TL;DR

• BTC price increased by 0.08% in the past 24 hours, while ETH price decreased by 2.33%.
• Ethena’s Total Value Locked (TVL) surpassed $6 billion, setting a new all-time high.
• Ohio legislators have proposed a Bitcoin Reserve Bill, aiming to establish a Bitcoin Reserve Fund for the state government.
• The size of the U.S. Bitcoin spot ETF has now surpassed that of gold ETF.
• The TON Foundation has partnered with the EVAA Protocol to launch a DeFi incentive program, contributing 100,000 TON tokens to support ecosystem growth.
• Gate has launched the “Coinhunt Plan #1” event, where users can trade hot tokens like VANA, MOCA, and share $15,000.

Market Analysis

According to Gate.io market data, as of 4:00 AM UTC+0 on December 18[1]:

• BTC — The BTC price increased by 0.08% in the past 24 hours, with the current price at $106,131.4. The highest price in the past 24 hours was $108,341.7, and the lowest was $99,696.3. After reaching a new all-time high during the U.S. market session last night, BTC quickly corrected, showing a correlation with the decline in U.S. stocks. There is no significant resistance above aside from recent highs. Currently, BTC is in a period of consolidation. In the short term, attention should be paid to the support level at Monday’s low of $103,353.4 and the key support level at last weekend’s consolidation low of $100,610. As long as these levels hold, the bullish trend is likely to continue. However, a breach of both supports could trigger a larger correction[2].

• ETH — The ETH price decreased by 2.33% in the past 24 hours, with the current price at $3,985.94. The highest price in the past 24 hours was $4,105.47, and the lowest was $3,861.94. After hitting a three-year high in the previous trading day, ETH quickly corrected. This level also coincides with the resistance zone of the March high this year. If ETH continues to face pressure in this region, it may retrace to seek support. The short-term support lies near last weekend’s low of $3,825.67. A break below this would test the support around $3,500. If ETH can stabilize above the year’s high of $4,100, it may test the historical high of $4,866 in the future[3].

• ETF — According to SoSoValue data, the total net inflow for the U.S. Bitcoin spot ETF in the past 24 hours was $493 million[4], while the total net inflow for the U.S. Ethereum spot ETF was $144 million[5].
• Altcoins — According to Gate.io data, the ZkSync Ecosystem, Solana Ecosystem, and DeFi sectors increased by 0.35%, decreased by 0.87%, and decreased by 2.47%, respectively[6].
• U.S. Stock Indices — The S&P 500 Index fell by 0.39%, the Nasdaq Index dropped by 0.32%, and the Dow Jones Index decreased by 0.61%[7].
• Spot Gold — The price of spot gold reached $2,647 per ounce, with a 0.02% increase during the day[8].
• Fear and Greed Index — The Fear and Greed Index dropped from 87 to 81 compared to yesterday, indicating persistent extreme greed, though the greed sentiment has eased slightly[9].

Top Performers

According to Gate.io market data[10], based on the trading volume and price performance in the past 24 hours, the top-performing altcoins are as follows:

ATRIOT (PATRIOT) — The price increased by approximately 94.3% in a single day, with a circulating market capitalization of $51.86 million.
The community is building a massive bronze statue to commemorate Donald Trump’s courage and determination following a failed assassination attempt. This 17-foot statue not only symbolizes Trump’s resilience but has also attracted widespread public attention[11].

The recent price surge of PATRIOT may be linked to Trump himself sharing news about the project. This act significantly boosted community enthusiasm and participation, further driving demand for the token and amplifying market attention.

MEMESAI (Memes AI) — The price increased by approximately 50.1% in a single day, with a circulating market capitalization of $97.32 million.
MemesAI is a meme creation platform that combines artificial intelligence and blockchain technology, offering users a new space for creative expression. AI-driven tools allow users to easily generate various humorous memes, while blockchain ensures decentralization and immutability of the creations[12].

