Today's News Highlights:
Hong Kong Stock Exchange releases 2024 review: Listing Asia's first virtual asset spot ETFs and launching a virtual asset index series.
Asset management company GraniteShares applies for cryptocurrency-related leveraged ETFs to track companies like MicroStrategy and Robinhood.
Analysis: The community is concerned that Bitcoin may exhibit a "God Candle" trend around Trump's inauguration day.
MicroStrategy adds three new board members, including the former CEO of Binance.US.
The President of El Salvador has increased daily Bitcoin purchases, with a mid-term goal of acquiring an additional 20,000 coins.
Decentralized liquidity protocol THORChain releases V3 version.
Wormhole DAO will launch in the first quarter of next year.
At least 10 companies are currently considering adopting MicroStrategy's Bitcoin strategy.
This week, NFT trading volume increased by 32.93% to $302.2 million, with the number of buyers rising by 92.39%.
Regulatory News
The Hong Kong Stock Exchange released its 2024 review, noting that the market for exchange-traded products (ETPs, including ETFs and leveraged and inverse products) related to virtual assets is growing rapidly. As of the end of November, the average daily trading volume reached HKD 18.7 billion, an increase of approximately 34% compared to the same period in 2023. During the year, the first covered call option ETFs in Hong Kong and Asia's first virtual asset spot ETFs were listed on the Hong Kong Stock Exchange, further enriching the diversity of ETP market products and enhancing market liquidity, leading to the listing of 36 new ETFs. Additionally, the Hong Kong Stock Exchange announced plans to digitize and automate the physical subscription and redemption mechanism for ETPs to improve market efficiency and promote continued growth in secondary market activities.
Furthermore, the Hong Kong Stock Exchange launched a series of virtual asset indices to provide reliable benchmark prices for this rapidly emerging asset class, supporting Hong Kong's development as a leading digital asset hub.
Reuters: The U.S. plans to blacklist AI company Sophgo associated with Bitmain
According to Reuters, citing informed sources, the Biden administration plans to blacklist the AI company Sophgo, associated with Bitmain, from the U.S. Department of Commerce's restricted trade list due to the company's TSMC-manufactured chips being illegally incorporated into Huawei's AI processors.
Previous news reported that Sophgo stated in a declaration that it has never had any direct or indirect business dealings with Huawei and has provided TSMC (TSMC) with a detailed investigation report to prove that Sophgo is unrelated to the investigation involving Huawei.
A recent study by ApeX listed the top ten leading countries in blockchain and cryptocurrency technology, with Singapore taking the top spot. The study evaluated countries using a composite index that reflects the development and adoption of blockchain through three core indicators: blockchain patents, blockchain technology job positions, and the number of cryptocurrency exchanges.
- Singapore ranks first, with over 2,400 blockchain-related job positions and is one of the countries with the highest concentration of cryptocurrency exchanges, totaling 81 platforms.
- Hong Kong ranks second in blockchain and cryptocurrency technology, with its financial infrastructure seamlessly integrating blockchain, supported by over 1,100 blockchain technology job positions and cryptocurrency exchanges.
- Estonia ranks third, with 95 blockchain patents, 149 blockchain-related job positions, and 52 cryptocurrency exchanges.
- Switzerland ranks fourth, benefiting from 440 blockchain-related job positions and 32 cryptocurrency exchanges in the decentralized finance sector.
- The U.S. ranks fifth, with 32,000 blockchain patents and over 17,000 blockchain-related job positions, as well as 166 cryptocurrency exchanges.
- Canada ranks sixth, offering over 1,200 blockchain-related job positions, 1,200 blockchain patents, and 32 cryptocurrency exchanges.
- Australia ranks seventh, having developed 1,400 blockchain patents, with 573 blockchain-related job positions and 31 cryptocurrency exchanges.
- South Korea ranks eighth, with 18,000 blockchain patents, ranking second among all studied countries. Its workforce is slightly smaller, with 121 blockchain-related job positions and 29 cryptocurrency exchanges.
- The UK ranks ninth, with 95 cryptocurrency exchanges, providing 2,673 blockchain-related job positions and generating 2,800 blockchain patents.
- The UAE ranks tenth, with 340 blockchain patents, 414 blockchain-related job positions, and 9 cryptocurrency exchanges.
New York-based asset management company GraniteShares, with over $10 billion in AUM, has applied for new leveraged ETFs to track companies like Riot Platforms, Marathon Digital, MicroStrategy, and Robinhood. These funds will take both long and short positions. The 2x long ETF will generate daily returns that are double those of the corresponding stocks.
