BTC ETF saw net inflows for two consecutive days, while the AI sector continues to rise

May 8, 2024

In the past 24 hours, the market has seen many new popular tokens and topics, which are likely to be the next wealth-building opportunities.

Strongly performing sectors include: AI sector, Solana ecosystem, ETH ecosystem.
User hot search tokens & topics: friend.tech, Bitget Wallet, RNDR, TRB, Tom Brady.
Potential airdrop opportunities: Tabi, MYX Finance.

Data statistics time: May 7, 2024, 4:00 (UTC 0)

Market Environment

Yesterday, led by BTC, the overall crypto market experienced a rebound. After hitting $65,500, BTC started to decline and is currently fluctuating around $63,500. The single-day volatility was high, leading to the liquidation of long positions worth $150 million and short positions worth $70 million at the contract level, providing clear intraday trading opportunities.

The US dollar index has returned to above 105, with the overall rise in the US capital market, Nasdaq up 1.19%, providing sentiment support to the crypto market. BTC ETF saw inflows of $217 million yesterday, and GBTC saw net inflows for two consecutive trading days, temporarily easing the selling pressure from BTC ETF. Attention should be paid to the support level of $62,500 for BTC in the future. If strong support is encountered, buying BTC on dips can be considered.

Influence of Traditional Tech Companies: Tech companies continue to expand their AI projects, with recent news that Microsoft is internally training a new AI model, MAI-1, allocating more talent, funds, and materials to the AI field. AI projects in the crypto market have valuation upside potential due to being in the same race track.
Focus on AI Narratives: In addition to focusing on whether there is a high ceiling in the narrative aspect of AI applications, attention should also be paid to the actual demand and user base of product implementation. There are already several AI applications in the crypto field that can be implemented, and investors should pay more attention to the demand side of applications.
Contract Data: By viewing contract data on the tv.coinglass website to understand the movement of main capital, firstly observe how much net long positions have increased; observe whether there is a situation where contract long positions continue to increase, OI rises, and trading volume expands. If so, it indicates that the main force continues to buy, and positions can be held continuously.
Actions of Project Parties: Solana recently promoted the concept of Restaking, referring to Eigenlayer’s objective subjectivity certification at the consensus layer level, which boosted the entire ecosystem.
UNI: The first DeFi Swap project on the blockchain application, recently received a Wells Notice from the SEC. Uniswap will soon provide self-proof, creating trading opportunities;
LDO: The leading LSD project in the ETH ecosystem, with a TVL of up to $28.7 billion and a valuation of less than $2 billion, is relatively undervalued.

From a global perspective

RNDR: Yesterday, including RNDR, the AI sector tokens rose across the board. RNDR showed on-chain transfer anomalies, and the Apple Worldwide Developers Conference will begin on June 10th, which may lead to speculation in RNDR. RNDR’s coin price experienced huge fluctuations before and after the Apple Vision Pro release event.

TRB: The token TRB, which is strongly controlled by market makers, has surged in the past two days, rising by 72% in the past 7 days. In Q4 2023, TRB experienced two massive short-term pump and dump events, with extremely high contract liquidation volume. Traders should be aware of the risks of sharp rises and falls in tokens with strong market control.

From the perspective of regional hot searches

Yesterday, there were huge differences in hot searches in various regions, with no universal regional patterns. Globally, hot words and tokens include Grass, TRB, RNDR, JUP.

However, the keyword “Tom Brady” appeared on hot searches in multiple regions such as Europe, America, and Asia. Tom Brady became angry at the Netflix Roast due to cryptocurrency-related jokes. Previously, he suffered heavy losses in cryptocurrency investments.

Tabi (Testnet Zero-Cost Interaction)

TabiChain is a game blockchain built on Cosmos with EVM compatibility. Tabi Chain connects Cosmos and ETH ecosystems through cross-chain functionality for smooth communication. The asset layer concentrates liquidity from chains and shards, achieving seamless interaction of game blockchains. Formerly known as the cross-chain NFT market Treasureland.

In 2023, the project completed a $10 million angel round of financing, with investors including Animoca Brands, Binance Labs, Draper Dragon, HashKey Capital, Infinity Crypto Ventures, Youbi Capital, etc.

Specific operations:

Visit the project’s official website to receive test coins for the test network.
Complete Voyage tasks. The first phase has ended, and the second phase is ongoing. You can join the project’s Discord to find an invitation code.
Complete social media tasks on Galxe.
According to the information disclosed by the project party, it may sell nodes similar to XAI in the future, which may be the focus of airdrops. If you are optimistic about the project, you can purchase and configure nodes, which requires DYOR.

MYX Finance

MYX Finance is a decentralized derivatives exchange based on the MPM model, incubated by D11 Labs, which uses intelligent rates and risk hedging mechanisms to ensure protocol stability and provide sustainable high returns.

In November 2023, MYX announced the completion of a $5 million seed round of financing at a valuation of $50 million. This round of financing was led by HongShan, with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti 5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, etc.

Specific operations: There is not much difference between user operations and general derivative DEX. Users can trade and provide LPs. Currently, the project has integrated Linea and Arbitrum, and it may be appropriate to increase activity on the Linea chain to potentially receive Linea airdrops in the future.