Son Min

There is an opinion that Bitcoin (BTC) miners are accumulating Bitcoin. On the 10th (local time), Satoshi Club stated on X, "Miners are strongly accumulating Bitcoin," adding, "The Bitcoin transferred by miners to exchanges is the smallest since April last year." Furthermore, they elaborated, "The Bitcoin currently held by miners is at a historic low level of 1.8 million BTC," and "the selling pressure they exert on the market is also decreasing."

It has been revealed that a token unlock worth over $2.6 billion is scheduled for next week. On the 10th (local time), Tokenomist (formerly Token Unlock) announced on X, "Major projects with tokens unlocking between the 13th and 19th," stating that "the scale of the tokens being unlocked is over $2.6 billion." They highlighted Ondo Finance (ONDO), Arbitrum (ARB), and Starknet (STRK) as projects to watch for token unlocks. According to Tokenomist data, the real-world asset (RWA) project Ondo Finance will have the largest amount unlocked. On the 18th (local time), Ondo Finance will unlock an amount equivalent to 134.21% of its circulating supply, which is approximately $2.42 billion. Additionally, Arbitrum will unlock tokens equivalent to 2.20% (about $69.32 million) of its circulating supply on the 16th, and Starknet will unlock tokens equivalent to 2.65% (about $27.55 million) on the 15th. Other projects such as Sei (SEI) and Etena (ENA) are also set to unlock tokens.

An analysis has emerged indicating that the short-term demand for Bitcoin (BTC) is decreasing. On the 10th (local time), Glassnode stated on X, "The short-term demand for Bitcoin is weakening," adding, "The level of hot capital (capital activated in the last 7 days) has plummeted to $32 billion." This marks a 66.7% decrease from the peak recorded on December 12 last year (approximately $96.2 billion). Additionally, the decrease in Bitcoin's trading volume and the low funding rate also indicate a decline in short-term demand for Bitcoin. Glassnode noted, "The 30-day average trading volume of Bitcoin is approaching the 365-day average," and "The perpetual futures funding rate for Bitcoin is also below the neutral value of 0.01%." They further analyzed, "This shows that the capital flow in the market has decreased," and "The weakening of short-term demand for Bitcoin increases the possibility of a sideways phase or further adjustment."

Last year, Ethereum (ETH) recorded a revenue of $1.9 billion. On the 10th (local time), Cointelegraph reported on X that "Ethereum earned $1.9 billion last year," stating "this is the highest level compared to the revenue of other blockchains." It added, "Solana (SOL) ranked third with a revenue of $374 million." According to CryptoRank data, TRON (TRX) and Base Protocol (BASE) recorded revenues of $571 million and $78.4 million respectively, ranking 2nd and 4th. Among the top 10 blockchains by revenue last year, Solana showed the highest revenue growth rate. Solana's revenue grew by 2844% compared to the same period last year. Base Protocol and TRON also grew by 1217% and 34.8% respectively. On the other hand, despite recording the highest revenue, Ethereum saw a revenue decrease of 1.7% compared to the same period last year.

If the price of Bitcoin (BTC) falls below $88,135, the buying sentiment of short-term Bitcoin holders (STH) may weaken, according to a claim. On the 10th (local time), Glassnode stated on X, "The acquisition cost of short-term Bitcoin holders (holding for less than 155 days) is an important indicator for understanding the sentiment of new investors," adding, "Currently, the price of Bitcoin is 7% higher than the acquisition cost of short-term holders, which is $88,135." They further explained, "If Bitcoin falls below that price, the buying sentiment of new investors may weaken," and added, "Furthermore, the market trend could also reverse." As of 4:19 PM, Bitcoin is trading at $94,260 on the Binance USDT market, up 0.08% from 24 hours ago.

In the past two days, whales have been buying large amounts of Dogecoin (DOGE). On the 10th (local time), crypto analyst Ali Martinez revealed on X that "whales have purchased over 470 million Dogecoins in the last 48 hours." Previously, Grayscale announced that it is considering whether to include 39 coins, including Dogecoin, in its products. As of 3:35 PM, Dogecoin is trading at $0.33266 on the Binance USDT market, up 0.90% from 24 hours ago.

New Bitcoin (BTC) investors are reportedly absorbing the sell-offs from existing Bitcoin holders. On the 10th (local time), Glassnode stated on X, "The proportion of new Bitcoin investors (holding for less than 3 months) has surged," adding, "They currently account for 49.6% of the Bitcoin network's liquidity." Furthermore, they noted, "This indicates that new demand has absorbed the selling pressure from existing investors." As of 3:27 PM, Bitcoin is trading at $94,366 on the Binance USDT market, up 0.45% from 24 hours ago.

