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Bitget Research: Ethereum Spot ETF Trading Volume Exceeds $1.019 Billion on First Day, TON Ecosystem Mini-Games Remain Popular

Victoria & John
2024/07/24
Bitget Research: Ethereum Spot ETF Trading Volume Exceeds $1.019 Billion on First Day, TON Ecosystem Mini-Games Remain Popular
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

In the past 24 hours, the price of Bitcoin (BTC) has remained around $66,000 while the first-day trading volume for spot Ethereum ETFs has exceeded $1.019 billion. However, the wealth effect is concentrated in certain sectors and projects, which are as follows:
  • Sectors with strong wealth creation effects: AI sector and Ton ecosystem.
  • Top searched tokens and topics by users: Jito, Ethereum, and AVAIL
  • Potential airdrop opportunities: Mezo and Kakarot
Data collection time: July 24, 2024, 4:00 AM (UTC)

1. Market Environment

In the morning, the price of Bitcoin remained around $66,000, while altcoins experienced a general decline. BTC's price has been relatively stable, slightly below $66,500 over the past 24 hours, while ETH's price fluctuated between $3400 and $3500. Several key projects announced the completion of their funding rounds yesterday. Catizen, a mini-game within the TON ecosystem, continues to gain popularity, and the cross-chain protocol project Owlto Finance recorded over 110,000 cross-chain transactions in the past 24 hours, accounting for 25% of the market. The overall wealth effect is concentrated in the AI sector and the TON ecosystem.
Regarding yesterday's (July 23) data for U.S. spot Bitcoin ETFs, BITB saw a net outflow of $70.3 million, ARKB experienced a net outflow of $52.3 million, and EZBC had no inflows or outflows. Following the approval, spot Ethereum ETFs generated over $1.019 billion in trading volume on their first day of trading, with Grayscale ETHE accounting for about half of the total trading volume and a total net inflow of $106 million yesterday. Bitwise announced it will donate 10% of its spot Ethereum ETF profits to Ethereum open-source developers. According to official reports, the Grayscale Ethereum Trust (ETHE) currently holds over 2.629 million ETH, with assets under management exceeding $9 billion. Investors should monitor the fund flow of the Grayscale Ethereum Trust to gauge potential pressure on ETH prices.

2. Wealth Creation Sectors

2.1 Sector Movements – AI Sector (FIL, TAO, and NEAR)

Primary reasons:
  • Yesterday, SingularityNET, a decentralized AI platform, announced a $53 million investment in a modular supercomputer dedicated to decentralized artificial general intelligence (AGI). The initial phase includes a $26.5 million investment in supercomputer infrastructure, incorporating modular data centers from Ecoblox and high-performance processors from Nvidia, AMD, and other companies.
  • Grayscale has announced on X that its newly launched Grayscale Decentralized AI Fund is now open to qualified investors. This fund offers diversified investments in the intersection of AI and cryptocurrency. As of July 22, the Grayscale Decentralized AI Fund has assets under management totaling $562,664.08.
Gainers: Investors can consider buying the dips on Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
Factors affecting future market conditions:
  • Positive news: Recent favorable announcements from projects like Near and Filecoin have been well-received by the market. Additionally, the Worldcoin Foundation has revealed plans to launch the World Chain, with further developments expected in the next two months. Worldcoin developers are also seeking to collaborate with PayPal and OpenAI.
  • Financial impact: With Grayscale's launch of the Grayscale Decentralized AI Fund LLC, mainstream investors now have a new tool for investing in the crypto AI sector. This makes it easier for traditional finance to invest in this sector, and the influx of capital is expected to continuously drive up the value of AI-related crypto assets.

