Bitget Research Institute: Nearly $7 billion of BTC was transferred out of Mt.Gox cold wallet, causing the market to pull back during the day

1 months ago
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Yesterday, Mt. Gox transferred out more than 107,000 BTC through cold wallets again after 6 years, with a market value of over 7 billion US dollars, and the markets short-term correction pressure has increased.

In the past 24 hours, many new popular currencies and topics have appeared in the market, which may be the next opportunity to make money, including:

  • Sectors with strong wealth-creating effects are: MEME sector, ETH ecological blue chip projects;

  • The most popular tokens and topics searched by users are:, MOG, Jenner, FLOKI, TURBO;

  • Potential airdrop opportunities include: Linea Surge, Sanctum (Community Quests);

Data statistics time: May 28, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, Mt. Gox transferred out more than 107,000 BTC through cold wallets again after 6 years, with a market value of about 7.2 billion US dollars, triggering market speculation about Mt. Goxs subsequent actions. Traders and market makers began to reduce their BTC positions for risk aversion, causing BTC to fall back after hitting 70,500 yesterday. Users are advised to reduce their account leverage and BTC positions, and make trading decisions after Mt. Goxs transfer intentions are clear.

On a macro level, BTC ETF has been a window for traditional funds to flow in, with $2 billion flowing in over the past two weeks. As the U.S. midterm elections begin to warm up, Trump announced at the weekend that he would strongly support the development of the crypto industry, which attracted the attention of the market. In the future, the two parties are likely to find ways to win votes from cryptocurrency holders during the election, and there is a high probability that more good news about the cryptocurrency industry will be released before the election.

2. Wealth-making sector

1) Sector changes: MEME sector (WOJAK, FLOKI, WIF)

main reason:

  • WOJAK posted a message in the community yesterday saying “It’s time to pull up the market”, which caused market fluctuations. From the K-line, it can be seen that there is a large amount of capital involved;

  • FLOKI announced yesterday that the trading robot has completed the internal testing of the Beta version, and the fees collected after it goes online in the future will be used to repurchase FLOKI.

Increase: WOJAK increased by 30% in a single day, FLOKI increased by 15% in a single day, and WIF increased by 9% in a single day;

Factors affecting the market outlook:

  • Community information: The operation of Meme coin has a great impact on the trend of Meme. Pay attention to the AMA and Twitter content information of the trading target. If there is new news, you can trade in time and seize the opportunity to build a position at the first time;

  • Increase or decrease in open interest: The open interest of WIF and FLOKI increased yesterday, indicating an influx of hot money. Use the contract data on the tv.coinglass website to understand the movement of the main funds. First, observe how much the net long position on the contract increases; then observe whether there is a net increase in the long position of the contract, an increase in OI, and an increase in trading volume. If so, it means that the main force continues to buy up and can continue to hold;

2) Sectors that need to be focused on in the future: ETH ecological blue chip projects

The main reason is that the ETH ecosystem is relatively undervalued, and the ETH-BTC exchange rate has rebounded recently. With the release of ETF information and the SECs prosecution of related DeFi, the ETH ecosystem, especially projects with fundamentals, has room for development.

Specific currency list:

  • UNI: The first DeFi Swap project on blockchain applications, which received the Wells Notice from the SEC last month. Uniswap will make a self-certification in the near future to form trading opportunities;

  • LDO: The leading LSD project in the ETH ecosystem, with a TVL of 34.5 billion US dollars and a valuation of less than 2.5 billion US dollars, is relatively undervalued;

  • OP: The Base chain is built using OP stack technology. Last year, the Base chain signed a profit-sharing agreement with the OP Foundation and indirectly obtained Coinbase endorsement.

  • PENDLE: The TVL of the project has continued to rise. The current TVL has reached 5.7 billion US dollars. The total market value of stablecoins has increased, and the popularity of the Restaking track has increased the demand for PENDLEs business in the bull market.

3. User Hot Searches

1) Popular Dapps

Solanas one-click meme coin issuance platform pump.funci previously set a new high of $753,000 in fee income on May 7, becoming the application with the highest daily income on the Solana network. In the past two days, the tokens related to American media celebrity Caitlyn Jenner and rapper Rich The Kid were also issued on Pump, which once again increased the popularity of the application.