Other companies have also launched other types of cryptocurrency-focused ETFs. In addition to leveraged funds, YieldMax has introduced covered call option ETFs targeting several cryptocurrency companies. The company has launched Coin Option Income, MARA Option Income, and MSTR Option Income ETFs. These ETFs use covered call option strategies to provide investors with monthly income. In covered call options, the fund invests in stocks, sells call options, and collects premiums, distributing the premiums to investors monthly.
Project Updates
According to the Financial Times, the strong rebound in Bitcoin driven by Trump's election victory has led some cryptocurrency hedge funds to "make a killing." Data from Hedge Fund Research shows that funds employing crypto strategies rose by 46% in November, with an annual return of 76%, far exceeding the industry average (10% in November).
Among them, Brevan Howard Asset Management and billionaire Mike Novogratz's cryptocurrency investment management company Galaxy Digital are the biggest winners in the recent crypto boom, with Brevan Howard's crypto fund, managing $35 billion in assets, up 51% so far in 2024; Galaxy has risen by 90%, more than doubling its assets to $4.8 billion. However, both Brevan Howard Asset Management and Galaxy have declined to comment on the performance of their crypto funds to date.
Swiss Bitcoin platform Relai increases holdings by 13 BTC, current total holdings reach 30 BTC
Swiss Bitcoin platform and self-custody app Relai announced on X that it has increased its holdings by 13 BTC at a price of $1,222,523.85, with each BTC priced at $94,040.29. As of now, the company's total Bitcoin holdings have reached 30 BTC. Additionally, Relai mentioned Microsoft in this message, seemingly calling for the company to adopt a Bitcoin strategy as well.
Yuga Labs co-founder: Sold some Fartcoin but still among the top ten holders
Yuga Labs co-founder Wylie Arnow (GordonGoner) stated on X: "Those who looked down on Fartcoin during this surge are now gloating over its pullback during the market downturn, as if it confirms their doubts. But to me, this reaction indicates that Fartcoin still holds market dominance. And with BAYC, every drop is met with similar 'I told you so' comments, while when BAYC rises again, people find it hard to believe. Fartcoin can attract attention in both bullish and bearish conditions, indicating it remains the focal point of a broader narrative of financial nihilism, and that narrative is not going away (in my view). When Fartcoin's market cap reached $1 billion, I sold some to cover my entry losses; other than that, I still hold and remain among the top ten holders. Maybe I was wrong? Often am. Regardless, I'm very happy. If you're tired of my Fartcoin-related posts, please forgive me; trading is just an effort I can make when I'm unwell, and Fartcoin is very interesting to me right now."
Previously reported, Binance announced the launch of FARTCOINUSDT, KMNOUSDT, and CGPTUSDT 1-75x USDT perpetual contracts.
This week, the Federal Reserve finally confirmed the long-anticipated "pivot," and the central bank's statement and updates on economic forecasts had a significant impact on the market. Market participants now expect the Fed to cut interest rates by about 40 basis points by December 2025, leading to a rise in U.S. Treasury yields. Earlier this week, Bitcoin fell from its historical high, and on Friday, it continued to decline, nearing $95,000. Earlier, Bitcoin had just set a new historical high of over $108,000, and this round of decline in the crypto market has had a greater impact on altcoins like Ethereum and Dogecoin. Additionally, U.S. exchange-traded funds (ETFs) that invest directly in Bitcoin ended a 15-day streak of inflows this week, recording an outflow of $680 million, highlighting a shift in market sentiment.
With Christmas approaching, the market next week is expected to be relatively calm, although there are still some influential data points to watch. However, due to thin liquidity, market volatility may become significant. Here are the key points the market will focus on in the new week:
- Monday 23:00, U.S. December Conference Board Consumer Confidence Index;
- Thursday 21:30, U.S. Initial Jobless Claims for the week ending December 21.
For the U.S. dollar, with the overall hawkish stance within the Fed, it is expected that the dollar will not easily lose its position gained this year, although low trading volumes during the holiday season may trigger some unnecessary volatility. Overall, if any market turmoil occurs during the holiday period, it is more likely to impact U.S. stocks and bonds. The Fed's hawkish stance has not been welcomed by Wall Street, and as U.S. Treasury yields continue to rise, selling pressure may intensify.
