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Bitget Research: BTC Bounces Back After Brief Dip Below $60,000, Merlin Launches on Bitget Launchpool

Jarseed & Aaron
2024/04/18
Bitget Research: BTC Bounces Back After Brief Dip Below $60,000, Merlin Launches on Bitget Launchpool
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, Bitcoin briefly fell below $60,000 before quickly recovering. The cryptocurrency market was affected by the overall US stock market and geopolitical risks, with panic spreading continuously. Bitcoin saw a drop of about 20% from its peak, with other major cryptocurrencies falling to key support levels. With less than two days until Bitcoin's halving, the market is gearing up for a rebound.
  • Sectors with strong wealth creation effects: BGB, RWA, and fan tokens.
  • Top searched tokens and topics: Polyhedra Network, Taiko, and OMNI.
  • Potential airdrop opportunities: Drift Protocol and Owlto Finance.
Data collection time: April 18, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, Bitcoin briefly dipped below $60,000 and recovered swiftly, leading to a general decline in the cryptocurrency market. Influenced by geopolitical risks, the global capital markets have recently shown a sluggish performance, with the U.S. dollar maintaining its strong trend. The cryptocurrency market has also experienced panic selling, influenced by global capital market sentiment. However, the quick price recovery indicates optimism in the market as the Bitcoin halving approaches.
The BTC ETFs have seen net outflows for four consecutive days, with a cumulative outflow of $165 million yesterday, indicating increasing outflow amounts. In the BTC ecosystem, Merlin announced its launch on April 19, with several major exchanges planning to list it simultaneously, and Bitget LaunchPool has started Merlin staking.

2. Wealth Creation Sectors

2.1 Sector Movements – BGB

Main reason: Recent promotions by Bitget for high-quality projects listed on its Launchpool, including ZK and ENA, have received positive market acclaim. Yesterday, it also announced the upcoming launch of the Merlin Launchpool promotion, offering high cost-effectiveness and returns for users who could not participate in the Merlin staking.
Gainers: BGB has risen 7.2% over the past 24 hours.
Factors affecting future market conditions:
  • Bitget's global influence: Each bull market has seen exchange-supported ecosystem tokens with significant wealth effects. As Bitget's influence continues to grow globally, providing quality assets to users and bringing tangible benefits through proactive actions, the acceptance of BGB gradually increases.
  • Continuous wealth-creating effect of Bitget Launchpool: BGB's main empowerment is its use in various Bitget promotions and products, with recent notable ones being the LaunchPool, where users can earn project tokens by staking BGB. Whether it's ZK, ENA, or Merlin, these are significant and highly demanded projects in the market. As Bitget continues to list such quality assets, the demand for BGB will rise, further increasing its price.

2.2 Sector Movements — RWA (ONDO and OM)

Main reason: The RWA sector mainly consists of U.S. bond products. As the Federal Reserve continues to signal maintaining high interest rates, RWAs are also seen by the market as favorable for the long term and capable of hedging against current market risks.
Gainers: ONDO has seen a 91.2% increase over the past 30 days.
Factors affecting future market conditions:
  • Coverage of RWA products: As real assets utilizing blockchain technology, RWAs inherently possess various characteristics, such as real estate and crude oil, which can reflect inflation, and bond yield markets that allow for hedging against unanticipated returns in risk markets. If risk markets continue to exhibit risks, then the assets in this sector that hedge risks will become highly sought after by market participants.
  • Incremental market share: Several globally renowned asset management institutions, such as BlackRock, are involved in building the RWA sector. As traditional finance continues to bring financial products into the blockchain field using new technologies, the market share of this sector will continue to increase. Higher quality assets and more abundant liquidity will encourage more active participation, thereby driving up asset prices.

2.3 Sectors to Focus on Next — Football Fan Tokens

Main reason: With the European Football Championship approaching, the football fan token sector began to heat up one and a half months in advance. Despite the market downturn, this sector has shown resilience, with the leading tokens experiencing approximately a 10% drop over the past seven days, which is less than the typical 7-day decline seen in altcoins. The AC Milan fan token dropped only 1.6% in the past 24 hours, and the Inter Milan fan token dropped only 0.4%.
Specific tokens:
  • SANTOS: The Santos FC Fan Token, based on BSC, represents the renowned Brazilian football club Santos. Launched on Binance Launchpool, SANTOS currently holds the highest market cap among fan tokens.
  • PSG: The Paris Saint-Germain Fan Token, a fan token for the Paris Saint-Germain football club, recently became the first validator on the Chiliz Chain. They have committed to repurchasing PSG fan tokens with 100% of their accrued income.
  • LAZIO: The Lazio Fan Token, issued on BSC, represents the Lazio football club and was also launched through Binance Launchpad. Its fully diluted value is currently $120 million.

