TL;DR

• BTC’s price shows a short-term downward trend, while ETH is currently trading below the MA5, MA10, and MA30 moving averages.
• Market sentiment for BTC and ETH remains stable but leans bearish, with liquidations predominantly affecting long positions across the network.
• The Ethereum holdings in ETH ETFs have surpassed the total locked value in Layer 2 solutions, reflecting growing institutional influence on the market.
• Magic Eden’s $ME airdrop has launched, eliciting an enthusiastic market response. This could potentially drive a contrarian rise in the NFT sector.
• Microsoft shareholders voted against a proposal to invest in Bitcoin.
• El Salvador and Argentina signed an agreement to collaborate on advancing the cryptocurrency industry.

Market Analysis

According to Gate.io market data, as of 4:00 AM (UTC+0) on December 11th [1]:

• BTC — The price of BTC fell by 0.72% within 24 hours. The highest price during the day was $98,250, the lowest was $94,262, and the current price is $97,250. Overall, BTC is currently in a downward trend, indicating short-term bearish control. Short-term support is located at $91,111. If this level is decisively broken, the price may further test levels below $90,000. On the upside, resistance is at $99,000. A breakout above this level could attract bullish interest and drive a price rebound. In the current volatile market environment, investors are advised to set strict stop-loss levels and monitor key technical levels for potential breakouts.

• ETH — The price of ETH has fallen by 2.26% in the past 24 hours, currently trading at $3,666. The intraday high reached $3,780, while the low was $3,516. On the 1-hour chart, ETH is trading below the MA5, MA10, and MA30 moving averages, indicating short-term pressure and a bearish market sentiment. In the near term, attention should be focused on whether ETH can break above the MA30 and hold this level, which could serve as an early signal for a potential rebound. If the price continues to fluctuate within the $3,750 to $3,540 range, a breakout above or below this zone could provide clearer guidance for the subsequent trend. Under the current conditions, investors should closely monitor the key price levels for potential breakouts and implement effective risk management strategies.

• ETF — According to SoSoValue data, as of December 11th, U.S. Bitcoin spot ETFs saw a net inflow exceeding $439 million [2], while U.S. Ethereum spot ETFs recorded a net inflow of $306 million [3].
• Altcoins — The GameFi sector performed strongly, rising 9.3%, reflecting sustained market interest in blockchain gaming and virtual economies. The RWA (Real-World Asset) sector rose by 2.0%, indicating further market acceptance of blockchain applications in asset tokenization. The Crypto-backed Stablecoin sector saw a modest gain of 1.1%, showing steady demand for decentralized stablecoins [4].
• U.S. Stock Market Indices — The S&P 500 index fell by 0.30%, the Nasdaq index declined by 0.25%, and the Dow Jones index dropped by 0.35% [5].
• Spot Gold — Spot gold prices reached $2,695 per ounce, marking a daily increase of 0.02% [6].
• Fear and Greed Index — The Fear and Greed Index decreased from 78 yesterday to 74 today, indicating that the market remains in a state of greed, but the sentiment has slightly weakened [7].

Top Performers

According to Gate.io market data, based on trading volume and price performance over the past 24 hours as of 4:00 AM (UTC+0) on December 11th, the following altcoins are trending [8]:

TAI （TARS Protocol）— Single-Day Increase of Approximately 27.5%, Fully Diluted Market Cap Reaches $179 Million
The TARS Protocol is a modular, AI-driven Web3 infrastructure platform that leverages cutting-edge artificial intelligence solutions and provides one-stop BaaS (Blockchain-as-a-Service) to support and scale blockchain projects. The platform’s core objectives are to enhance developer efficiency, lower the technical barriers for blockchain application development, and accelerate the rapid growth of decentralized ecosystems.

Recently, the TAI token has shown robust market performance, with a significant price surge. This increase is likely linked to its listing on a major exchange, which has sparked widespread attention and a notable uptick in trading activity. Furthermore, TARS Protocol’s technological advantages and its ability to address scalability challenges in Web3 applications have reinforced market confidence in its long-term growth prospects.

GIGA（Giga Chad）— Single-Day Increase of Approximately 16.0%, Fully Diluted Market Cap Reaches $599 Million
GIGA (Giga Chad) is an innovative meme project built on the Solana blockchain, aiming to carve out a unique niche in the cryptocurrency space through humor and community collaboration. Inspired by popular internet culture, the project focuses not only on digital assets but also on promoting personal growth and spreading positive influence.

