Parcl fell to half of their pre-launch prices. After completing its final funding round at a valuation of $1 billion, Meson Network quickly plummeted below 2 USDT a few days after its TGE, marking an 80% drop from its TGE price of 10 USDT. The market has shifted its focus from VC-backed coins to speculating on memecoins. Some memecoins have reached attractive price levels, presenting an opportunity for traders who are bullish on this sector to start accumulating these relatively cheaper tokens in preparation for the next memecoin season.
Specific tokens:
  • WIF: A next-generation top-tier memecoin recently listed on Binance and Robinhood, with a market cap that has already surpassed OP and ARB. It has the potential to reach a market cap of over ten billion, similar to SHIB during the last bull market.
  • BOME: One of the key tokens of the latest Solana Memecoin Season. Currently, 50% of the tokens are concentrated on Binance, and there is a high likelihood that it will surpass its ATH during the next wave of memecoin hype.
  • Other popular mid-tier memecoins (such as MEW and MANEKI): Both MEW and MANEKI have distributed generous airdrops to Solana mobile users, attracting the attention of capital within the Solana ecosystem. Currently, their prices are 54% and 67% below their all-time highs, making them attractive for traders who anticipate these tokens could surpass their all-time highs.

3. Top Searches

3.1 Popular DApps

PalioAI:
PalioAI, developed by Xterio, is an AI digital companion game supported by digital ownership. It has recently launched the Odyssey promotion, where points can be earned and exchanged for airdrops within the XterioGames ecosystem.
Yesterday’s on-chain data showed a significant number of Ethereum users minting PalioAI Gen0 NFTs, indicating growing interest in the project and preparation for upcoming airdrops. Previously, blockchain game publisher Xterio received a $15 million investment from Binance Labs to enhance its AI and Web3 game development capabilities.

3.2 X (former Twitter)

Fantasy.top:
Blast Ecosystem’s SocialFi trading card game project, Fantasy.top, announced the completion of its pre-seed funding round. The round saw participation from Alliance, Manifold, Fabric Ventures, and thirty angel investors including Messari founder and CEO Ryan Selkis. The amount of the funding and valuation remain undisclosed. Fantasy.top is a SocialFi trading card game (TCG) where players can use trading cards of crypto Twitter influencers to play the game, monetizing their social capital and research expertise.

3.3 Google Search (Global and Regional)

Global focus:
Golem:
The AI sector has consistently demonstrated stronger rebounds compared to other altcoins during recent downturns. As a leading token in AI applications, GLM has garnered significant interest, evidenced by a 6% increase over the past 24 hours. Its trading volume reached $232,630,207 on the South Korean exchange Upbit during the same period, securing the top spot and significantly outperforming BTC and memecoins. This underscores its substantial wealth effect and strong demand in Korea.
Regional focus:
(1) Yesterday's hot searches in Asia’s various regions showed strong diversity with no apparent patterns or characteristics. For example, users in the Philippines searched for BICO and WEN, while users in Indonesia searched for ETHFI and MSTR, and in India, ZKML and RWA were the top trending searches.
(2) Users in Europe and America showed a keen interest in AI, with terms like RNDR, TAO, and node AI frequently appearing in searches.
(3) Users in Latin America focused on mainstream popular tokens: FLOKI, LINK, SOLANA, and others frequently appeared in searches, indicating a preference for mainstream assets in the region.

4. Potential Airdrop Opportunities

PalioAI
PalioAI, developed by Xterio, is an AI digital companion game supported by digital ownership. It has recently launched the Odyssey promotion, where points can be earned and exchanged for airdrops within the XterioGames ecosystem. Recent on-chain data showed a significant number of Ethereum users minting PalioAI Gen0 NFTs, indicating growing interest in the project and preparation for upcoming airdrops.
Previously, blockchain game publisher Xterio received a $15 million investment from Binance Labs to enhance its AI and Web3 game development capabilities.
How to participate: Visit the official website, add the Xteriio network to your Web3 wallet; transfer funds to Xteriio, then go to the official page to claim your Palio Egg. After successfully claiming, you will need to nourish the Egg, which will earn you points with each click.
Fantasy.top
Fantasy.top is a SocialFi trading card game (TCG) where players can use trading cards of crypto Twitter influencers to play the game, monetizing their social capital and research expertise.
Blast Ecosystem’s SocialFi trading card game project, Fantasy.top, announced the completion of its pre-seed funding round. The round saw participation from Alliance, Manifold, Fabric Ventures, and thirty angel investors including Messari founder and CEO Ryan Selkis. The amount of the funding and valuation remain undisclosed.
How to participate: Visit the Fantasy.top website, transfer funds to a designated Blast wallet using the official method, and buy cards to participate in tournaments.
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