- Bitget’s COO has a mixed outlook on Solana and notes market sentiment is influenced by ecosystem developments and regulatory factors.
- In light of the $1.4 billion Bybit hack, Bitget’s COO emphasizes a strong focus on security through its Proof of Reserves, a safety net for traders.
- Zade says altcoin ETFs could face a potential delay in approval in the US due to developments in the SEC vs. Ripple lawsuit.
Vugar Usi Zade is the Chief Operating Officer (COO) at Bitget exchange, a cryptocurrency trading platform and web3 company. FXStreet interviewed Zade and gathered his insights on Solana, the meme coin ecosystem, Bitget’s campaign for bankrupt FTX exchange’s creditors, the wallet products’ recent integration with the Monad testnet and comments on Bitcoin and Ethereum’s price expectations for the first half of 2025.
Q. The Solana meme coin ecosystem was at center stage in the 2024 Bitcoin bull market. However, the controversies surrounding LIBRA, MELANIA and TRUMP have slowed down and negatively impacted the sector. Do you expect a recovery in the SOL price and that of meme coins on the SOL blockchain?
“Solana (SOL) faces a mixed outlook, with market sentiment influenced by both ecosystem developments and regulatory factors, such as the potential approval of a Bitcoin spot ETF. While controversies surrounding meme coins like LIBRA, MELANIA, and TRUMP have slowed down the sector, the broader market dynamics, especially Bitcoin’s performance, still play a significant role in SOL’s trajectory. In the short term, key support around $200 and resistance in the $220–$230 range should be monitored, with volume serving as a critical indicator for breakout or breakdown.
The recovery of meme coins on Solana will depend on broader market sentiment and Solana’s ability to regain momentum. If Solana stabilizes and breaks key resistance levels, it could positively impact meme coins on its blockchain, but regulatory uncertainties and broader market shifts will remain crucial in determining their recovery.”
Q. Bitget recently launched a campaign for FTX creditors.What are your thoughts on $2 billion in SOL tokens entering circulation after FTX payback on March 1? Any comments on what FTX creditors could do with the funds they receive?
“The release of up to $2 billion in SOL tokens for FTX creditors could introduce significant selling pressure, especially if creditors choose to liquidate their holdings. This influx might lead to a short-term dip in SOL and other altcoin prices. However, how creditors manage these funds will be key—whether they sell to recover losses or reinvest in the market. Bitget’s efforts, such as their exclusive campaign offering up to $2,500 in incentives to FTX creditors, could help alleviate some of the selling pressure by providing a platform for creditors to trade and potentially recover more value.
This campaign aims to boost market sentiment and trust in the crypto space, offering creditors an opportunity to diversify their holdings and incentivizing them to engage with the platform, which could mitigate the immediate impact of a mass sell-off.”
Q. Bitget wallet recently integrated the Monad testnet to boost its DeFi capabilities. How do you view Monad’s potential as a scalable, efficient blockchain? Could it challenge Ethereum’s dominance in the L2 and L3 ecosystems, and do you foresee projects migrating to Monad as a result?
“Monad’s integration into Bitget Wallet signals growing interest in more scalable and efficient blockchains for DeFi. While Monad promises faster transaction speeds and improved decentralization, it remains uncertain if it will replace Ethereum as the foundation for the L2 and L3 ecosystems.
Ethereum’s established dominance, strong developer base, and extensive ecosystem provide resilience, though Monad could attract some projects seeking better performance. While it may challenge Ethereum, especially if scalability issues persist, it’s unlikely to end Ethereum’s dominance but could boost further innovation and competition amongst chains.”
Q. What’s next for the BGB token after staking?
“After the introduction of staking for BGB, the next major development for the token is its new burn mechanism. This mechanism aims to reduce the circulating supply of BGB by periodically burning a portion of the token. By doing so, the supply is limited, which could increase scarcity and potentially drive up the value of the remaining tokens over time.
The burn mechanism, combined with staking, helps create a more deflationary model for BGB, incentivizing long-term holding and participation in the ecosystem. As BGB continues to be used for staking rewards and utility within the Bitget platform, the burn mechanism could further enhance its value proposition by decreasing inflation and supporting price stability.”
Q. Does the Bitget protection fund cover user funds in the event of a hack/ theft?
“The fund is in place as a precautionary measure to ensure users are covered in the event of a hack or theft. Bitget has maintained a strong focus on security, with its Proof of Reserves and ongoing efforts to comply with global regulations, aiming to prevent such incidents from occurring. However, the protection fund remains available to users as a safety net should any security breach happen in the future.”
Q. What are your comments on Bitcoin and Ethereum prices for H1 2025?
“Bitcoin’s price outlook for the first half of 2025 is shaped by both short-term challenges and longer-term opportunities. In the immediate 3-6 months, Bitcoin may face some bearish pressure due to profit-taking and a potential retest of the $91,000 support level. However, institutional inflows, particularly through Bitcoin ETFs, and macroeconomic factors could help Bitcoin recover toward the $100,000–$110,000 range if key support levels hold. Geopolitical developments and regulatory changes in the US could introduce short-term volatility, but Bitcoin’s mid-term trajectory, fueled by institutional and national adoption, could see the price reaching $200,000 by 2025, particularly as the effects of the 2024 halving support supply constraints.
Ethereum’s price in the first half of 2025 is similarly influenced by broader market trends but faces its own set of challenges. Currently trading near $2,700, Ethereum could experience downside risks, potentially testing the $2,300 support level if bearish sentiment persists. However, the anticipation of upcoming network upgrades like the PECTRA upgrade could provide support for a recovery or stabilization, provided the upgrades align with market expectations. In the medium term, Ethereum’s prospects will depend on continued network improvements, such as scalability, and increasing institutional interest in Ethereum-based financial products. If Ethereum can break through the $2,700–$3,000 resistance zone, it may signal renewed bullish momentum and a more favorable outlook for H2 2025.”
Q. Do you expect altcoin ETFs to debut in the US and receive approval from the SEC in Q1 2025?
“The debut of altcoin ETFs in the US and their potential approval by the SEC in Q1 2025 remains uncertain, given the current regulatory environment. While there has been notable progress in other regions, such as Brazil’s recent launch of the world’s first XRP-based ETF, which marks a significant milestone for institutional adoption of XRP, the US has been slower in granting similar approvals. However, the ongoing Ripple litigation and the SEC’s cautious stance may delay approval for altcoin ETFs in the US, particularly for assets like XRP and Ethereum.
The SEC’s approval of Bitcoin ETFs has already established Bitcoin as a more secure and trusted investment vehicle within the cryptocurrency market. Meanwhile, Ethereum has faced challenges, trading at multi-year lows against Bitcoin, highlighting a wider gap in investor confidence.”