Recently, prominent meme crypto influencer Murad publicly stated that GIGA could become the largest memecoin on Solana by the end of 2025. Additionally, a well-known centralized exchange announced its plans to list GIGA soon. These developments appear to have boosted market interest in GIGA, driving a significant 16.0% increase in the token’s price within a single day.

IO (io.net) — Single-Day Increase of Approximately 8.1%, Fully Diluted Market Cap Reaches $416 Million
IO is a decentralized computing platform specializing in providing efficient GPU computing power to support high-performance applications in artificial intelligence (AI) and blockchain. By leveraging a globally distributed network of nodes, the platform reduces computational latency, enables real-time data processing, and offers developers a secure and scalable decentralized environment.

Recently, IO announced a partnership with Mira Network, aiming to integrate Mira Network’s consensus technology with IO’s computational infrastructure to reduce error rates in AI tasks. This collaboration seeks to restore market trust in AI systems. The partnership highlights IO’s proactive expansion of its technical ecosystem, especially against the backdrop of rapidly growing demand for AI solutions. Following this announcement, the $IO token surged by 8.1% in the past 24 hours, reflecting investor optimism about the value and future potential of this collaboration.

Data Highlights

Funding Rates and Liquidation Data Show Cautious Sentiment
As of December 11 at 4:00 UTC, data from CoinGlass indicates that the weighted funding rates for Bitcoin (BTC) and Ethereum (ETH) stood at 0.0090% and 0.0076%, respectively, reflecting relatively stable market sentiment for the two leading cryptocurrencies. However, the long-short ratio for BTC and ETH reveals dominance of short positions, suggesting that investors anticipate further short-term price corrections. While funding rates remain positive, signaling ongoing demand for mainstream assets, the conservative tilt toward short positions reflects an overall low-risk appetite in the market.[9]

In the past 24 hours, long liquidations reached a substantial $483 million, with altcoin liquidations accounting for $120 million USDT and Ethereum liquidations totaling $104 million USDT. These figures highlight the pronounced volatility and speculative nature of altcoins. Notably, certain altcoins, such as MOVE and ME, exhibited predominantly short liquidations, standing out as exceptions. Investors should remain cautious about the potential risks in the altcoin market, ensuring proper position management to avoid significant losses due to excessive leverage. The market’s heightened sensitivity to short-term fluctuations underscores the critical importance of risk management for participants in the current environment.[10]

ETH ETF Holdings Surpass Layer 2, Highlighting Institutional Preference and Technological Potential
According to Dune data, ETH ETF holdings have reached 3.1795 million ETH, accounting for 2.64% of Ethereum’s total supply and surpassing the 2.57% held across Layer 2 networks for the first time. This trend reflects growing market recognition of ETH ETFs as a preferred investment vehicle. Their regulatory compliance and ease of access make them particularly attractive to institutional investors. In the current macroeconomic environment, institutions are showing strong demand for low-complexity, high-transparency investment tools. This underscores the strategic significance of ETH ETFs within the Ethereum ecosystem, as they bridge the gap between traditional finance and decentralized technology while reinforcing Ethereum’s position as a key asset in institutional portfolios.[11]

Significant Divergence in Crypto Market Sectors: RWA and NFT Lead the Gains
According to the past 24-hour market data, the crypto market exhibited a notable divergence among its sectors. The RWA (Real-World Assets) sector posted an 8.38% gain, while the NFT (Non-Fungible Token) sector led the market with a remarkable 14.22% surge. The PayFi and AI sectors followed, with gains of 6.67% and 3.73%, respectively, underscoring continued market interest in innovative and utility-driven categories.

In contrast, the Layer 2 sector declined by 1.01%, making it one of the few underperformers. This reflects short-term volatility in market enthusiasm for scalability-focused technologies. Meanwhile, the DeFi (Decentralized Finance) and Layer 1 sectors rose by 2.84% and 1.81%, respectively, signaling signs of recovery in these core sectors. Overall, the market’s focus appears to be shifting toward subcategories with greater application prospects and ecosystem expansion potential. However, localized pullbacks, such as the decline in the Layer 2 sector, serve as a reminder of the investment risks associated with technology-driven tracks. [12]

Spotlight Analysis

El Salvador and Argentina Sign Agreement to Promote Cryptocurrency Industry Development
Regulatory authorities from El Salvador and Argentina recently signed an agreement aimed at fostering the growth of the cryptocurrency industry in both countries. Under this agreement, El Salvador’s National Commission for Digital Assets (CNAD) and Argentina’s National Securities Commission (CNV) will share expertise and knowledge on cryptocurrency regulation. El Salvador has taken a leading role in the cryptocurrency sector by adopting Bitcoin as legal tender, while Argentina has gained favor from crypto developers for its openness to emerging technologies and its policies addressing inflation. This collaboration is expected to create new opportunities for the cryptocurrency industry in Latin America, driving innovation and cooperation across the region.

