Daily News | BTC Exceeded $45,000; TRB's Liquidation Volume Was the Highest in the Entire Network; HFT, SUI, ACA and Other Tokens Will Receive Large Unlocks This Week

2024-01-02, 03:54

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## Crypto Daily Digest: BTC Breaks Over $45,000, TRB's Outbound Volume Ranks Top All Networks
On January 2nd, Fox journalist Eleanor Terrett posted on the X platform stating that although the behavior of the US Securities and Exchange Commission (SEC) is unpredictable, it is unlikely that spot <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs will be approved the next day. From the conversation with the issuer, it was learned that the SEC still needs to review all changes to the S-1 form submitted last Thursday/Friday and provide comments on it.

If the SEC follows a similar approval schedule as the October ETH futures, the agency will communicate with the issuer after this round of review the date they wish to submit the final S-1 form and make it effective within the next 24-48 hours. SEC staff have been on vacation since last Friday, so it seems time is running out if they want approval on Tuesday or Wednesday.

Earlier, sources from BlackRock stated that the SEC may not be able to approve Bitcoin spot ETFs until this weekend.

The recent "Blockchain White Paper (2023)" released by the China Academy of Information and Communications Technology shows that as of December 2023, <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has about 7500 nodes, of which there are about 3400 nodes in the United States and about 1800 nodes in Germany, accounting for nearly 70% of the total.

As of October 2023, the number of global blockchain unicorn (with a market value of over $1 billion) enterprises has reached 131. The top five valuation rankings are: Biance ($45 billion), Upbit ($17 billion), Ripple ($15 billion), Blockchain Com ($14 billion), and OpenSea ($13 billion).

According to a Bitcoin mining report released by Bankless Times, the computing power of the 28 member states of the European Union (EU) accounts for a total of 6% of Bitcoin's network computing power. Among them, Ireland accounts for 2% of Bitcoin's network computing power. The United States is currently a leading Bitcoin mining country, with 38% of the network's computing power. China currently ranks second with a 21% share, with Kazakhstan (13%), Canada (7%), and Russia (5%) ranking third to fifth, respectively.

According to on-chain analyst Yu Jin's monitoring, <a href="/ar/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> has become the tenth largest holder of BTC. On the last day of Q4, Tether continued to submit BTC requests from Bitfinex, with a total of 888.88 BTC requests ($379 million). At present, Tether holds a total of 66465.2 BTCs ($2.82 billion), with a comprehensive cost of approximately $25,176 and a floating profit of $1.148 billion (+68%).

On January 2nd, <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s new Meme coin LFG airdrop for Ethereum users was opened for application. LFG is the first Solana ecosystem airdrop targeting Ethereum users, aimed at bringing more Ethereum users into Solana.

The total supply of LFG tokens is 1 trillion, of which 60% will be used for airdrops. The qualification criteria for the first airdrop are that the gas cost at least $4,269 for Ethereum addresses and interacts with at least one common Ethereum protocol. The official estimate is that a total of 400 billion LFGs will <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> into 387,000 wallet addresses. The wallet will have one month to collect, and unclaimed LFGs will be destroyed after this period. The second airdrop will be distributed to the recipients of the LP airdrop wallet.

On January 1st, according to Gate.io market data, TRB experienced severe fluctuations in the past 24 hours. It hit a historic high of $315 at 20:47 last night and then fell 25% to reach $232 in a short period of time. It then rose more than 200% in 7 hours and reached a historic high of $714.55 at 4:26 am today. After a slight consolidation, it began a sharp decline and fell 73% in 3 hours. It is now quoted at $270.

In addition, since the early morning of today when TRB rose to a high level, there have been varying degrees of premiums between mainstream platforms, as well as between spot and contract trading pairs. Currently, the Bybit platform still has a premium of about 20% compared to other platforms.

According to Coinglas data, due to the drastic fluctuations in TRB prices, its liquidation volume in the past 24 hours reached $57.78 million, almost twice the BTC liquidation volume ($24.3 million).

The market shows that the BTC price has exceeded $45,000 and is currently reported at $45,044.09, with a 24-hour increase of 6.02%. In the past 12 hours, the entire network contract was sold out for $102 million, of which short orders were sold out for $86.7213 million.

Coinglass data shows that in the past 12 hours, the crypto market has seen a total of $102 million in crypto contracts sold out across the entire network, with multiple orders selling out at $15.117 million and short orders selling out at $86.7213 million. The total amount of BTC liquidation is approximately $51.2641 million, and the total amount of ETH liquidation is $13.1526 million.

