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VIPBitget VIP Weekly Research InsightsLiquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.
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VIPBitget VIP Weekly Research InsightsUS initial claims for unemployment insurance and the unemployment rate are being released this week, key factors influencing the Federal Reserve's decision on interest rate cuts in September. The market has been sluggish recently, with noticeable risk-averse sentiment. Bearish sentiment among community users and the arrest of Telecom's CEO, a black swan event, have further dampened the mood, resulting in average performance for blue-chip coins and altcoins. The market tends to fluctuate significantly when macroeconomic data is about to be released. It is reasonable to reduce leverage, maintain reasonable position sizes, and preserve funds to buy the dip. We will introduce upcoming token launches on Bitget, on-chain earning opportunities with USDT/USDC and SOL, and speculative targets in the Solana Liquid Staking (LSD) sector.
- 15:16BTC falls below $62,000The Bitget ticker shows that BTC fell below $62,000 in a short period of time and is now at $62,019, down 2.84% in 24 hours.
- 14:34Bitcoin OTC Balance Rises to 410,000, Highest Since May 2022On October 1, the total number of bitcoins on the over-the-counter (OTC) market surpassed 410,000, the highest level since May 2022 and more than double the 185,000 in March, according to CryptoQuant data. Balances can indicate the amount of liquidity available to buy or sell at an OTC counter, with high balances indicating high liquidity and the ability of the counter to fulfill large orders. Low balances, on the other hand, may indicate greater difficulty in trading. OTC clients are primarily high net worth individuals or institutions outside of retail trading platforms. OTC trading allows for high volumes of buying and selling without affecting the price of bitcoin on CEX. Data shows that OTC balances have risen sharply over the past six months, while Bitcoin has been trending downward from its all-time high of $73,500 in March. The rise in balances is quite similar to what happened between late 2020 and early 2021, when OTC balances soared from 235,000 tokens to 435,000 tokens in six months. The difference is that the price of bitcoin was rising then, but is now slightly lower.
- 14:17U.S. September ISM Manufacturing PMI drops the most since May 2023U.S. September ISM Manufacturing PMI 47.2 vs. 47.5 expected, 47.2 prior. biggest drop since May 2023