The agreement holds significant implications for the future development of the cryptocurrency sectors in both countries. Through its partnership with Argentina, El Salvador not only seeks to expand its influence in international markets but also aims to leverage Argentina’s strengths in cryptocurrency innovation to enhance policy exchange. As the global cryptocurrency market continues to grow, Latin America is emerging as a key region for blockchain technology and digital assets. This partnership could inspire other Latin American nations to follow suit, further boosting the region’s prominence in the global crypto industry. However, as regulatory policies evolve, balancing innovation with risk management will be critical to the future success of this collaboration. [13]

Microsoft Shareholders Vote Down Bitcoin Investment Proposal
On December 10, Microsoft shareholders voted against a proposal titled “Bitcoin Investment Assessment.” The proposal, submitted by the National Center for Public Policy Research, recommended that Microsoft allocate 1% of its total assets to Bitcoin as a strategy to hedge against inflation. Currently, Microsoft holds $78.4 billion in cash and marketable securities on its balance sheet. Despite a detailed presentation by MicroStrategy Executive Chairman Michael Saylor highlighting Bitcoin’s potential benefits, the majority of shareholders voted against the proposal.

The rejection of this proposal underscores Microsoft’s conservative approach to investment strategy, particularly regarding highly volatile assets like Bitcoin. While some companies view Bitcoin as a tool for inflation hedging and portfolio diversification, concerns about its market risks and uncertainty clearly dominated shareholder sentiment. This event highlights the divide among mainstream technology companies in their acceptance of crypto assets. As the market evolves and Bitcoin’s use cases expand, similar proposals may continue to emerge on corporate agendas. However, gaining support for such initiatives will likely require more time and favorable circumstances. [14]

Circle Establishes Partnership with LuLu Financial to Expand in the Middle East Market
On December 10, Circle announced the establishment of a new entity in the Abu Dhabi Global Market (ADGM) and a strategic partnership with LuLu Financial Holdings (LuLuFin), one of the leading financial services groups in the Middle East. The collaboration will leverage Circle’s USDC stablecoin to enhance remittance and cross-border payment services between the Middle East and regions like Asia and Europe. With LuLuFin processing over $10 billion in transactions annually, the partnership aims to streamline payment processes through blockchain technology, ensuring speed, transparency, and cost efficiency.

Circle described this initiative as a significant step in its expansion into the Middle East and Africa, focusing on delivering effective solutions in the high-demand cross-border payments sector while promoting financial inclusion. This collaboration highlights the potential of blockchain technology in traditional financial services and the advantages of stablecoins in cross-border payments. Circle’s strategy not only strengthens its presence in the Middle East but also supports financial innovation and digital transformation in the region. However, the regulatory compliance and market acceptance of stablecoins remain critical factors for the project’s success. As demand for crypto assets grows in the Middle East, the partnership between Circle and LuLuFin could become a key indicator of industry trends, further advancing the global payment ecosystem. [15]

Magic Eden Launches $ME Airdrop to Enthusiastic Market Reception
On December 10, Magic Eden officially launched its $ME token airdrop, distributing 12.5% of the total supply (approximately 125 million tokens) to eligible users through its mobile application. Users can continue linking additional wallets and claiming $ME until February 1, 2025. Any unclaimed tokens will be allocated to stakers.

Prior to the airdrop, $ME’s pre-market trading price exceeded $7. After launch, it surged to $13 before quickly dropping to around $4. At 1:30 AM (UTC+0), $ME was listed on a South Korean exchange, sparking another wave of trading activity that drove the price to $10 before stabilizing around $6. The market’s enthusiastic response highlighted significant interest in the token, while its sharp price fluctuations reflected active speculative trading. Users are advised to monitor project developments closely to adjust strategies, ensuring asset security and maximizing returns.

