Bitget Research: Bitcoin ETF anticipation led to panic selling yesterday

Announcement posted by Bitget 05 Jan 2024

BTC Briefly Falls to $40,000, Fed Meeting Minutes Dampen Expectations for Rate Cuts

Bitget Research, 2024/01/04

In the past 24 hours, there have been many new popular tokens and topics emerging in the crypto market, and perhaps they could be the next market spotlight. In today's Bitget Research we cover:

1.Popular Tokens
2.Popular NFTs
3.Popular DApps
4.Twitter Hot Topics
5.Regional Trending Searches

In Summary:

1. Popular Tokens:

INSC (Token) - A BRC-20 token representing inscriptions, INSC was deployed on March 17, 2023. After SATS, it was mined by certain community members, earning it a level of meme status within the BRC-20 sector. The token has a market cap of US$15 million and a 24-hour on-chain trading volume of US$880,000. It has 2250 holders, which is still considered a relatively small number.

BEND (Token) - BendDao, an NFT lending platform on Ethereum, recently issued BDIN inscription token, expanding BTC ecosystem NFT lending and cross-chain functionalities. IDOs will be conducted on BendDao, Bakery, and Turtsat, with long-term BEND token stakers having the opportunity to secure whitelist spots. BEND token has increased 185% over the past month, with a 24-hour trading volume of US$2 million.

MICKEY (Token) - A memecoin themed after Disney's iconic character Mickey Mouse. Since Disney no longer holds the original copyright for Mickey Mouse as of January 1st this year, multiple Mickey Mouse memecoins emerged on the chain. MICKEY gained consensus among investors and saw its market cap exceed US$10 million, with a 24-hour trading volume of US$6.25 million.

1CAT (Token) - 1Cat is the native token of the multi-chain gaming project, Bitcoin Cat. It marked Bakery's first IDO within the BTC ecosystem, maintaining a high market cap of over US$30 million. Following the lackluster performance of subsequent Bakery projects, the platform will collaboratively conduct an IDO for the BDIN inscription token with Turtsat and BendDao on January 6th.

ARB (Token) - Following BTC, ARB experienced a flash crash yesterday. After plummeting to US$1.39, it quickly rebounded, reaching a new historic high. The ecosystem remains strong, with projects like GMX and RNDT seeing varying degrees of rebound. The 24-hour trading volume on DEXs surpassed US$927 million, with a 24-hour increase of over 92%, overtaking Solana and ranking second.

2. Popular NFTs:

NodeMonkes (NFT) - An Ordinals NFT project featuring code monkeys as their meme attribute. The latest floor price has reached 0.249 BTC, surpassing Bitcoin Frogs to become the hottest NFT project in the Ordinal NFT market. Its market cap has surpassed US$100 million, with a 24-hour trading volume of over US$6 million on Magic Eden.

3. Popular DApps:

Uniswap (DApp) - As of January 3, the front-end transaction fees (revenue) of Uniswap Labs have accumulated over US$3.3 million, with a daily revenue of US$66,000. Previously, Uniswap Labs announced that beginning October 17, 2023, a 0.15% swap fee will be charged for certain tokens in its Web application and wallet. These tokens include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD.

Sleepless AI (DApp) - On January 2, the first NFT of SleeplessAI, HIM Genesis I, concluded its auction at midnight. The highest single bid exceeded 510 BNB, with the total auction amount surpassing 8477 BNB, approximately equivalent to US$2.6 million. The Launchpool for SleeplessAI has ended, and its token is expected to be listed soon. The airdrop will be available for claim 20 minutes before the listing.

Hooked Pickaxe (DApp) - A Web3 gamified social education platform. In late December 2023, it announced TUNO, a BRC-20 project, as its first fair launch initiative on the Hooked Education Launchpad. TUNO is an inscription project connecting BRC-20 and Ethereum ecosystem tokens, lacking innovation. It has already been distributed, with a total market cap of US$1.6 million and a 24-hour on-chain trading volume of US$6,000, indicating low popularity.

Gas Hero (DApp) - Gas Hero, developed by the former StepN team, is a Web3 social and strategy game. Unlike traditional games, Gas Hero places a strong emphasis on game theory, offering players richer strategies and utilizing decentralized trading platforms to maximize the transparency of on-chain data. The game has just launched, and the in-game NFT trading is quite active.

