● QCP Capital: Bitcoin's risk premium relative to stocks is expected to decrease
According to PANews, Singapore's crypto investment firm QCP Capital stated on the 7th that Bitcoin spot ETFs had a net inflow of 1.38 billion USD, setting a new historical high, combined with the optimism brought by Trump's victory and the widespread expectation of the Fed cutting rates by 25 basis points, driving Bitcoin's price to nearly 77,000 USD earlier. However, investors began to withdraw some of the 'Trump trade': the dollar has given back most of its gains after the election, while bond yields have also returned to a recent range after a brief period of significant volatility.
As the market considers Trump's proposal to impose a 60% tariff on China and rising fiscal issues such as national debt, Bitcoin's risk premium relative to stocks is expected to decrease, potentially allowing it to outperform other risk assets. The ongoing bullish sentiment for Bitcoin may also create a feedback loop, where increased ETF inflows drive up Bitcoin prices, and the rise in Bitcoin prices attracts more retail capital and systemic funds as volatility declines.
● Fed Mouthpiece: The Fed is expected to maintain interest rates slightly above neutral in the future
According to BlockBeats, Fed 'mouthpiece', Wall Street Journal reporter Nick Timiraos commented on the Fed's interest rate decision in November, stating, 'The Fed decided on Thursday to cut interest rates by 25 basis points, but released more uncertainty regarding the pace of further rate cuts. The Fed is still trying to prevent the significant rate hikes of the past two and a half years from dragging down the economy. Within a similar timeframe, investors in the interest rate futures market have continuously lowered their expectations for the Fed's rate cuts over the next year.'
According to Citibank, 'They now believe the Fed will lower rates to around 3.6% by 2026, compared to their estimate of 2.8% in September. Officials are trying to bring rates back to a more normal level, which does not stimulate economic growth or slow it down, but they do not know what the normal rate is. Therefore, they may guide rates based on economic performance in the coming months. This means they will maintain rates slightly above normal or neutral levels.'
● Bitcoin broke through 77,000 USDT this morning, setting a new historical high
According to Binance market data, Bitcoin broke through 77,000 USDT this morning, setting a new historical high.
● Trump's team begins discussions on SEC chair candidates
According to Bloomberg, after Trump's election, his transition team and advisors began negotiations with potential candidates to select the next SEC chair. Discussions are ongoing and may take weeks to finalize a candidate.
Regardless of Trump's choice, the next SEC chair may review key rules from the Gensler era and seek to reduce regulation on the digital asset industry. Gensler was nominated by Biden and took office in February 2021, serving until 2026.
● Ethereum Foundation releases 2024 report: Financial reserves at 970 million USD
According to Odaily Planet Daily, the Ethereum Foundation (EF) released its 2024 report. The report noted that in 2022, EF spent 105.4 million USD, increasing to 134.9 million USD in 2023, mainly investing in L1 R&D (30.4%), community development (18.5%), and internal operations (36.2%). In 2023, the investment ratio for new institutions reached the highest at 35.2%, totaling 474 million USD.
As of October 31, 2024, EF's financial reserves are approximately 970.2 million USD, of which 81.3% (788.7 million USD) are crypto assets, primarily ETH, accounting for 0.26% of total ETH supply. Projects supported by EF include Argot Collective, Geodework, L2BEAT, and 0xPARC, which are dedicated to the development of Ethereum's core infrastructure, decentralization, layer 2 scaling solutions, and cryptography development.
Additionally, EF's Ecosystem Support Program (ESP) regularly reports funding activities. Between 2022 and 2023, a total of 497 million USD was deployed within the Ethereum ecosystem, with EF contributing the largest share of 240.3 million USD.
According to Wu's report, the U.S. Securities and Exchange Commission (SEC) has again postponed its decision on whether to approve spot Ethereum exchange-traded fund (ETF) options.
The SEC stated that more analysis and public opinion are needed, particularly regarding whether the proposed rule changes meet the requirements of the Securities Exchange Act.
The SEC emphasized concerns about market manipulation, preventing investor losses, and ensuring fair trading. This delay involves multiple Ethereum-related products, including options proposals from Bitwise and Grayscale.
At the same time, the SEC is also considering whether BlackRock's iShares Ethereum Trust (ETHA) can list options. Previously, the SEC had approved several Ethereum ETFs, indicating strong market demand for Ethereum products.
According to BlockBeats, Bloomberg senior ETF analyst Eric Balchunas stated on social media, 'Bitcoin ETFs saw a net inflow of 1.4 billion USD yesterday, setting a new historical high (influenced by the 'Trump Effect'). Among them, IBIT had a single-day inflow of 1.1 billion USD. The total inflow over the past month reached 6.7 billion USD, and the year-to-date inflow reached 25.5 billion USD. Approximately 18,000 Bitcoins were purchased in a single day (compared to 450 Bitcoins mined that day), and currently, the total holdings of U.S. Bitcoin spot ETFs have exceeded 93% of the 1.1 million Bitcoins held by Satoshi Nakamoto.'
● Solana's market value accounts for 3.81% of the crypto market, reaching a historical high
According to ShenChao TechFlow, on November 8, SolanaFloor disclosed that Solana's market value accounted for 3.81% of the entire cryptocurrency market, reaching a historical high.
● Messari releases BNB Chain Q3 report, BNB staking volume increased by 7%
According to BlockBeats, Messari released the BNB Chain Q3 report, which highlighted the key update for Q3: the launch of 'Gas-Free Carnival' for free stablecoin transfers to promote the adoption and user experience of its ecosystem. Other key data include: · DeFi TVL increased by 2% to 4.85 billion USD · NFT daily trading volume increased by 283% · BNB staking volume increased by 7% to 32.4 million BNB
● Binance Labs announces investment in BIO Protocol
According to Binance Blog, Binance Labs announced an investment in the DeSci project BIO Protocol, a decentralized protocol that revolutionizes early scientific research financing and commercialization through blockchain technology. BIO Protocol aims to leverage decentralized autonomous organizations (BioDAOs) to enable global scientists, patients, and investors to jointly fund, develop, and co-own new drugs and therapies. The protocol particularly focuses on rare diseases, longevity research, and emerging health challenges, providing a new solution for traditional research financing models.
● Binance Reminder: Beware of QR Code Scams to Protect Account Security
Binance Blog publishes the latest article exploring the latest trends, revealing a new QR code account takeover scam targeting P2P crypto trading users.
Binance reminds that scammers often disguise themselves as cryptocurrency buyers, guiding users to scan a QR code that appears to be a transaction order but is actually a Binance login QR code. Once the victim scans and authorizes the login, the scammer can fully control their account.
Binance advises users to always conduct all P2P transaction communications within the Binance platform, not to scan any externally provided login QR codes, and to avoid trading through third-party messaging applications. If you suspect your account has been stolen, please freeze your account immediately and contact Binance customer service for assistance.
