Bitget Research Weekly News: Market 24-hour liquidation volume hits a new high, July Fed minutes show increased inflation risks

Author: Bitget Research Institute

1. Market Trends

The main topics of focus in the market this week (08.14-08.18) are:

• The market's 24-hour liquidation volume reached a new high for the year, with Bloomberg reporting that the SEC will approve the listing of ETH futures ETFs.

• The July minutes indicate an increased inflation risk, leading to a broad decline in the crypto market, with some altcoins breaking down.

• BTC is experiencing narrow fluctuations, while the leading token in the BOT track, UNIBOT, has reached a new high.

• The TVL of the Base chain has surpassed $200 million, with community-driven meme coins like BITCOIN reaching new highs.

• Market volatility is extremely low, and DAI DSR is highly favored by institutions.

2. Popular Projects

The hottest projects this week (08.14-08.18) include:

BNB (Token): Recently, Binance announced support for the BNB Smart Chain (BEP 20) network upgrade and hard fork, which was completed on August 10. Following this, the opBNB testnet underwent a PreContract hard fork on August 14. With frequent significant updates, the BNB ecosystem is expected to enter a new construction phase.

ARB (Token): According to on-chain monitoring by Spot On Chain yesterday, 553 million ARB were transferred from a Safe multi-signature address labeled "Arbitrum: Investors ARB Vesting" to 151 unlocking contract addresses about 7 hours ago, totaling approximately $631 million. This may be preparation for the first ARB investor unlock on March 16, 2024. Recently, the popularity of ARB tokens has been slightly weaker than OP, making the impact of this unlock worth watching.

SHIB (Token): Shibarium is expected to launch in the next two weeks (previously, in July, SHIB's chief developer Shytoshi Kusama revealed in a blog post that the Layer 2 blockchain solution Shibarium might launch its mainnet at the blockchain futurists conference in Toronto this August). The Shiba ecosystem tokens SHIB, BONE, LEASH, etc., have been continuously rising, with SHIB's price reaching its highest level since June.

BAD (Token): BAD IDEA AI, an AI + meme project supported by the Shib ecosystem, was recently endorsed by SHIB's chief developer Shytoshi Kusama on Twitter. As early as the beginning of September, @ShytoshiKusama mentioned @badideaai as "our tech frens," indicating that the project may focus on developing tokens on Shibarium in the future. BAD will be launched in Bitget's AI zone, meme zone, and innovation zone.

Avive Genesis NFT (NFT): Avive is a positioning protocol that released its Genesis NFT yesterday, with 4,985 on-chain holding addresses. Avive combines social networks with blockchain technology, and its app has been downloaded over a million times on Google Play. The public chain technology will operate using a Proof of Networking mechanism, which is worth keeping an eye on.

Bridge to Base (NFT): The cross-chain proof NFT for Base on chain summer has seen over 20 million NFTs minted, with 130,000 holding addresses, indicating high popularity.

Mintfun (Dapp, NFT): All !fundrop holders can mint "Bridge Pass" on the ETH mainnet to receive 0.00111 ETH directly on Zora's L2 network. The event has gained widespread attention and dissemination on social media. Recently, most NFT free mints on the Base chain have been initiated from Mintfun, bringing significant traffic to the project and boosting other chains' free mints.

Base (Dapp): (1) The TVL of the Base network has surpassed $200 million, with a nearly 70% increase over the past 7 days; (2) Uniswap Wallet has added support for Base, allowing users to swap tokens and connect to Base DApps; (3) Coca-Cola has launched NFTs on Base, which are now open for minting; (4) Recently, many meme coins with strong wealth creation effects have appeared on Base, but rug pulls have also occurred, necessitating risk control.

Unibot (Dapp): Unibot announced the launch of Unibot X, a unified trading terminal that transcends the boundaries of current Telegram products, decoupling web applications from Telegram for independent access and integrating all functionalities into Unibot X for expansion. As a result, the UNIBOT token reached a new high yesterday but retraced today along with the market, with a 24-hour trading volume of $11.9 million across the network.

3. Hot Searches

The hottest topics this week (08.14-08.18) include:

Crypto Crash (Event): According to The Wall Street Journal, SpaceX has sold $373 million worth of Bitcoin acquired in 2021-2022. A sharp market drop occurred last night, with mainstream coins falling over 10%. Over $1 billion in liquidations occurred across the network within 24 hours, approaching the figures of 3.19 and 5.19, far exceeding the $300 million liquidation amount during the Silicon Valley Bank crisis and even surpassing the $800 million record during the FTX collapse. Market liquidity has worsened. Market analysis suggests that the decline is related to the emotional impact of Musk's Bitcoin liquidation and the bankruptcy of Evergrande affecting Tether's bad debts.

Evergrand (Event): Evergrande (China Evergrande Group) applied for bankruptcy protection in New York on the 17th, aiming to ensure that the group's U.S. assets are not harmed during the debt restructuring process. China Evergrande first defaulted on its debts in 2021. The group's stocks listed in Hong Kong have been suspended since late March 2022. The balance sheet shows that as of December 31, 2022, the group had total liabilities exceeding 2.43 trillion yuan. There were previous reports that Tether held very few Evergrande bonds.

SEI (Token): The airdrop plan was launched yesterday, and community discussions are quite active. Users who complete cross-chain asset transfers can claim SEI rewards on the designated official website. User enthusiasm for participating in the airdrop is high, although each participant's share is small, selling pressure has caused the SEI token to peak and then retreat, currently priced at $0.193.

HBAR (Token): Hedera Hashgraph is a public chain. This platform aims to allow anyone to trade and deploy applications on it, with a group of enterprises assisting in overseeing the software. To achieve this goal, Hedera has made significant design trade-offs that differentiate it from other platforms. For example, the network supports high-speed transactions for its HBAR cryptocurrency but only allows approved nodes to participate in determining transaction history. Today, the Federal Reserve's instant payment system FedNow added the small payment platform Dropp, which supports Hedera, to its list of service providers. As a result, the price of HBAR tokens has seen some increase.

The Bitget Research Institute focuses on "focusing on on-chain data and mining valuable assets," providing institutional-level insights for crypto enthusiasts by monitoring on-chain data and trending topics in real-time. To date, it has provided Bitget global users with early valuable assets in several popular sectors, including the 【Arbitrum ecosystem】, 【AI ecosystem】, and 【SHIB ecosystem】, creating a better wealth effect for Bitget global users through data-driven in-depth research.