Bitget Research: Bitcoin ETFs Records 2-Day Net Inflow, Crypto Market Sees Short-Term Rebound but Caution of Another Decline Remains

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

Over the past 24 hours, the price of BTC has rebounded, with Bitcoin ETFs experiencing net inflows for two consecutive days. While a short-term rebound is possible, the risk of another decline remains. The highlights are as follows:

• Sectors with strong wealth creation effects: Real yield sectors (BANANA, AAVE, APT, SUI) and other tokens with upcoming unlocks.
• Top searched tokens and topics: Catizen and Ether.fi.
• Potential airdrop opportunities: Plume Network and Movement.

Data collection time: September 11, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, BTC hovered around $56,000, with the total trading volume for 11 U.S. Bitcoin ETFs standing at $711 million, the third-lowest since their launch.  Yesterday, U.S. Bitcoin spot ETFs experienced net inflows of $116.97 million while U.S. spot Ethereum ETFs saw net inflows of $11.4 million. Investment in the primary market has recently slowed. However, Soneium, Sony's Layer 2 network, is set to collaborate with Sony Bank to launch a yen stablecoin, drawing significant market attention.

On a macro level, the cryptocurrency market has stabilized after last week's volatility, although implied volatility remains high. The market remains cautious ahead of key events this week, particularly the Trump-Harris debate and the release of CPI data. Following last week's sharp decline, concerns over downside risks persists, with risk reversals still skewed towards put options for both BTC and ETH through October.

2. Wealth Creation Sectors

2.1 Sector Movements – Real Yield Sector (BANANA and AAVE)

Primary reasons:

• In a sluggish market, investors are seeking projects that generate real revenue and distribute it to token holders. BANANA, a leading Telegram bot project, maintains a stable market share and strong token price support, along with a solid revenue outlook in the memecoin market. Recent on-chain data for AAVE shows record-high activity among lending users, and an increase in lending users could further boost the protocol's revenue.

Gainers: BANANA has risen by 2.5% and AAVE by 10.4% in the last 24 hours.

Factors affecting future market conditions:

• Market dominance: Market dominance is a key metric for evaluating real yield projects. With the limited market space, maintaining a top position in the crypto market market is vital for maintaining high, sustainable revenue. Currently, BANANA ranks among the top three Telegram bots, and AAVE leads the lending sector with highly loyal users. Both projects are performing exceptionally well.
• Revenue distribution policies: AAVE has proposed adding a fee conversion feature, which would return part of the platform's excess revenue to key users. This move could also lead to the restaking of the AAVE, providing a new source of income for both AAVE and its users.

2.2 Sectors to Focus on Next: APT, SUI, and Other Tokens With Upcoming Unlocks

Primary reasons:

• On September 12, SUI and APT will unlock 3.24% and 2.35% of their circulating supply, valued at $82 million and $81 million, respectively, at current market prices. APT has previously seen significant price movements before and after large unlocks, but current market conditions and sentiment may lead to different outcomes this time. Keep a close eye on trading opportunities before and after token unlocks.

Specific tokens: APT and SUI

3. Trending Searches

3.1 Popular DApps

Catizen:

Catizen is an innovative game built on the TON ecosystem. It features a virtual cat café within the MEOWverse, where different breeds of virtual cats can unlock various levels and player credentials. Steve Yun, Chairman of the TON Foundation, tweeted his support for Catizen, a Telegram-based gaming platform centered around cats. As mentioned in the article, Catizen boasts 36 million sign-ups and over 860,000 paying users. Several exchanges are set to list Catizen, with confirmed listings from Bitget, OKX, Bybit, KuCoin, and others.

3.2 X (former Twitter)

Ether.fi:

Ethereum restaking protocol ether.fi has announced a proposal for the Season 4 airdrop Temp Check. Each season lasts four months, with Season 4 beginning on September 15th and offering unique rewards. With a revenue of $2.19 million in August, the Ether.fi protocol is one of the most profitable projects on the Ethereum chain. The current ETHFI price is $1.28, with a market capitalization of approximately $1.2 billion. Users are advised to participate with caution.

3.3 Google Search (Global and Regional)

Global focus:

Simon's cat:

FLOKI officially announced the successful airdrop of Simon's Cat (CAT) tokens to eligible FLOKI holders. Based on previously announced criteria, users holding at least 400,000 FLOKI tokens received proportional airdrops directly to their Binance, OKX, and on-chain wallets. After receiving the airdrop, most users opted to sell their CAT tokens, causing the price to drop by 9.46% that day. Users are advised to stay on the sidelines.

Regional focus:

(1) Blum has garnered major attention in regions like South Asia and the CIS, with trending searches from countries including Pakistan, Belarus, and Ukraine.

(2) While trending searches in Europe and America are scattered, the main focus is on public chains, memecoins, and exchanges. Among public chains, MATIC appeared in trending searches in Australia, France, Italy, Germany, and Switzerland. Memecoins such as MANEKI, SHIB, DOGE, and CAT were trending in America, France, Spain, Germany, and Belgium.

4. Potential Airdrop Opportunities

Plume Network

Plume Network is a modular Layer 2 network dedicated to the RWA sector, specializing in integrated asset tokenization to supply vendor products directly on the blockchain. The project recently raised $10 million in a seed round funding, with investments from Haun Ventures, Superscrypt, Galaxy, and SV Angel.

Plume Network has recently launched its testnet and initiated promotions including Earn Mile, Check In, and Passport.

How to participate: 1. Visit the project's official website and select Connect Wallet to enter the app interface; 2. Earn Plume miles by completing tasks and check-ins within the platform, such as Swap, Stake, and Speculate.

Movement

Founded in 2022, Movement Labs raised $3.4 million in seed 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 solutions such as Optimism, Polygon, and Arbitrum.

Recently, Movement Labs secured $38 million in a Series A funding round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other notable institutions.

How to participate: Access the Movement Zealy task interface (Note: social tasks are time-sensitive and continuously updated), interact with the DEX via a few tests, and await further instructions from the official site.