2.2 Sectors to Focus on Next – TON Ecosystem

Primary reasons:
  • In the otherwise dull primary crypto market, TON is one of the few public chains that have kept users in a state of FOMO for months. Yesterday, Binance Labs announced an investment in Pluto Studio, the publishing platform for Telegram-based Web3 game Catizen. While the investment amount was not disclosed, the announcement has sparked interest in TON ecosystem mini-games. Telegram CEO Pavel Durov announced on his channel that the mini-game Catizen, which has over 26 million players, has earned $16 million through in-app purchases and donated 1% of its earnings to rescue stray cats.
Factors affecting future market conditions:
  • The ability of high-traffic projects within the TON ecosystem, such as Catizen and Hamster Kambot, to continue generating wealth effects will be crucial. The speed at which the TON ecosystem can address the gaps in its DeFi offerings will significantly influence the stability and potential for further increases in TON.

3. Top Searches

3.1 Popular DApps

Jito: Jito is currently the largest liquid staking protocol in the Solana ecosystem, with its TVL surpassing $2 billion for the first time yesterday. Jito is currently the only protocol on Solana with a TVL surpassing $2 billion. OKX Web3 wallet also announced its integration with Jito services, further enhancing users' Solana network trading experience. Solana's price has risen more sharply than Bitcoin and Ethereum, suggesting that liquid staking protocols may outperform during future bull markets.

3.2 X (former Twitter)

Bitget Research: Ethereum Spot ETF Trading Volume Exceeds $1.019 Billion on First Day, TON Ecosystem Mini-Games Remain Popular image 0
Ethereum: Nine ether ETFs launched yesterday, with data from The Block indicating a total trading volume exceeding $1.019 billion on their first day of U.S. exchanges. The Grayscale ETHE Trust (ETHE) led with a trading volume of $456 million, nearly half of the total. However, Ethereum's price has remained relatively stable, and there is notable selling pressure from Grayscale. Users are advised to trade with caution.

3.3 Google Search (Global and Regional)

Bitget Research: Ethereum Spot ETF Trading Volume Exceeds $1.019 Billion on First Day, TON Ecosystem Mini-Games Remain Popular image 1
Global focus:
AVAIL:
Avail, a modular blockchain project, has announced the launch of the Avail DA mainnet and the listing of the AVAIL token. Avail DA is designed to enhance data availability (DA) and provide highly scalable and customizable rollups. The airdrop has been completed, with tokens directly distributed to wallets. AVAIL price is currently at $0.1721, reflecting a decrease from its opening price.
Regional focus:
(1) In Europe and America, the focus is primarily on specific tokens that have recently performed well in terms of price, rather than being limited to certain concepts. For example, BODEN, a hot search in the U.S. region, has experienced a significant rebound today, as does PEPE in Switzerland and FTT in Spain.
(2) In Asia and Latin America, hot searches were relatively dispersed yesterday but showed a regional focus on memecoins: PEPE in Thailand, DOGE in Indonesia, FLOKI in Argentina, and BONK in Brazil.

4. Potential Airdrop Opportunities

Mezo
Mezo is a BTC Layer 2 project focusing on the BTC ecosystem. It assists BTC holders with on-chain transfers and financial management, driving the development of the BTC DeFi system. Mezo recently announced the completion of a $21 million funding round with participation from industry-leading institutions such as Pantera Capital, Hack VC, and Multicoin Capital.
The official announcement of their BTC asset staking plan and the introduction of a referral system have set strong expectations for an upcoming airdrop. The project is currently in the early stages of its operation.
How to participate: 1. Visit the project's official website and find an invite code on Discord; 2. Enter the invite code and connect a Unisat wallet; 3. Deposit BTC.
Kakarot
Kakarot is a zkEVM built on Starknet and Cairo. It aims to make the StarknetOS chain EVM-compatible in the short term and serve as the modular foundation for the EVM validium RaaS stack in the medium term. In the long run, Kakarot aims to become the highest-performing type 1 zkEVM client, capable of proving the validity of all Ethereum blocks and transactions.
Kakarot also plans to propose a testnet community points system and plans to deploy Kakarot on Starknet Sepolia in late summer, making it the first dual VM ZK-Rollup (EVM and CairoVM).
How to participate: Builders can deploy smart contracts with a focus on developing user-centric DApps. Ordinary users can explore the Kakarot test network through applications like iZUMi Finance, HisokaFinance, Goku Hub, and Swaplace.
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