Today's news highlights:
USDC Treasury minted 400 million USDC this morning
The top three tokens with the largest annual return declines among the top 500 cryptocurrencies are: STRAX, KUJI, SATS.
Data: Bitcoin spot ETF had a net outflow of $426 million yesterday.
Binance Labs announced an investment in THENA.
The autonomous agent framework Eliza developed by the ai16z team ranked first in GitHub's December trending list.
Wormhole Foundation: The FEG token issue is unrelated to Wormhole, and all contracts are completely unaffected.
CZ forwarded the view of 'optimistic about the performance of altcoins in Q1 2025, with BNB's lowest target price at $1314'
Binance Labs will invest in 46 projects in 2024 and focus on blockchain, AI, and biotechnology in 2025.
Regulation/Macro
Federal Reserve's Daly: Cryptocurrency is complex and has yet to meet the conditions to become a 'currency'.
According to a report by Jin Ten, Mary Daly, President of the San Francisco Federal Reserve, stated that cryptocurrencies should be viewed as an independent asset class rather than being conflated with gold. She believes that cryptocurrencies are complex and have yet to meet the conditions to become 'currency'. Daly pointed out that crypto assets need to define their use, whether as a medium of exchange, speculative asset, or store of value, but their volatility and value characteristics driven by demand differ significantly from the stability of traditional currencies. Daly's view differs from that of Federal Reserve Chairman Jerome Powell, who had previously compared Bitcoin to virtual gold rather than a competitor to the dollar; however, both agree that cryptocurrencies currently do not meet the conditions to function as currency.
Binance will conduct wallet maintenance on the Ethereum network on January 2.
Binance will conduct wallet maintenance on the Ethereum network (ETH) at 14:00 (UTC+8) on January 2, 2025. To support this maintenance, Binance will suspend deposit and withdrawal services for the Ethereum network (ETH) at 13:55 (UTC+8) on January 2, 2025. The maintenance is expected to take 1 hour, and deposit and withdrawal services will automatically resume after maintenance is completed.
The Supreme Court has announced the results of the 2024 judicial topic project approval: including research on the disposal of virtual currencies involved in cases.
According to an announcement from the Supreme People's Court, the results of the 2024 major judicial research projects have been announced, among which project seven is 'Research on the Disposal of Virtual Currencies Involved in Cases'. This key funding project is divided into three project groups: • Group 1: Lin Wei from Southwest University of Political Science and Law, Wang Zhongwei from the Chongqing High People's Court, Yuan Shengqiang from the Fifth Intermediate People's Court of Chongqing. • Group 2: Xue Chunjiang from the Beijing Third Intermediate People's Court, Yang Dong from Renmin University of China. • Group 3: Zhan Xuwei from Shenzhen Intermediate People's Court, Wu Xuebin from Shenzhen University.
The judge postponed the trial date of the CFTC vs. Gemini case to January 21.
According to Cointelegraph, the U.S. court has postponed the CFTC vs. Gemini case to January 21, 2025. New York District Judge Alvin Hellerstein announced that the civil case between the Commodity Futures Trading Commission (CFTC) and Gemini Trust Company has been postponed from the originally scheduled January 13, 2025, to January 21, and explicitly stated that there will be no further delays. The CFTC filed a lawsuit against Gemini in June 2022, accusing it of providing false or misleading information when applying for Bitcoin futures contracts in 2017, and seeking illegal gains recovery, civil penalties, and injunctions. The delay in the case hearing may be influenced by the incoming government and new Congress policy.
The U.S. Blockchain Association is suing the IRS over new regulations regarding digital asset reporting.
According to Cointelegraph, the IRS has released new regulations requiring digital asset platforms, including decentralized exchanges (DEX), to disclose user transaction information and crypto asset sales income starting in 2027. The Blockchain Association and the Texas Blockchain Council have filed a lawsuit against this rule, claiming it is unconstitutional and violates the Administrative Procedure Act, which could have serious implications for the U.S. digital asset sector.
Financing
Binance Labs announced an investment in THENA.
Binance Labs announced an investment in THENA, which is a decentralized exchange (DEX) and liquidity protocol based on the BNB Chain. This financing will be used to accelerate the development and expansion of the THENA platform, enhance security measures, expand user growth, strengthen partnerships within the BNB Chain ecosystem, and promote DeFi innovation. THENA was established in January 2023 and adopts an innovative ve(3,3) token economic model, aiming to create a comprehensive liquidity layer that integrates the best features of leading DeFi protocols into a single platform to enhance security, scalability, and user experience, promoting the adoption of decentralized finance (DeFi).
