YM Lee

The Avalanche (AVAX) Foundation has reportedly raised $250 million through a private token sale round. According to a Forbes report on the 12th (local time), the Avalanche Foundation secured $250 million through a private token sale involving over 40 companies, including Galaxy Digital, Dragonfly, and ParaFi. The last token sale round by the Avalanche Foundation was in December 2021, when it raised $230 million.

Rumors are circulating about a partnership between Bitcoin mining company Hut 8 and social media platform Meta. According to a report by CoinDesk on the 12th (local time), Hut 8 is attracting investor interest in pre-market trading amid speculation that it is building a data center with Meta Platforms, the parent company of Facebook. Neither Meta nor Hut 8 has made an official statement. Currently, Hut 8's stock is trading at around $30, up approximately 12% from the previous day.

Following the U.S. presidential election, large-scale withdrawals of Bitcoin (BTC) from cryptocurrency exchanges have been observed. According to a report by CoinDesk on the 12th (local time), a significant amount of Bitcoin has been withdrawn from exchanges into personal wallets since Donald Trump won the U.S. presidential election in November. Data from Glassnode indicates that Bitcoin worth over $10 million is rapidly exiting exchanges. Approximately 200,000 BTC have been withdrawn from exchanges since the election, suggesting aggressive buying at the institutional level. The media analyzed, "Considering this data, it can be understood that the recent Coinbase premium is due to large-scale buying pressure."

An analysis has emerged that Bitcoin (BTC) has not yet reached the peak of its upward trend cycle. On the 12th (local time), a BQ analyst from the on-chain analysis platform CryptoQuant explained, "Looking at the Bitcoin bull-bear market cycle indicator, it can be seen that Bitcoin is currently in an upward trend. The price is rising but has not yet reached its peak." For Bitcoin to reach the highest level of a bull market, the short-term 30-day moving average must cross above the long-term 365-day moving average, and this golden cross can create an even stronger upward trend. The BQ analyst added, "Although the current bull market shows strong momentum, market volatility should not be overlooked. Important signals such as moving average crosses should be watched to more effectively seize investment opportunities."

Global cryptocurrency exchange Binance announced that it will list Usual (USUAL) spot trading pairs. The newly listed spot trading pairs are USUAL/BTC, USUAL/USDT, USUAL/FDUSD, and USUAL/TRY, with trading starting at 9:00 AM (UTC) on the 19th.

The assets under management (AUM) of BlackRock's Bitcoin ETF have surpassed those of BlackRock's Gold ETF. On the 12th (local time), Ju Ki-young, CEO of the on-chain analysis platform CryptoQuant, stated on his X (Twitter) that "BlackRock Bitcoin ETF has surpassed Gold ETF in terms of assets under management. Billions of dollars are flowing into the Bitcoin market every week." Currently, the market capitalization of Gold is $17 trillion, while Bitcoin's market capitalization is $2 trillion, but in terms of ETF assets under management, Bitcoin has surpassed Gold. Ju Ki-young added, "Smart money already knows the winner."

The amount of Bitcoin (BTC) withdrawals from exchanges continues to rise. On the 12th (local time), an analyst from the on-chain analysis platform CryptoQuant explained, "A large amount of Bitcoin has been withdrawn from spot exchanges in recent days," adding, "This phenomenon occurring amid a price increase suggests that investors are continuously accumulating Bitcoin." He further added, "It implies that many investors expect Bitcoin to reach a new all-time high (ATH)."

Bitcoin (BTC) spot ETFs have recorded inflows for 10 consecutive days. According to Sosovalue data on the 11th (local time), $223 million has flowed into Bitcoin (BTC) spot exchange-traded fund (ETF) products. The product with the highest net inflow was the Fidelity ETF, FBTC, with a daily inflow of a whopping $122 million.

The decentralized trading protocol Balancer (BAL) has unveiled its V3 platform designed for liquidity optimization, new developer tools, and increased trading volume. According to The Block's report on the 11th (local time), Balancer V3 has adopted a 100% boosted pool combining permissionless automated market maker technology with the yield market infrastructure of the decentralized lending protocol Aave. This integration allows the liquidity pool to efficiently operate the yields from swaps and lending markets. Fernando Martinelli, co-founder of Balancer, emphasized, "Together with Aave, decentralized finance participants can all enjoy efficient, scalable, and accessible liquidity solutions."

Open Builder, the developer of the popular clicker game Notcoin, has launched the EARN launchpool platform, which provides rewards simply for holding The Open Network (TON) based tokens within the Telegram Wallet app. According to The Block's report on the 11th (local time), the Telegram Wallet built by the Foundation allows Telegram users to directly manage and trade virtual assets through the platform. The newly launched EARN offers a way to receive rewards without complex staking mechanisms. EARN users can participate in multiple projects simultaneously, such as the Notcoin pool and DOGS pool, with rewards distributed according to the on-chain Snapshot Leaderboard rankings. Wallet balances are automatically checked, and if requirements are met, users can join and receive rewards without moving funds or staking assets.