According to News.bitcoin, the cryptocurrency market has been as unpredictable as a U.S. government shutdown in recent days, with reports suggesting that the U.S. government is on the verge of closing due to stalled spending negotiations, a situation that has historically affected the market in various ways. Due to the disillusionment of market participants' short-term expectations, Arthur Hayes believes that the cryptocurrency market will experience a "bleak decline" around Trump's inauguration day. However, the crypto community is holding its breath, as Trump's inauguration may trigger a legendary "God Candle" trend (note: "God Candle" refers to a significant price increase within a single day that overshadows surrounding price action on the chart), indicating that the current market downturn is merely a temporary calm, part of a bear market phase within a larger bull market cycle. If the U.S. resolves its budget issues for 2025 and Trump implements several Bitcoin-focused strategies to encourage the market, Bitcoin could see a massive recovery.
Of course, the immediate price trend of Bitcoin remains unclear. Whether Trump's presidency will usher in the anticipated crypto market boom is still uncertain.
Ethereum founder Vitalik Buterin stated on X: "My definition of AGI (Artificial General Intelligence) is: AGI is a sufficiently powerful AI that, if one day all humans suddenly disappear and the AI is uploaded into a robotic body, it would be able to independently continue civilization. Clearly, this is a very difficult definition to measure, but I think it captures the core intuitive distinction between 'the AI we are used to' and 'AGI' in many people's minds. It marks the transition from a tool that continually relies on human input to a self-sufficient form of life. ASI (Artificial Superintelligence) is a completely different matter—my definition is when humans no longer add value to productivity in the loop (as we have only reached this point in board games over the past decade). Yes, ASI scares me—even the AGI I define scares me because it brings obvious risks of losing control. I support focusing our work on building intelligent augmentation tools for humanity rather than creating superintelligent life forms."
Microstrategy Adds 3 New Board Members, Including Former CEO of Binance.US
Recent filings show that shortly before being included in the Nasdaq 100 index, Microstrategy's board has added 3 new members, bringing the total number of board members to 9. The filings indicate that the new board members include Brian Brooks, Jane Dietze, and Gregg Winiarski, all of whom have experience working with large companies dealing with digital assets. Each board member will receive equity valued at $2 million, half in options and half in RSUs, which will vest over four years.
Brian Brooks served as the CEO of Binance.US from May 2021 to August 2021. From September 2018 to March 2020, Brooks was also the Chief Legal Officer at Coinbase.
Jane Dietze has served as the Chief Investment Officer at Brown University since July 2018, managing the Ivy League school's $7.2 billion endowment fund. Since February 2022, Dietze has also been a board member of Galaxy Digital, a digital asset company founded by Mike Novogratz.
Gregg Winiarski has served as the Chief Legal Officer at Fanatics, a sports apparel and collectibles company, since February 2023. Winiarski was a senior advisor at Fanatics from August 2021 until he took on the top legal position in February 2023.
Max Keiser, senior Bitcoin advisor to the President of El Salvador, stated that President Bukele has increased daily Bitcoin purchases, with a mid-term goal of acquiring an additional 20,000 Bitcoins.
On-chain analyst Yu Jin monitored that about 30 minutes ago, Arthur Hayes withdrew 7.85 million USDC from Binance, and it is expected that the 7 million ENA transferred to Binance last night has been sold at an average price of $1.12.
Decentralized Liquidity Protocol THORChain Releases V3 Version
The decentralized liquidity protocol THORChain has released its V3 version, which provides advanced interoperability and smart contract capabilities, including upgrades to Cosmos SDK v0.50, switching from Tendermint to CometBFT, introducing Cosmos ecosystem compatibility, and adding the Rujira application layer.
Wormhole DAO Will Launch in the First Quarter of Next Year
Cross-chain protocol Wormhole announced that Wormhole DAO will launch in the first quarter of 2025. To participate in the first vote, W holders need to stake for governance. The Wormhole Staking Rewards Program (SRP) is ongoing across all chains (EVM + Solana), with an initial reward pool allocating at least 50 million W tokens.
Previously reported, Wormhole launched the W token staking program, with a minimum reward of 50 million tokens.
Important Data
Since the Activation of EIP-1559, Over 4.5 Million ETH Have Been Burned
Since the activation of EIP-1559, 4,523,479.74 ETH have been permanently burned, worth over $15.3 billion. On-chain transfers account for approximately 8.17% of the total burned Ether, while Opensea NFTs account for about 5.08% of the total burned Ether. The decentralized exchange (DEX) platform Uniswap has burned 225,723.78 ETH, accounting for 4.99% of the total burned ETH. Meanwhile, Tether (USDT) transactions on the Ethereum network have led to the burning of 205,458.95 ETH, accounting for 4.54% of the total burned ETH. Currently, the network's inflation rate stands at a moderate 0.820%, with circulating ETH increasing by 3,245,017.99 since the hard fork.
