Cryptocurrency Market Performance
Currently, the total market capitalization of cryptocurrencies is $3.45 trillion, with BTC accounting for 57.03%, which is $1.97 trillion. The market cap of stablecoins is $20.58 billion, with a 7-day increase of 0.7%, of which USDT accounts for 67.82%.
This week, BTC's price has shown range-bound fluctuations, with the current price at $96,782; ETH is also range-bound, with the current price at $3,426.
Among the top 200 projects on CoinMarketCap, most have declined while a few have risen, including: ZEN with a 7-day increase of 100.34%, FAX with a 7-day increase of 66.62%, and BGB with a 7-day increase of 92.56%.
This week, there was a net outflow of $457 million from the U.S. Bitcoin spot ETF; meanwhile, there was a net inflow of $329.1 million into the U.S. Ethereum spot ETF.
The "Fear & Greed Index" on December 27 was 74 (the same as last week), indicating a sentiment of greed over the past 7 days.
Market Prediction: Due to last week's comments from the Federal Reserve about reducing interest rates next year, combined with the Christmas holiday, the overall market performance this week has been average. The U.S. Bitcoin spot ETF has seen significant net outflows, and there has been a slight increase in the issuance of stablecoins recently. The market is expected to continue consolidating, with a focus on the AI Agent sector.
Understanding Now
Weekly Major Events Review
On December 23, BlackRock's BUIDL tokenized money market fund broker-dealer Securitize submitted a governance proposal calling for the addition of the BUIDL token as a reserve asset for the upcoming re-launch of the Frax USD stablecoin;
On December 23, Trump appointed former college football player and Republican House candidate Bo Hines as the executive director of the Presidential Advisory Council on Digital Assets, which Trump referred to as the "Crypto Council";
On December 23, stablecoin issuer Usual announced the completion of a $10 million Series A funding round, led by Binance Labs and Kraken Ventures, with participation from OKX Ventures, IOSG Ventures, Coinbase Ventures, GSR, Amber Group, and others;
On December 23, TRON founder and HTX Global Advisory Council member Justin Sun announced on social media that the AI token issuance feature of the Tron network's meme coin issuance platform SunPump is now live;
On December 25, Sonic Labs (formerly Fantom) announced the launch of its Sonic Gateway, allowing users to bridge USDC, EURC, WETH, and FTM from Ethereum to Sonic;
Greeks.live: Options market data shows a significant decline in market enthusiasm, with participants' optimism for January weakening;
On December 25, Russian Finance Minister Anton Siluanov stated that Russian companies have begun using Bitcoin and other digital currencies for international payments, a result of legislative changes allowing such uses in response to Western sanctions;
On December 25, according to data from the Bank of Korea, as of the end of November, the number of domestic cryptocurrency investors in South Korea reached 15.59 million, accounting for 30% of the total population of approximately 51.23 million, an increase of 610,000 from the previous month;
On December 26, Pump Science officially announced on social media that BIO Protocol will airdrop BIO to holders of URO and RIF.
Macroeconomics
On December 24, market news reported that Grayscale has submitted an 8-K form for the Grayscale Horizen Trust (ZEN) to the U.S. Securities and Exchange Commission (SEC);
On December 26, according to CME's "FedWatch" data, the probability of the Federal Reserve cutting rates by 25 basis points in January next year is 8.6%, while the probability of maintaining rates is 91.4%;
On December 27, Bitwise submitted an application to the U.S. Securities and Exchange Commission (SEC) for listing the "Bitcoin Standard Corporations ETF."
ETF
Statistics show that from December 23 to December 27, there was a net outflow of $457 million from the U.S. Bitcoin spot ETF; as of December 27, GBTC (Grayscale) has seen a total outflow of $21.306 billion, currently holding $19.521 billion, while IBIT (BlackRock) currently holds $52.018 billion. The total market capitalization of U.S. Bitcoin spot ETFs is $108.99 billion.
The U.S. Ethereum spot ETF saw a net inflow of $329.1 million.
Envisioning the Future
Upcoming Events
- CoinDesk will host Consensus Hong Kong from February 18 to 20, 2025, in Hong Kong.
Project Progress
The first airdrop season for the Ethereum liquidity re-staking platform Kelp DAO (with airdrops accounting for 10% of total supply) will have a snapshot date of December 31, 2024;
The deadline for claiming the airdrop token PRCL for the Solana ecosystem real estate trading protocol Parcl is December 31;
The re-staking protocol Swell Network will distribute 1.25 million SWELL tokens to users who cross-chain and hold assets on Swellchain within the first two weeks, with users needing to complete the cross-chain by 8:00 AM on December 31 to qualify;
The second XP season for the decentralized perpetual derivatives Layer 2 application chain Paradex will run from January 3 to July 31, 2025.
Important Events
The European Banking Authority (EBA) new guidelines on the "travel rule" applicable to crypto assets will take effect on December 30, 2024;
The EU's Markets in Crypto-Assets Regulation (MiCA) guidance for cryptocurrency exchanges and other companies operating in the EU will take effect starting December 31;
The Basel Committee on Banking Supervision has released a consultation paper on the disclosure of risks related to banks' crypto assets, following its finalization of prudential standards for handling crypto asset risks in December 2022. The consultation document proposes a standardized disclosure form and template for banks to disclose their crypto asset risks, with a proposed implementation date of January 1, 2025;
Global X, a provider of exchange-traded funds in the U.S., will not charge any fees for its Bitcoin and Ethereum ETPs launched in Europe until January 3, 2025, after which the fee will become 0.29%. These two products were initially listed in March 2022 on Frankfurt's Xetra exchange and the Swiss Exchange in Zurich, with a total expense ratio of 0.65%.
FTX and its affiliated debtors announced that the Chapter 11 reorganization plan approved by the court will officially take effect on January 3, 2025. The first round of distributions will begin within 60 days after the effective date, targeting approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodians BitGo and exchange Kraken to provide asset distribution services for retail and institutional clients. To qualify for the first round of distribution, users must complete the following steps by January 3, 2025: log in to the FTX debtor client portal, complete KYC verification, and submit necessary tax forms, and open an account with BitGo or Kraken.
Token Unlocking
COTI (COTI) will unlock 2 billion tokens on January 1, valued at approximately $244 million, accounting for 45.12% of the circulating supply;
Orbler (ORBR) will unlock 37.41 million tokens on January 2, valued at approximately $8.61 million, accounting for 1.87% of the circulating supply;
TARS AI (TAI) will unlock 28.89 million tokens on January 2, valued at approximately $10.16 million, accounting for 2.89% of the circulating supply.
About Us
Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing detailed and professional analysis for the cryptocurrency market. Our goal is to offer clear market insights and practical operational guidelines for investors at different levels. Our professional content includes the "Play to Earn Web3" tutorial series, in-depth analysis of cryptocurrency industry trends, detailed breakdowns of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto space for the first time or a seasoned investor seeking deeper insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.
Risk Warning
The cryptocurrency market is highly volatile, and investing carries risks. We strongly recommend that investors conduct investments based on a full understanding of these risks and within a strict risk management framework to ensure the safety of their funds.
Website: https://www.hotcoin.com/
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