Port3 Network (DApp) - Port3, a social data gateway, will hold its public sale on January 7 at 22:00 (UTC+8) on platforms such as Bounce Brand, WePad, FlyBTC, and Poolz Finance, with the token ticker being PORT3. Established in 2022, Port3 Network is a portal for accessing and aggregating Web3 social data. The SoQuest application by Port3 enables projects to incentivize users to share their data through tasks and rewards to drive traffic.

Xai (DApp) - Xai is a game-centric blockchain built on Arbitrum and it is also the first Layer3 on this chain, with XAI being its native gas token. Binance has announced the launch of XAI in its Launchpool, with mining commencing on January 5 at 00:00 (UTC). Additionally, the XAI team has disclosed details about their token airdrop. The XAI airdrop will account for 5% of the total supply, totaling 125 million tokens. Vanguard NFT holders will receive 1307 XAI per NFT, Legendary NFT holders will get 290 XAI per NFT and Sentry Node Operators will be awarded 1658 XAI.

Jupiter Exchange (DApp) - Meow, the co-founder of Jupiter, outlined plans for a JUP token airdrop at the end of this month. To facilitate this, 10% of the tokens will be extracted from the team's wallet and 15% from the community wallet for use as liquidity provision, initial airdrops, and meeting community activity demands. It is estimated that on the first day of launch, between 15% and 17.5% of the tokens will enter the market circulation, with 10% to 7.5% stored in hot wallets and 75% stored in cold wallets.

Pixels (DApp) - During a community AMA, the blockchain game Pixels announced that the second season of Play to Airdrop will commence on January 5 (UTC+8). The distribution amount in season 2 will be less compared to the first and may include a lottery system. Furthermore, the token generation event (TGE) for the game's main token, PIXEL, will occur within one to two weeks, and the rewards from Play to Airdrop's first season will be distributed before this TGE.

4. Twitter Hot Topics:

ETH (Token) - The cryptocurrency market experienced a sharp decline yesterday, with core assets led by BTC and ETH briefly falling by over 10%, resulting in a significant drop in altcoins. The entire market saw over US$500 million in liquidations within an hour. The verdict on the spot Bitcoin ETF is anticipated within the next 1-2 weeks. The market's concentrated bullish strategy makes it susceptible to panic selling.

5. Regional Trending Searches:

BITCOIN (Token) - Yesterday, the minutes from the Federal Reserve's December meeting were released, indicating that the interest rate hiking cycle has definitively ended. However, the timing for the commencement of rate cuts is still undecided and might be delayed. According to CME data, the market's expectation for a rate cut in March decreased from 80% to 68%, which directly supported the rise of the US Dollar Index. In the cryptocurrency market, the heavy concentration of trading strategies focused on the anticipated approval of Bitcoin ETF played a significant role in the panic selling seen yesterday.

BTC Profile - BRC-20 BRC-20 Monitoring Module

Blockchain Profiles: ETH Chain, BSC Chain, Polygon Chain, Arbitrum Chain, Base Chain

DApp Ecosystem: All Chains, ETH Chain, BSC Chain, Polygon Chain, WAX Chain, Solana Chain, Arbitrum Chain, Base Chain, GameFi Sector Across All Chains

Gas Fee Consumption: ETH Chain, BSC Chain, Polygon Chain, Arbitrum Chain

Crypto News Google Trends - Global, East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan, Europe, CIS Region, Middle East, Latin America & Africa

Written by: Bitget Research

Data collection time: January 4, 10:30 AM UTC

Data sources: Dune, DApps, Twitter, Google

Note:

1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.

2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.

3) DApp daily activity (UAW: unique active wallets)

4) TGE (Token Generation Event)

5) In this report, the term "Entity" refers to both Contract Account (CA) and Ethereum Original Account (EOA), and is not a result of the aggregation of actual entity addresses.

Disclaimer: Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Bitget Wallet, the web3 arm of Bitget, is a decentralised multi-chain digital wallet supporting 250,000+ cryptocurrencies across 90+ chains, enabling exploration of DEX, DeFi, NFT, and metaverse. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organiser PGL.