As an interactive platform, MemesAI merges AI-driven meme generation with a robust NFT marketplace, fostering high community engagement. Both English and Chinese-speaking communities are actively discussing the platform. Its mascot is an octopus-shaped AI robot, resembling the “terminal of truths,” and it is one of the early pioneers in the current AI boom. With the expansion of AI technology, strong community involvement may continue to drive the token price upward.

PENGU (Pudgy Penguins) — The price decreased by approximately 21.35% in a single day, with a circulating market capitalization of $1.835 billion.
PENGU is the official token of Pudgy Penguins. Pudgy Penguins boasts one of the most influential communities in the industry. From major companies adopting penguin imagery to widespread ETF advertisements, Pudgy has become a cultural phenomenon. As the exclusive token of the Pudgy Penguins community, PENGU provides the growing fanbase with opportunities for community governance participation, creative sharing, and exclusive benefits. PENGU represents community, creativity, and a positive atmosphere[13].

PENGU began trading on multiple platforms yesterday and launched an airdrop claim. As one of the hottest projects recently, the price surged after the token’s launch, but faced selling pressure due to the airdrop, leading to a pullback.

Data Highlights

Ethena TVL Surpasses $6 Billion, Reaching All-Time High
Ethena is an Ethereum-based synthetic dollar protocol that mints a dollar-pegged stablecoin, USDe, by using ETH or its derivatives as collateral. Ethena utilizes a Delta hedging mechanism to ensure the price stability of USDe, providing it with high composability within the DeFi ecosystem. Additionally, Ethena has introduced “Internet Bonds,” which combine Ethereum, on-chain custodianship, and centralized liquidity to offer users a savings method that doesn’t rely on traditional financial institutions.

Currently, Ethena’s Total Value Locked (TVL) has surpassed $6 billion, setting a new all-time high. Among this, the supply of USDe has reached 5.933 billion tokens, while the supply of USDtb stands at 70.42 million tokens. In just a few months, the scale of USDe has grown to $6 billion, making it one of the fastest-growing stablecoins in history. This rapid growth reflects market confidence in Ethena and its strong growth potential, positioning USDe for the possibility of expanding to tens of billions of dollars[14].

PENGU Token Holders Exceed 368,000
The number of token holders for Pudgy Penguins has surpassed 383,000. Within less than three hours of the launch of the PENGU token, the number of holders exceeded 191,000, showing rapid growth[15].

After the Pudgy Penguins airdrop became available, 657,000 wallets claimed a total of 13.8 billion PENGU tokens, accounting for 33.6% of the total airdrop amount. An additional 26.9 billion tokens are still available for claim. On average, each claiming wallet received 20,800 PENGU tokens. The on-chain trading volume of PENGU exceeded $1 billion in less than 12 hours, with more than 50% of the trading volume occurring on the Raydium platform.

Ethereum Whale Holdings Reach All-Time High, Account for 57.35% of Total Supply
According to Santiment data, there are currently 104 whale wallets holding more than 100,000 ETH, setting a new historical high. These wallets collectively control 57.35% of the total ETH supply, valued at approximately $333.1 billion. At the same time, the proportion of medium-sized wallets holding between 100,000 and 100 ETH has dropped to a historical low of 33.46%, while wallets holding fewer than 100 ETH remain at a four-year low of 9.19%[16].

This concentrated holding structure highlights the growing influence of a few large investors in the Ethereum market. As the proportion of holdings by smaller wallets continues to shrink, the diversity of market participants has significantly decreased. This concentration of holdings may lead to increased market volatility and even pose risks of market manipulation. However, the continued accumulation by whales also indirectly reflects their positive outlook on Ethereum’s long-term value, which could be interpreted as a bullish signal.

Spotlight Analysis

Ohio Introduces Bitcoin Reserve Bill, Proposes State Government to Establish Bitcoin Reserve Fund
The Ohio House of Representatives recently introduced a bill proposing to include Bitcoin in the state’s fiscal reserves. This makes Ohio the third state in the U.S. to propose such legislation, following Texas and Pennsylvania. The bill was submitted by Republican leader Derek Merrin on December 17 and aims to authorize state treasury officials to purchase Bitcoin within an appropriate asset allocation range. The proposal emphasizes that Bitcoin, as an emerging digital asset, has the potential to act as a hedge against inflation and help Ohio protect tax revenue. However, since the current legislative session is nearing its end, the bill’s review will be postponed until the next session.

