1. Market Observation
Keywords: ETH, ETF, BTC
The cryptocurrency market has shown a trend of volatility recently. Despite market expectations for a 'Santa Claus rally', Bitcoin has dropped due to reduced buying activity from large investors. Concerns that the Federal Reserve may take a tougher stance and diminish rate cut expectations have also led to a soft performance in the cryptocurrency market over the weekend. Notably, the tokenization platform Allo has secured $100 million in funding to enhance its Bitcoin-supported lending business. Although Ethereum has not reached a new all-time 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 through $168,500 based on historical trends. On the institutional side, MicroStrategy continues to be bullish on Bitcoin, adding 5,262 BTC for $561 million, marking the company's seventh consecutive week of purchases. Meanwhile, Senator Ted Cruz expressed support for Bitcoin at the Turning Point Americafest conference.
However, the market also faces some challenges. The Wall Street Journal raised concerns that Bitcoin could be threatened by quantum computing, and according to historical patterns, BTC's price correction could reach 30%. The current average trading volume of Bitcoin is $31 billion, still far below historical highs. Deribit CEO Luuk Strijers pointed out that before the significant options expiration in December, $84,000 is Bitcoin's 'maximum pain' level. Nevertheless, key metrics of on-chain activity still indicate that the Web3 sector is poised for 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 U.S. Treasury Yield: 4.591% (up 70.4 basis points year-to-date)
U.S. 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
With the Christmas holidays approaching, Hong Kong stocks and financial markets in several European countries will be closed for two and a half days starting Tuesday (24th), while U.S. markets will be closed for a day and a half.
5. Hot News
VitaDAO plans to distribute 6.9 million BIO to VITA and VitaDAO IPT holders.
GoPlus releases GPS tokenomics: 10% of the total supply will be used for airdrops.
aiPool Community: 10% of tokens remain undistributed, with final distribution expected to be completed by tomorrow at the latest.
Glassnode: Solana has maintained positive net capital inflow since early September 2023.
South Korea's average daily cryptocurrency trading volume in November was on par with the stock market, with total 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 from an airdrop purchased $1 million worth of PENGU tokens.
Cumberland deposited 16,201 ETH to Coinbase, valued at about $55 million.
Binance Alpha adds five new projects: GAME, UFD, GEL, GOUT, and YNE.
Sahara AI releases its roadmap for 2024-2025: Sahara Chain mainnet will launch in Q3 2025.
Justin Sun denies rumors of dumping ETH: this is merely a transfer of ETH between different wallets by the team.
The full-chain interoperability protocol Analog mainnet is officially live, 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 a build-up for a rebound in 2025, with $90,000 to $95,000 being an ideal pullback range.
Binance supports the rebranding of Fantom to Sonic and token swap.
Virtual Protocol ecosystem tokens are rising, with GAME gaining 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 that they will soon allow companies to purchase cryptocurrency.
Forbes predicts seven major trends in the crypto industry for 2025: G7 or BRICS countries may establish strategic Bitcoin reserves.
Grayscale announces it has opened private placement subscriptions for 22 cryptocurrency trust products.
In 2024, Meme coins will occupy 31% of the cryptocurrency narrative, nearly quadrupling from last year.
The IRS reiterates in the lawsuit that cryptocurrency staking should be taxed.
Supported by OSL - Hong Kong's largest OTC trading platform, continuously providing regulated digital asset services to the market since 2018.
