Bitget Research Institute: Hong Kong Bitcoin ETF approved, short-term Middle East situation profoundly affects the market trend

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Bitget研究院
1 months ago
This article is approximately 1500 words,and reading the entire article takes about 2 minutes
Yesterday, the Hong Kong Securities and Futures Commission approved the BTC spot ETF of three institutions. After a 4-hour rebound, BTC tested the support level of 63,000 US dollars. If BTC breaks through, the next stage of support will be around the integer mark of 60,000 US dollars. Traders pay attention to changes in the situation in the Middle East and respond to trading opportunities in a timely manner.

In the past 24 hours, many new popular currencies and topics have appeared in the market. It is very likely that they will be the next opportunity to make money.

The Hong Kong Securities and Futures Commission has approved the BTC spot ETF in principle. BTC is leading the market to a short-term rebound, and intraday trading opportunities are obvious:

  • Sectors with strong wealth creation effects are: BTC ecosystem (CORE), RWA track (ONDO, OM), BTC ecosystem new assets

  • Hot searched tokens and topics by users: MEW, Railgun (RAIL), GCR (Legendary Trader)

  • Potential airdrop opportunities include: Parcl (long-term incentive plan after TGE), Karak

Data statistics time: April 16, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, the Hong Kong Securities and Futures Commission approved the BTC spot ETF of three institutions. After a 4-hour rebound, BTC tested the support level of 63,000 US dollars. If BTC breaks through, the next stage of support will be around the integer mark of 60,000 US dollars. Traders pay attention to changes in the situation in the Middle East and respond to trading opportunities in a timely manner.

The market expects that inflation may rebound higher, resulting in the dollar index remaining strong, and recently stabilizing at the 106 integer mark. The market expects that the Fed will most likely not cut interest rates for the first time in June. At the same time, the market expects that there may only be two interest rate cuts this year. Yesterday, the US 10-year Treasury bond rate jumped by about 10 basis points, and the crypto market was under pressure.

2. Wealth-making sector

1) Sector changes: BTC ecosystem (CORE)

Main reasons: 1. BTC halving is coming soon and has become the focus of market attention; 2. Bitcoin mining pool Spider Pool announced that it will allocate computing power to the Core ecosystem for dual mining;

Rising situation: CORE rose 56% in 24 hours, and trading volume also increased;

Factors affecting the market outlook:

  • Contract data: Through contract data, we can understand the trend of major funds and observe the increase in net long positions on the contract. The net increase in contract longs, the rise in OI, and the increase in trading volume indicate that the major funds continue to buy and can be held continuously;

  • Project side’s actions: Pay attention to the project side’s Twitter and TG/DC news releases. During the BTC halving period, the possibility of BTC ecological projects releasing positive news is very high. It is necessary to pay attention to the release of project side news in a timely manner, and then judge whether it is good for shipment or long-term positive information.

2) Sector changes: RWA track (ONDO, OM)

The main reasons are: 1. Parcel, a RWA track project on Solana, is about to issue tokens, which has attracted high market attention; 2. Kraken launched ONDO, which is actually beneficial;

Rising situation: ONDO and OM rebounded sharply in a short period of time, ONDO hit a high of 1 USD, and OM rose by 20% in 24 hours;

Factors affecting the market outlook:

  • Changes in macro monetary policy: In terms of the macro environment, the rise in the yield of the 10-year U.S. Treasury bond supports the fundamentals of the RWA track; we need to pay attention to the subsequent changes in the U.S. dollar index, U.S. Treasury yields and the crypto market, and dynamically adjust trading strategies;

  • Changes in project TVL: RWA track projects are basically supported by TVL. You can pay attention to the changes in TVL of the RWA track. If the TVL of a project continues to rise/suddenly rises, it is usually a signal to buy;

3) Sectors that need to be focused on in the future: New assets in the BTC ecosystem

The main reason: the BTC ecosystem is active as the halving is imminent, and the founder Casey’s genuine Runes protocol will be officially launched around the 20th of this month;

Specific currency list:

  • RUNES assets: BTC core developer Caseys new asset protocol Runes is about to be launched on the mainnet, and hot assets in the ecosystem may appear;

  • CKB: The RGB++ protocol developed by CKB has been very popular recently. It is an asset issuance protocol for the BTC ecosystem and has a good ecological wealth effect.