In response to growing global economic uncertainty, more states are bringing discussions about including Bitcoin in fiscal reserves to the forefront. For example, Texas has recently proposed a strategic reserve plan, and Pennsylvania has allowed up to 10% of its assets to be allocated to Bitcoin. These bills reflect regional recognition of the long-term value of cryptocurrency, but they also involve complexities in policymaking and asset management. While Ohio’s proposal holds significant symbolic importance, the legislative process still faces challenges. For the cryptocurrency market, such initiatives may further promote the mainstream adoption of Bitcoin and its application in the public sector, but attention must also be paid to the potential policy risks that could impact the market[17].

U.S. Bitcoin Spot ETF Surpasses Gold ETF in Assets Under Management
In the U.S., the assets under management (AUM) for Bitcoin ETFs have reached $129.3 billion, surpassing the long-time leader, the gold ETF, which has an AUM of $128.9 billion. Despite the gold ETF having a 20-year history, the rapid growth of Bitcoin ETFs has allowed it to overtake gold. Nate, president of The ETF Store, expects that, in the long run, the size of Bitcoin spot ETFs could reach three times that of gold ETFs[18].

The reversal in the AUM rankings of U.S. Bitcoin spot ETFs marks a significant step in cryptocurrency assets officially challenging traditional financial markets. In just 11 months, the Bitcoin ETF’s AUM surpassed $129 billion, overtaking gold ETFs, which have been in the market for many years. Bitcoin is gradually becoming a favorite asset for investors and may potentially replace gold as a new safe-haven asset.

TON Foundation Partners with EVAA Protocol to Launch DeFi Incentive Program, Offering 100,000 TON Tokens to Boost Ecosystem Growth
The TON Foundation, in collaboration with EVAA Protocol, has launched a DeFi incentive program, offering 100,000 TON tokens (approximately $4.2 million) in rewards to attract users and drive the development of the TON ecosystem. The program is divided into two phases: the first phase encourages users to borrow USDT from the EVAA main pool, using TON and other assets as collateral to earn rewards; the second phase focuses on attracting more users to provide liquidity.

To further expand its influence, EVAA has established partnerships with multiple TON ecosystem projects to collaboratively build an interconnected network, offering stable and reliable liquidity support for the TON ecosystem.

This initiative not only demonstrates the potential of the TON ecosystem in the DeFi space but also highlights EVAA’s core competitive edge in advancing ecosystem development. However, the success of the program ultimately depends on the depth and sustainability of user participation. With the attractive reward pool of up to 100,000 TON tokens, combined with EVAA’s previously established technical reputation through a QuantStamp audit and community education efforts, the program is expected to lay the foundation for more comprehensive incentive strategies in the future. As the program officially launches this week, it is anticipated to have a positive and far-reaching impact on the TON DeFi ecosystem. [19]

Gate Launches Coinhunt Plan #1, Trade VANA, MOCA, and Other Hot Tokens to Share $15,000
Gate has launched the Coinhunt Plan #1, running from December 17 to December 31, 2024. During this period, users can participate in contract trading of designated hot cryptocurrencies to share in a total prize pool of $15,000.