According to CryptoSlam data, the total NFT trading volume this week reached $302.2 million, a 32.93% increase compared to last week's $224 million. The number of NFT buyers grew by 92.39%, reaching 349,972; the number of NFT sellers surged by 77.18%, reaching 207,672.
The NFT trading volume on the Ethereum network surged to $199.9 million, growing by 73.56% over the past seven days. The Bitcoin network ranked second, with a trading volume of $39.7 million, down 23%. However, user engagement on the network improved, with the number of buyers reaching 38,987. The Solana network solidified its third position with a trading volume of $29.9 million, a week-on-week increase of 5.14%, and a total of 104,958 buyers, up 108.45%.
The trading volume of Pudgy Penguins nearly doubled to $53.9 million, an increase of 90%. LilPudgys ranked second with a trading volume of $19.4 million, a growth rate of 53.57%. Azuki came in third with a trading volume of $16.9 million, a growth rate of 108.19%. Doodles entered the top five with a trading volume of $13.4 million, a growth rate of 226.08%, while BRC-20 NFTs ranked fifth with a trading volume of $9.2 million.
Notable trades this week include:
- Pudgy Penguins #4611 sold for $493,925 (125 ETH)
- CryptoPunks #6036 sold for $444,019 (110 ETH)
- Pudgy Penguins #7891 sold for $395,140 (100 ETH)
- Azuki #6872 sold for $380,659 (108 ETH)
- Azuki #6536 sold for $372,866 (95.4774 ETH)
On-chain analyst Yu Jin monitored that in October, a whale/institution spent $32.45 million USDC to purchase 8.917 million EIGEN at an average price of $3.64 through 21 addresses. Since last night, they have begun to redeem EIGEN and sell it on-chain.
Since 7 PM last night, they have redeemed 1,270,507 EIGEN (worth $5.02 million) from the EigenLayer staking contract across 4 addresses and are currently selling it for ETH or USDC. Four addresses have already redeemed EIGEN and transferred it for sale. A few days ago, when EIGEN peaked at $5.6, their 8.917 million EIGEN had an unrealized profit of $17.65 million. However, it has now dropped back near the cost line.
According to on-chain analyst @ai_9684xtpa, "smart money that made a profit of $4.92 million from PEPE trading over the past six months" re-entered with 475.3 billion PEPE four hours ago, worth $8.2 million, at an average price of $0.00001724, currently showing an unrealized profit of $142,000. In December, five major whales have made significant bets on PEPE, with the other four whales being:
- A whale that bought low and sold high, making a profit of $6.24 million from $PEPE, re-entered with 250 billion PEPE at a cost of $0.00001697 on December 21.
- Address 0x53A…63F4A first entered with 230.1 billion PEPE at a cost of $0.00002455 on December 16.
- Smart money with an 85% win rate in ETH trading entered with 788.2 billion PEPE at an average price of $0.00002394 on December 15.
- A whale with a 100% win rate in PEPE trading has again increased their position with $3.68 million in PEPE, currently holding 1.129 trillion PEPE at an average cost of $0.00001647.
At least 10 companies are currently considering adopting MicroStrategy's Bitcoin strategy
Currently, at least 10 companies are either adopting or considering adopting MicroStrategy's Bitcoin strategy, including:
- AI company Genius Group: Earlier this month, the company bought 194 Bitcoins at an average price of $92,728 and currently holds 294 BTC.
- Pickup solutions provider Worksport: The company's board previously passed a resolution to approve an initial purchase of $5 million worth of BTC and XRP. The company announced that it would invest 10% of its remaining operating cash into this transformation.
- Amazon: Shareholders proposed that the company's board evaluate the potential benefits of adding Bitcoin to its financial strategy.
- MicroStrategy: Currently holds 439,000 BTC.
- MARA Holdings: Currently holds 44,394 BTC.
- Tesla: Currently holds 9,720 BTC.
- Coinbase: Currently holds 9,480 BTC as part of its reserves.
- Hut 8 Mining Corp: Currently holds 10,096 BTC.
- Block Inc.: Currently holds 8,027 BTC.
- OneMedNet: Currently holds 34 BTC.
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