Headlines
▌USDC Treasury Mints Another 50 Million USDC
According to Whale Alert, the USDC Treasury has minted another 50 million USDC on the Ethereum network in the past 2 minutes.
▌BlackRock Doubles Down on IBIT Through Its Global Allocation Fund
Filings with the U.S. Securities and Exchange Commission (SEC) show that as of October 31, BlackRock's Global Allocation Fund held 430,770 shares of the Bitcoin spot ETF IBIT, worth over $17 million. This is a 117% increase from the 198,874 shares reported on July 31, as pointed out by a user named MacroScope. Furthermore, the current reported IBIT shares are over 10 times higher than the 43,000 shares registered in the first quarter.
The Global Allocation Fund is a diversified investment product from BlackRock, covering stocks, bonds, and short-term securities in U.S. and foreign markets, with its portfolio adjusted periodically. Although BlackRock has doubled down on its Bitcoin product, the IBIT shares only account for 0.1% of the fund's $16.5 billion total size.
Market
As of press time, according to Coingecko data:
BTC last traded at $95,670.29, with a daily change of -3.7%;
ETH last traded at $3,329.83, with a daily change of -4.7%;
BNB last traded at $687.62, with a daily change of -2.1%;
SOL last traded at $188.29, with a daily change of -4.6%;
DOGE last traded at $0.3121, with a daily change of -6.6%;
XRP last traded at $2.15, with a daily change of -6.2%.
Policy
▌Strive Asset Management Files for Bitcoin Bond ETF with the SEC
Vivek Ramaswamy's Strive Asset Management has filed with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin bond ETF.
▌Bitwise Submits Application for Bitcoin Standard Company ETF to the SEC
Bitwise has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin Standard Company ETF. The fund aims to provide exposure to the stocks of companies that have adopted the #Bitcoin Standard and have at least $1,000 of BTC on their balance sheets.
▌Two Former FTX Executives Receive Reduced Sentences
According to The Washington Post, the prison sentences of two former FTX executives appear to have been shortened. According to the Federal Bureau of Prisons website, Ryan Salame began serving a 7.5-year sentence in October and is now expected to be released in March 2031. Caroline Ellison's current projected release date is July 2026, a few months shorter than her initial two-year sentence. FTX filed for bankruptcy in 2022 due to questions about its financial condition and its relationship with its sister trading firm Alameda Research, leading to a bank run-like situation where customers quickly withdrew funds. Authorities later accused FTX of misappropriating customer funds to pay off Alameda Research's loans and other projects. This scandal led to the stunning downfall of FTX, once the world's third-largest cryptocurrency exchange, and its founder Sam Bankman-Fried (SBF). Salame was the former co-CEO of FTX's Bahamian subsidiary, and he admitted to operating an unlicensed money transmission business, violating campaign finance laws. Ellison was the former CEO of Alameda, and she pleaded guilty in December 2022 to charges of wire fraud, securities fraud, commodities fraud, and money laundering.
▌Crypto Fraud Causes €500 Million in Financial Losses in France Annually
According to a report by the French Financial Markets Authority (AMF), crypto-related fraud is the main cause of around €500 million in losses for victims each year. French authorities, including the Paris Prosecutor's Office, the Prudential Supervision and Resolution Authority (ACPR), and the General Directorate for Competition, Consumer Affairs and Fraud Control (DGCCRF), are working to crack down on these fraudulent activities. Data shows that men under 35 are particularly vulnerable, as they are often impatient and lack confidence in their investment knowledge. Scammers leverage social media platforms to promise unrealistic returns and exploit this demographic.
Blockchain Applications
▌Kyber Network: KyberSwap Expands to Sonic, Deploying Aggregator and Limit Orders
Kyber Network has announced on X that KyberSwap is expanding to Sonic, with the KyberSwap aggregator and limit orders now deployed.
Cryptocurrencies
▌Wintermute: Corporates Emulating MicroStrategy Adding Bitcoin to Balance Sheets May Become a 2025 Trend
An analyst at market maker Wintermute says that corporate adoption of the practice of emulating MicroStrategy and adding Bitcoin to their balance sheets could become a major trend by 2025.
Wintermute's over-the-counter trader Jake Ostrovskis stated: "I think next year you're going to see a pretty big push from corporates and maybe some publicly listed companies trying to get some exposure." He added, "You'll probably see some smaller and medium-sized companies jump in as well."
Ostrovskis also predicted that some companies may follow MicroStrategy's lead with ETH, saying: "It's probably just a matter of time until someone does the same thing, turns themselves into an Ethereum investment vehicle, and then you've got your MicroStrategy of that space."
▌CryptoQuant Analyst: 6-12 Month Bitcoin Investors Most Active Sellers Recently
CryptoQuant analyst Yonsei states that the Spent Output Age Bands (SOAB) indicator shows that Bitcoin long-term holders (LTHs) locked in significant profits during the bull market in November-December 2024. Investors with a 6-12 month holding period have been the most active sellers recently, having mostly bought Bitcoin when spot ETFs launched earlier this year, putting some downward pressure on the Bitcoin price. However, strong demand has kept Bitcoin in the $90,000-$100,000 range. Meanwhile, investors with over one year of holding have sold less during this period, and the Binary CDD indicator shows a decrease in old coin sales in December compared to November, suggesting most long-term holders may still expect further price appreciation.
▌Base Network TVL Surpasses $3.5 Billion
According to The Block data, the Base network's TVL has grown to over $3.5 billion. Additionally, Base's transaction volume has remained strong throughout the fourth quarter, processing over 8 million transactions per day. The network has seen steady growth since March, with daily transactions increasing from around 500,000 to over 7.5 million in December.
▌GBTC Saw $242 Million Net Outflows, ETH $60 Million Net Inflows Yesterday
According to Farside Investors monitoring data, the U.S. Bitcoin and Ethereum spot ETF flows on December 26th were as follows:
Bitcoin Spot ETFs: GBTC saw $242 million net outflows, BITB saw $83 million net outflows, BTC saw $72 million net inflows;
Ethereum Spot ETFs: ETH saw $60 million net inflows, ETHW and ETHE saw no inflows or outflows.
Key Economic Developments
▌Analyst: S&P 500 May Hit New Highs Above 6,100
BTIG analyst Jonathan Krinsky believes the U.S. stock market may continue to rally by year-end, potentially pushing the S&P 500 index to new highs above 6,100. However, he expects market volatility to return in January. If the S&P 500 does reach new highs, it would signal a concerning divergence in breadth and momentum as the market enters January.
▌87.2% Probability of Fed Holding Rates Steady in January 2024
According to the CME FedWatch tool, there is an 87.2% probability that the Federal Reserve will hold rates steady in January 2024, and a 12.8% probability of a 25 basis point rate cut. By March 2024, the probability of holding rates steady is 50.6%, the probability of a cumulative 25 basis point rate cut is 44.1%, and the probability of a cumulative 50 basis point rate cut is 5.4%.
Jinse Encyclopedia
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, is intended to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 US dollar. Each RLUSD is maintained at a 1:1 peg. These collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and not as actual investment advice. Please everyone should establish the correct investment concept and must improve risk awareness.
