Bitcoin halving in seven days, Wintermute bullish on ecosystem projects RUNE, STX, ORDI
The highly anticipated Bitcoin halving event is only 7 days away. Market maker Wintermute predicts that projects related to Bitcoin's technical ecosystem and meme coins are expected to see an increase in value.
Table of Contents
Institutions Bullish on RUNE, STX, ORDI
Wintermut told CoinDesk:
There is a huge and untapped pool of funds within the Bitcoin ecosystem that has been dormant, surprisingly few projects that traders can use to access this Bitcoin narrative.
He believes that if funds start flowing into the Bitcoin ecosystem, tokens like RUNE, STX, and ORDI are poised to outperform the broader Bitcoin market.
Aside from the narrative, how will the Rune protocol drive market speculation again?
Runes to Replace BRC-20
Cube.Exchange founder Bartosz Lipinski is more bullish on Runes, stating:
High costs, severe network congestion will push Ethereum to the sidelines, as projects like Rune, based on Bitcoin, will redirect the meme coin frenzy towards the Bitcoin ecosystem. The BRC-20 Ordinals NFT standard may be replaced by Runes planned to go live on halving day.
He added that the Runes token standard will allow for more efficient issuance of meme coins and compete with meme projects on Base and Solana.
According to CryptoSlam, the past 24-hour trading volumes on major public chains are:
Bitcoin: $31 million
Ethereum: $8.47 million
Solana: $3.5 million
Aside from Bitcoin, NFT trading volumes on various chains are declining, indicating that the previous NFT frenzy has shifted to the Bitcoin Ordinals ecosystem, with Runestone, NodeMonkes, and Pups showing strong performance recently.
Developers announce three airdrops, Runestone market cap hits new high surpassing BAYC