Bitget Research Institute: BTC spot ETF saw net outflows for 7 consecutive days, while the AI sector rebounded strongly.

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

Authored by: Bitget Research Institute

Abstract

The lower-than-expected US non-farm payroll data boosted market expectations of interest rate cuts, and BTC began to rebound last Friday. During the market rebound, AI sector tokens showed strong performance. Today, ETH on-chain gas has dropped to below 5 gwei, and on-chain activity has dropped to a freezing point.

Sectors with strong wealth creation effects: AI sector;
Sectors that need to be closely watched in the future: MEME sector;
User hot search tokens & topics: PalioAI, fantasy.top, Golem, RNDR;
Potential airdrop opportunities: PalioAI, fantasy.top;

Data statistics time: May 6, 2024, 4:00 (UTC+0)

I. Market Environment

The increase of 175,000 non-farm payrolls in the US in April was lower than expected, and the rise in unemployment rate boosted market expectations of interest rate cuts. BTC spot ETF ended 7 consecutive days of net outflows last Friday, with a net inflow of $378 million. BTC led the market rebound. The ETH/BTC exchange rate once again fell below 0.05, with a Grayscale ETH negative premium rate of -24.78%. The market expects that the ETH spot ETF is unlikely to be approved in May.

During the BTC-led market rebound, the rebound of the AI sector was particularly strong. The market expects that the anticipation of ChatGPT-5's release in June and Apple's Worldwide Developers Conference on June 10 will further boost the AI sector.

II. Wealth Creation Sectors

1) Sector Dynamics: AI Sector (AR, ARKM, WLD, RNDR, etc.)

Main reasons:

In the recent rebounds after several market downturns, the AI sector has shown strong rebound strength. There have been multiple speculative events in the recent news to stimulate the AI sector.

(a) Web2 aspect:

Market rumors suggest that OpenAI may announce its ChatGPT search product on May 9, competing with Google;
ChatGPT-5 may be officially released as early as June;
Apple's Worldwide Developers Conference will begin on June 10;

(b) Web3 aspect:

The WorldCoin Foundation previously announced the launch of the World Chain public chain, which may have new developments in the next two months. Worldcoin developers are also trying to collaborate with PayPal and OpenAI;
In May, the "super AI coin" - ASI (merged tokens FET, AGIX, OCEAN) will be merged.

Rising situation:

AI sector tokens have all risen, with WLD, LAI, PHB, OLAS, ARKM, AR, RNDR, FET, AGIX rising by 13%, 20%, 18%, 16%, 15%, 12%, 11%, 10%, 10% respectively in the past 24 hours. Among the altcoins, the AI sector has shown stronger rebound performance after several recent downturns.

Factors affecting future market:

The market's verification of the truth of multiple rumors about OpenAI, and the performance of ChatGPT5 after its product launch, will directly determine the market heat of AI;
Whether the cryptocurrency world can seize multiple major events in the mainstream AI world, and continue to release positive news on product and brand, will determine the sustainability of the rise of tokens in this sector.

2) Sectors to be closely watched in the future: MEME Sector

Main reasons:

In this round of market trends, many infrastructure projects with luxurious financing backgrounds have performed poorly after going online: Merlin, Parcl, and other projects have fallen to pre-listing prices, and Meson Network, with a valuation of $1 billion, quickly fell below 2u a few days after completing the final round of financing, an 80% drop from the 10u TGE Price. The market is no longer keen on investing in "VC Coins," but is paying more attention to the speculation of meme coins. During the recent market downturn, some meme coins have fallen to relatively suitable levels. Traders who are optimistic about the meme sector may consider starting to collect relatively cheap chips and lay out for the next meme season.

Specific coin list:

WIF: The new generation of king-level meme coins that have successively gone online on Binance and Robinhood, with a market value even surpassing OP and ARB, and having the potential to surpass a market value of over 10 billion, similar to SHIB's performance in the last bull market.
BOME: One of the representative targets of the new Solana Meme Season, with 50% of chips already concentrated on Binance. There is a high probability of breaking ATH again when the next wave of meme sector frenzy begins.
Other popular meme coins (such as MEW, MANEKI, etc.): MEW and MANEKI have distributed a large number of airdrops to Solana mobile holders, attracting the attention of funds in the Solana ecosystem. The current coin prices have dropped by 54% and 67% from their highs, and traders who are optimistic about these types of tokens breaking ATH again may consider timing their positions.

III. User Hot Searches

1) Popular Dapps

PalioAI:

PalioAI is a digital ownership-based AI digital companion game launched by Xterio. It has started the Odyssey of Points event, where points can be exchanged for XterioGames ecosystem airdrops.

Yesterday's on-chain data showed that a large number of Ethereum on-chain users are minting PalioAI Gen0 NFTs, indicating that users have started to pay attention to the project and are preparing for future airdrops. Previously, blockchain game publisher Xterio received a $15 million investment from Binance Labs to develop AI and Web3 game development capabilities.

2) Twitter

fantasy.top:

The Blast ecosystem SocialFi trading card game project fantasy.top announced the completion of its Pre-Seed round of financing, with participation from thirty angel investors including Alliance, Manifold, Fabric Ventures, and Messari founder and CEO Ryan Selkis. The amount of financing and valuation data are currently undisclosed. fantasy.top is a SocialFi collectible card game (TCG) where players can play online games using collectible cards of influential figures on encrypted Twitter, thus monetizing their social capital and research expertise.

3) Google Search & Region

From a global perspective:

Golem:

In the altcoin market, the AI sector has shown stronger rebound performance in recent rebounds after multiple downturns. Currently, GLM, as the leader in AI track applications, has a high overall popularity and has risen by 6% in the past 24 hours. GLM's trading volume on the local Korean exchange Upbit in the past 24 hours is $232,630,207, ranking first, far exceeding BTC and other MEME tokens, showing a significant wealth effect and high demand in the Korean region.

From the perspective of regional hot searches:

(1) The hot searches in different regions of Asia yesterday showed strong differences, with no obvious features or patterns. For example, BICO and WEN were popular in the Philippines, while ETHFI and MSTR were popular among Indonesian users, and ZKML and RWA were popular in India.

(2) Users in Europe and America have shown interest in AI: terms such as RNDR, TAO, and node AI frequently appeared in the search content of English-speaking users.

(3) Users in Latin America are interested in mainstream popular coins: FLOKI, LINK, SOLANA, and other mainstream popular coins frequently appeared in the search content of users in Latin America, indicating a preference for trading mainstream assets in that region.

IV. Potential Airdrop Opportunities

PalioAI

PalioAI is an AI digital companion game launched by Xterio based on digital ownership. It has started the Odyssey of Points event, where points can be exchanged for XterioGames ecosystem airdrops. Recent on-chain data shows that a large number of Ethereum on-chain users are minting PalioAI Gen0 NFTs, indicating that users have started to pay attention to the project and are preparing for future airdrops.

Previously, blockchain game publisher Xterio received a $15 million investment from Binance Labs to develop AI and Web3 game development capabilities.

How to participate: Open the official website, add the Xteriio network to the Web3 wallet, cross-chain funds to Xteriio, and then claim Paliio Egg on the official website. After successful claiming, feed the Egg to earn points with each click.

Fantasy.top

Fantasy.top is a SocialFi collectible card game (TCG) where players can play online games using collectible cards of influential figures on encrypted Twitter, thus monetizing their social capital and research expertise.

How to participate: Open the fantasy.top official website, cross-chain funds to the designated Blast wallet, and purchase cards to participate in the Tournament.

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