Bitcoin broke a new high of $108,300 this Tuesday before falling back to $90,500, and is currently at $98,000. Below is a summary of important events this week, updates on on-chain data, and events to watch for next week. (Background: After Bitcoin's sharp drop to $96,000, 300,000 people faced liquidation totaling a billion dollars! Analysts: The Fed's slowdown in interest rate cuts does not change the upward trend of BTC) (Background supplement: Dong District Weekly) After the flash crash, Bitcoin returned to $100,000, with next week's focus on US-Japan interest rates, and Alipay unexpectedly showcasing crypto fund advertisements...) This Week (12/15-12/21) Important Events Overview Bitcoin Dynamics: Bitcoin plunged, with 300,000 people liquidated for a billion dollars; Bitfinex sees $145,000 to $189,000 in the second half of next year; the size of Bitcoin ETF in the US officially surpasses gold; Will there be a Christmas rally for the ETF? Technical indicators are bullish. Ethereum: Plummeted 10%, falling below $3,300. Interest Rates: The US cut rates by 0.25, suggesting just 2 rate cuts next year; Japan's central bank keeps rates frozen. NFT: Multiple NFT projects are warming up! Pudgy airdropped $PENGU; QR Code for penguin toys was stolen; Is OpenSea airdropping? Doodles hint at launching a token. Trump: The Trump family bought ONDO, AAVE, ENA tokens, and increased their Ethereum holdings; completely removed the federal debt ceiling. Musk: Thanks CZ for helping with the Twitter acquisition. Arthur Hayes: Retail investors are the 'greater fools' for VC tokens and should awaken. United States: The Fed is not allowed to hold Bitcoin; an Ohio congressman proposed a Bitcoin reserve bill; Coinbase's annual revenue surpasses Nasdaq. Taiwan: Chen Chong directly asked the central bank governor: Aren't you buying Bitcoin yet? China: PPI has dropped for 26 consecutive months; trading cryptocurrencies by bypassing the Great Firewall is illegal! El Salvador: The president reveals that BTC returns have exceeded 133%. OpenAI: Search function fully open to free users. MicroStrategy: Expected to be included in the S&P 500 next year. BlackRock: Released a 3-minute Bitcoin educational video. Binance: Launched the 'Alpha Zone', community dissatisfaction. This Week's Trading Market Data Changes Sentiment and Sectors 1. Fear and Greed Index This week's market sentiment indicator dropped from 80 (extreme greed) to 74 (greed), staying in the range of (extreme greed) and (greed) throughout the week. 2. Funding Rate Heatmap This week, Bitcoin's funding rate reached a high of 13.6% and a low of 8.2%. The funding rate heatmap shows the trend of funding rates for different cryptocurrencies, with colors ranging from green for zero rates to yellow for 50% positive rates, while black represents negative rates; the white candlestick chart shows Bitcoin price fluctuations, contrasting with the funding rate. 3. Sector Performance According to Artemis data, the average increase in the blockchain sector this week was (-19.1%), with Centralized Exchange, Exchange Tokens, and RWA occupying the top three at (29.9%, -8.7%, -9.1%). This week, Bitcoin and Ethereum rose by (-4.2%, -12.7%). The three worst-performing sectors were Perp Dex (-29.8%), Data Availability (-29.5%), and Social (-26.4%). Market Liquidity 1. Total Market Cap of Cryptocurrencies and Stablecoin Supply This week, the total market cap of cryptocurrencies showed a decline from $3.76 trillion to maintain at $3.4 trillion. BTC's market share is 57.51%, and ETH's market share is 12.65%. The total supply of stablecoins, an important indicator of market health and liquidity, increased from $189.67 billion to $190.01 billion this week, an increase of $340 million, approximately 0.18%. 2. Potential Buying Power in Exchanges Data shows that this week, exchange assets showed a trend of net inflow, especially with a significant inflow of USDT after the US elections. This phenomenon may indicate that investors are preparing for upcoming market volatility, as capital inflows to exchanges may imply increased short-term buying demand. Additionally, the highest net inflow of funds in a single day in December reached $15.8 billion, with this week's highest single-day net inflow at $11.8 billion, surpassing the previous bull market's highest single-day net inflow of $6.7 billion, indicating ample market liquidity. 3. Crypto Dynamics This week, overall sentiment in the crypto market was bearish, with Horizen, Movement, and CoW Protocol leading with increases of +67.3%, +35.6%, and +29.4%, while mainstream coins generally declined. According to Blockchaincenter data, the current altcoin season index is at 47 (down 12), indicating a cooling off in altcoin enthusiasm. Bitcoin Technical Indicators 1. Bitcoin Spot ETF Funds This week, Bitcoin ETF funds inflowed $1.154 billion, but on Friday there was a record net outflow of $671.9 million. 2. Bitcoin Futures Open Interest According to data, Bitcoin futures open interest on exchanges rose rapidly this week, recovering from $63.03 billion to $62.28 billion, currently still at historical highs. Previously, open interest reached historical highs in tandem with Bitcoin prices, followed by a price drop, but open interest remains high, indicating active market leverage trading. 3. Bitcoin Historical Monthly Return Rate According to historical data for week 51, Bitcoin's return rate was -7.11%. This performance is below the historical weekly average return rate (+3.14%) and median (+2.24%), and differs from the previous week (week 50) return rate (+3.06%). 4. Bitcoin Rainbow Chart The Bitcoin rainbow chart shows that the current Bitcoin price ($97,000) is in the 'consider dollar-cost averaging' zone. 5. Coinbase Bitcoin Premium Index This week, the Coinbase Bitcoin premium index was mostly negative, indicating relatively weak demand in the US market, but at certain stages, a positive premium emerged, suggesting that there is still capital support within specific price ranges. During periods of negative premium, Bitcoin prices saw significant pullbacks, indicating that US investors are more sensitive to market downturns, and weak demand further intensified price pressure. Positive premium differences may suggest that US investors have greater purchasing power than global investors in the market. 6. Bitcoin Net Profit and Loss Performance The net profit and loss indicator for Bitcoin shows that market sentiment has receded, and market structure has surpassed this year's high. Although the market performed strongly in the short term, investors should remain vigilant about potential pullback risks, especially after rapid increases, as the market may see profit-taking scenarios. 7. Long-Term Bitcoin Holders According to on-chain data, the net holdings of long-term Bitcoin holders have shown a significant decline recently, with the red bar chart indicating that selling pressure has gradually increased since October. Especially when Bitcoin prices broke new highs and approached $100,000, the net position of long-term holders shifted from positive to negative, indicating that some investors chose to take profits at high prices. The current selling pressure has exceeded the peak in March of this year, with Bitcoin prices repeatedly testing the $100,000 mark in early December, but the actions of long-term holders reducing their positions have exerted significant selling pressure on the market. Although market sentiment remains optimistic, close attention should be paid to short-term...

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