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Bitget Research: Bitcoin Mining Costs Hit $60,000 Post-Halving, Possible Market Rebound Opportunities Below This Level

Victoria & John
2024/05/08
Bitget Research: Bitcoin Mining Costs Hit $60,000 Post-Halving, Possible Market Rebound Opportunities Below This Level
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 dipped below $63,000 and is currently quoted at around $62,500. The typical power output of Bitcoin mining machines is around 30W/T, with the shutdown price roughly at $60,000.
  • Sectors with strong wealth creation effects: Ethena (ENA) and Cross-Chain Sector (W).
  • Top searched tokens and topics: Debank, Lyra, and Revolut.
  • Potential airdrop opportunities: MEZO and DFLOW.
Data collection time: May 8, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, Bitcoin briefly fell below $63,000 and is now quoted around $62,500. The market trends are dispersed, and the wealth effect is not significant. The typical shutdown price for mainstream Bitcoin mining machines is about $60,000, with Bitcoin likely to encounter strong support at this level. The daily amount of ETH being burned on the Ethereum network has dropped to this year's lowest level, with only 610 ETH being burned the day before yesterday. The decline in ETH burning is primarily due to the recent decrease in average gas fees, suggesting ETH is undervalued and has room to rise.
In the crypto market, the first Hong Kong spot Bitcoin ETFs started trading last week. As of now, the six Hong Kong initial virtual asset spot ETFs have seen a trading volume of over 60 million Hong Kong dollars, with significant capital inflows from the Asia-Pacific region. The U.S. SEC issued a Wells Notice to Robinhood regarding its cryptocurrency listings, custody, and platform operations (RHC activities), signaling stricter U.S. regulatory actions. After two days of net inflows, the U.S. spot Bitcoin ETFs experienced net outflows of $19 million yesterday, indicating a cautious overall market.

2. Wealth Creation Sectors

2.1 Sector Movements — Ethena (ENA)

Primary reason: During a period of low activity for altcoins, Ethena's protocol fees reached $8.3 million last week, ranking first among stablecoin protocols and significantly surpassing the second-ranked MakerDAO. The market cap of USDe has quickly reached the $2 billion mark, drawing substantial community attention.
Gainers: Following its TGE a few days ago, ENA has continued to rise from an opening price of approximately $0.6. However, it has since retraced with the broader market but has rebounded significantly, hovering around $0.95.
Factors affecting future market conditions:
  • The growth of USDe's circulating supply: Currently at a $2 billion market cap and ranked fourth among stablecoins, if USDe’s market cap can approach or even surpass the third-ranked DAI, ENA's price potential could be greatly expanded.
  • Yield expectations for Ethena activities and the strength of external project partners: Bybit supports USDe tokens as collateral for derivative trades, contributing to ENA's recent price increase of nearly 8%. Ethena's USDe tokenization yield strategy has attracted over $2 billion in deposits, with a risk assessment conducted on the tokens. Additionally, Ethena Campaign Season 2 has started, featuring collaborations with numerous renowned projects like Zircuit, enhancing the returns on USDe staking significantly.

2.2 Sector Movements — Cross-Chain Sector (W)

Primary reason: As a leading interoperability platform, Wormhole supports large-scale multi-chain applications and bridging. Last week (April 29 - May 5), many updates occurred in the Wormhole ecosystem, with positive news driving price increases and high community interest.
Gainers: W has risen by 2.5% in the past hour and by 5.2% over the past week.
Factors affecting future market conditions:
  • The W roadmap outlines its transition into a native multi-chain token, marking the completion of the second phase of its launch. This initiative will introduce an industry-first multichain governance system, MultiGov, along with W staking for governance, expected to attract capital from the market. Should W staking prove profitable, it is likely to further alleviate selling pressure in the market.
  • Continuous positive news: JitoSOL, the first liquidity staking derivative on Solana, has officially expanded to Arbitrum through Wormhole NTT and has become a native ERC-20 token on Arbitrum. Wormhole announced its ecosystem program, which includes the Wormhole Accelerator, the Cross-Chain Ecosystem Fund, and the xGrant Program. Borderless Capital launched a $50 million cross-chain ecosystem fund to develop next-generation Web3 applications and sponsored the Algorand Hackathon 2024, encouraging developers to participate in the interoperability segment and build applications that facilitate blockchain communication and collaboration.

