OSL Trading Hours: Cryptocurrency shows volatile trend, market expects "Santa Claus bounce"

1. Market Observation

Keywords: ETH, ETF, BTC

The cryptocurrency market has shown a volatile trend recently. Although the market expects a "Santa Claus rally", Bitcoin has fallen due to a decrease in large investor buying activity. Concerns about the Federal Reserve taking a more hawkish stance and a reduction in rate cut expectations have also led to a weak performance of the cryptocurrency market over the weekend. It is worth noting that the tokenization platform Allo has raised $100 million in funding to strengthen its Bitcoin-backed lending business. Although Ethereum has not set a new historical high, it still shows strong growth potential.

Analyst Justin Bennett points out that the current bullish pattern of BTC is similar to its previous surge, and based on historical trends, Bitcoin may break through $168,500 according to his prediction. On the institutional side, MicroStrategy continues to be bullish on Bitcoin, adding 5,262 BTC for $561 million, which is the company's seventh consecutive week of purchases. Meanwhile, Senator Ted Cruz expressed his support for Bitcoin at the Turning Point Americafest conference.

However, the market also faces some challenges. The Wall Street Journal raised concerns about Bitcoin potentially being threatened by quantum computing, and according to historical patterns, the price adjustment of BTC could reach 30%. Currently, the average trading volume of Bitcoin is $31 billion, still far below the historical high. Deribit CEO Luuk Strijers pointed out that $84,000 is the "maximum pain" level for Bitcoin before the major options expiration in December. Nevertheless, key on-chain activity indicators still suggest that the Web3 sector is poised for sustainable growth.

2. Key Data (as of December 24th, Eastern Time)

• S&P 500: 6,040.04 (+26.50% YTD)

• Nasdaq: 20,031.13 (+32.88% YTD)

• 10-year US Treasury yield: 4.591% (+70.4 bps YTD)

• US Dollar Index: 108.095 (+6.63% YTD)

• Bitcoin: $98,173.47 (+128.0% YTD), daily spot trading volume of $46.935 billion

• Ethereum: $3,489.17 (+53.50% YTD), daily spot trading volume of $23.267 billion

3. ETF Flows

• Bitcoin ETF: -$150 million (December 24th EST)

• Ethereum ETF: +$131 million (December 23rd EST)

4. Important Dates

The Christmas holiday is approaching, with the Hong Kong stock market and several European financial markets closed for two and a half days starting on Tuesday (24th), and the US stock market closed for one and a half days.

5. Hot News

• VitaDAO plans to distribute 6.9 million BIO tokens to VITA and VitaDAO IPT holders

• GoPlus releases GPS token economics: 10% of the total supply will be used for airdrops

• aiPool community: 10% of the tokens are still to be distributed, expected to be completed by tomorrow at the latest

• Glassnode: Solana has maintained positive net capital inflows since early September 2023

• South Korea's average daily cryptocurrency trading volume is on par with the stock market, with the total number of investors exceeding 15 million

• An anonymous user staked 10,000 BTC, worth over $1 billion, on Babylon 10 days ago

• A whale who received 116.7 million PENGU airdrop purchased $1 million worth of PENGU tokens

• Cumberland deposited 16,201 ETH, worth about $55 million, into Coinbase

• Binance Alpha has added 5 new projects: GAME, UFD, GEL, GOUT, and YNE

• Sahara AI releases 2024-2025 roadmap: Sahara Chain mainnet to be launched in Q3 2025

• Justin Sun denies rumors of ETH liquidation: This is just a transfer of ETH between different wallets of the team

• The full-chain interoperability protocol Analog has officially launched its mainnet and will introduce core functions before the TGE

• Mt.Gox has transferred over 3,631 BTC to the B2C2 Group since December 5th

• Matrixport: Bitcoin's pullback may be preparing for a 2025 rebound, with the $90,000 to $95,000 range being an ideal correction zone

• Binance supports Fantom's rebranding to Sonic and the token swap

• Virtual Protocol ecosystem tokens surge, with GAME up over 30% in 24 hours

• IOTA will introduce a sustainable token economic model with an annual inflation rate of 6%

• South Korean regulators deny reports of allowing companies to purchase cryptocurrencies

• Forbes predicts 7 major crypto trends for 2025: G7 or BRICS countries may establish strategic Bitcoin reserves

• Grayscale has opened 22 cryptocurrency trust products for private placement

• Meme coins are expected to account for 31% of the crypto narrative in 2024, nearly 4 times the growth from last year

• The IRS has again insisted in litigation that cryptocurrency staking should be taxed

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