The highly anticipated Bitcoin halving event is only 7 days away, and market maker Wintermute predicts that projects related to the Bitcoin technology ecosystem, as well as meme coins, will experience an uptrend.
Wintermute, a market maker, believes that there is a large and untapped pool of funds within the Bitcoin ecosystem that has been dormant. Surprisingly, there are very few projects that traders can use to access this Bitcoin narrative.
Wintermute stated that if funds begin to flow into the Bitcoin ecosystem, tokens such as RUNE, STX, and ORDI are expected to outperform the overall Bitcoin market.
Bartosz Lipinski, the founder of Cube.Exchange, is particularly bullish on Runes. He pointed out that high costs and severe network congestion will push Ethereum to the sidelines, as projects like Rune, which are based on Bitcoin, will redirect the meme coin craze back to the Bitcoin ecosystem. The BRC-20 (Ordinals NFT) standard may be replaced by Runes, which is planned to be launched on the day of the halving.
Lipinski added that the Runes token standard will allow for more efficient issuance of meme coins and will compete with meme projects on Base and Solana.
According to CryptoSlam, the trading volumes of major public chains in the past 24 hours are as follows: Bitcoin – $31 million, Ethereum – $8.47 million, Solana – $3.5 million. Apart from Bitcoin, NFT trading volumes on other chains have shown a decline, indicating that the previous NFT craze has shifted to the Bitcoin Ordinals ecosystem, with strong performances from Runestone, NodeMonkes, and Pups recently.
In related news, Base TVL is approaching the $1 billion mark, with the majority concentrated in the DEX – Aerodrome. Brian Armstrong showcases his muscles, with 90% of BTC ETF assets being custodied and Coinbase Wallet set to become a super app.