Author: Deep Tide TechFlow
Yesterday's market dynamics
Monad announces the establishment of the Monad Foundation.
According to official news, Monad announced the establishment of the Monad Foundation, which will focus on promoting validator-led governance, community improvement proposals, developer documentation maintenance, and ecosystem development. The original Monad Labs team will be renamed to Category Labs, with James Hunsaker serving as CEO, primarily responsible for blockchain underlying technology research and development. Keone Hon and Eunice Giarta will join the newly established foundation, while the original business development, ecology, community, market, developer relations, and operations teams will also transition to the foundation.
FTX confirms the effective date of its restructuring plan is January 3, 2025, and will collaborate with BitGo and Kraken to distribute assets.
According to a press release, FTX and its affiliated debtors announced today that the court-approved Chapter 11 restructuring plan will officially take effect on January 3, 2025. The first distribution will begin within 60 days after the effective date, exclusively for approved creditors in Convenience Classes. FTX has reached agreements with cryptocurrency custodians BitGo and exchange Kraken to provide asset distribution services for retail and institutional clients.
Grayscale announces that it has opened Horizen Trust (HZEN) to qualified investors, providing exposure to ZEN tokens.
Grayscale announces that it has opened investment channels for qualified investors in Horizen Trust (HZEN). This fund allows investors to gain exposure to ZEN tokens in securities form. As of December 16, the market price per share of the fund is $6.40, with approximately $8.7 million in managed assets.
Bithumb adds GOAT KRW trading pair.
Korean cryptocurrency exchange Bithumb announced that the Goatseus Maximus (GOAT) token will launch a KRW trading pair on December 17, 2024, at 13:00 (KST). Deposit and withdrawal services will open 2 hours after the announcement, and the platform reminds users to only deposit via the Solana network; deposits via other networks will not be credited.
Pantera partner's 2025 forecast: NFT revival, 1% Bitcoin will participate in Bitcoin finance.
Pantera partner Paul Veradittakit releases the 2025 forecast, which mainly includes:
RWA (excluding stablecoins) will account for 30% of the on-chain TVL (currently 15%);
1% of Bitcoin will participate in Bitcoin finance (Bitcoin-Fi);
Fintech becomes the gateway to cryptocurrency;
Unichain becomes the leading L2 by trading volume;
NFT revival, but in a specific application manner;
Re-staking will gain strength;
zkTLS brings off-chain data on-chain;
Regulatory support.
Bitfinex report: It is expected that this round of cryptocurrency bull market will peak around Q3 or Q4 of next year.
Bitfinex Alpha's latest report states that Bitcoin has surged over 573% since the bear market low of $15,487 in November 2022, with its price increasing by 130% year to date. The current bull market reflects strong institutional demand, dominated by ETF and spot accumulation. Historical data indicates we are in the mid-cycle following the April 2024 halving, with the market likely reaching its peak around Q3 to Q4 of 2025, approximately 450 days post-halving.
Indicators such as MVRV, NUPL, and bull-bear market cycle metrics indicate that we are still in the bull market phase, but far from peak. The Pi cycle top and 4-year moving average model predict a potential cycle peak between $145,000 and $189,000. Historically, diminishing returns are easing the explosive growth of BTC we saw in previous cycles. The report suggests that due to institutional capital inflow, any corrections in 2025 will remain moderate; historically, years following halving experience the strongest rebounds; cycle targets: by mid-2025, the minimum price is estimated to be $145,000, and under favorable conditions, this price could climb to $200,000.
Ethena Labs announced the launch of a new stablecoin product USDtb.
According to official news, Ethena Labs announced the launch of a new stablecoin product USDtb, supported by the BlackRock U.S. Dollar Institutional Digital Liquidity Fund (BUIDL), which manages over $500 million in U.S. Treasury bills.
USDtb shares the same characteristics as existing fiat stablecoins (like USDC or USDT), supported by cash or cash-equivalent reserves at a 1:1 ratio for each token. Users can transfer USDtb freely and without restrictions. Additionally, BUIDL will account for over 90% of the overall USDtb reserves, which is the highest BUIDL allocation ratio among all stablecoin issuers. The remaining 10% will be held in stablecoin form to facilitate redemptions or regulated institutional-level tokenization of U.S. Treasury products.
MicroStrategy has increased its holdings by approximately 1.5 billion dollars, acquiring 15,350 BTC.
On December 16, MicroStrategy increased its holdings by 1.5 billion dollars, acquiring 15,350 BTC, with a quarterly BTC yield of 46.4% and an annual BTC yield of 72.4%.
Murad: The market's yield distribution this cycle is more decentralized than before, making asset selection particularly important.
Trader Eugene initiated a poll on X asking "Has this bull market met expectations?" As of now, 65.2% of participants chose no. KOL Murad commented that the current market's yield distribution is more decentralized than before, making the result not surprising; asset selection is more important than ever. He stated that a 'net-casting' investment strategy cannot be adopted.
Solv Protocol announces that its token SOLV will go live on Hyperliquid.
Bitcoin staking platform Solv Protocol announces that its token SOLV will go live on Hyperliquid, with specific launch time and trading details to be announced further.
Binance HODLer airdrop launched Simon's Cat (CAT) and Pudgy Penguins (PENGU).
According to an official announcement, Binance has launched the 4th and 5th projects of the HODLer airdrop - Simon's Cat (CAT) and Pudgy Penguins (PENGU), where BNB users subscribing to simple earn products from December 9, 2024, 00:00 (UTC) to December 12, 2024, 23:59 (UTC) will receive airdrop allocations. Information about the HODLer airdrop is expected to be released within 12 hours, and new tokens will be distributed to users' Spot Wallets one hour before trading starts.
Binance will list CAT for trading on December 17, 2024, at 09:00 (UTC) and open trading for USDT, BNB, FDUSD, and TRY trading pairs. Seed tags will be applied to CAT.
Additionally, Binance will list PENGU on December 17, 2024, at 14:00 (UTC) and open trading for USDT, BNB, FDUSD, and TRY trading pairs. Seed tags will be applied to PENGU.
Market dynamics
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