According to Token Unlocks data, this week HFT, SUI, ACA and other tokens will experience a one-time large unlock, with a total release value of approximately $43.37 million. Among them:

At 7:00 am (UTC) on January 1st, Acala will unlock 27.43 million ACAs (approximately $2.95 million), accounting for 3.1% of the circulating supply;

At 0:00 am (UTC) on January 2nd, Sui will unlock 34.62 million SUIs (approximately $26.88 million), accounting for 3.35% of the circulating supply;

At 0:00 am (UTC) on January 5th, Galxe will unlock 3 million GALs (approximately $6.97 million), accounting for 3.34% of the circulating supply;

At 0:00 am (UTC) on January 7th, Hashflow will unlock 13.62 million HFTs (approximately $5.14 million), accounting for 4.81% of the circulating supply; In addition, HFT will unlock 316200 tokens daily for 366 days starting from that day.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1704179657BTC.png)
The morning opened with a continued upward trend, reaching the previously targeted resistance at $45,345 USD. The morning's highest close was $45,365 USD, meeting expectations. This week is expected to continue stabilizing around the high range of $41,500 USD. In the short term, there may be a potential reversal, recovering from the recent decline, with the next resistance at $47,990 USD.

If "momentum-driven time" triggers a liquidation in leveraged markets, the first quarter of this year may see a pullback to the $26K to $28.5K USD range. If "time-driven momentum" leads to a gradual decline, support before Q2 may be found in the $36,000 USD to $33,085 USD range.

### ETH
![](https://gimg2.gateimg.com/image/article/1704179682ETH.png)
In the short term, the four-hour chart shows a second attempt to rise, touching the resistance at $2,381 USD without sustaining. Short-term advice is to hold the support at $2,332 USD. If a breakthrough above $2,489 USD fails, a false breakout followed by a true decline may occur. Long-term outlook remains positive with target highs at $8,000 USD and $12,350 USD.

### LINK
![](https://gimg2.gateimg.com/image/article/1704179768LINK.png)
In the short term, the four-hour chart once again reached new recent highs. This week is expected to continue oscillating in the high ascending channel range, with a mid-term trend likely to reverse at the head and shoulders top, with a high at $17.16 USD. In the long term, the bullish market sees potential for breaking $56.02 USD, $79.80 USD, and $107.54 USD, with over 7 times the current layout space.

## Macro: The three major stock indexes will see a significant increase in 2023, and CICC predicts that the Fed will cut interest rates in the second quarter
Last Friday, the US dollar index fluctuated narrowly above the 101 level, ultimately closing up 0.11% at 101.35. It fell more than 2% in 2023, with most of the decline occurring in the fourth quarter; The yield of US Treasury bonds fluctuated, ending the two-year consecutive positive trend. The 10-year US Treasury yield ultimately closed at 3.866%, slightly lower than the closing level of 3.875% in 2022; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.25%, down nearly 20 basis points for the year.

Spot gold experienced a second consecutive day of decline in trading, falling below $2,060 during the day and ultimately closing down 0.15% at $2,062.94 per ounce. In 2023, it accumulated a 13% increase, marking its best annual performance since 2020. Spot silver closed down 0.84% at $23.79 per ounce.

Despite concerns about the escalation of the Red Sea situation, bearish sentiment in the oil market still prevailed due to record production from countries outside of OPEC, with WTI crude oil ultimately closing down 0.95% at $71.24 per barrel; Brent crude oil ultimately closed down 0.58% at $77.19 per barrel. Two oil companies have shown weak performance throughout the year, falling more than 10%, marking the first annual decline since 2020. US natural gas futures fell nearly 44% in 2023, marking the largest annual decline since 2006.

The three major US stock indexes closed slightly lower, but all achieved their ninth consecutive week of gains. The Nasdaq fell 0.56%, with a cumulative increase of 0.12% last week and a cumulative increase of over 43% for the whole year; The S&P 500 index fell 0.28%, with a cumulative increase of 0.32% last week and a cumulative increase of over 24% for the whole year; The Dow Jones Industrial Average fell 0.05%, with a cumulative increase of 0.81% last week and a cumulative increase of over 13% for the whole year.

The seven giants of the US stock market saw a significant increase in 2023, with Nvidia rising nearly 240% for the year, marking the largest annual increase since 2001; The parent company of Facebook, Meta, rose over 194% throughout the year, marking the largest annual increase since its listing; Tesla's annual cumulative increase exceeded 101%.

Recently, China International Capital Corporation (CICC) released a research report stating that, based on the latest developments, we believe that the Federal Reserve may wish to lower interest rates in the second quarter of 2024, which is one quarter ahead of our expectations. The potential changes in US monetary policy to some extent reflect our previously emphasized view that the Federal Reserve is likely to increase its inflation tolerance for growth.

However, it should be noted that early interest rate cuts may bring risks of economic "non landing" and "secondary inflation,” exacerbating market volatility.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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