Andrew Sorrell, the State Auditor of Alabama, has publicly proposed the establishment of a Strategic Bitcoin Reserve (SBR). According to a report by Bitcoinist on the 11th (local time), Sorrell emphasized in an interview with 1819 News that "the long-term success of Bitcoin and virtual assets is inevitable. The debate over whether virtual assets can succeed is over. A Bitcoin reserve is a good option for portfolio diversification and addressing currency-related risks."

The Consumer Price Index (CPI) in the United States for November rose by 2.7% year-over-year. According to the data released by the United States Department of Labor on the 11th (local time), the November CPI in the United States increased by 2.7% year-over-year and 0.3% month-over-month. These figures were in line with Wall Street experts' expectations. The Core CPI, which excludes food and energy sectors, also rose by 3.3% year-over-year and 0.3% month-over-month, matching the expected figures. Following the release of the inflation data, Bitcoin (BTC) showed a slight upward trend. Bitcoin, which was trading at $98,200 before the data release, is now trading at $98,900.

Travala, a travel platform supporting cryptocurrency payments, has announced the introduction of a Bitcoin (BTC) treasury reserve plan. According to a report by Cointelegraph on the 11th (local time), Juan Otero, CEO of Travala, stated in an official announcement, "Due to the increased demand for flights and hotel bookings, we have achieved an annual total revenue of $100 million. To strengthen our financial foundation and accelerate future growth, we will introduce a Bitcoin treasury reserve plan." Travala is a blockchain-based travel booking platform established in 2017. Its native token, AVA, was initially operated on the NEO blockchain but transitioned to the BNB Chain in 2019.

As the possibility of MicroStrategy (MSTR), the largest holder of Bitcoin (BTC), joining the Nasdaq 100 and benefiting from regulatory advantages increases, a bullish outlook has emerged. On the 11th (local time), global investment bank Bernstein stated in a research report, "The likelihood of MicroStrategy entering the Nasdaq 100 on December 23 is increasing, and it may also benefit from the Trump Administration's virtual asset development plan." If MicroStrategy is included in the Nasdaq 100, it is estimated that exchange-traded funds will net purchase at least $2.1 billion worth of shares. MicroStrategy has additionally purchased approximately $16 billion worth of Bitcoin over the past 40 days and is currently trading at a 147% premium compared to the net asset value of Bitcoin (corporate value of $103 billion).

Global cryptocurrency exchange Bitget has announced plans to establish a European regional hub in Lithuania. On the 11th (local time), Bitget stated through its official channels, "We are setting up an office in Lithuania and hiring compliance and operational staff to prepare for compliance with the MiCA framework." Hon Ng, Bitget's Chief Legal Officer, expressed gratitude towards the EU regulatory authorities for fostering a safe and vibrant environment for digital innovation, emphasizing, "Our vision for Europe is to expand our business and ecosystem." Bitget holds licenses in key markets such as Poland, Australia, and Italy, and is striving for growth in crypto-friendly jurisdictions.

The number of addresses accumulating Ethereum (ETH) continues to rise. On the 11th (local time), Matoun, an analyst at the on-chain analysis platform CryptoQuant, stated, "The dollar value of Ethereum accumulation addresses is only 25% of that of Bitcoin accumulation addresses, but it continues to increase, showing a high possibility of reaching an all-time high like Bitcoin." Currently, the Ethereum holdings of accumulation addresses are about 19.5 million ETH, and the Bitcoin holdings of accumulation addresses are 2.8 million BTC. Although there is a significant difference in USD value, the fundamental trend appears similar.

The Hong Kong government has expressed a negative opinion on the proposal to include virtual assets (cryptocurrency) in fiscal reserves. According to a report by local media OnCC on the 11th (local time), Hong Kong lawmaker Ng Kit Chuang argued to the government, "The world is paying attention to the development of the virtual asset industry. Digital assets and virtual assets should be integrated into fiscal reserves, and exchange funds should be utilized to continue purchasing them in the long term." In response, Financial Services Secretary Chan Ho-lin stated in a written reply, "The Hong Kong Exchange Fund is investing in various asset classes. While there may be investments related to virtual assets depending on the timing, the proportion related to this will be very small."

Hedge fund mogul Ray Dalio has highlighted his interest in gold and Bitcoin (BTC). According to a report by The Block on the 11th (local time), Ray Dalio, founder of Bridgewater Associates, participated in Abu Dhabi Finance Week and stated, "I want to move away from assets like bonds and debt and hold gold, Bitcoin, etc." Dalio emphasized that with debt levels in major economies reaching 'unprecedented levels,' holding gold and Bitcoin as hedging assets is crucial to prepare for potential debt crises and currency devaluation in the coming years. In the past, Ray Dalio pointed out that Bitcoin could not be an effective store of value or medium of exchange, but he acknowledged holding Bitcoin in 2021.