2.3 Sectors to Focus on Next — AI Sector

Primary reasons: The AI sector is quite active in the primary market, drawing significant attention with decentralized computing platforms like io.net recently launching points systems, indicating their tokens might go live soon. Investors should keep an eye on io.net's primary valuation and other related information. Additionally, there are rumors that OpenAI might announce its ChatGPT search engine on May 9, potentially competing with Google, which could bring external attention and capital to the crypto AI sector.
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.
  • RNDR: As foundational infrastructure in the AI sector, RNDR's involvement in the AI field, along with its deep integration into the Solana ecosystem and other sectors, and its partnership with Apple as a VR collaborator, undoubtedly presents significant market potential. Market movements in response to Apple's upcoming VR device developments are also anticipated.

3. Top Searches

3.1 Popular DApps

Lyra: The options protocol Lyra announced in a blog post that LDX is Lyra's new utility token. The first round of LDX airdrops will reward traders and liquidity providers using a point system, distributing LDX proportionally over four weeks. The airdrop is expected to continue for at least three rounds, totaling 12 weeks. Users can earn points through trading, yield, and referrals. The snapshot has already been completed, and users can participate in future airdrops based on LDX's secondary market performance.

3.2 X (former Twitter)

Debank: Debank tweeted "Are you ready for this?" accompanied by a camera photo, hinting at an upcoming airdrop snapshot. With the anticipation of an airdrop and its rules not fully disclosed, it has quickly trended in community discussions.

3.3 Google Search (Global and Regional)

Global focus:
Revolut: Revolut, a digital bank based in the UK, serves over 40 million customers worldwide and is among the first to establish an independent trading platform offering cryptocurrency trading. Recently, its cryptocurrency trading platform, Revolut X, has been opened to professional crypto traders. In conjunction with MetaMask, they've launched the new product "Revolut Ramp" that allows direct funding of MetaMask wallets from Revolut accounts, gradually creating a CEFI+DEFI business ecosystem. Since it is currently available only to professional traders, the actual audience is somewhat limited.
Regional focus:
Yesterday's hot searches varied significantly by region, but Asia and the CIS region continued to show considerable interest in RWA.
In Europe, USA, and Africa, there were some differences in searches for memecoins, with searches in Europe highlighting dog-themed memecoins like FLOKI and SHIB, while Africa and the Middle East frequently featured searches for PEPE.

4. Potential Airdrop Opportunities

MEZO
A BTC Layer 2 project focusing on the BTC ecosystem, helping BTC holders with on-chain transfers and financial management, driving the development of the BTC DeFi system. Mezo recently announced the completion of a $21 million funding round with participation from industry-leading institutions such as Pantera Capital, Hack VC, and Multicoin Capital.
The official announcement of their BTC asset staking plan and the introduction of a referral system indicate strong airdrop expectations. The project is currently in the early stages of operation.
How to participate: 1. Visit the project's official website, find an invite code on Discord; 2. Enter the invite code, connect a Unisat wallet; 3. Deposit BTC.
DFLOW
DFLOW is a decentralized order flow marketplace designed to support order flows from various L1 chains and Rollups. It has secured $7.5 million in funding from prominent institutions like Framework, Coinbase, Wintermute, and Multicoin.
The project has a user-friendly interface. Depositing on the Solana chain earns points, which are expected to be crucial for any future airdrops. DFlow's Season 0 has ended, and the pre-season of the first phase has now begun! The pre-season is a precursor to DFlow's mainnet launch in late May, with the DFlow application and protocol becoming available for use.
To participate, visit the DFLOW website and create an account, which generates a Solana wallet address with an exportable private key. Deposit at least $5 worth of DFLOW-supported tokens (SOL, jitoSOL, USDT, USDC, etc.) into the wallet. The project awards XP points based on the amount and duration of the deposit. Additionally, inviting friends to deposit into DFLOW earns extra points.
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