On-chain credit analysis company Accountable completed a $2.3 million seed round of financing.
ZK technology-supported on-chain credit analysis startup Accountable completed a $2.3 million seed round of financing, led by MitonC and Zee Prime Capital, with angel investors such as Darius Rugys from Maven 11 and DCBuilder from Worldcoin Foundation participating. This round of financing will be used to pay employee salaries, and plans for a new round of financing in the second quarter of 2025 are underway. Accountable aims to build a privacy-protecting data platform that provides real-time verification of asset, liability, and transaction exposure for borrowers through technologies such as zero-knowledge proofs and homomorphic encryption. Users can connect custodial accounts, exchanges, etc., to generate credit risk reports and autonomously decide the scope of sharing. The company aims to rebuild the unsecured lending ecosystem affected by the collapse of the crypto credit market in 2022, while ensuring privacy and data security. Accountable's technology can also be applied in scenarios such as asset-liability proof, providing real-time and confidential financial information verification for institutions and users.
Project Updates
Elon Musk reposted 'Elon Musk is now Kekius Maximus'.
Elon Musk reposted 'Elon Musk is now Kekius Maximus'.
Bitget has completed the merger and token swap of BWB and BGB.
According to Bitget's announcement, Bitget has completed the merger and token swap of Bitget Wallet Token (BWB) and Bitget Token (BGB). Specific details are as follows: 1. Swap ratio: 1 BWB = 0.08563 BGB. 2. Trading changes: The BWB/USDT trading pair has been delisted. 3. Deposits and withdrawals: Bitget will no longer support deposits and withdrawals of BWB tokens.
The CTO of a16z in the ai16z Discord group does not need to worry about ai16z infringing on a16z's trademark issues.
According to @0xjunkdogg, regarding whether ai16z is suspected of infringing on a16z's trademark, he stated that there is no need to worry and provided the following explanation: 1. Communication has been made with a16z via email; 2. a16z's CTO is currently in the ai16z Discord but has not spoken publicly; 3. a16z's co-founder Marc Andreessen has reposted related content; 4. ai16z and a16z are jointly promoting the DUNA project, which is to legalize DAOs in the U.S. Previously, a16z has implemented a legal framework for DAOs in some states, and both parties are working to expand the legal coverage.
Wormhole Foundation: The FEG token issue is unrelated to Wormhole, and all contracts are completely unaffected.
The Wormhole Foundation tweeted this morning that today's FEG token issue is unrelated to Wormhole, and all Wormhole contracts are completely unaffected. Analysis from the blockchain security agency CertiK shows that the FEG bridge was attacked on December 29, 2024, and the issue originated from a logical error in the cross-chain message processing of the relay contract. This contract was deployed by an address funded by the FEG team, unrelated to the Wormhole team.
The autonomous agent framework Eliza developed by the ai16z team ranked first in GitHub's December trending list.
GitHub Trending data shows that the autonomous agent framework Eliza developed by the ai16z team ranked first in the December trending list, gaining 4,531 stars this month, for a total of 7,028 stars.
Perspectives
CZ forwarded the view of 'optimistic about the performance of altcoins in Q1 2025, with BNB's lowest target price at $1314'.
Binance founder CZ forwarded Errands Gotham's view, stating that Q1 2025 will be the most promising period for altcoins in the past 36 months, similar to the patterns of 2021 and 2017. Errands Gotham predicts that the BNB Chain will perform like Ethereum in Q1 2025, with a minimum target price of $1314 and an optimal target price of $1986. This view shows that CZ has previously indicated that supporting small and mid-cap projects is an important strategy for Binance Labs to mitigate market risks. Binance Labs has also emphasized that projects with practical application scenarios, strong teams, clear roadmaps, and sustainable business models are more likely to survive and thrive in market cycles.
Binance Labs will invest in 46 projects in 2024 and focus on blockchain, AI, and biotechnology in 2025.
