Bitget Research Institute: The German government continues to sell off its reserves, leading to a liquidity crisis and a sharp decline across the market.

In the past 24 hours, the market has seen many new popular coins and topics, which are likely to be the next wealth creation opportunities.

Authored by: Bitget Research Institute

Abstract

Bitcoin (BTC) fell below $56,000 in the early session, with a 24-hour decline of nearly 5.8%, dropping to its lowest price since early May. Various sell-off information has exacerbated the market's pessimism and poor liquidity. Among them:

Sectors with strong wealth creation effects: ETH ecosystem, AI sector
User hot search tokens & topics: Unisat, Hamster, Tapswap
Potential airdrop opportunities: Magic Eden Wallet, Movement

Data statistics time: July 5, 2024, 4:00 (UTC+0)

I. Market Environment

Bitcoin (BTC) fell below $56,000 in the early session, with a 24-hour decline of nearly 5.8%, dropping to its lowest price since early May. At the time of this sell-off, the wallet of the now-defunct cryptocurrency exchange Mt. Gox showed signs of activity for the first time in a month, and the German government transferred over $75 million to cryptocurrency exchanges, with $75 million being sent to Kraken and Coinbase, indicating a clear intent to sell.

Various sell-off information has exacerbated the market's pessimism and poor liquidity, and it is recommended that investors focus on observing the market in the near term.

II. Wealth Creation Sectors

1) Sectors to Focus on in the Future: ETH Ecosystem

Main reasons:

On July 4, the Ethereum spot ETF listing plan fell through, causing a decline in some tokens in the Ethereum ecosystem. However, there is still a chance for the Ethereum spot ETF to be listed for trading in mid-July, so some tokens in the Ethereum ecosystem may have a certain oversold rebound opportunity.
Bloomberg ETF analyst James Seyffart stated on social media, "Asset management company Bitwise has submitted a revised version of the S-1 form for the Ethereum spot ETF, a few days ahead of the July 8 deadline. We expect other issuers to submit more revised S-1 forms this week. We believe these products may be listed later next week or in the week of the 15th."

Factors affecting the future market:

The main two core factors affecting the token prices of Ethereum ecosystem projects: 1. Whether the Ethereum spot ETF can be listed for trading in the near future, 2. The SEC's regulatory attitude towards certain projects. If the Ethereum spot ETF can be approved and listed for trading in mid-July, it will be considered a significant positive for all projects in the Ethereum ecosystem, otherwise, it may lead to market sell-offs due to dashed trading expectations.

2) Sectors to Focus on in the Future: AI Sector

Main reasons:

IO, ATH, and other recent new AI track infrastructure projects have received widespread attention in the market. These projects, as platforms, can generate relatively stable cash flow, and the AI track, as the core narrative of the global tech industry, will continue to raise the valuation of AI projects in the cryptocurrency industry.
Due to the recent market downturn, tokens in the AI sector have experienced a significant pullback, and the short-term market sentiment has been negatively impacted, leading to overselling. It is expected that the value will rebound significantly when the market warms up.

Factors affecting the future market:

AI narrative: Projects such as IO and ATH are AI computing power supply platforms, belonging to infrastructure projects. If these projects can cooperate with mainstream tech industry, such as reaching cooperation projects with companies like Apple, Microsoft, and Nvidia, the valuation of project tokens will naturally rise;
Core data for ecosystem development: Platform projects have relatively clear cash flow. If the platform demand can continue to develop healthily and stably generate cash flow, the valuation of platform tokens will enter a benign development phase.

III. User Hot Searches

1) Popular Dapps

Unisat

UniSat officially announced that it completed its Pre-A round of financing in May this year, with Binance leading the investment, and the specific amount of financing has not been disclosed. Unisat stated that this strategic investment strengthens the existing technical and business partnership between the two parties, laying a solid foundation for further cooperation in the future. Earlier, Inception Capital announced its participation in UniSat's Pre-A round of financing in May.

2) Twitter

Hamster:

Hamster Kombat is a click-based game based on Telegram, where players can earn gold coins by clicking or purchasing replacement coins in various ways. Players play the role of a cryptocurrency exchange CEO and can earn gold coins by clicking on hamsters on the screen on Telegram, strengthen the exchange, and upgrade hourly profits. In the future, they can receive token airdrop rewards, and players can also increase their income by subscribing to Telegram channels, inviting friends, and other methods. The current number of users has exceeded 200 million, making it the third fastest application to reach 150 million users in history.

3) Google Search & Regions

Global Perspective:

Tapswap:

Since early 2024, various tap-to-earn games on Telegram have caused a craze in the community. TapSwap was launched on February 15, 2024, and users can earn in-game tokens by clicking and completing tasks. Currently, the application has over 50 million users globally, with nearly 1 million active users online.

Regional Hot Searches:

(1) Asian countries: The terms "why crypto is down today" and "greed and fear index" have appeared at the top of hot searches in multiple Asian countries, with investors showing the highest level of concern for the reasons behind the market's major decline.

(2) European and American countries: There are no obvious hotspots, and the tokens and terms on the top search lists in each country are different. For example, Italian traders are focusing on TAO, NOT, SOL, while German users are focusing on SOL, LDO, and British users are focusing on ETH, TAO, and others.

IV. Potential Airdrop Opportunities

Magic Eden Wallet

Magic Eden is a well-known NFT marketplace, with heavyweight VCs such as Coinbase, Paradigm, and Solana investing. Magic Eden previously tweeted that the token claiming product in the wallet will be launched later in the third quarter.

Magic Eden Wallet is its mobile app. In addition to obtaining "diamond" points through trading NFTs, Magic Eden will soon release a test link for the Magic Eden Mobile Wallet on its official Twitter for users to test. This may also be a way to receive airdrops.

How to participate: (1) Follow Magic Eden Wallet's Twitter account (https://x.com/MagicEdenWallet) and set up notifications; (2) When the account releases the test invitation link, quickly click to use and test the app. Each release will only have a few thousand spots.

Movement

The blockchain development team Movement Labs was established in 2022 and previously completed a $3.4 million seed round of financing 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 such as Optimism, Polygon, and Arbitrum.

Recently, Movement Labs completed a $38 million Series A financing, led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and many other well-known institutions.

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