Recently, the sentiment in the cryptocurrency market has turned bearish, suggesting a good opportunity to buy Bitcoin (BTC). On the 9th (local time), MAC_D, an analyst at CryptoQuant, stated in a report, "As Bitcoin declines, market sentiment is turning bearish," and "it's a better opportunity to buy Bitcoin." He further analyzed, "The SOPR (Spent Output Profit Ratio), which shows the sentiment of short-term investors (holding for less than 6 months), is currently at 0.987, indicating that short-term investors are selling Bitcoin at a loss." He evaluated, "When short-term investors experience losses, the market rises," and "considering indicators such as MVRV (Market Value to Realized Value Ratio), NUPL (Net Unrealized Profit/Loss), Puell Multiple, and the ratio of short-term investors, this cycle is not yet at its peak."

Bitcoin (BTC) has surpassed $94,000. As of 11:10 PM (local time) on the 10th, Bitcoin is trading at $94,034 on the Binance USDT market, up 1.90% from 24 hours ago.

This week, the amount of Ethereum (ETH) withdrawn from cryptocurrency exchanges reached its highest level since November last year. On the 9th (local time), IntoTheBlock announced on X, "This week's Ethereum outflow from exchanges has reached its highest level since November last year," adding that "the outflowed Ethereum amounts to $1.42 billion." They further noted that the increase in Ethereum outflow suggests that more investors are looking to accumulate Ethereum.

Asset management firm Grayscale has revealed a list of 39 cryptocurrencies under consideration for inclusion in its investment products. On the 9th (local time), Grayscale announced on its official website that it is considering these 39 cryptocurrencies for potential inclusion in its investment products. The 39 cryptocurrencies disclosed by Grayscale are as follows: △Kaspa (KAS) △Aptos (APT) △Arbitrum (ARB) △Celestia (TIA) △Hedera (HBAR) △Mantle (MNT) △Sei (SEI) △Sonic (S) △StarkNet (STRK) △The Open Network (TON) △TRON (TRX) △Aerodrome (AERO) △Binance Coin (BNB) △Etena (ENA) △Hyperliquid (HYPE) △Jupiter (JUP) △Injective (INJ) △Ondo Finance (ONDO) △Pendle (PENDLE) △THORChain (RUNE) △AI16Z (AI16Z) △Dogecoin (DOGE) △Virtual Protocol (VIRTUAL) △Immutable X (IMX) △Akash Network (AKT) △Eigenlayer (EIGEN) △Grass (GRASS) △Flock (FLOCK) △Pyth Network (PYTH) △Worldcoin (WLD) △Helium (HNT) △Zito (JTO) △Artificial Superintelligence Alliance (FET) △Arweave (AR). Additionally, △Hyperbolic △Sentient △Prime Intellect △Space and Time △Story Protocol are included.

An anonymous whale has deposited a large amount of Dogecoin (DOGE) to Coinbase. According to Whale Alert on the 9th (local time), the anonymous whale deposited 106,437,367 DOGE to Coinbase. This amounts to approximately $35.89 million (about 52.7 billion KRW). Another whale deposited 112,670,012 DOGE to Coinbase, amounting to approximately $37.99 million (about 55.8 billion KRW). Typically, large-scale coin deposits to exchanges can lead to increased selling pressure, which may cause short-term volatility.

The funding rate for Bitcoin (BTC) perpetual futures has recorded its first negative this year. This has led to opinions that Bitcoin's price may have reached a bottom. On the 9th (local time), CoinDesk reported, "For the first time this year, the funding rate for Bitcoin perpetual futures has turned negative," adding, "A negative funding rate generally signals a short-term bottom for Bitcoin prices." It continued, "The bottom in price appears when the futures funding rate becomes negative and short (sell) investors increase," noting, "Many short investors were liquidated during the early bull market in 2024 as well."

It has been observed that the majority of investors who purchased the Canadian Bitcoin spot ETF are moving their assets to the more liquid U.S. Bitcoin spot ETF. Canada was the first country in the world to launch a Bitcoin spot ETF in 2021. According to Cointelegraph on the 9th (local time), Matt Mena, a cryptocurrency researcher at 21Shares, stated, "A significant number of investors have moved their funds from the Canadian Bitcoin spot ETF to the U.S. Bitcoin spot ETF," adding, "This is because the U.S. Bitcoin spot ETF offers more liquidity and participation from investors and institutions." He further assessed that "over the past few years, the Canadian spot ETF has benefited from U.S. regulations," and it is not surprising that the U.S., with the largest capital market in the world, dominates the Bitcoin spot ETF market. Previously, the Canadian Bitcoin spot ETF recorded a net inflow of $4.2 billion in its first year of launch. According to CoinShares data, last year, the Canadian Bitcoin spot ETF recorded an outflow of $707 million, while the U.S. Bitcoin spot ETF saw a net inflow of $44.2 billion.

