Bitget Research Institute BTC contract funding rate turns negative poor market liquidity poses risks of sharp declines

In the past 24 hours, the market has seen a number of new hot coins and topics emerge, potentially signaling the next wealth-building opportunity. Among them:
The sectors with strong wealth-building effects are: TON ecosystem, AI sector
User hot search tokens & topics include: CARV, ZKsync, BGB, Velodrome
Potential airdrop opportunities include: Magic Eden Wallet, RedStone
Data statistical time: June 18, 2024, 4:00 (UTC+0)
I. Market Environment
In the past 24 hours, the overall cryptocurrency market has experienced a decline, with altcoins experiencing a significant pullback, while BTC and ETH are under pressure. BTC reached a low of $65,500 before starting to rebound. From a contract data perspective, BTC’s contract rate turned negative, indicating poor market liquidity, with a possibility of further weakening in the future. Recent coin releases from ZK and Layerzero have led to a tight stablecoin demand, directly contributing to insufficient market liquidity.
Looking at external markets, the Nasdaq index in the United States hit a new high led by heavyweight tech stocks like Microsoft and Apple. The wealth effect in the U.S. capital markets has not translated to European stock markets or the cryptocurrency market, instead creating a “vampire” effect. It is important to continue monitoring the correlation between Nasdaq and BTC. If the correlation turns positive but Nasdaq starts to decline, it could have a significant impact on the cryptocurrency market.
II. Wealth-Building Sectors
1) Sector Dynamics: TON Ecosystem (TON)
Main reasons:
Continued inflow of funds: After Pantera’s direct investment in the TON ecosystem, the price of TON has been on the rise, with funds continuously flowing in.
Good performance of ecosystem projects: NOT, a game project in the TON ecosystem, has shown strong performance recently, attracting market attention to the TON ecosystem.
Price increase: TON has seen an 8.5% increase in the last 7 days.
Factors influencing future market performance:
Trading activity in the future: The main downside of the TON ecosystem currently is the relatively low number of active traders compared to other public chains, with trading volume not at the same level. If TON can introduce popular MEME coins, it could stimulate trading activity and potentially lead to further price and liquidity increases.
Future support from Pantera for the TON ecosystem: Pantera Capital founder Dan Morehead mentioned on social media that Pantera recently made its largest-ever investment in Telegram’s TON blockchain project, increasing attention to the TON ecosystem. If the project’s funding and product launches are timely, the prosperity of the TON ecosystem could come sooner.
2) Sectors to Watch: AI Sector
Main reasons:
Binance recently announced support for FET, AGIX, OCEAN merging into ASI, sparking discussions in Europe and the United States, with high community interest.
Arweave AO announced the launch of the AO token, where users holding AR can receive AO. The issuance of AO is fair and supports data layer businesses.
Specific coin list:
TAO: Bittensor is an open-source protocol that supports blockchain-based machine learning networks. Machine learning models collaborate for training and are rewarded in TAO based on the value of information they provide collectively.
NEAR: Many AI projects in the NEAR ecosystem are in the Build/Financing stage, positioning NEAR to become a future AI Hub.
ASI: Tokens merged from FET, AGIX, OCEAN, which may experience significant volatility post-merger, presenting speculative opportunities.
AR: Arweave’s new token AO is set to be launched, backed by strong technical fundamentals and a promising track record.
III. User Hot Searches
1) Popular Dapps
CARV:
CARV is a gaming-focused ID infrastructure aiming to establish user-owned gaming identities, enabling achievement showcases, friend and game discovery, direct monetization, and portability. The independent active wallet count for this Dapp reached over 610,000 yesterday. The project has been active recently: on April 26, CARV announced the completion of a $10 million Series A financing round; on May 31, Animoca Brands announced a strategic investment in CARV and became its node operator.
2) Twitter
ZKsync (ZK):
ZKsync opened up airdrop claims yesterday and listed on major exchanges, with the token price not meeting expectations. It stabilized around $2.5 after listing and later dropped to $2 amidst the broader market decline. Based on the current price of ZK at $0.21, ZKsync’s fully circulating market cap is $4.4 billion, while Starknet’s is $7.4 billion.
Bitget (BGB):
Bitget recently launched a high-yield financial management user activity, providing stablecoin financial management with high returns in the current market downturn, gaining community and user approval. The activity has been heavily promoted in the community. Currently, Bitget’s stablecoin financial management can achieve an annualized yield of over 10%.
3) Google Search by Region
Looking globally:
Velodrome (VELO):
U.S. Congressman Michael A. Collins’ asset trading report showed a $1,001 – $15,000 Velodrome asset trading on May 17, 2024, sparking widespread market discussion upon the document’s release.
Regional hot searches:
(1) In Asia, in addition to the focus on ZK airdrops, the rumors of FTX debt repayment and potential relaunch have influenced the market, with LUNC and FTX topping the hot search lists in Malaysia and Singapore respectively. The top search term in South Korea yesterday was “a16z crypto”.
(2) The differences in hot searches between Europe and the United States and Asia are significant: Velodrome is featured in the hot searches of countries like the U.S., Canada, Poland, and the Netherlands. Meanwhile, DePIN and AI remain the top two sectors of interest for users in Europe and the United States, with FET and grass consistently appearing on