Bitget Research Weekly News: Wall Street Giants Intensify Applications for Bitcoin Spot ETF, Crypto Market Sees Continued Rebound

Author: Bitget Research Institute

In the past week (6/19-6/23), the market has seen several new popular coins and topics.

1. Market Trends

The main focus of the market this week (06.19-06.23) has been:

• Institutions concentrated on applying for Bitcoin spot ETFs, accelerating the rebound in the crypto market.

• The crypto exchange EDX Markets, supported by Wall Street giants, began operations this week, stimulating BTC to rise over 6% in nearly 24 hours.

• After a sharp rebound, the market is fluctuating, with Fidelity disclosed to be interested in applying for a Bitcoin spot ETF.

• Mainstream assets are fluctuating upwards, with no obvious hot sectors in the market.

2. Popular Projects

The hottest projects this week (06.19-06.23) include:

WHEE (Token): A BRC-20 themed token with a certain level of popularity, currently maintaining high trading volume, with 3,458 holding addresses and 52,000 transactions in 24 hours, totaling $131,600 in trading volume;

FTC (Token): Suspected to be a branch of the project Fun Investment (FQT), adopting a joint staking model, where users add LP to stake together. Currently, on-chain liquidity reaches $40.77 million, with a trading volume of $6.86 million in the past 24 hours. Contract detection shows no issues, so it can be monitored;

agEUR (Token): A decentralized stablecoin protocol, with its main product being the euro stablecoin agEUR. Currently, the daily trading volume is $1.36 million, mainly concentrated on-chain, with the most holding addresses on Ethereum, totaling 1,786 addresses;

USDC (Token): The amount of USDC used as collateral for MakerDAO's Peg Stability Module (PSM) has significantly decreased. In January 2023, about $2.4 billion of USDC was locked in PSM. Now, this number has reduced to around $520 million, indicating a 78% drop in the amount of USDC directly used to support DAI. The overall share of USDC in DAI collateral reserves has decreased from about 50% to 8%, significantly reducing USDC's overall influence;

zkBridge on opBNB (NFT): On June 20, Binance announced the launch of the testnet for Binance Layer 2 opbnb based on the op stack, where users can claim NFTs through zkbridge.com/nft-faucet/opb;

Seaport (Dapp): Seaport is a brand new open-source web3 market protocol for securely and efficiently buying and selling NFTs. Seaport was first launched on Ethereum, and is now also available on Polygon. This data directly measures the trading volume of Opensea; with the decline in the token price and popularity of Blur, the trading frequency and volume of Blur have also decreased, as evidenced by Seaport's gas consumption surpassing that of Blur again;

Stickman (Dapp): Stickman mint contract, a Proof of Participation (POP) concept token on BSC, $STIC can be minted for free, with each person able to mint 10 $STIC per second. Inviting a friend increases the mining rate by 10 STIC/S, with no upper limit on the mining rate. The contract shows no obvious risks. Currently, there are 9,948 holders on-chain, and there is no liquidity pool on DEX. The project team will hold offline promotional meetings with a large number of participants;

Optimism (Dapp): Layer 2 network Optimism announced on its official social media that it has been renamed OP Mainnet to distinguish the OP Mainnet blockchain itself from the community, atmosphere, and spirit contained within Optimism. According to Messari analysis, after the OP Mainnet Bedrock upgrade, fees have decreased by about 47% and deposit times have shortened, with gas fees per transaction dropping by approximately 70%.

3. Hot Searches

The hottest topics this week (06.19-06.23) include:

EDX Markets: The digital asset market EDX Markets, supported by Citadel Securities, Fidelity Investments, and Charles Schwab, officially announced the launch of trading services and completed a new round of financing, with investors including Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. Products available for trading on EDX include BTC, ETH, LTC, and BCH. EDX will launch EDX Clearing later this year to settle trades matched on EDX Markets.

WAVES (Token): The "rebellion" of the Russian mercenary group Wagner has occurred, and during the last Russian invasion of Ukraine, the Russian concept coin WAVES surged 5 times. This unrest has similarly stimulated WAVES volatility; DWF Labs has committed $500k in $WAVES for staking and voting to support the launch of Waves DAO; in the past 24 hours, WAVES has risen by 60%;

BCH (Token): The crypto exchange EDX, backed by well-known U.S. institutions Fidelity, Citadel, and Charles Schwab, supports trading in BTC, ETH, LTC, and BCH, particularly providing investment confidence for BCH. In the past 4 days, BCH's price has surged over 100%, gaining significant attention, with a 24-hour trading volume reaching $1.08 billion;

Bitget Research Institute focuses on "focusing on on-chain data, mining valuable assets," providing institutional-level insights for crypto enthusiasts by continuously monitoring on-chain data and regional hot searches to uncover cutting-edge value investments. To date, it has provided Bitget global users with early value assets in several popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem], creating a better wealth effect for Bitget global users through data-driven in-depth research.