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Bitget Research: Slerf to Initiate Refund Process, Bitcoin Spot ETF Sees Four Consecutive Days of Net Outflows

John & Victoria
2024/03/22
Bitget Research: Slerf to Initiate Refund Process, Bitcoin Spot ETF Sees Four Consecutive Days of Net Outflows
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

Over the past 24 hours, the Bitcoin Spot ETF has continued its previous net outflows, and the combination of a surprise rate cut by the Swiss central bank that sent the US dollar higher has led to a slight pullback in Bitcoin.
  • The sectors with a strong wealth creation effect: Fantom Eco and RWA Circuit;
  • Users are searching for tokens & topics such as Polymesh, FLOKI, PEPE, DOGE for Memecoin, RWA Crypto;
  • Potential airdrop opportunities include MetaCene, Notcoin;
Data collection time: March 21, 2024, 4:00 AM (UTC)

1. Market Environment

Bitcoin pulled back slightly as the US dollar continued to move higher on the back of a surprise 25 basis point rate cut by the Swiss central bank, somewhat removing the positive impact of Wednesday's dovish tone from Federal Reserve Chairman Jerome Powell, which put pressure on dollar-denominated assets. The Grayscale Bitcoin Spot ETF continued its previous trend with $358 million in outflows yesterday, and according to current data published by farside investors, the Bitcoin Spot ETF saw a net outflow of $327 million after IBIT failed to report inflows.
The volume of financing in recent financing events has gradually increased. Among the financing events announced yesterday, Succinct, a Web3 infrastructure company, completed a $55 million round of financing, and Espresso, a Web3 privacy system, announced that it completed a $28 million Series B round of financing, with a more significant rise in market valuation and investment volume.

2. Wealth Creation Sectors

1) Sector Divergence: Fantom Eco (FTM, BOO, ICE)

The main reason: In October of last year, the Fantom Foundation announced the launch of its latest technology upgrade, Fantom Sonic, and the Fantom Sonic Formal Network, scheduled for a spring 2024 release, is about to go live. As a result, amidst the pullback in Bitcoin and Ether and the broader market selloff, Fantom is up a stellar 7.19% in the last 24 hours.
Price increase: In the past 24 hours, BTC rose by 8.2%, ETH by 11.5%, and SOL by 13.2%.
Factors affecting future market conditions:
  • Fantom Sonic Upgrade: Fantom Opera includes new clients, validators, virtual machines (FVMs), Carmen libraries, and the optimized Lachesis consensus mechanism, which will dramatically improve the efficiency of the original Fantom implementation, with the obvious selling point of being faster and more powerful than all existing EVMs. performance over all existing EVMs. If the performance is as advertised, then the parallel EVM narrative may take a hit, and Fantom, as a competitor, will be able to reap the benefits of a larger valuation.
  • Valuation restoration of projects on the Fantom chain: Due to the long time in the hot sector and the lack of official cross-chain bridges, the liquidity and trading volume on the Fantom chain have dropped seriously. As a result, the valuation of various Fantom chain native projects has continued to fall. Due to Fantom's heat and the recovery of the coin price, all kinds of projects have started to repair their valuation, but the valuation is still low, so investors should pay attention to their valuation repair and place early bets as appropriate.

2) Sector Divergence: RWA Sector (POLYX, MAKER)

BlackRock launched its first tokenized fund issued on a public blockchain, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), on Wednesday. Its wallet address has received $53,000 worth of crypto assets after depositing 100 million USDC on the chain, a very symbolic step for BlackRock in introducing traditional assets.
Rise: POLYX is up about 6.36% in 24 hours and MAKER is up about 10.22% in 24 hours;
Factors affecting future market conditions:
  • MakerDAO ECO DEVELOPMENT: MakerDAO Founder Rune Christensen announced at his Governance Forum that the first phase of the 'Endgame' program will kick off in the summer of 2024 and will include new tokens, SubDAOs, token economics, new branding, and new user acquisition channels. The RWA board will be further stimulated by the fact that various SubDAOs will issue coins individually and feed the entire MakerDAO ecosystem economy, especially with the upcoming airdrop of RWA project Spark starting in Q2.
  • INFORMATIONAL IMPACT: Nature's Miracle Holding Inc (NASDAQ Global Market: NMHI; NASDAQ Capital Market: NMHIW), a vertical agricultural technology and infrastructure company, has finalized a strategic partnership with CycleX, an industry-innovating RWA platform, according to PR Newswire. In the future, we can continue to pay attention to the dynamics of traditional organizations, which are highly correlated, and their acceptance of RWA's new cooperation model is also an important indicator for the future development of the RWA segment.

3) Subsequent boards to focus on: Aptos ecology (THL, DOODOO)

Main reason: Aptos on-chain data has risen rapidly since the start of 2024. TVL 2024 has tripled since the start of the year and is now at an all-time high of $400 million, with daily interactions up 65% and active users up 93%. The Aptos token price has a lot of room to rise and is one of the few Layer1 new public chain projects that has not yet recovered its 2023 high, and the project has not yet launched a large number of ecological incentives, so there is room to continue to rise.
Specific token list:
  • THL: Thala is a Defi infrastructure consisting of an over-pledged stablecoin + Swap + Launchpad + RWA. It meets the high-frequency and daily needs of most users of DeFi. On March 14, Thala announced that it would adjust its THL emissions and reduce THL emissions by 50% in all subsequent epochs to maintain long-term health, and Thala's volume and price are now up 194.4% in a single month.
  • DOODOO: The first meme token on Aptos and currently the most traded meme token. Prices rose rapidly in just one month, up 281.14% in a single month. Currently valued at just $73.36 million, the leading meme token on a public chain still has a lot of upside.