The specified contract trading coins for the event include: LINK, AAVE, ENA, ONDO, COW, OM, PENDLE, SUI, BLUE, MONKY, ZEREBRO, MOCA, LINGO, and VANA. Additionally, new coins listed on the platform are also included in the event: MOCA, BLUE, MONKY, ZEREBRO, VANA, and LINGO. To encourage participation, the trading volume of newly listed coins will be counted as double.[20]

Funding News

According to RootData, five projects have announced funding rounds in the past 24 hours, raising a total of over $74.5 million, with the largest funding round at $50 million. These projects span sectors such as CeFi (Centralized Finance), payments, and the creator economy. Here are the top three funding rounds: [21]

BVNK – BVNK raised $50 million in a Series B funding round, with a valuation of $7.5 billion. The round was led by Haun Ventures, with participation from Coinbase Ventures and others. BVNK provides banking services and payments to crypto-native businesses. Companies using BVNK can accept payments in both fiat and cryptocurrency, hold hundreds of different currencies and crypto assets, and send funds globally.[22]

Prometheum – Crypto securities platform Prometheum completed a $20 million funding round, though the investors have not been disclosed. With this latest round, Prometheum’s total funding raised has reached approximately $64.3 million. The company focuses on blockchain technology and is building an end-to-end ecosystem for the trading, custody, and settlement of digital asset securities.[23]

Promeet – Promeet secured a $3.1 million Pre-Seed round, though the amount raised and investors have not been disclosed. With this new funding, Promeet plans to expand its team, enhance platform features, and grow its user base. Promeet is a content monetization platform that enables creators, professionals, and influencers to control their revenue streams by offering various ways to attract and profit from audiences through live and recorded video content.[24]

Airdrop Opportunities

Reddio

Reddio is a high-performance Layer 2 network compatible with Ethereum, distinguished by its use of parallel execution and GPU acceleration technology to enhance blockchain network throughput and computational efficiency. The project aims to improve performance through a parallel EVM (Ethereum Virtual Machine) architecture, and its testnet has already achieved 13,000 TPS (transactions per second), showcasing significant technical potential.

As an important complement to the Ethereum ecosystem, Reddio aims to offer efficient and low-cost on-chain transaction services. The project has secured investment from well-known institutions, including Paradigm. According to official statements, Reddio plans to become the first parallel EVM project to issue its own token, with a token launch planned after completing its Series A funding round. [25]

How to Participate:

1. Visit the Reddio website, connect your wallet, and authorize Twitter. [26]
2. Complete social tasks, including daily check-ins, retweeting on Twitter, and joining the official Discord (DC) community.
3. Complete staking tasks. Currently, staking 1 ETH earns 100 staking points daily.
4. Access the testnet and claim faucet tokens to receive test coins. [27]
5. Test features and interact with the platform to familiarize yourself with the interface.
6. Follow official announcements to stay updated on task changes.

Notes:
The airdrop plan and participation details may be updated at any time. Users are advised to follow Perena’s official channels for the latest information. Additionally, users should exercise caution, be aware of risks, and conduct thorough research before participating. Gate Research does not guarantee the distribution of subsequent airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. Gate.io, https://www.gate.io/zh/price/cryptocurrency-category
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/price
11. Truthsocial,https://truthsocial.com/
12. Gate.io, https://www.gate.io/pilot/solana/memes-ai-memesai
13. Gate.io, https://www.gate.io/trade/PENGU_USDT
14. Defillama, https://defillama.com/protocol/ethena#information
15. Solscan, https://solscan.io/token/2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv#analytics
16. Santiment, https://app.santiment.net/charts/QXzZ1NQe__sCl
17. X, https://x.com/DerekMerrin/status/1869135079899009247
18. X, https://x.com/NateGeraci/status/1869192425073443109
19. Ton, https://blog.ton.org/evaa-100k-ton-incentive-program
20. Gate.io, https://www.gate.io/zh/post/status/8227986
21. Rootdata, https://www.rootdata.com/Fundraising
22. Fortune,https://fortune.com/crypto/2024/12/17/exclusive-stablecoin-bvnk-750-million-series-b-bridge-stripe-haun/
23. axio, https://www.axios.com/2024/12/17/crypto-securities-prometheum-20-million
24. Decrypt, https://decrypt.co/297107
25. X, https://x.com/reddio_com/status/1868631597958000873
26. Reddio, https://points.reddio.com/?invite_code=FGZ4A
27. Reddio testnet, https://testnet.reddio.com/

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