OSL Trading Moments: XRP hits a 7-year high, BTC’s position as a wealth preservation tool is increasingly consolidated

1. Market Observation

Keywords: BTC, XRP, AAVE

Bitcoin (BTC) is experiencing a new round of upward trend, with the current price approaching the $100,000 mark. As of December 1, 2024, the price of Bitcoin was maintained at $97,227. Although the price briefly fell to $95,758, it subsequently stabilized above $97,000. It is worth noting that this price level may alienate retail investors. In addition to Bitcoin, Altcoins such as SHIB, FIL, MNT and AAVE are also expected to see an upward trend. However, the impact of a potential re-election of Trump on the cryptocurrency field remains unclear.

On the institutional investor side, Hong Kong-based gaming company Boyaa Interactive has converted its Ethereum holdings into Bitcoin worth nearly $50 million. Meanwhile, Rumble plans to invest up to $20 million in Bitcoin, mainly due to the increase in institutional adoption and the improvement of the US political environment. In addition, Fund I of Recursive Capital, funded by Jack Dorsey, is supporting Bitcoin startups in Africa.

In terms of market performance, XRP has surpassed Solana and hit a new 7-year high of $2, while Ethereum has also reached a new 6-month high. It is worth noting that the open interest of Ethereum futures has reached a historical high of $23 billion, indicating a surge in market interest in Ethereum derivatives. At the same time, the recent $188 million buy-in by Ethereum whales may drive its price to break through $4,000.

Looking ahead, the market expects Bitcoin to reach $250,000 within a year. However, Robert Kiyosaki, the author of "Rich Dad Poor Dad", holds a different view, believing that Bitcoin may retrace to $60,000. Currently, $5.34 billion worth of Bitcoin has been withdrawn from exchanges, which may signal an impending market correction or rebound. If demand continues to outpace supply, a breakthrough of $100,000 for Bitcoin is imminent.

It is worth mentioning that Bitcoin's position as a wealth preservation tool is becoming increasingly consolidated, with its volatility lower than that of tech stocks like Nvidia and AMD. The US Bitcoin ETF currently holds over 1 million Bitcoins, accounting for 5% of the total supply. Globally, Brazil has proposed a strategic Bitcoin reserve bill, while El Salvador is exploring Bitcoin mining using volcanic energy. With an expected increase of $20 trillion in global liquidity, analysts predict that Bitcoin could reach $150,000 by 2025.

2. Key Data (as of 10:00 HKT on December 2)

• S&P 500: 6,032.38 (+26.47% YTD)

• Nasdaq: 19,218.17 (+28.02% YTD)

• 10-year US Treasury Yield: 4.222% (+34.11 bps YTD)

• US Dollar Index: 106.230 (+4.87% YTD)

• Bitcoin: $97,589.63 (+130.90% YTD), with a daily spot trading volume of $37.58 billion

• Ethereum: $3,713.31 (+62.76% YTD), with a daily spot trading volume of $28.11 billion

3. ETF Flows (as of November 30 EST)

• Bitcoin ETF: $320 million

• Ethereum ETF: $332.9 million

4. Important Dates (Hong Kong Time)

ISM Manufacturing PMI (December 2 at 11:00 PM)

• Actual: TBA / Previous: 46.5 / Expected: 47.5

JOLTS Job Openings (December 3 at 11:00 PM)

• Actual: TBA / Previous: 7.44 million / Expected: 7.49 million

ISM Services PMI (December 4 at 11:00 PM)

• Actual: TBA / Previous: 56 / Expected: 55.5

Nonfarm Payrolls (December 6 at 9:30 PM)

• Actual: TBA / Previous: 12,000 / Expected: 183,000

Unemployment Rate (December 6 at 9:30 PM)

• Actual: TBA / Previous: 4.1% / Expected: 4.1%

5. Hot News

• BTC Long-Term Holders' Relative Unrealized Profit Ratio at 0.74, Lower Than Previous Highs

• Signum Capital Investment Manager Shares Investment Experience: Reduce Risks in the Late Bull Market, Focus on "No Loss is a Win"

• Michael Saylor Advises Microsoft to Adopt Bitcoin as a Core Corporate Strategy

• Moonshot Launches Solana-based Meme Coin Mundi (MUNDI)

• Swell L2 Expected to Launch in Mid-to-Late December

• Hyperliquid's Market Cap Surpasses Aave, Ranking 55th in Cryptocurrency Market Cap

• Placeholder Partner: MEME Coins May Become a Barometer of Bull-Bear Cycles

• MOBILE Breaks $0.0025, Surging Over 190% in 24 Hours

• Data: TAIKO, ADA, ENA and Other Tokens Will See Large Unlocks Next Week, with TAIKO Unlocking Around $20.9 Million

• Arthur Hayes: The Bull Market Can Continue, South Korea Delays Virtual Asset Taxation for Two Years

• Base Founder: No Plans to Launch a Token

• Data: US Bitcoin ETF Bought 71,570 Bitcoins in November

• Next Week's Macro Outlook: "Data Tsunami" Approaches, Powell and Nonfarm Payrolls May "Splash Cold Water" on Rate Cut Expectations

• US Scholar: White House's Promotion of Bitcoin May Undermine Trust in the US Dollar as the Global Reserve Currency

• Deutsche Bank: Expects the Fed to Pause Rate Hikes for the Entire Year in 2025

• Fox Business: New York Regulator to Approve Ripple's Issuance of Stablecoin RLUSD

• Weekly Preview | Ripple Plans to Issue Stablecoin RLUSD; CBOE Launches First Cash-Settled Bitcoin Options Linked to Spot BTC

Supported by OSL - Hong Kong's largest digital asset platform, providing regulated digital asset services since 2018.