3. Trending Searches

3.1 Popular DApps

Espresso Systems (no coins yet)
Espresso is an EVM-compatible blockchain focused on providing an augmentation and privacy system that offers Web 3 application users a more resource-efficient way to transact business. The $28 million Series B funding round announced yesterday was led by a16z crypto for product development, expanded investment in the rollup ecosystem, and team scaling, following a $32 million Series A round led by Greylock Partners and Electric Capital. The project is attracting attention because of its technological innovation and privacy-protecting features, which allow users to participate in this ecosystem through holding or transferring assets and customized privacy smart contract applications, with a quality background and very top-tier investment institutions.

3.2 Twitter

Polymesh (POLYX):
Polymesh is an institutional-grade permissioned blockchain built by regulated assets. Provides functionality to address governance, identity, compliance, confidentiality and settlement for 42 operator nodes and 4,000 enterprise organization accounts, including Binance as a node operator. It is also one of the most popular projects in the Layer 1 direction of the RWA circuit with the highest market capitalization. The current market cap has reached $430 million and is up more than 50% in the past seven days, mainly on news of the upcoming launch of BlackRock's first asset tokenization fund.

3.3 Google Search (Global and Regional)

Global focus:
(1) Five of the overall hot search rankings are tied to the most recent hot board, RWA Raceway:
Main reason: BlackRock recently filed a document with the SEC to cooperate with Securitize, a U.S. asset tokenization company, to launch the BlackRock USD Institutional Digital Liquidity Fund, marking the imminent launch of BlackRock's first asset tokenization fund. The RWA program continues to benefit, and the TVL of the RWA track will continue to improve in the future.
Specific projects: affected by the above news, the head projects within the ecosystem will continue to benefit, you can focus on the following projects: RSR, POLYX, CFG, ONDO and other leading projects in the RWA circuit, over the past 24h, Reserve Rights (RSR) has risen by more than 40%, and at the same time, tokens POLYX, CFG, also performed well, the community trading willingness is strong! The track's hot searches have continued to grow in popularity.
Regional focus:
(1) The term 'RWA Crypto' is appearing more frequently in the Eurozone and CIS regions, with project owners and KOLs looking ahead:
On March 21, CoinGecko released the 2024 RWA report, which indicated that tokenized treasury products grew 641% last year, and with the total locked-in value of tokenized treasury bonds soaring from $114 million in January 2023 to $845 million by the end of the year, asset management giants led by BlackRock will further accelerate the process of tokenization of real assets, and financial institutions in Europe are accelerating the layout of this track. European financial institutions are also accelerating the layout, the potential projects in this track have huge development space in the future, and it is recommended to keep paying attention to them.
(2) Memecoin, represented by FLOKI, PEPE, and DOGE, appeared on hot searches in several countries in different regions:
The market picked up sharply yesterday, Meme tokens ushered in a general rise, DOGE rose more than 15% in 24 hours, PEPE rose more than 21% in 24 hours, FLOKI rose more than 31% in 24 hours, the trend of tokens in this track is generally relatively strong, rebound quickly, and at present, these Meme tokens leading projects on a number of different regions ushered in a higher level of attention and KOL recommendations.

4. Potential Airdrop Opportunities

[MetaCene]: better institutional endorsement
The project is a blockchain game developer working on a blockchain-based game, MetaCene is pioneering player-centric entertainment, governance and creativity through innovative PVE and PVP gameplay, robust technical infrastructure, social guild DAO governance, a sustainable economic system and an in-game editor, with high potential for future growth.
MetaCene closed a $5 million seed round in 2023 led by Hash Global and SevenX Ventures, and recently announced a $10 million Series A round led by Folius Ventures and SevenX Ventures, with a team of 20+ year old gaming experts from Shanda Games, Blizzard, Perfect World and more. Folius Ventures and SevenX Ventures led the round. Excellent investment background and team background with current airdrop and game mining opportunities.
How to participate: Download Google Plugin - Complete quests on Quest page to get gems, unlock pets and rewards - Upgrade and fight bosses, which will be refreshed at 7:00am every day - Lucky draw on Campaign page, according to the data of fighting bosses, you will get the corresponding gold coins every day, and you can draw 100 gold coins once.
[Notcoin]: TON Eco Hot Project
The project is a Telegram eco-mobile mining game project where users can earn in-game coins by clicking on coin images. Steve Yun, president of the TON Foundation, even listed it as one of the two major trends on TON, along with the TON-20 inscription. According to TON officials, Notcoin is the latest Meme coin to sweep the TON ecosystem in less than a month since its launch, successfully attracting more than 470,000 players.
The project announced plans to launch a token mint at TON in the coming weeks and distribute tokens in proportion to the number of virtual points players have in the game. Meanwhile, on March 7, in order for the community to get a sense of the potential value of the tokens, Notcoin opened pre-market trading of the tokens, purportedly trading an NFT voucher that can be exchanged for NOT tokens in the future.
How to participate: join the Notcoin bot on Telegram - see a Notcoin icon and keep clicking on it to mine Notcoin. Each time you click, you will get 1 Notcoin until the mining limit reaches 1000, wait for some time and let it return to 1000, then you can continue - after that, register and set up your TON Space wallet, you can redeem and collect Notcoins.
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