Bitget Research Institute: BTC price rebounded to exceed US$70,000, Base ecological wealth effect is significant

In the past 24 hours, many new popular currencies and topics have emerged in the market, and it is very likely that they are the next opportunity to make wealth.

Written by: Bitget Research Institute

• Sectors with strong wealth-creating effects are: blue-chip sectors and Base ecology;

• The most popular tokens and topics searched by users are: GPT, TON, PENDLE, VENOM, RWA;

• Potential airdrop opportunities include: StakeStone, AlphaOrBeta;

Data statistics time: 4:00 on March 26, 2024 (UTC+ 0)

1. Market environment

The market rebounded sharply yesterday, with BTC breaking through the integer mark of 70,000 US dollars again, and the wealth effect of the overall market was good. The net outflow of BTC spot ETFs reversed, with traditional funds inflowing $15 million through BTC spot ETFs yesterday. The reversal of capital trends is of greater significance and boosts the sentiment of the entire market.

BTC spot ETFs rose by about 11% across the board, bull market engine MicroStrategys U.S. stocks closed up 21.8%, and Coinbases stock rose above $280, forming a new high in the past three years. It has been less than 30 days since the BTC halving, and traditional funds have accelerated their deployment of cryptocurrency-related assets, which is good for the market.

2. Wealth creation sector

1) Sector changes: blue chip sectors (BTC, ETH, SOL)

The main reasons: 1. BlackRock IBIT rose 11% in a single day, and traditional funds were bullish on BTC; 2. BTC ETF outflows reversed, resulting in a net inflow of US$15 million;

Rising situation: BTC broke through 70,000 US dollars, ETH stood firm at 3,600 US dollars, and SOL rebounded above 190 US dollars;

Factors affecting the market outlook:

• Whether the net inflow of BTC ETF can be sustained: The net inflow data of BTC ETF has maintained a net outflow for several trading days. The trend began to reverse yesterday, showing a state of net inflow; in the future, we need to pay attention to whether the net inflow of BTC ETF can be sustained. If the net inflow continues To increase investment, you need to consider increasing investment spot/increasing leverage;

• Contract liquidation situation: In the past 24 hours, the entire market liquidated $180 million, of which short positions liquidated $120 million. The short side suffered a greater loss in strength, forming a phased upward rebound. You can continue to pay attention to the liquidation situation of the contract. If the short side continues to liquidate, you can continue to look long and squeeze short.

2) Sector changes: Base Ecology (DEGEN, AERO)

The main reasons: 1. The market stabilized and rebounded sharply, funds on the market were active, and sector rotation resumed; 2. Coinbase directly invested in ecological projects in the early stage and was endorsed by well-known institutions;

Rise: DEGEN rose 22% in 24 hours, AERO rose 26% in a single day;

Factors affecting the market outlook:

• Whether the TVL of the Base ecosystem continues to rise: According to DeFillama data, the TVL of the Base chain has continued to rise within the month, and has shown a rapid rise in the past week, indicating that funds are flowing into the Base ecosystem. In the future, you can continue to pay attention to the changes in TVL of the Base ecology. To maintain the inflow of funds, you can continue to invest in ecological projects, and if there is stagflation, you can appropriately stop profits;

• Crypto market sentiment: The market rebounded sharply yesterday, and the wealth effect was good. The market wealth effect spilled over to the Base ecosystem; if the market maintains an upward trend, you can continue to invest in Base ecological assets;

3) The sector that needs to be focused on in the future: ETH Layer 2 sector

The main reason: Base ecological funds are highly active, and the wealth effect will flow in the ETH ecosystem, forming potential purchases of Layer 2 assets;

Specific currency list:

• OP: The Base public chain is built using OP stack technology. Last year, it signed a benefit sharing agreement with the OP Foundation and is a direct beneficiary of the booming Base ecosystem;

• ARB: The TVL of the Arbitrum ecosystem continues to rise in the bear market, which can provide original funds for ecological development and project deployment. However, the performance of the ARB token is weak, the risk-return ratio is reasonable, and there is room for supplementary growth;

• STRK: A layer 2 asset that has just been launched, there are fewer hold-ups above and less resistance to rising; STRK rebounded 7%+ in a single day, and a consensus is gradually forming;

3. User hot searches

1) Popular Dapps

QnA3 (the token is GPT):

Last week, Solana ecology and AI track project QnA3 (the token is GPT) and Solana jointly announced that they will launch an in-depth strategic cooperation and GPT will be migrated to the Solana chain. The joint official announcement of two eco-systems that are currently the most popular in the market has brought greater popularity to the QnA3 project. In the past 24 hours, QnA3s unique active wallets (UAW) data on the Solana chain has reached 183.26 k.