PANew reported on December 31 that Binance Labs announced a total investment in 46 projects in 2024, of which 14 are from the BNB Chain MVB program or Labs incubation program, and 32 are direct investments. Infrastructure and application projects each account for 50%. Investment projects cover 10 DeFi, 7 AI, 7 BTC ecosystem, 4 Restaking, 3 Gaming, 2 ZK, 2 RWA, and 2 consumer applications, along with multiple infrastructure and emerging field investments, including the Move ecosystem and DeSci. The portfolio covers Telegram, Solana, Ethereum, and major Ethereum L2, and is distributed across emerging ecosystems such as Berachain, Monad, Initia, and mature ecosystems like Stacks, Celestia, and Bittensor. About 20% of the investments come from BNB ecosystem projects (MVB program). Binance Labs stated that in 2025, it will focus on blockchain, AI, and biotechnology, anticipating innovations arising from the intersection of these three fields. With the new U.S. government taking a positive stance toward the crypto industry, the regulatory environment may improve, encouraging institutional participation and promoting industry development. Binance founder CZ has returned to the investment field and will spend more time communicating directly with founders. Binance Labs plans to expand its investment scope to cover various trading types, including primary and secondary markets, and continues to seek projects with practical application scenarios, strong teams, and sustainable business models.
Matrixport: Heightened competition from Solana and Sui could subject Ethereum to greater competitive pressure in 2025.
According to Matrixport analysis, Ethereum's gas fees have continued to decline since the upgrade in March 2024, while the ecosystem's activity remains sluggish. Coupled with weak trading volume, achieving a significant price increase for ETH in 2025 may face considerable resistance. In 2024, Ethereum faces strong competition from alternative protocols like Solana and Sui, which have attracted more users, with their tokens performing better than Ethereum throughout the year. Analysis indicates that without significant positive news stimulation, Ethereum may continue to be at a disadvantage in 2025, while competing projects are expected to further expand their advantages.
Franklin Templeton released its 2025 crypto outlook: regulation, institutional adoption, and technological advancement will shape the future.
Franklin Templeton Digital Assets team stated that the cryptocurrency sector will experience significant developments in 2025 due to regulatory clarity, institutional adoption, and technological advances. Specific aspects include: 1. Regulation and institutional adoption: Clear policies from regulatory bodies such as the SEC are expected to promote the development of crypto-related financial products (such as ETFs and tokenized securities), helping the U.S. re-establish its position as a global crypto innovation center. 2. Integration of traditional finance and crypto infrastructure: The establishment of a regulatory framework for stablecoins will pave the way for major financial institutions to issue stablecoins, further expanding the DeFi ecosystem. 3. Consolidation of Bitcoin's status: Bitcoin will accelerate its role as a global financial asset and a medium of digital value storage, with many countries potentially incorporating it into their strategic reserve assets. 4. Growing demand for decentralized IoT networks (DePIN): In practical application areas such as logistics and IoT, decentralized solutions will receive more attention. 5. Integration of AI and crypto: The importance of blockchain technology in transparency and verification will increase, accelerating the expansion of AI-driven economies. AI agents will automate on-chain transactions, portfolio management, and integration of digital content and on-chain activities through blockchain. 6. Practicality first: 2025 will mark the transition of crypto technology from speculation to practicality, becoming a key component of global financial and operational systems.
Pantera: Optimistic about crypto AI, DePIN, and new Layer 1 blockchains in 2025.
Pantera Capital partner Lauren Stephanian stated that with the U.S. pro-crypto policies in place, crypto venture capital is expected to increase in 2025, and investors are taking a more positive attitude toward capital deployment. Stephanian pointed out that the bull market will not last long, and when it will begin to slow down in 2025 remains to be seen. Pantera will continue to invest broadly in the crypto and blockchain sectors, focusing on crypto AI, decentralized physical infrastructure networks (DePIN), and new Layer 1 blockchains with stronger application layer functions.
Dragonfly: In 2025, will continue to support areas such as DeFi, CeFi, stablecoins/payments, while investment in security and tokenization may decrease.
Dragonfly partner Rob Hadick stated that due to the easing of the U.S. regulatory environment, continuous token price increases, and institutional capital inflows, crypto venture capital is expected to grow significantly in 2025. However, he believes that the level of financing is unlikely to return to the peaks of 2021-2022 in the short term, reflecting a cautious approach from VCs to avoid repeating past mistakes. Dragonfly will continue to support areas with verified market demand such as DeFi, CeFi, stablecoins/payments, while also focusing on scaling platforms. Hadick mentioned that although emerging fields like crypto AI and decentralized physical infrastructure networks (DePIN) are gaining attention, they are still in the 'experimental stage'. He expects investments in areas such as security, tokenization, and interoperability may decrease, with market focus shifting to emerging tracks. Additionally, due to a lack of scalability and market fit, decentralized social media may face developmental challenges.
