Article source: Trading Moments
1. Market observation
Keywords: ETH, ETF, BTC
The cryptocurrency market has recently shown volatility trends. Despite market expectations for a 'Santa Claus rally,' Bitcoin has fallen due to decreased buying activity from large investors. Concerns that the Fed may take a tougher stance and reduced expectations for interest rate cuts have also led to a weak performance in the cryptocurrency market over the weekend. Notably, the tokenization platform Allo secured $100 million in funding to strengthen its Bitcoin-backed loan business. While Ethereum failed to hit a new historical high, it still shows strong growth potential.
Analyst Justin Bennett points out that BTC's current bullish pattern is similar to previous surges, predicting Bitcoin could break $168,500 based on historical trends. On the institutional side, MicroStrategy continues to be bullish on Bitcoin, increasing its holdings by 5,262 BTC for $561 million, marking the company's seventh consecutive week of purchases. Meanwhile, Senator Ted Cruz expressed his support for Bitcoin at the Turning Point Americafest conference.
However, the market also faces some challenges. The Wall Street Journal raised concerns that Bitcoin might be threatened by quantum computing, and according to historical patterns, BTC's price adjustment could reach 30%. Currently, Bitcoin's average trading volume is $31 billion, still far below historical highs. Deribit CEO Luuk Strijers pointed out that $84,000 is Bitcoin's 'maximum pain' level before significant options expiration in December. Nevertheless, key indicators of on-chain activity still suggest that the Web3 domain is expected to achieve sustainable growth.
2. Key data (as of December 24 EST)
S&P 500: 6,040.04 points (up 26.50% year-to-date)
NASDAQ: 20,031.13 points (up 32.88% year-to-date)
10-year US Treasury yield: 4.591% (up 70.4 basis points year-to-date)
US Dollar Index: 108.095 (up 6.63% year-to-date)
Bitcoin: $98,173.47 (up 128.0% year-to-date), daily spot trading volume of $46.935 billion
Ethereum: $3,489.17 (up 53.50% year-to-date), daily spot trading volume of $23.267 billion
3. ETF flows
Bitcoin ETF: -$150 million (December 24 EST)
Ethereum ETF: +$131 million (December 23 EST)
4. Important dates
As the Christmas holiday approaches, Hong Kong stocks and financial markets in several European countries will close for two and a half days starting Tuesday (24th), while US stocks will close for one and a half days.
5. Hot news
VitaDAO plans to distribute 6.9 million BIO to VITA and VitaDAO IPT holders
GoPlus releases GPS token economics: 10% of the total supply will be used for airdrops
aiPool community: 10% of the tokens remain undistributed, with the final distribution expected to be completed by tomorrow at the latest
Glassnode: Solana has maintained positive net capital inflows since early September 2023
South Korea's average daily trading volume for cryptocurrencies in November was on par with the stock market, with the total number of investors exceeding 15 million
An anonymous user staked 10,000 BTC on Babylon ten days ago, worth over $1 billion
A whale that received 116.7 million PENGU airdrop purchased $1 million worth of PENGU tokens
Cumberland deposited 16,201 ETH into Coinbase, worth approximately $55 million
Binance Alpha adds five new projects: GAME, UFD, GEL, GOUT, and YNE
Sahara AI releases 2024-2025 roadmap: Sahara Chain mainnet will launch in Q3 2025
Sun Yuchen denies rumors of liquidating ETH: This is just the team's ETH transfer operations between different wallets
The mainnet of the full-chain interoperability protocol Analog officially launched, introducing core features before TGE
Mt. Gox has transferred over 3,631 BTC to B2C2 Group since December 5
Matrixport: Bitcoin's pullback may be gathering strength for a rebound in 2025, with $90,000 to $95,000 potentially being an excellent pullback range
Binance supports Fantom's renaming to Sonic and conducts token swaps
Virtual Protocol ecosystem tokens are rising, with GAME increasing over 30% in 24 hours
IOTA will introduce a sustainable token economic model with an annual inflation rate of 6%
South Korean regulators deny reports about allowing companies to purchase cryptocurrencies
Forbes predicts seven major trends in the crypto industry for 2025: G7 or BRICS nations may establish strategic Bitcoin reserves
Grayscale announces it has opened 22 cryptocurrency trust products for private placement
In 2024, meme coins will occupy 31% of the crypto narrative, nearly quadrupling from last year
The IRS reiterates in a lawsuit that cryptocurrency staking should be taxable
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