This Wednesday is Christmas, and major exchanges in Europe and the United States will be closed, with crypto funds typically experiencing outflows this week.
Author: TechFlow
Market Dynamics Yesterday
Pump.fun co-founder alon denies Christmas airdrop rumors
In response to community rumors that Pump.fun will conduct an airdrop on Christmas, Pump.fun co-founder alon clearly stated "False," denying the news.
Privacy Security Computing Network Nillion announces mainnet launch in February 2025
Privacy security computing network Nillion tweeted that its mainnet will launch in February 2025. Previous news reported that Nillion completed a $25 million financing round, led by Hack VC.
Barclays: Fed expected to pause rate cuts after June next year until mid-2026
Barclays Bank stated that one factor keeping U.S. interest rates high is U.S. (inflation) policy. At the December meeting, some FOMC participants clearly began to reflect expectations of tariffs in their inflation forecasts. Moreover, even among those who did not adjust their official forecasts, many now believe that the balance of inflation risks tends to be upward. Although Powell did not explicitly answer how much the Fed tends to view price level increases related to tariffs, we believe that continuing to cut rates will be a challenge, especially in the context of tariffs expected to exacerbate inflation in the second half of 2025, given the rising inflation rates in recent years. We expect the Fed to pause rate cuts after June next year and resume them around mid-2026 after the inflation pressures from tariffs dissipate. In our baseline, we expect two 25 basis point cuts in 2026, with a terminal rate of 3.25-3.50%.
Greeks.live: Christmas holiday expected to see tight funds, strong risk aversion in crypto market
Greeks.live macro analyst Adam posted on X platform that this Wednesday is Christmas, and major exchanges in Europe and the United States will be closed, with crypto funds typically experiencing outflows this week. Currently, ETFs are the main source of external funds for the crypto market, and the pressure from fund outflows on the crypto market is significantly higher than in previous years, leading to strong risk aversion. Regarding the outlook for the crypto market, this bull market has not yet seen a significant correction, and with tight funds during the Christmas holiday, a deleveraging event before Trump's inauguration cannot be ruled out, with strong risk aversion in the market.
In terms of the crypto interest rate market, there are nearly $12 billion in options expiring this week, accounting for over 40% of the current total open interest. Large holders and market makers are actively adjusting their positions, and paying close attention to the market can occasionally yield good opportunities for bargains. The volatility expectation for this Christmas is not high, and the market is more focused on betting on the trends before and after Trump's inauguration at the end of January, making it a good opportunity to buy options.
Tether CEO: Company’s net profit expected to exceed $10 billion in 2024
Tether CEO Paolo Ardoino stated in an interview with Bloomberg that the company's net profit is expected to exceed $10 billion in 2024. Data shows that USDT's market capitalization has grown by nearly $50 billion this year, currently surpassing $140 billion.
Tether's main revenue comes from investments in U.S. Treasury bonds, gold, and other securities backed by its stablecoin reserves. Ardoino revealed that the company has invested more than half of its net profit this year, including a $775 million investment in Rumble.
Wormhole DAO to 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 of at least 50 million W tokens. Previously, Wormhole launched a W token staking program with a minimum reward of 50 million tokens.
Data: MRS, ADA, ENA and other tokens will see large unlocks this week, with MRS unlocking worth about $34.7 million
Token Unlocks data shows that MRS, ADA, ENA, and other tokens will see large unlocks this week, including:
Metars Genesis (MRS) will unlock about 10 million tokens at 8 AM Beijing time on December 23, accounting for 11.87% of the current circulating supply, worth about $34.7 million;
Cardano (ADA) will unlock about 18.53 million tokens at 8 AM Beijing time on December 26, accounting for 0.05% of the current circulating supply, worth about $16.6 million;
Ethena (ENA) will unlock about 12.86 million tokens at 3 PM Beijing time on December 25, accounting for 0.44% of the current circulating supply, worth about $13.5 million;
Murasaki (MURA) will unlock about 20 million tokens at 8 AM Beijing time on December 23, accounting for 34.84% of the current circulating supply, worth about $12.2 million;
Eigenlayer (EIGEN) will unlock about 1.29 million tokens at 3 AM Beijing time on December 25, accounting for 0.61% of the current circulating supply, worth about $4.9 million;
MMX (MMX) will unlock about 1.67 million tokens at 8 AM Beijing time on December 24, accounting for 1.11% of the current circulating supply, worth about $1.8 million;
Venom (VENOM) will unlock about 33.76 million tokens at 8 AM Beijing time on December 25, accounting for 1.77% of the current circulating supply, worth about $2 million;
Uniswap L2 network Unichain mainnet to launch early next year
Uniswap L2 network Unichain announced its mainnet development roadmap, with the mainnet set to officially launch early next year. Since the launch of the Unichain Sepolia testnet in October, the network has processed 50 million test transactions and over 4 million test contracts. The Sepolia testnet is public, and infrastructure providers are actively testing the mainnet. After the mainnet launch, new features will continue to drive decentralization and performance improvements. These features will first be launched on experimental testnets for stability and performance testing, then transferred to Sepolia for broader testing, and finally launched on the mainnet. The first feature to be launched on the public experimental testnet is Flashblocks, which will reduce effective block time to 250 milliseconds, making transactions instant. The Unichain validation network will also be launched on the experimental testnet, and the community will be invited to run test validation nodes.
CZ: Unsure how the UAE's $40 billion Bitcoin holdings were calculated, the figure is higher than expected
Binance co-founder CZ previously retweeted a media report stating that the UAE holds $40 billion in Bitcoin, and some in the community questioned this figure, suggesting that the report seemed AI-generated. CZ responded, "I also want to know how they arrived at this exact number; collecting relevant data is difficult, and it's higher than I expected, but then again, there are many wealthy people there (in the UAE)."
Analyst: No need to worry about the end of the bull market, the crypto market still has ample momentum
New Zealand crypto analyst Lark Davis tweeted that if you're worried the bull market is about to end, consider the following: In December 2020, BTC fell 12% after rising 77% from October to November. Subsequently, in the next 23 days, its price rose from $17,000 to $41,000 (an increase of 136%). A similar situation is happening now, with Bitcoin experiencing a 13% drop after a significant rise in the fourth quarter. This does not mean that we are at the market bottom; we may still see a 10-15% adjustment. However, Bitcoin and the cryptocurrency market still have ample momentum.
Market Dynamics
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