QCP Capital: A key catalyst for BTC in 2025 may emerge in January, as institutions re-adjusting asset allocation could increase BTC allocation ratios.
QCP Capital stated that due to low liquidity, BTC spot market volatility has intensified, and the recent rise is constrained by ongoing selling pressure. Since December 19, there has been a net outflow of $1.8 billion from the spot ETF, while MicroStrategy's pace of BTC purchases has significantly slowed, causing BTC to lose momentum at the end of the year. The weak performance of the crypto market aligns with global market sentiment, with the S&P 500 and Nasdaq declining more than 1% for the third time in eight trading days, reflecting market pricing of global trade uncertainties in 2025. Despite a lackluster end-of-year performance, BTC rose 120% over the year, outperforming global stock markets and gold. QCP Capital believes that a key catalyst for BTC in 2025 may emerge in January, as institutions re-adjust asset allocations could increase BTC allocation ratios, solidifying Bitcoin's dominance and bringing volatility closer to that of the stock market. The market is expected to increase demand for downside protection and hedge risks more through selling call options.
Important Data
The top three tokens with the largest annual return declines among the top 500 cryptocurrencies are: STRAX, KUJI, SATS.
According to Sosovalue data, the top 10 tokens with the largest annual return declines among the top 500 cryptocurrencies by market cap year-to-date are as follows: STRAX (Stratis) annual return -92.57%, current price $0.07416; KUJI (Kujira) annual return -85.33%, current price $0.6239; SATS (SATS) annual return -78.42%, current price $0.0001762; AZERO (Aleph Zero) annual return -77.86%, current price $0.3527; DAO (DAO Maker) annual return -72.31%, current price $0.3229; OSMO (Osmosis) annual return -72.22%, current price $0.4349; BIGTIME (Big Time) annual return -71.59%, current price $0.13601; NTRN (Neutron) annual return -71.08%, current price $0.347; CSPR (Casper Network) annual return -71.01%, current price $0.01489; NFP (NFPrompt) annual return -70.44%, current price $0.2675.
Data: Bitcoin spot ETF had a net outflow of $426 million yesterday.
According to SoSoValue data, Bitcoin spot ETF had a net outflow of $426 million yesterday (Eastern Time December 30), marking two consecutive days of net outflow. Among them, Grayscale ETF GBTC had a net outflow of $135 million in a single day, with a historical cumulative net outflow of $21.487 billion; Grayscale Bitcoin Trust ETF had a net outflow of $31.73 million in a single day, but its historical cumulative net inflow still stands at $829 million. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $106.239 billion, accounting for 5.69% of Bitcoin's total market cap, with a historical cumulative net inflow of $35.238 billion.
In 2024, DEX trading volume remains the highest on Ethereum chain, with Solana chain growing over 10 times in second place.
CryptoRank data shows that among the top 15 blockchain trading volumes for decentralized exchanges (DEX) in 2024, Ethereum ($674 billion, up 46.3%) and Solana ($626 billion, up 1049%) are in the top two, followed by BNB Chain ($352 billion, up 178%), Arbitrum ($252 billion, up 101%), and Base ($222 billion, up 5.8%). Blast ranks sixth with $133 billion, followed by Polygon ($49.8 billion, down 3.9%) and Avalanche ($46.8 billion, up 105%). Sui ($41.2 billion, up 1859%) and Optimism ($33.8 billion, up 69.6%) also performed strongly. Additionally, TRON ($20.2 billion, up 401%), Mantle ($13.4 billion, up 918%), Aptos ($11 billion, up 2867%), Osmosis ($11 billion, up 164%), and TON ($9.4 billion, up 4372%).
USDC Treasury minted 400 million USDC this morning.
According to on-chain data monitored by Whale Alert, at 2:17, 2:42, 2:57, and 5:12 AM Beijing time today, USDC Treasury minted 100 million USDC on Ethereum and Algorand (the last time), totaling 400 million USDC.