3. Top Searches

3.1 Popular DApps

Polyhedra Network:
Polyhedra Network is a ZK full-stack project that builds next-generation infrastructure for Web3 interoperability, scalability, and privacy using Zero-Knowledge Proof (ZKP) technology. The project is groundbreaking in that it will truly enable ZK-based multi-chain interoperability, especially with its vision to build the world's largest interoperable ecosystem for Bitcoin. Since its launch, it has achieved a market cap of $240 million, currently ranked 2400th on CoinMarketCap. Investors are advised to closely monitor the project's progress and patiently wait as it gradually develops and its value is recognized by the market.

3.2 X (former Twitter)

Taiko (not issued yet):
Taiko is a decentralized Ethereum equivalent of ZK-EVM and generic ZK-Rollup, making it easy for dApps to be deployed to L2 while inheriting Ethereum's security. It has raised $22 million in funding with investments from HongShan, Generative Ventures, GSR, among others. The market has strong airdrop expectations for Taiko. Recently, with conferences in Hong Kong, Dubai, and other locations, anticipation for Taiko's token launch has increased. The project has recently launched an NFT called "Taikoons," and it is recommended to participate in the minting promotion.

3.3 Google Search (global and regional)

Global focus:
OMNI:
Omni is an interoperability layer for Ethereum, enabling developers to program applications that span across the entire Ethereum Rollup ecosystem. Previously known as Rift Finance, a DeFi protocol providing financial services for Web3 projects, Omni’s airdrop targets the Omni community, EigenLayer restakers, Beacon Chain Solo stakers, NFT holders of Milady Maker, Redacted Remilio Babies, Pudgy Penguin, Injective Ninjas, and strategic partner protocols. The token's performance since its launch has been moderate due to its airdrop mechanism, and its market trend requires continuous monitoring.
Regional focus:
(1) Europe and CIS region show significant interest in BTC:
Yesterday, BTC started to fall, briefly dipping below $60,000, creating a sense of panic in the market. Afterward, it began to rebound, currently consolidating around $61,000. With the upcoming Bitcoin halving and the potential simultaneous launch of the Runes protocol, there is heightened attention on BTC and its ecosystem. The wealth effect of the Runes protocol launch could be significant. Currently, RSIC (Runecoin) can be purchased on Whales Market for $0.033. It is essential to keep an eye on the developments.
(2) No significant trends in Africa, Asia and English-speaking countries:
These regions display a more dispersed pattern of interest, with Floki, Crypto Bubbles, and RWA frequently appearing in hot searches, particularly as more retail investors focus on memecoins and RWA narratives ahead of the Bitcoin halving. This indicates a divergence in the overall market. As the broader market consolidates, sector rotation begins to occur.

4. Potential Airdrop Opportunities

Drift Protocol – A perpetual futures DEX within the Solana ecosystem about to launch token
Drift Protocol is a DeFi futures and spot trading platform that facilitates futures trading within the Solana ecosystem with all orders on-chain. The project has completed a strategic round of financing amounting to $27.3 million, with participation from Polychain, Multicoin, Jump Capital, and Robot Ventures.
Drift Protocol recently announced its tokenomics, with 10% of the total supply of DRIFT allocated to the community. Drift Protocol is the largest perpetual futures DEX on Solana in terms of TVL. Projects in the same sector typically have a TVL of around $1 billion. The expected value of the airdrop exceeds $100 million.
How to participate: 1. Connect your wallet to Drift Protocol; 2. Deposit assets like SOL and USDC; 3. Select assets for taker and maker futures trading, and accumulate points for each trade.
Owlto Finance – A cross-chain bridge project where NFTs can be minted
Owlto Finance is a decentralized Cross-Rollup bridge focused on Layer 2. It currently supports cross-chain transactions among over 15 Layer 2 networks, including Ethereum mainnet, zkSync Era, and Starknet.
Since its launch, Owlto Finance has gradually joined the ecosystems of zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, and Kroma, especially gaining endorsements and retweets from their official Twitter accounts, indicating close relationships with various Layer 2 projects. The project has introduced a point system. In addition to aiming for an Owlto airdrop, users can also accumulate transaction counts for other Layer 2 networks that have not yet issued tokens.
How to participate: 1. Owlto has launched the Owlto Solana Bridger NFT, with WIF, BOME, and Solana Mobile 2 holders directly eligible for the NFT airdrop; 2. Engaging in Solana cross-chain transactions on the Owlto platform also provides eligibility to mint the NFT; 3. All new Solana addresses will also receive an extra Owlto activation subsidy.
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