Bitget Research Institute Market Shortterm Risk Aversion Intensifies Awaits FOMC Meeting and CPI Data on the 12th

In the past 24 hours, the market has seen a number of new trending coins and topics, which could potentially be the next wealth-building opportunities. Among them are:
The sectors with strong wealth-building potential are: Meme sector, BTC Inscription Track, EVM blue-chip projects.
User trending tokens & topics include: Cookie 3, zkSync, POLYX.
Potential airdrop opportunities include: LogX, Elixir.
Data statistics as of June 11, 2024, at 4:00 (UTC+0).
I. Market Environment
Yesterday, the price of BTC showed a trend of rising and falling after reaching $70,000, experiencing a significant drop to around $68,000. The BTC ETF ended its 19-day streak of net inflows yesterday, with the first net outflow of the month totaling $64.9 million. The outflow of BTC ETF was one of the main reasons for the BTC price decline.
On a macro level, due to the simultaneous release of last month’s CPI and FOMC meeting on the 12th of the month in the United States, short-term risk aversion sentiment in the market has increased, causing a short-term market correction. The FOMC meeting will focus on Powell’s post-meeting remarks, with maintaining interest rates at the current level being the market’s consensus expectation. The CPI data is expected to show an annualized growth of 3.5%. If it exceeds 3.5%, the market may continue to decline, while a figure below 3.5% is likely to cause a short-term market rally.
II. Wealth-Building Sectors
1) Sector dynamics: Meme sector (PEOPLE)
Main reasons:
With the US presidential election approaching every four years, PEOPLE is currently the most election-related token supported by mainstream CEX platforms, attracting high community attention recently.
Price increase: PEOPLE has risen by 14% in the past 7 days+.
Factors affecting future market performance:
US election process: Monitor the impact of the US election process on this sector. If positive news emerges, PEOPLE may rise first.
Main capital dynamics: Understand whether main capital continues to flow in through contract data and primary market news. Generally, a sudden sharp increase in open interest in contracts indicates the core standard of main capital presence. Keep a close eye on the dynamics of contract indicators.
2) Sector dynamics: BTC Inscription Track (ORDI)
Main reasons:
UniSat announced a “pizza” airdrop to eligible users’ wallets through the Bitcoin Pizza Festival, leading to increased interest in inscription projects and a warming track.
The inscription track has completed the previous consolidation and oscillation market, forming an upward breakthrough trend.
Price increase: ORDI has risen by 18%+ in the past 7 days.
Factors affecting future market performance:
News dynamics: Pay attention to the support and dynamics of unisat, KOLs, and top exchanges for the inscription track. If there are positive announcements, consider investing in a timely manner.
Changes in contract data: From contract data, ORDI has long been in a state where the contract account long/short ratio is below 1, indicating that large funds are bullish. Pay attention to related data continuously. If a change in data direction occurs, consider taking profits in a timely manner.
3) Sectors to focus on in the future: ETH ecosystem projects
Main reasons: ETH spot ETF results may be released at the end of June/early July, providing speculation space for ETH ecosystem assets. The recent retracement in this track has created a buying opportunity.
Specific token list:
UNI: The first DeFi Swap project on the blockchain application, Uniswap generated $2.02 million in fees in the past 24 hours, with significant income.
LDO: The leading LSD project in the ETH ecosystem, with a TVL of $34.4 billion and a valuation of less than $2 billion, indicating it is relatively undervalued.
PENDLE: TVL of the project has been rising continuously, currently reaching $6.6 billion, with the demand for PENDLE’s business increasing in the bull market due to the rising total stablecoin market value and high heat in the Restaking track.
III. User Trends
1) Popular Dapp
Cookie 3:
Cookie 3 and its associated contract Cookie Army Badge (CAB) are listed on the BSC/ Aribitrum/ Base chains. On June 5, MarketingFi and AI data layer Cookie 3 completed a $5.5 million token financing and will launch its COOKIE token on June 13.
2) Twitter


zkSync:
ZKsync introduced ZK Nation on its official website, revealing that ZK Nation is a community driven by common goals aimed at managing, protecting, and developing the ZKsync protocol. The distribution of ZKsync protocol tokens and delegation process is expected to be announced within a week.
POLYX (Polymesh):
Similar to Mantra, Polymesh is an institution-grade permissioned blockchain specifically built for regulated assets, with recent actions focused on RWA promotion. It has risen against the market trend in recent days, with trading volume increasing by +200% in the past 24 hours.
3) Google Search by Region
From a global perspective:
Google Trends did not show any particularly outstanding tokens/projects yesterday, with several sports betting-related keywords trending, possibly due to the approaching European Cup and Copa America. The Fan Token sector may be worth watching in the near future.
From regional search trends:
(1) For Asian countries: Southeast Asian countries show interest in the Ton ecosystem, with NOT and Blum continuing to trend. Singapore’s searches include AI project OLAS and Layer 1 project ALGO, while Avalanche appears in South Korea’s searches.
(2) For European and American countries: QUBIC is trending in the UK, France, and Australia; Spain, Poland, Belgium, and other countries show high interest in the unreleased AI cloud computing project Grass.
(3) Brazil, Argentina, and other Latin American countries show interest in meme tokens like BRETT on Base and dog meme tokens like SHIB.
IV. Potential Airdrop Opportunities
LogX
LogX is an L2 chain focusing on perpetual contract liquidity solutions. It is designed as a large aggregator to pool liquidity from different chains. On February 13, 2024, LogX completed a $6.1 million seed round financing, with investors including Coinbase Ventures, IOSG Ventures, Sequoia Capital, and Saison Capital.
Specific participation method: Recharge USDC into your wallet and conduct contract trading to increase volume. Note that liquidity on LogX from different chains comes from different liquidity providers. Liquidity on Arbitrum, Optimism, and Base comes from Orderly. Orderly’s point airdrop interaction is about to end, so trading with Linea, Mode, and other liquidity from LogX OG’s chains may be better. Also, if you interact with Linea, it is recommended to use the Linea chain to increase activity on the Linea chain.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network that allows anyone to provide liquidity directly to the order book, bringing liquidity to long-tail crypto assets, enabling exchanges and protocols to guide their ledger liquidity.
On March 12, 2024, Elixir completed an $8 million Series B financing, valuing the company at $800 million; on October 18, 2023, Elixir completed a $7.5 million Series A financing; on January 17, 2023, Elixir completed a $2.1 million seed round financing; investors include Hack VC, GSR, Sui, and Amber Group.
Specific participation method: Participate in Apothecary to earn points, deposit at least $100 worth of ETH to mint elxETH to unlock treasure chests. elxETH is a native revenue token supported 1:1 by ETH, which will become a full-chain LP token after the mainnet launch, providing liquidity to exchange order books. Additionally, you can provide liquidity to protocols supported by Elixir through https://agg.elixir.xyz/.
Original article link: https://www.bitget.com/en/research/articles/12560603811012
[Disclaimer] The market carries risks, so investments should be made cautiously. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.