Considering the trend of Bitcoin (BTC) MVRV (Market Value to Realized Value), there is a claim that Bitcoin could rise to $132,000. On the 9th (local time), Glassnode stated on X, "Despite the price surge shown by Bitcoin in this cycle, the MVRV indicator has not exceeded 3.2," and added, "If MVRV reaches 3.2, the Bitcoin price will reach $132,000." Furthermore, they elaborated that "the current Bitcoin MVRV indicator is likely to reach 3.2" as the Bitcoin MVRV chart is above the 1-year moving average (2.18). Meanwhile, according to Glassnode, reaching a Bitcoin MVRV level of 3.2 indicates extreme market optimism. Historically, Bitcoin MVRV exceeding 3.2 has occurred on about 5% of all trading days.

An analysis has emerged indicating that the number of new addresses for top market cap cryptocurrencies is rapidly increasing. On the 9th (local time), Santiment stated on X, "The number of new addresses for top market cap cryptocurrencies has rapidly increased this year," adding, "This shows an increase in community trust in the respective projects." In particular, Ethereum (ETH) showed the largest growth. According to Santiment data, 645,000 new addresses have been created for Ethereum this year. During the same period, new addresses for Bitcoin (BTC) and Ripple (XRP) increased by 102,000 and 58,000, respectively, while Dogecoin (DOGE) and Cardano (ADA) added 29,000 and 2,800 addresses, respectively. On the other hand, Chainlink (LINK) saw a decrease of 3,300 addresses during the same period. Regarding this, Santiment explained, "The decrease in wallet numbers can create buying opportunities due to excessive fear (FUD)," and added, "It can be a contrarian investment strategy to act opposite to the crowd."

A claim has emerged that only a strong few altcoins will survive in the future. On the 9th (local time), Joo Ki-Young, CEO of CryptoQuant, stated, "The current altcoin market is a zero-sum PVP (Player VS Player) situation," and "Only a few altcoins with strong narratives and use cases will survive." He further explained, "While Bitcoin's market cap has doubled, the altcoin market cap remains below its all-time high (ATH)," adding, "The altcoin market is circulating internally without new capital inflow." Meanwhile, zero-sum is a game theory term that refers to a situation where the total gains and losses among participants always sum to zero.

There is a claim that a company holding Bitcoin (BTC) could be included in the Standard & Poor's (S&P) 500 index. On the 9th (local time), Matthew Sigel, head of digital asset research at VanEck, stated on X, "The mobile payment company Block could be included in the S&P 500," adding, "(If included) it would be the first case of a Bitcoin-holding company joining the S&P 500." He continued, "Block has met all the index inclusion requirements after announcing its first-quarter 2024 results," and expressed optimism by saying, "Generally, companies that meet all the requirements are included in the S&P 500 index within 3 to 21 months." He noted, "The inclusion in the S&P 500 is ultimately decided at the discretion of the index committee," but also predicted, "As the committee aims to align the S&P 500 composition ratio with the overall S&P market index ratio, inclusion in the financial sector could occur." According to Sigel, the current proportion of the financial sector in the S&P 500 is 13.9%, which is lower than the financial ratio of the overall S&P market index (14.6%). Meanwhile, the conditions for inclusion in the S&P 500 are: △ a market capitalization of over $18 billion △ more than 10% of publicly traded shares △ positive net income in the most recent quarter △ positive net income sum for the previous four quarters △ high liquidity △ 12 months elapsed since the initial public offering (IPO) △ headquarters located in the United States.

An analysis has emerged showing that Bitcoin-related stocks have shown strong growth following Donald Trump's election. On the 6th (local time), Matrixport reported that "Bitcoin rose by 52% after Donald Trump was re-elected," and "Bitcoin-related stocks recorded higher returns than Bitcoin." It further stated, "During the same period, the stock prices of MicroStrategy and the Japanese listed company Metaplanet, which benchmarked their strategy, rose by 70% and 149%, respectively," adding that "Bitdeer also rose by 227%, showing the most significant increase."

There is a claim that Ripple's market capitalization could surpass $500 billion. On the 6th (local time), virtual asset trader Peter Brandt stated on X, "A half-mast flag pattern is appearing on Ripple's market cap weekly chart," and "Ripple's market cap could surpass $500 billion." However, he added, "If the pattern is not completed within six weeks, this analysis will not be valid."

