Daily Market Overview (10:00 AM, December 26, 2024)
ChainDD's market data on December 26 shows the comprehensive index and CoinMarketCap quotes:
BTC is priced at $99,024.83, up about 0.80% in 24 hours;
ETH is priced at $3,458.95, down about 0.38% in 24 hours;
BNB is priced at $705.03, up about 1.02% in 24 hours;
DOT is priced at $7.42, down about 1.13% in 24 hours;
DOGE is priced at $0.3313, down about 1.32% in 24 hours.
Chain Circle Dynamics
CryptoQuant: Bitcoin accumulation addresses added over 225,000 BTC in December, a monthly increase of 82.6%.
According to CryptoQuant data, the demand for Bitcoin accumulation addresses surged in December, with these investors net adding 225,280 BTC by December 23, a monthly increase of 82.6%.
On the other hand, total seller liquidity (the amount of Bitcoin available for sale on exchanges and ETFs) fell by about 590,000 BTC during the same period.
Notably, this decline in selling pressure is related to a sharp contraction between December 22 and December 23, during which the amount of Bitcoin available for sale decreased by 520,000 BTC.
According to the report, the supply of over-the-counter (OTC) desks handling large transactions fell from over 421,000 BTC to 403,000 BTC, indicating that investor demand will continue to absorb selling pressure.
Furthermore, the liquidity inventory ratio (which measures the speed at which current supply meets investor demand) fell from 12 months to 5.5 months in December.
CryptoQuant data also shows that as of December 23, Bitcoin whale addresses holding more than 1,000 BTC sold nearly 8,600 BTC this month.
However, new investors are absorbing this supply, with the number of short-term holders increasing by 3% over the past week, accumulating 641,789 BTC, bringing their total holdings to 3.81 million BTC, just 70,000 BTC below the historical high set on December 15.
Crypto Circle Dynamics
This year, 9 new Bitcoin ETFs and MicroStrategy have collectively added over 1.1 million BTC.
HODL15Capital released data on-chain activities since the launch of the U.S. Bitcoin spot ETF, showing that over 1.1 million BTC have been transferred to 'strong(er) hands' this year, including 9 new ETFs and MicroStrategy.
Additionally, Grayscale sold a total of 373,787 BTC, the German government sold 50,000 BTC, and mining produced 209,683 BTC.
Binance supports Thailand's Bitcoin payment pilot proposal.
Thailand is considering a Bitcoin pilot project proposal put forward by former Prime Minister Thaksin Shinawatra, which will be tested in Phuket as a tourism-focused sandbox.
The proposal has the support of Binance Thailand's CEO, who believes it is a positive step for the country's competitiveness and ability to attract tourists. However, despite efforts by industry advocates and some political supporters to turn Thailand into a digital hub, the Thai central bank still prohibits crypto payments.
Gulf Binance CEO Nirun Fuwattananukul stated that the proposal 'not only reflects the momentum of global cryptocurrency adoption but also indicates that top-level leaders are embracing these transformative technologies,' adding, 'As more and more countries adopt digital assets and cryptocurrencies, Thailand cannot fall behind.'
He continued, saying that given the country's reliance on tourism and foreign capital inflows, 'integrating cryptocurrency into Phuket's economy can align well with Thailand's strategic advantages, potentially attracting tech-savvy tourists and investors.'
Previously, former Thai Prime Minister Thaksin Shinawatra stated at a seminar that Trump might repay U.S. debt through Bitcoin, while emphasizing that this is not to encourage everyone to buy Bitcoin, but to remind everyone that this is a trend. There are now various cryptocurrencies, and some say that in the future, the types of currencies will exceed the number of countries. The Thai people must keep up with the times and understand these changes. Thaksin also suggested that the Prime Minister could instruct the Ministry of Finance to study whether Bitcoin can be accepted in Thailand, for example, by piloting Bitcoin usage in Phuket so that Bitcoin holders can make payments locally.
NVIDIA has raised nearly $30 billion this year, surpassing Tesla as the stock with the highest net buying volume among retail investors.
According to the latest statistics from financial data provider Vanda Research, NVIDIA has overtaken Tesla as the stock with the largest net buying volume among retail investors this year, which also means that the net buying of a single stock has exceeded the S&P 500 index ETF for the second consecutive year, reflecting that investors are still chasing the tech stock bull market.
Compared to the traditional index fund representative, the S&P 500 index ETF, NVIDIA's net inflow this year nearly doubled to $29.8 billion, which is nearly 9 times that of 2021.
Marco Iachini, Senior Vice President at Vanda, said: 'It turns out that NVIDIA has somewhat overshadowed Tesla, as its price increase is impressive.'
Viewpoint: Trump's Bitcoin reserve plan may become a watershed moment for the cryptocurrency market.
Trump publicly supports the Bitcoin reserve plan, advocating for the U.S. government to accumulate Bitcoin as a strategic asset. This plan has received support from political figures including Porter and Loomis, and has sparked bipartisan attention. Trump's endorsement has given political momentum to a concept that was previously marginalized and has become a watershed moment in the cryptocurrency market.
A California Democratic Congressman and a Wyoming Republican Senator have proposed incorporating Bitcoin into U.S. reserve assets, partially relying on America's gold reserves. However, critics argue this could reinforce U.S. financial dominance and challenge Bitcoin's decentralization concept. Nevertheless, supporters believe this initiative will help address the debt crisis and promote global financial innovation.
