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Bitget Research: Bitcoin Spot ETF Sees Net Outflows for Two Consecutive Days, PEPE Enters Top Ranks of Smart Money List
John & Victoria
2024/04/26
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
According to Farside Capital, spot Bitcoin ETFs saw a net outflow of $217 million yesterday, marking two consecutive days of net outflows. Following the Wells Notice from the U.S. SEC to ConsenSys, accusing MetaMask of operating as an unlicensed broker, ETH witnessed a brief decline but quickly rebounded, remaining essentially unchanged from yesterday. The highlights are as follows:
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Sectors with strong wealth creation effect: cross-chain protocols and the new generation of popular memecoins.
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Top searched tokens and topics: Movement Labs, and BounceBit.
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Potential airdrop opportunities: Elixir and Grass.
Data collection time: April 26, 2024, 4:00 AM (UTC)
1. Market Environment
According to CICC, the U.S. real GDP for the first quarter of 2024 expanded at a year-on-year rate of 1.6%, falling below the market's expectation of 2.4% and declining from the 3.4% recorded in the fourth quarter of 2023. The agency reiterated its previous assessment that the Fed might only cut rates once this year, in Q4. According to Farside Capital, spot Bitcoin ETFs saw a net outflow of $217 million yesterday, marking two consecutive days of net outflows.
In the cryptocurrency market, following the Wells Notice from the U.S. SEC to ConsenSys, accusing MetaMask of operating as an unlicensed broker, ETH witnessed a brief decline but quickly rebounded, remaining essentially unchanged from yesterday. Meanwhile, PEPE's ascent to the top of the Smart Money ranking suggests a high success rate or potential institutional investments, signaling optimism for PEPE's future trajectory.
2. Wealth Creation Sectors
2.1 Sector Movements: Cross-Chain Sector (W)
Primary reasons:
Based on on-chain data, the cross-chain interoperability protocol Owlto Finance has facilitated a total of 1,549,313 transactions across various networks, including Bitcoin Layer 2, with users spanning 206 countries and regions. Furthermore, the Wormhole project receives regular updates, and its recent announcement states that the native token W is now supported on Solana, Ethereum, Arbitrum, Optimism, and Base through Wormhole Native Token Transfers (NTT), resulting in a short-term price increase.
Price increase: W has risen by 17.32% in the past 24 hours.
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.
2.2 Sector Movements — New Generation of Popular Memecoins (SLERF, MEW, and MANEKI)
Main reason: The recent memecoin season has introduced a new generation of popular memecoins that rebounded strongly from an overcorrection amid market volatility. During the market downturn, significant investments by whale wallets and smart money capitalized on the low prices, leading to robust gains during the rebound. MANEKI's price continues to climb following the distribution of airdrops to Solana Saga phone owners.
Gainers: In the past 24 hours, SLERF rose by 9.72%, MEW by 0.32%, and MANEKI by 20.32%.
Factors affecting future market conditions:
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The new generation of popular memecoins is characterized by the involvement of influential whales with significant visibility. SLERF and BOME have experienced substantial acquisitions by whales during times of price volatility. MEW, post its TGE, distributed an airdrop worth up to $4 million, with the project yet to realize gains from this asset. Hence, whales with significant control over several new generation memecoins have strong incentives to pump these assets that have already garnered significant market attention. The market enthusiasm for the memecoin sector and the timing of whale activities are critical factors for profitability in this sector.
2.3 Sectors to Focus on Next — AI Sector
Primary reasons: The market has experienced volatility this week. With the groundbreaking growth of BounceBit's TVL and the launch of Runes, the crypto market’s interest in BTC L2 solutions has heightened.
Specific tokens:
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ARKM: Arkham is a blockchain analytics platform that utilizes artificial intelligence to analyze blockchain and on-chain data. The token price experienced a significant rebound in the secondary market.
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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
Movement Labs:
Movement Labs is a blockchain development team founded in 2022, which secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.
Yesterday, Movement Labs completed a $38 million Series A funding round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and others. The funding will be used to support the company in bringing Facebook's Move Virtual Machine to Ethereum, addressing smart contract vulnerabilities and increasing transaction throughput.
3.2 X (former Twitter)
BounceBit:
BounceBit is a Bitcoin restaking and CeDeFi protocol. Currently, BounceBit's TVL has reached a new high, with a maximum supply of 2.1 billion, an initial circulation of 409.5 million, and investments from Binance Lab. Binance Megadrop's first project, BounceBit (BB), was launched on April 26 at 8:00 AM (UTC+8). Users can get BounceBit airdrop rewards by subscribing to BNB fixed products on Binance and/or completing tasks in the Binance Web3 wallet. Meanwhile, Binance will also list BounceBit (BB) on May 13.
3.3 Google Search (Global and Regional)
Global focus:
Why is down today: Yesterday, the cryptocurrency market faced a sustained downward trend, marked by ongoing net outflows from BTC ETFs and a widespread pullback across the entire crypto market. Bitcoin saw a decline of around 3.2% during the day. On platforms like X (Twitter), users and influencers persistently questioned the reasons behind the crypto market's decline. Presently, factors of instability continue to erode confidence in investment decisions.
Regional focus:
(1) Yesterday, the top trending searches across various regions of Asia primarily revolved around memecoins:
New memecoins on Solana, such as WIF and BOME, have witnessed varying degrees of ascent. Leading memecoins like SHIB and PEPE rank among the top 3 search keywords in the region. MEME has consistently been a reflection of the crypto market's attention economy. Amid market corrections, MEME has generally exhibited a stronger wealth creation effect compared to other altcoins. A recent report by Bloomberg indicated that hedge funds are succumbing to the incredible returns of memecoins, suggesting growing attention from Wall Street hedge funds to the unique narrative of memecoins.
(2) The AI crypto topic appears frequently in Africa, Europe, and the CIS region.
The AI sector has shown strong resilience and quick recovery in the current market downturn, making it a favorite among venture capitalists this cycle. Leading coins in specific niches within the AI sector, such as NEAR, AR, and RNDR, saw substantial gains yesterday, leading to heightened X traffic in certain regions.
4. Potential Airdrop Opportunities
Elixir
Elixir is a modular liquidity network that allows anyone to provide liquidity directly to the order book, enhancing liquidity for long-tail crypto assets. It has secured $17.6 million in funding from investors including Hack VC, Mysten Labs, and Arthur Hayes, among others.
To participate, visit www.elixir.xyz/refer/wisozk1828 and bind your X and Discord accounts. Log in using an ETH wallet, such as MetaMask and click on
Mint Elxeth in the bottom right corner to access the deposit page. Deposit a minimum of 100 USDT worth of ETH or USDC, and select a network that incurs gas fees to provide liquidity and earn points.
Grass
Grass is the flagship product of Wynd Network, enabling users to profit by selling unused network resources for internet connectivity. For individuals, it functions as a network extender that is downloaded, retained, and then operates in the background, facilitating access to public network data in exchange for payment in the native token of the protocol. Grass specializes in converting public network data into AI datasets, thereby simplifying access to public data for open-source AI projects.
Wynd Network has completed a $3.5 million seed funding round led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik, bringing its total funding to $4.5 million.
To participate, register on the GRASS official website, install the web plugin, wait for the network connection to complete, and select
Open Dashboard to enter your control panel. Here, you can see your connection status and earn points for contributing bandwidth by being online. Your daily points income and network status can be viewed on the control panel page.
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