  • QUARK (ARC-20): The project with the most coin holding addresses in the Atomical ecosystem and a huge community base.

3. User Hot Searches

1) Popular Dapps

REVOX (Former ReadON):

ReadON was originally a decentralized content distribution platform, SocialFi track. Yesterday, an announcement was issued that the brand was upgraded to REVOX, and it transformed into a Web3 AI network, promoting AI-driven Dapp innovation through modular agents. Yesterday, ReadONs Unique Active Users on Polygon = 158 k, ranking second in Polygons daily active users, second only to Matr1x. In the past six months, many project parties have transformed into the popular BTC Layer 2 or AI track in this round of market. The quality of new products after the transformation is uneven, but there are still some projects with wealth benefits, which are worth paying attention to.

2) Twitter

Bitget Research Institute: Hong Kong Bitcoin ETF approved, short-term Middle East situation profoundly affects the market trend

MEW (cat in a dogs world):

The meme coin on Solana once carried out a large-scale airdrop to Solana mobile phone users. According to the market price at the time of the airdrop, the airdrop value was about 4 million US dollars. The token was very strong in the rebound after the market crash, doubling in a single day, and then OKX launched MEW. Due to the large amount of early airdrops, the project party is likely to have not yet made a profit on the asset, so the project party has the motivation to pull the market again to create liquidity and sell the coin for profit.

3) Google Search Region

Bitget Research Institute: Hong Kong Bitcoin ETF approved, short-term Middle East situation profoundly affects the market trend

From a global perspective:

Railgun (token is RAIL):

On April 15, Vitalik transferred 100 ETH to the DeFi protocol Railgun, and the project token RAIL rose by +190% in a short period of time. Previously, Vitalik said: Railgun uses a privacy pool protocol, which can effectively prevent malicious actors from joining and protect user privacy. Currently, Railguns TVL exceeds 30 million US dollars. Its fundamentals may not be enough to make it listed on multiple well-known exchanges. Its privacy transaction attributes may also be rejected by the top exchanges during due diligence. The trend of tokens and project development still need to be observed.

From the hot searches in each region:

(1) The word “GCR” has become a hot search term in many countries in Southeast Asia:

Legendary trader GCR (Twitter account @GCRClassic) posted a post, sharing and summarizing ten core crypto investment suggestions and experiences. GCR appeared in the top search terms in Indonesia, Singapore and other places.

(2) In South Asia, “chinese crypto coins” became a hot search term in India and Pakistan;

(3) Europe and the United States pay great attention to AI and RWA:

RNDR, FET, and TAO were the top 1 trending searches in Switzerland, Italy, and Canada respectively yesterday. The keyword RWA also appeared in the top ten trending searches in Europe and America.

Potential Airdrop Opportunities

Parcl (Long-term incentive plan after TGE)

Parcl (PRCL) is a real estate RWA project on Solana. Dragonfly, Coinbase Ventures, Solana Ventures and others participated in the investment, which is in line with the RWA hotspot in this round of market.

Parcl has just finished the third phase of the activity. The token will be TGE soon and the airdrop will be available. Then the Permanent Points Program will be launched, and future LP providers, traders, community contributors, etc. will be rewarded on a continuous basis. According to the PRCL OTC price of the first airdrop of Parcl, the ROI of providing LP for 2 months is more than 18%, and APY= more than 111%.

Specific participation methods: 1) As before, you can earn points by providing LP and conducting transactions; 2) Token staking will be launched after the token TGE, and token staking users and Homeowners Association NFT holders will receive additional airdrop incentives in the future.

Karak

Karak is Ethereum Layer 2, a re-staking layer with multi-chain advantages. Andalusia Labs behind it is a digital asset risk infrastructure provider, raising $51.2 million, and investors include Panetra, Lightspeed Capital, Framework Ventures, etc. Staking in Karak can get staking rewards + re-staking rewards + Eigenlayer points + staked LRT points + Karak XP at the same time.

Specific ways to participate: 1) Add the Karak network (you can add Karak Mainnet on chainlist); 2) Cross-chain the currency to the Karak chain (currently supports rswETH, USDC, wETH), and stake it in Karak Pools.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603808265

【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.

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