2）Twitter

Pendle（PENDLE）：

Yesterday, the price of PENDLE currency exceeded 4 US dollars, setting another record high. As a Web3 interest rate split protocol, Pendle waited for an opportunity under the LST and restake craze, and gained high visibility and a TVL of more than 2.8 billion US dollars. Previously, there was no well-known resrake project on the market to issue coins, and the hot money in this track continued to push up the price of PENDLE. Therefore, the market is discussing whether the attention in this track will be diverted and hot money will be withdrawn from PENDLE after LST protocols such as ether.fi successively issue coins. Judging from the results after the issuance of ETHFI, PENDLE still maintains a good upward trend, and the development of the entire restake track deserves continued attention.

3) Google Search Region

From a global perspective:

（1）Toncoin（TON）：

The TON token has increased by +150% in the past month. It currently ranks 11th on the cryptocurrency market capitalization list and is sprinting towards the top 10 positions. Recently, the fundamental data of the TON ecosystem has improved significantly: DefiLlama shows that the TVL of the TON ecosystem has exceeded US$80 million, which is four times the TVL value in early March. At the same time, efforts are also being made in ecological construction: the TON Foundation plans to launch the first season of the public league on April 1 and provide Toncoin community rewards of US$115 million to stimulate ecological construction and user activity. There is no star project in the TON ecosystem yet. At present, the TON token itself, the token UP of the ecological IDO platform TonUp, and the leading meme coin FISH in the ecosystem are all worthy of attention.

（2）Venom（VENOM）：

Venom is a public chain project. OKX announced that the initial coin listing is about to begin. Judging from the disclosed information, Venom Foundation is the first Layer 1 blockchain licensed and regulated by the Abu Dhabi International Financial Center. It has cooperated with Iceberg Capital to launch the $1 billion Web3 fund VVF. The social media traffic of the project is very high, but at the same time, it should be noted that the initial circulation market value and fully diluted market value of the project are relatively high, and there may be multiple airdrop studios participating in the early interactions of the project. There may be a larger number at the opening. Selling pressure.

Judging from the hot searches in each region:

(1) Various regions in Asia showed different projects and tracks of concern yesterday:

The top hot searches in Singapore are BOME and JUP, showing attention to the meme coin in the Solana ecosystem; GALA and TON appear in hot searches in the Philippines, indicating its concern for the GameFi and TON ecology; in Hong Kong, RWA has appeared in hot searches, which may be related to the recent trend. ONDOs surge is related to the expectation of BlackRocks entry; the key hot words in Malaysia and Thailand are AVAX and DePIN respectively.

(2) European and American users show concern for unissued currency projects Grass and Berachain:

Grass, a network sharing application project on the cloud computing track, and Berachain, which is highly discussed in the market, have appeared on hot searches in Poland, the United States, Argentina, Chile and other countries.

(3) Russian users have always been very concerned about cryptocurrency data query applications:

DeBank and Dune appeared on the trending searches in Russia yesterday, and Arkham is also a frequent visitor in the region.

(4) RWA appears at the forefront of searches in Saudi Arabia and the United Arab Emirates, indicating the interest in this track in the Middle East.

4. Potential airdrop opportunities

StakeStone—a full-chain LST protocol that just received investment from Binance

StakeStone is a full-chain LST protocol, and the LST token symbol is STONE, which can integrate multiple income sources including Ethereum staking, re-staking, real-world assets, artificial intelligence and decentralized physical infrastructure network assets.

StakeStone’s TVL has reached US$1.2 billion, and Binance Labs has just officially announced its investment in StakeStone. Users who have previously used STONE to participate in Manta New Paradigm can also receive StakeStone airdrop points and EigenLayer airdrop points. The project party and LayerZero may cooperate with multiple public chain projects in the future, providing multiple opportunities to “eat one fish and eat two”.

Specific participation methods: (1) Go to the StakeStone official website to exchange your ETH stake for STONE; (2) Find the most suitable public chain for you to eat two things, and use the Bridge function to cross-chain STONE to the corresponding chain. Currently, Linea and Mantle are supported , BNB Chain, Base, Manta Pacific, Mode, Astar zkEVM, these chains, it is currently recommended to cross-chain to Mode or Linea for interaction. In the future, you can wait for the project party to announce new cooperation before participating in more interactions.

AlphaOrBeta—zero-cost interaction, a finalist for the Binance Labs MVB VII accelerator program

AlphaOrBeta is a social QA and voting platform, a protocol designed to allow users to earn profits and airdrops by voting on polls, sharing opinions and predictions on social media.

The developer of AlphaOrBeta is OpinionLabs, which is a finalist of the Binance Labs MVB VII accelerator program. According to the projects past activities, it also cooperates with the Mantle public chain. The interaction of the project is simple. You only use the test coins given by signing in every day to interact. You dont even need to use gas. It is completely zero-cost interaction. Of course, you can also use real tokens + paying gas to vote.

Specific participation methods: (1) Log in and sign in to receive abETH test coins, share the Polls you are interested in on social media or invite friends to join to get more test coins; (2) Select the Polls you are interested in and vote with free test coins , divide the test coins and AlphaOrBeta point rewards, and the point rewards are likely to be an important basis for future airdrops.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603807200

[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.