2) Twitter

Bitget Research Institute: Nearly  billion of BTC was transferred out of Mt.Gox cold wallet, causing the market to pull back during the day


The meme coin MOG on the ETH chain has surged by +70% in the past week, and the total network transaction volume has increased. In the past 24 hours, the total network transaction volume of the token has exceeded 90 million US dollars. After the important documents related to the ETH spot ETF were approved, PEPE led the ETH ecosystem meme coins to collectively surge, and MOG, TURBO, WOJAK, etc. are among them.

3) Google Search Region

Bitget Research Institute: Nearly  billion of BTC was transferred out of Mt.Gox cold wallet, causing the market to pull back during the day

From a global perspective:


Caitlyn Jenner, an American media celebrity, promoted Meme Coin - JENNER through her X account, which was later speculated by the community to be hacked. However, Jenner deleted her tweets and changed her tone many times, which led to new speculations in the community. The price of the coin also fluctuated greatly. Celebrities issuing coins caused controversy. Later, rapper Rich The Kid also began to issue coins on Pump. After the TGE, the price of the coin quickly rose and then fell sharply.


Floki developers announced the launch of a trading bot tool that allows FLOKI holders to trade on the BNB Chain network. The Telegram-based bot will initially be available to a small number of users during the Beta testing period and is expected to be available to the public in mid-June. The bot charges a 1% fee on each transaction, 50% of which will be used to purchase FLOKI on the open market, thereby increasing purchasing demand.


Turbo is a meme that uses the ChatGPT Turbo model, and it is based on the AI + meme, two sectors that are the focus of hype in this round of market. There are many good news about AI recently and many upcoming events, which bring more hype to Turbo, such as Apples Global Developers Conference and GPT 5 may be released in June. The recent TURBO price has risen dramatically, and it has risen 5 times in the past week.

From the hot searches in each region:

(1) Hot searches in Europe, America and the Middle East: polifi-themed meme coins such as MAGA and TRUMP are on the list in many countries.

(2) The hot search terms in various regions in Asia yesterday had no obvious focus or characteristics.

Potential Airdrop Opportunities

Linea Surge

Following Linea Park, Linea Voyage: The Surge event has officially started. Please note that you need to use the referral code to activate it on the linea website before you can start collecting LXP-L points (

The purpose of Linea Surge is to attract users and increase TVL. The activity will last for 6 months or until TVL reaches 3 billion US dollars. Previously, the community believed that it would be difficult for Linea to reach a TVL of 3 billion US dollars and it would take 6 months, but now Lineas TVL has reached 1.1 billion US dollars. With the issuance of tokens by top projects such as zkSync and LayerZero, a large amount of funds may flow to Linea to make Lineas TVL reach 3 billion US dollars and end the activity ahead of schedule.

How to participate: (1) First, activate your Linea account as described above; (2) Deposit assets supported by The Surge, such as ETH and DAI, to the Linea network; (3) Deposit assets into DEXs and lending protocols such as SyncSwap, Mendi Finance, and SushiSwap to obtain LXP-L points (Linea has released more than 20 supported protocols, which can be found here:

Sanctum (Community Quests)

As mentioned in previous daily reports, Solana Ecosystem LST Protocol Sanctum officially announced the launch of the loyalty program Sanctum Wonderland. Previously, Sanctum completed a seed round extension round of financing, led by Dragonfly, with participation from Solana Ventures, Jump Capital, etc., and the total financing has now reached US$6.1 million.

The basic participation method was explained in the daily report on May 24, so I wont go into details here. During the Wonderland event, multiple Community Quests will appear on the project website. You can get points by answering the questions in the Quests. Here are the answers to several Quests.


Season 3 Answers: GLOAMTIDE



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【Disclaimer】The market is risky, so be cautious when investing. 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. Investing based on this information is at your own risk.

Original article, author:Bitget研究院。Reprint/Content Collaboration/For Reporting, Please Contact;Illegal reprinting must be punished by law.

ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

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