Daily Market Update (January 5, 2024, 10:30 AM)
ChainDD's market data on January 5 shows a comprehensive index compared to CoinMarketCap quotes:
BTC is priced at $97,181.82, with a 24-hour increase of about 2.50%;
ETH is priced at $3,469.66, with a 24-hour increase of about 2.61%;
BNB is priced at $705.67, with a 24-hour increase of about 0.90%;
DOT is priced at $7.30, with a 24-hour increase of about 1.65%;
DOGE is priced at $0.342, with a 24-hour increase of about 3.37%.
Chain Circle Dynamics
This week, the net inflow of Bitcoin spot ETFs was $255.3 million, increasing holdings by 2,421.94 BTC.
Lin Chen, the head of Asia-Pacific business at Deribit, posted on X: "This week, BTC spot ETF overall showed a small net inflow, despite a market close on Wednesday and a significant net outflow on Thursday. The inflows on the remaining days made up for this gap, resulting in a total weekly net inflow of $255.3 million, with an increase of 2,421.94 BTC.
Among them, on Thursday, BlackRock's IBIT recorded a maximum single-day reduction of 3,516.57 BTC, while on Friday market sentiment warmed, with an inflow of 2,601.9 BTC, and Fidelity increased their holdings by 3,684.64 BTC that day. The current BTC price has rebounded slightly, maintaining a wide fluctuation around $98,000.
Global on-chain RWA assets officially exceeded $15 billion, with a 30-day increase of 11.97%.
According to data from the RWA monitoring platform RWA.xyz, as of January 5, 2025, global on-chain RWA assets exceeded $15 billion, reaching $15.31 billion, with a 30-day increase of 11.97%; the number of asset holders surpassed 80,000, reaching 81,495, with a 30-day increase of 2.6%; the total number of asset issuers grew to 119; the value of stablecoin assets was $203.66 billion, with a 30-day increase of 4.21%, and the number of stablecoin holders reached 141 million.
In addition, the scale of tokenized US Treasury assets exceeded $4 billion, reaching $4.09 billion, with a 7-day increase of 0.27%; the number of holders fell to 12,205, with a 7-day decrease of 2.32%.
Analysis: Since November 2024, BTC inflows to exchanges and miner outflows have significantly decreased, indicating reduced selling pressure.
Since November 2024, the inflow of Bitcoin to exchanges (total BTC transferred to exchanges) and miner outflows (BTC sent to exchanges by miners) have dropped significantly, indicating reduced selling pressure.
According to data from CryptoQuant, the inflow of BTC to exchanges in November 2024 peaked at 98,748 BTC on November 25, following about two months of highly active inflow activity.
In December 2024, BTC inflows to exchanges decreased but remained quite substantial, with the total number of Bitcoins sent to exchanges ranging from 11,000 to 79,000 per day.
The decrease in inflows to exchanges is accompanied by a reduction in miner outflows, indicating less selling pressure from Bitcoin miners, who often sell their BTC holdings to cover operational costs. Since the historic price surge of Bitcoin after Trump's election in November last year, miner outflows have been declining.
Data from CryptoQuant shows that outflows peaked on November 11, when miners sent 25,367 BTC to exchanges, at which point the price of Bitcoin reached around $88,000.
On January 1, 2025, miners sent 5,489 BTC to exchanges, 5,748 BTC on January 2, and 2,133 BTC on January 3.
Coinbase Chief Legal Officer: We have received an unredacted OCP 2.0 letter issued by the FDIC, and the new Congress should immediately hold hearings.
Coinbase's Chief Legal Officer Paul Grewal posted on X: "We have finally received the unredacted OCP 2.0 letter issued by the FDIC (Federal Deposit Insurance Corporation). This is a court-ordered mandate, but you can now read them below. This shows a coordinated effort aimed at halting various crypto activities, from basic BTC transactions to more complex products.
Please note that the FDIC had previously stated it complied with the earlier court order, but during this search, they magically found two more suspension letters. Every time we act, we seem to uncover new issues, making it hard to believe in their sincerity. The new Congress should immediately hold hearings on all these issues."
Ripple's Chief Legal Officer Stuart Alderoty stated: "Well done. As a former bank GC, these letters convey the message: shut down all crypto-related content as soon as possible—not just the mentioned products and services. Writing directly to the board is a rare and cautious approach. These letters are designed to shock the banks."
Coinbase obtained a key license to offer derivatives in Europe through its acquisition of Bux's Cyprus subsidiary.
Coinbase has obtained a crucial license to implement its expansion plans in Europe through its acquisition of the Cyprus branch of European brokerage Bux. The acquisition amount has not been disclosed. Bux was previously acquired by Dutch bank ABN AMRO, with the deal announced in December 2023 and completed in July 2024.
Bux's CEO stated that last July, Bux also sold its UK subsidiary to UAE investment firm APM Capital, as part of its plan to divest all regulated subsidiaries of Bux Holding.
The acquisition was completed in August, and the company obtained the MiFID II license through this acquisition. Reports also indicate that Coinbase changed the name of this entity to Coinbase Financial Services Europe last October.
The official announcement stated: "Adding such a license to our international portfolio will further support our strong interest in derivative products and help us capture approximately 75% of the derivatives market in the global crypto space." The MiFID II regulation originally took effect in January 2018, and although the newly obtained license by Coinbase is located in Cyprus, it can 'pass through' to other EU member states through a simplified process, allowing Coinbase to offer services across Europe without needing to re-obtain licenses in each individual jurisdiction. Bux previously used this license to offer Contracts for Difference (CFD) trading products.
JPMorgan: The 'devaluation trade' will persist as Bitcoin and gold's structural importance continues to grow.
Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, stated in a report on Friday, "The appreciation of gold prices over the past year far exceeds the trends implied by changes in the dollar and real bond yields, likely reflecting a re-emergence of this 'devaluation trade.'"
They added that the record capital inflows into the cryptocurrency market in 2024 indicate that Bitcoin is also becoming a 'more important component' in investors' portfolios. The devaluation trade refers to a strategy where investors turn to assets like gold and Bitcoin to hedge against the devaluation of fiat currencies, often driven by factors such as inflation, increasing government debt, and geopolitical instability.
