1. Market Observation

Keywords: ETH, ENS, BTC

The Bitcoin market has recently shown strong growth, with the assets under management of Bitcoin ETFs surpassing gold funds for the first time on December 16, reaching a record $129 billion. In terms of price, Bitcoin set a historical high of $108,000 and has maintained an upward momentum above $100,000, rising 6.44% over the past five days. Based on this momentum, analysts predict that the price could climb to $200,000 in the coming months.

Looking ahead to 2024, the Bitcoin halving event will be a significant factor influencing the market landscape. According to Coin Metrics' "Network Status" report, this halving will reduce the block reward from 6.25 BTC to 3.125 BTC, which may lead to a substantial decline in miner income. Meanwhile, Ethereum's development is also under close watch, as ENS Labs has chosen Consensys' Linea technology for its upcoming Layer-2 network project. Bitwise's investment strategist Juan Leon noted in a blog post on December 17 that with increasing institutional interest, Ethereum is expected to see significant growth by 2025, with the potential to tap into the $100 trillion real-world asset market.

On the policy front, cryptocurrencies have received support from multiple parties. The Satoshi Action Fund released a draft of a potential executive order aimed at establishing a U.S. Bitcoin strategic reserve, backed by Wyoming Senator Cynthia Lummis. In Europe, French Member of the European Parliament Sarah Knafo called for the EU to implement a strategic Bitcoin reserve instead of a central bank digital currency, a proposal that received a positive response from El Salvador President Nayib Bukele.

In terms of market behavior, recent Bitcoin "whales" have made large-scale acquisitions totaling $7 billion within 48 hours. Despite the price reaching a historical high, options data shows that traders remain cautious while chasing these trends.

2. Key Data (as of December 18, 09:25 HKT)

• S&P 500: 6,050.61 points (Year-to-date +26.85%)

• Nasdaq: 20,109.06 points (Year-to-date +33.96%)

• 10-Year U.S. Treasury Yield: 4.392% (Year-to-date +54.37 basis points)

• U.S. Dollar Index: 106.593 (Year-to-date +5.54%)

• Bitcoin: $106,394.04 (Year-to-date +151.73%), daily spot trading volume of $67.13 billion

• Ethereum: $3,894.27 (Year-to-date +75.41%), daily spot trading volume of $34.59 billion

3. ETF Flows (December 17 EST)

• Bitcoin ETF: -$119.29 million

• Ethereum ETF: +$5.95 million

4. Important Dates (Hong Kong Time)

Retail Sales MoM (December 17, 21:30)

• Actual: 0.7% / Previous: 0.5% / Expected: 0.5%

Federal Reserve Interest Rate Decision (December 19, 03:00)

• Actual: To be announced / Previous: 4.75% / Expected: 4.5%

GDP Quarterly QoQ Final Value (December 19, 21:30)

• Actual: To be announced / Previous: 3.00% / Expected: 2.80%

Core PCE Price Index MoM (December 20, 21:30)

• Actual: To be announced / Previous: 0.3% / Expected: 0.2%

Personal Income MoM (December 20, 21:30)

• Actual: To be announced / Previous: 0.6% / Expected: 0.4%

Personal Spending MoM (December 20, 21:30)

• Actual: To be announced / Previous: 0.4% / Expected: 0.5%

5. Hot News

• sBTC has launched on the Stacks mainnet, offering a 5% annualized reward

• Big Time Studios announces the establishment of a $150 million Open Loot fund

• 33.1% of PENGU airdrop has been claimed, with an average of about 20,800 PENGU per wallet

• Ohio state legislator proposes establishing a Bitcoin reserve fund in state finances

• The official X account of the Solana-based meme project Retardio has been suspended

• Fuel launches FUEL Genesis airdrop: eligibility check page is live, claims will open on December 19

• ENS Labs selects Linea's technology to build its L2 network Namechain

• Tether announces investment in European stablecoin provider StablR

• Physicist: Quantum computers are five years away from breaking Bitcoin

• Pendle team-associated wallets sent over 560,000 PENDLE to Binance, worth $3.47 million

• Binance wallet launches Binance Alpha, enhancing pre-listing transparency and focusing on potential projects

• European Parliament member calls for Bitcoin to be treated as a strategic reserve asset

• OKX pre-market trading of Hyperliquid (HYPE) briefly surpassed $30

• Nirvana Finance V2 will launch on December 18, completing compensation and introducing new mechanisms

• Kontos announces KOS token economics: 5% allocated for airdrop

• Metaplanet announces issuance of 4.5 billion yen in ordinary bonds, funds will be used to accelerate Bitcoin purchases

• Trump plans to use the U.S. Treasury's $200 billion foreign exchange stabilization fund to establish a Bitcoin reserve

• Grayscale Horizen Trust has opened to qualified accredited investors

• FTX announcement: Court-approved Chapter 11 reorganization plan will take effect on January 3, 2025

Supported by OSL - Hong Kong's largest over-the-counter trading platform, continuously providing regulated digital asset services to the market since 2018.

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