I. Attention Value-Market Highlights

1. Market Trends

(1)Macroeconomic Environment:

l Former Fed Vice Chair Quarles: Trump's Re-election Won't Threaten Fed Independence and Economic Stability

Former Federal Reserve Vice Chair Randal Quarles stated that even if Donald Trump is re-elected as president, the Fed's independence, inflation levels, and the labor market will not be threatened. He pointed out that there is a misconception about the Fed's independence, emphasizing that the president can comment on the Fed's policies, but this does not mean the Fed will lose its independence. Quarles, who served as the Fed's Vice Chair for Supervision under Trump, mentioned that tariffs alone will not directly cause inflation, and may even prompt the Fed to lower interest rates. Additionally, he predicted that a large number of undocumented immigrants will be deported if Trump is elected, but this will not have a significant impact on the labor market. Quarles' comments come on the eve of the release of the Consumer Price Index report, which may show that potential inflation in the United States will only cool slightly by the end of 2024 against the backdrop of a strong job market and a robust economy, which could support the Fed's cautious approach to future rate cuts.

(2)Web3 Sector:

l Fidelity Digital Assets Report: Ethereum's Long-term Advantage is Evident, Solana's Short-term Performance is Impressive

In its 2025 Outlook report, Fidelity Digital Assets pointed out that Ethereum has a clear long-term advantage, while also acknowledging Solana's rapid growth. The report emphasizes that Ethereum's strong fundamentals, such as developer activity, TVL, and stablecoin supply, support its long-term prospects. Although Solana's revenue and TVL growth rates are faster, Fidelity believes that a significant portion of its revenue comes from MEME coin trading, which is seen as a cyclical trend that performs well in bull markets but may weaken in bear markets. The report further notes that Solana's dependence on MEME coins is similar to Ethereum's use of Uniswap, but Fidelity believes Ethereum's fundamentals are less linked to speculation, making it more stable in the long run. Fidelity stated that short-term price trends are often influenced by narratives, and mentioned that both networks have planned upgrades. Solana's Firedancer upgrade aims to significantly improve transaction speed, while Ethereum's Prague/Electra (Pectra) upgrade focuses on enhancing functionality, scalability, and user security. However, Fidelity believes the Pectra upgrade may not generate widespread interest in the community, as it does not have a direct impact on the value proposition of ETH from an investment perspective.

2. Hot Events

(1) Macroeconomic Environment:

l Italian Bank Intesa Sanpaolo Makes First Bitcoin Investment, Purchasing 11 Bitcoins Worth Around €1 Million

Intesa Sanpaolo, Italy's largest banking group, has made its first investment in cryptocurrencies by purchasing 11 Bitcoins, with a total value of around €1 million (approximately $1 million). This information was initially leaked on an online forum, and the bank's press office later officially confirmed the transaction. While Intesa Sanpaolo confirmed the trade, it did not disclose the investment rationale or its future cryptocurrency strategy. The bank is relatively advanced in the blockchain and cryptocurrency space, having collaborated with Cassa Depositi e Prestiti SpA in July 2024 to pilot the issuance of a $27.2 million digital bond on Polygon. The trend of large institutions investing in Bitcoin is becoming increasingly evident, with software company MicroStrategy being a pioneer in this area, continuously purchasing Bitcoin for the past 10 weeks. Other institutions, such as Metaplanet, the "Asian version of MicroStrategy," are also actively following this trend, recently purchasing 237 Bitcoins at a price of $95,972.

(2) Web3 Sector:

l Bitcoin Price Rebounds to $94,000, Trump Set to Sign Executive Order Supporting Cryptocurrencies

Following the news that Donald Trump is preparing to sign an executive order supporting cryptocurrencies on his first day in office, the price of Bitcoin has rebounded to $94,000. These orders may potentially overturn key regulatory measures, including the SEC's Accounting Bulletin 121 (SAB 121), which requires companies holding client cryptocurrencies to record these assets as liabilities on their balance sheets. According to a report in The Washington Post, these orders are expected to address the major challenges facing the cryptocurrency industry, such as banking restrictions and the controversial SAB 121. The bulletin has been heavily criticized by the industry, and lawmakers have previously attempted to repeal it, but President Joe Biden vetoed the measure. The incoming Trump administration is expected to revisit this issue, as the current SAB 121 policy makes it more expensive and risky for banks to hold cryptocurrencies, making them less likely to provide cryptocurrency custody services for clients.

With the release of this news, the cryptocurrency market has experienced a strong rebound, with Bitcoin having dipped to $89,000 but now climbing to $95,000, and Ethereum rebounding from below $3,000 to $3,100.

3. Hot Narratives

l ANIME Token to Launch Soon: 50.5% Allocated to the Community, Azuki Partners with Animecoin to Create an Open Anime Metaverse