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Bitget Research: Bitcoin ETFs Continue to See Net Outflows, zkSync Launches Token Airdrop

Victoria & John
2024/06/12
Bitget Research: Bitcoin ETFs Continue to See Net Outflows, zkSync Launches Token Airdrop
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 overall market is cautiously waiting for tonight's U.S. FOMC meeting and CPI inflation data. The highlights are as follows:
  • Sectors with strong wealth creation effect: Blue-chip chains, ETH ecosystem projects.
  • Top searched tokens and topics: UXLINK, ZKSYNC, and IO.Net
  • Potential airdrop opportunities: Nile Exchange and Spark.
Data collection time: June 12, 2024, 4:00 AM (UTC)

1. Market Environment

In the early hours of yesterday, Bitcoin experienced a significant drop, hitting a low of $66,032 and falling more than 5.5% over 24 hours before rebounding to $67,500 by morning. The high volatility was marked by $255 million in total liquidations in the past 24 hours, with long positions accounting for $236 million and short positions $19.5956 million, with the majority being long positions. The U.S. stock market showed fluctuations as the overall market adopted a cautious stance in anticipation of the U.S. FOMC meeting and CPI inflation data tonight.
Yesterday (June 11, ET), spot Bitcoin ETFs saw a net outflow of $200 million, ending 19 consecutive days of net inflows. Grayscale's GBTC had a net outflow of $121 million for the day, bringing its total historical net outflows to $18.093 billion. The recent wealth effects have been pronounced in new tokens, such as NOT, which showed a substantial increase after listing on Binance, including IO, which was opened for trading on the same platform yesterday. Investors are advised to keep an eye on new token launches and the market performance of some blue-chip chains.

2. Wealth Creation Sectors

2.1 Sector Movements — Blue-chip chains (FTM and TON)

Primary reason: The TON and FTM ecosystems are actively managing their communities and releasing updates on new projects, which circulates wealth within these ecosystems and creates potential buying interest in their assets.
Gainers: FTM rebounded slightly to $0.65 yesterday; TON hovered around $7.
Factors affecting future market conditions:
  • Impressive data across the board: Since February, the activity on the TON network has been on an upward trend, with daily active addresses now exceeding Ethereum. The ecosystem's TVL has surpassed $460 million, setting a new historical high
  • Continued ecosystem development: Yesterday, the Fantom Foundation released the second Sonic governance proposal, including an airdrop of S tokens for Opera and Sonic users and a plan to increase activity and TVL through a burning mechanism. The TON ecosystem also announced the launch of the fourth season of the TON OpenLeague, starting at 19:00 today. This season features enhanced pools on STON.fi and DeDust and offers more than $1.8 million in rewards over the next two weeks. Users can earn rewards by maintaining on-chain activity and providing liquidity.

2.2 Sectors to Focus on Next — ETH Ecosystem Projects

Primary reason: The decision on the spot Ethereum ETF is expected by the end of June or early July, which might lead to hype around ETH ecosystem assets. Recently, this sector has seen a significant pullback, creating attractive entry points.
Specific tokens:
  • UNI: The first DeFi Swap project on the blockchain, Uniswap, has generated US$2.022 million in transaction fees over the past 24 hours, showing substantial revenue.
  • LDO: A leading LSD project within the ETH ecosystem. It has a TVL of $34.4 billion but is valued at just under $2 billion, making it relatively undervalued.
  • PENDLE: The project's TVL has been on a continuous rise, now standing at $6.6 billion. The increase in stablecoin market cap and high demand in the restaking sector have led to an increased demand for PENDLE's services during the bull market.

3. Top Searches

3.1 Popular DApps

UXLINK: A pioneering Web3 social system designed for mass adoption, enabling users to build social assets and trade cryptocurrencies. It includes a highly modular range of DApps, from entry-level to graph formation, group tools to social trading, all seamlessly integrated into Telegram. UXLINK recently announced a funding round led by SevenX Ventures, Ince Capital, and HashKey Capital, with a total of $15 million raised. UXLINK, a Web3 social infrastructure project, has issued "IN UXLINK WE TRUST" NFT collection as airdrop vouchers. Given the substantial funding, users may consider participating in its airdrop promotion.

3.2 X (former Twitter)

ZKSYNC: Yesterday, ZKSync launched its airdrop checker, leading to significant dissatisfaction among users on X who met the criteria but did not receive the airdrop. In response, ZKSync explained that not meeting one or more of the airdrop criteria does not confer a legal right or entitlement to the airdrop; all decisions related to the airdrop distribution are made solely by the ZKSync Association. The current OTC price for ZKSync (ZK) is approximately $0.35, with a 24-hour decline of over 40%.

3.3 Google Search (Global and Regional)

Global focus:
IO.Net: The project is a decentralized computing network that supports the development, execution, and scaling of ML applications on the Solana blockchain. It combines one million GPUs to form the world's largest GPU cluster and aggregates underutilized resources. Additionally, Bitget is listing IO token on its PoolX staking platform today, where staking IO yields IO with a total prize pool of $100,000 worth of IO. The mining period is from June 12, 4:00 PM, to June 22, 4:00 PM (UTC+8).
Regional focus:
(1) In the English-speaking regions, there is significant divergence in interest. The USA primarily focuses on memecoins, with trending tokens like Pepe, Floki, and Boden. However, Australia and the UK are more interested in chains, with projects such as Monad, ICP, and Sui appearing more frequently in searches.
(2) In Europe, the focus is on fundamental projects, especially chains and some mainstream altcoins. Popular trending projects include chains like Solana and Ethereum, and large-cap altcoins like UNI and RNDR.
(3) The CIS region focuses on opportunities such as the TON ecosystem and DePIN, with Notcoin and Grass appearing frequently in the searches.

4. Potential Airdrop Opportunities

Nile Exchange
Nile is a concentrated liquidity DEX on Linea that combines incentive mechanisms with concentrated liquidity for higher capital efficiency. As the sister fork to RAMSES on Arbitrum, NILE inherits the proprietary Concentrated Liquidity ve(3,3) implementation. Nile Exchange is one of several eligible protocols in Linea's The Surge promotion, providing liquidity to the Nile protocol can also earn Linea's LXP-L points.
How to engage: On the Linea mainnet, deposit LP positions like weETH/ETH, wrsETH/ETH, ezETH/ETH, USDC/USDT into Nile to earn a high APY and multiple points.
Spark
Spark Protocol is a lending market launched by MakerDAO, which integrates direct lending functions into MakerDAO. Through Spark, users can access DAI loans using assets such as ETH, stETH, and sDAI.
Spark has announced the upcoming second season of SPK token pre-mining, which will be allocated to eligible SparkLend users on Ethereum. The second pre-mining season started on May 20 (UTC) and will conclude with the launch of SPK and Spark SubDAO.
How to participate: Refer to the project announcements for specific requirements, including the amount of ETH deposited, the amount of DAI borrowed, and the duration of the ETH deposit or DAI loan position.
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