As of December 11, approximately 108,000 airdrop transactions have been completed, with 85.67 million $ME tokens claimed—68.53% of the total airdrop allocation. Notably, over 900 addresses received more than 10,000 tokens each, while the majority of users received between 100 and 500 tokens, accounting for approximately 35.11% of the distribution, indicating a relatively decentralized allocation structure. This airdrop has not only energized market participation but also underscored Magic Eden’s influence in the crypto space. However, leveraging the $ME token to enhance ecosystem engagement and stabilize the market remains a key challenge for the project moving forward. [16]

Funding News

According to RootData, six projects announced funding rounds in the past 24 hours, collectively raising over $41.5 million. The highest single funding amount was $25 million, with investments spanning the CeFi, DeFi, and AI sectors. Below are the top three funding announcements:[17]

Klickl — Klickl has completed a $25 million Series A funding round, achieving a valuation of $125 million. The round was co-led by Web3Port Foundation and Aptos Labs, with participation from Summer Ventures, Heritage Horizon Capital, and other institutions. Klickl is a global virtual asset service provider offering comprehensive services, including spot trading, futures trading, fiat OTC, B2B institutional solutions, payments, wallets, custody, and wealth management.

Hyperbolic — Hyperbolic has raised $12 million in a Series A funding round led by Variant and Polychain Capital, with participation from Chapter One, Lightspeed Faction, and others. The newly raised funds will be used to expand the company’s engineering and strategy teams and to accelerate its market entry. Hyperbolic aims to integrate global GPU computing resources with blockchain technology to provide verifiable, secure, and reliable AI services. The company seeks to address industry challenges such as high computational resource costs and uneven resource distribution effectively.

SmarDex — SmarDex has secured $4.5 million in a seed funding round, with the investors not yet disclosed. SmarDex is an Automated Market Maker (AMM) designed to address the issue of impermanent loss (IL) and, in certain cases, transform it into Impermanent Gain (IG). It operates as decentralized software on Ethereum Virtual Machine (EVM)-compatible blockchains such as Ethereum, Binance Smart Chain, Avalanche, and Polygon.

Airdrop Opportunities

Vana

Vana is a star project in the AI data field, with $25 million in funding led by Coinbase, Paradigm, and Polychain. The project focuses on empowering users to control their own data and profit from it. Operating in the multi-billion-dollar personal data market, Vana plans to conduct a token airdrop in December. Users can earn tokens for free by completing interactive tasks.[18]

How to Participate:

1. Visit the official website and complete basic tasks (e.g., claiming test tokens, connecting Twitter).
2. Connect a wallet and authorize via MetaMask by scanning a QR code.
3. Choose from 13 DataDAO tasks; completing any one task qualifies you for the airdrop.
4. Example Tasks: dlplabs: Upload LinkedIn data for verification; Scrolldao: Upload Instagram data for verification.

Note:
The airdrop plan and participation methods may be updated at any time. Users are encouraged to follow Vana’s official channels for the latest information. Participants should exercise caution, be aware of the risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution of future airdrop rewards.


Reference：

1. Gate.io,https://www.gate.io/price
2. Sosovalue,https://sosovalue.com/zh/assets/etf/us-btc-spot?from=moved
3. Sosovalue,https://sosovalue.com/zh/assets/etf/us-eth-spot?from=moved
4. Coingecko,https://www.coingecko.com/en/categories
5. Investing, https://investing.com/indices/usa-indices
6. Investing, https://investing.com/currencies/xau-usd
7. Gate.io, https://www.gate.io/bigdata/homeindex
8. Gate.io,https://www.gate.io/price
9. CoinGlass, https://www.coinglass.com/pro/AvgFunding
10. CoinGlass, https://www.coinglass.com/LiquidationData
11. Dune,https://dune.com/eekeyguy_eth/eth-supply-tracker
12. Soso Value, https://sosovalue.com/
13. Coindesk, https://www.coindesk.com/policy/2024/12/10/el-salvador-and-argentina-regulators-sign-agreement-to-help-develop-crypto-industry
14. X, https://x.com/tier10k/status/1866528425428545614
15. Circle, https://www.circle.com/pressroom/circle-expands-into-the-middle-east-with-adgm-incorporation-and-strategic-partnership-with-lulu-financial-holdings
16. Dune, https://dune.com/jdhyper/magic-eden-token-launch
17. Rootdata， https://www.rootdata.com/Fundraising
18. X, https://x.com/withvana/status/1866407533700866482
19. News, https://tinyurl.com/yb28vejd

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