Bitget Research: Mt. Gox Repayment Assets Continue to be Sold, Short-Term Market Conditions Remain Weak

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Bitget Research2024/08/02 07:54

By:John & Victoria

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 US ISM Manufacturing PMI for July fell significantly more than economists anticipated, leading to interest rates dropping to multi-month lows. Despite $26.2 million in net inflows into the spot Ethereum ETF and $50.4 million into the spot Bitcoin ETF yesterday, Bitcoin continues to trend downward, indicating poor market conditions in the short term. The highlights are as follows:

Sectors with strong wealth creation effect: Curve-related tokens (CRV and CVX), and the Memecoin sector (NEIRO).
Top searched tokens and topics: Morpho and Aptos.
Potential airdrop opportunities: Symbiotic and Mezo.

Data collection time: August 2, 2024, 4:00 AM (UTC)

1. Market Environment

The US ISM Manufacturing PMI for July fell significantly more than economists anticipated, leading to interest rates dropping to multi-month lows. Additionally, the number of initial claims for unemployment insurance in the US has jumped to its highest level in about a year. These data further confirm that the US is on the verge of a monetary easing cycle by the Federal Reserve, which in some ways is a positive development for risk markets.

Despite $26.2 million in net inflows into the spot Ethereum ETF and $50.4 million into the spot Bitcoin ETF yesterday, Bitcoin continues to trend downward. After reaching $70,000 earlier this week, it saw a significant pullback, with the price falling to a two-week low of $62,700 last night, indicating poor market sentiment in the short term.

2. Wealth Creation Sectors

2.1 Sector Movements – Curve-Related Tokens (CRV and CVX)

Primary reasons:

A significant whale activity was noted as 18 million CRV tokens, valued at $4.68 million at an average price of $0.26, were withdrawn from Binance and OKX within the last 30 hours. Additionally, the same whale withdrew another 5.5 million CRV tokens, worth approximately $1.51 million, from Binance.

Gainers: Over the past 24 hours, CRV and CVX rose by 7.46% and 5.38%, respectively.

Factors affecting future market conditions:

Curve remains one of the prime venues for stablecoin block trading and continues to maintain decent real profits. The main issue is that its narrative is somewhat outdated, lacking exciting new products or operations to stimulate the market. Additionally, recent incidents and liquidation have unavoidably raised concerns about its stability. However, considering that several whales bought CRV over-the-counter at prices above $0.30, the price of CRV remains attractive.

2.2 Sector Movements – Meme Sector (NEIRO)

Primary reasons:

NEIRO saw significant support from influencers, particularly those communicating in Japanese. With endorsements from influencers like @apipiro22, @mikky_8080, @yukimaru_potty, @BrotherMKT, @KookCapitalLLC, and @OfficialTravlad, who boast tens to hundreds of thousands of followers, NEIRO's price has significantly increased.

Gainers: NEIRO increased over 15% against the trend.

Factors affecting future market conditions:

On-chain activity: The valuation of DeFi infrastructure depends on whether the chain can maintain a stable top market share, i.e., active on-chain users and DEX trading volume. These are crucial for different chain's DEX, PERP, oracles, and liquidity staking projects. Investors should closely monitor such data to assess market valuation adjustments.
Financial aspects: Following the launch of the Ethereum ETF, market liquidity for ETH has gradually increased. As liquidity increases, related memecoins may see further price rises due to fund flows.

3. Top Searches

3.1 Popular DApps

Morpho

The DeFi lending protocol Morpho has completed a $50 million funding round led by Ribbit Capital, with participation from a16z crypto, Coinbase Ventures, Variant, Pantera, Brevan Howard, BlockTower, and Kraken Ventures. The valuation details have not been disclosed yet. Morpho combines the capital efficiency of a peer-to-peer matching engine used in order books with the current liquidity pool model used in Compound or AAVE. Morpho-Compound enhances the user experience of Compound by offering the same liquidity and liquidation parameters, but with higher APY due to peer-to-peer matching.

3.2 X (former Twitter)

Bitget Research: Mt. Gox Repayment Assets Continue to be Sold, Short-Term Market Conditions Remain Weak image 0

Aptos

Yesterday, OKX Ventures and the global blockchain leader Aptos Foundation announced the launch of a new $10 million fund aimed at supporting the growth of the Aptos ecosystem and the broader adoption of Web3. This fund will finance an accelerator program operated in collaboration with Ankaa and intended to bolster the growth of high-quality projects and applications built on Aptos. Aptos is a scalable Layer 1 PoS blockchain that uses the Move programming language to make on-chain transactions more reliable, easier-to-use, and secure. The accelerator will provide selected Aptos ecosystem projects with venture support, focused mentorship, go-to-market exposure, and access to a joint network of experts from OKX, Ankaa, and the Aptos Foundation.

3.3 Google Search (Global and Regional)

Bitget Research: Mt. Gox Repayment Assets Continue to be Sold, Short-Term Market Conditions Remain Weak image 1

Global focus:

Why is down today fear and greed index:

The US ISM Manufacturing PMI for July, released yesterday, fell significantly more than economists had anticipated, causing interest rates to drop to multi-month lows. The fear gauge (VXX) rose by 13.55%, intensifying risk-averse sentiment, leading to a decline in crypto assets.

Regional focus:

(1) In the CIS region, TapSwap is a hot topic. This Tap2Earn mini-app, received an endorsement from Telegram founder Pavel Durov. Launched at the end of 2023, it initially soared on the Solana network before transitioning to the TON ecosystem, where it has garnered significant attention.

(2) No distinct hot topics are observed in Asia, but there is notable interest in U.S. stocks such as Tesla and NVIDIA in the Philippines.

(3) Latin America shows an increased interest in SOL and ETH, with AI project sectors appearing on hot searches in Colombia and Argentina.

4. Potential Airdrop Opportunities

Symbiotic

Symbiotic is a generalized restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It offers decentralized applications a method known as AVS (Active Validation Service) to collectively ensure mutual security.

Symbiotic recently raised $5.8 million in seed round funding led by Paradigm and Cyber Fund.

How to participate: Visit the project's official website, link your wallet, and deposit ETH and ETH LSD assets.

Mezo

Mezo is a BTC Layer 2 project focusing on the BTC ecosystem. It assists 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 have set strong expectations for an upcoming airdrop. The project is currently in the early stages of its operation.

How to participate: 1. Visit the project's official website and find an invite code on Discord; 2. Enter the invite code and connect a Unisat wallet; 3. Deposit BTC.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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