It has been claimed that a significant number of the 14 U.S. states preparing Bitcoin strategic reserve bills will begin the legislative process this month. On the 6th (local time), Dennis Porter, founder of the Satoshi Fund, stated on X, "The usual legislative process involves six steps," and "in most states, this process will begin this month." He added, "Most states have term limits," and "the legislative process will proceed rapidly over the next six months." Previously, Dennis Porter mentioned that 14 U.S. states are preparing Bitcoin strategic reserve bills.

It was revealed that whales purchased a large amount of Dogecoin the previous day. On the 6th (local time), virtual asset analyst Ali Martinez announced on X that "whales have purchased more than 140 million Dogecoins in the last 24 hours." Meanwhile, social media platform X, owned by Elon Musk, CEO of Tesla, is expected to launch a new payment system, X Money, this year. It is speculated that the buying spree was triggered by reports that X Money is likely to support virtual assets. As of 2:05 PM, Dogecoin is trading at $0.39133, up 1.10% from 24 hours ago, based on the Binance USDT market.

<Next Week's Key Economic Events> ▶6th (Mon): △Germany December Consumer Price Index (CPI) △United States December Services Purchasing Managers' Index ▶7th (Tue): △South Korea December Foreign Exchange Reserves (USD) △European Union December Consumer Price Index ▶8th (Wed): △United States December ISM Non-Manufacturing Index △United States Labor Department November JOLTS (Job Openings and Labor Turnover Survey) △United States December ADP Nonfarm Employment Change ▶9th (Thu): △United States Crude Oil Inventories △United States Federal Open Market Committee (FOMC) Meeting Minutes △United States Initial Jobless Claims ▶10th (Fri): △United States December Average Hourly Earnings △United States December Nonfarm Payrolls △United States December Unemployment Rate <Next Week's Key Cryptocurrency Events> ▶6th (Mon): △Kaspa (KAS) 182.23 million KAS Token Unlock ▶7th (Tue): △ ▶8th (Wed): △Etena (ENA) 12.86 million ENA Token Unlock ▶9th (Thu): △Movement (MOVE) 50 million MOVE Token Unlock △Optimism (OP) 4.47 million OP Token Unlock ▶10th (Fri): △Bitget Token (BGB) 5.38 million BGB Token Unlock

There is a claim that as the market capitalization of the US stock market increased with Trump's election, the market cap of the cryptocurrency market is also expected to increase. On the 4th (local time), Ash Crypto, a cryptocurrency trader with 1.4 million followers, stated on X, "Last year, the market capitalization of the US stock market increased by $7.1 trillion," and "Trump's election was a big reason." He further claimed, "The increase in market cap is twice the size of the entire cryptocurrency market capitalization," and "more funds will flow into Bitcoin (BTC) and altcoins thereafter." Meanwhile, according to CoinGecko data, the current total cryptocurrency market cap is about $3.4 trillion.

Bitcoin (BTC) prices are rebounding, but there are claims that the upward momentum is weakening. On the 4th (local time), Negentropic, the founder of Glassnode, stated on X, "Bitcoin prices have rebounded, but the upward momentum has weakened," citing "a lack of trading volume" as the reason. He further explained, "Trading volume is a crucial factor for sustaining short-term bullishness," and added, "More trading volume is essential for upward momentum." As of 4:24 PM, Bitcoin is trading at $98,399 on the Binance USDT market, up 0.25% from 24 hours ago.

Hive (HIVE) surged by 53% on Binance, with most of the trading volume coming from Upbit. On the 5th (local time), Hive on Binance's USDT market rose by 52.87% compared to 24 hours ago, trading at $0.5809. Among this, 75.33% of Hive's trading volume was from Upbit, and 12.46% was from Binance. Since Hive is a blockchain hard-forked from Steem (STEEM), it is presumed that the influx of domestic investors followed the surge of Steem and SteemDollars (SBD) the previous day. At the same time, Hive on Upbit rose by 45.11% compared to the previous day, trading at 848 KRW.

An analysis has emerged that the Bitcoin (BTC) spot buying pressure on Coinbase is still being maintained. On the 4th (local time), Anıl, a virtual asset analyst, stated on X, "Coinbase Bitcoin spot is continuing to maintain a buying position," and added, "I think the Binance Bitcoin spot selling pressure will also disappear soon." He further explained, "The funding rate is also maintaining a low level," and "maintaining a high price at a low funding rate is a good signal."

Solana (SOL) has surpassed Starbucks in market capitalization. On the 4th (local time), Cointelegraph reported on X that "Solana has surpassed Starbucks in market cap," stating "Solana's market cap is currently at $105.6 billion, while Starbucks is at $104.96 billion." As of 1:34 PM, Solana is trading at $218.74 on the Binance USDT market, up 1.35% from 24 hours ago.