TL;DR

• The price of BTC fell by 5.14% in the past 24 hours, while ETH dropped by 8.30%.
• The amount of Bitcoin held by enterprises has increased by 2.24 times, while exchange balances have significantly decreased.
• Solana’s on-chain DEX trading volume in the past 24 hours surpassed the combined total of Ethereum and Base.
• Backpack acquired FTX EU for $32.7 million, aiming to boost the European crypto derivatives market.
• Sol Strategies secured a CAD 25 million credit facility to invest in the Solana ecosystem.
• Aave V3 has been deployed on the Aptos testnet, marking the first deployment of the Aave protocol on a non-EVM network.

Market Analysis

According to data from Gate.io, as of 4:00 AM on January 8 (UTC+0)[1]:

• BTC — The price of BTC has dropped by 5.14% in the past 24 hours, with the current price at $96,542.9. Yesterday, after encountering resistance at the $102,500 level, BTC continued to oscillate before facing significant selling pressure around 14:00 (UTC+0), breaking below the previous support level of $100,000 and reaching a low of $96,007.5. Additionally, trading volume has been gradually decreasing, and the MA5 is on the verge of crossing above the MA10, which may indicate a potential rebound in the short term. However, the overall trend remains under significant pressure, and attention should be focused on whether the $96,000 support level can hold effectively. Given the cautious market sentiment, investors should closely monitor the subsequent technical developments. [2]

• ETH — Over the past 24 hours, the price of ETH has dropped by 8.30%, currently trading at $3,367.98. Yesterday, ETH faced strong resistance around $3,700, followed by a pullback that bottomed out at $3,337.19. The current price has entered a consolidation range similar to that of late December last year, with market sentiment gradually turning cautious. Against this backdrop, the price may test the $3,300 support level in the short term. [3]

• ETF —— According to SoSoValue data, on January 7, the total net inflow of U.S. Bitcoin spot ETFs was $52.39 million[4], while the total net outflow of U.S. Ethereum spot ETFs was $86.79 million[5].
• Altcoins —— Over the past 24 hours, there has been a broad pullback following BTC’s decline. The AI Meme, Cat-Themed, and Bitcoin Sidechain sectors fell by 14.7%, 13.0%, and 12.3%, respectively[6].
• U.S. Stock Market’s Three Major Indices —— The S&P 500 index fell by 1.11%, the Nasdaq index dropped by 1.89%, and the Dow Jones index declined by 0.42%[7].
• Spot Gold —— The price of spot gold reached $2,650 per ounce, rising 0.03% during the day[8].
• Fear & Greed Index —— The Fear & Greed Index increased from 76 yesterday to 78, indicating the market remains in a state of greed[9].

Top Performers

According to Gate.io market data[10], combined with recent 24-hour trading volume and price performance, the following are top-performing altcoins:

$MLG — Daily increase of approximately 278.3%, with a market cap of $152 million
$MLG is a meme token combining the culture of shooter games and live streaming, symbolizing the unique culture and nostalgic sentiment of the gaming community. It has garnered support from numerous esports teams and prominent figures, reflecting the deep integration of cryptocurrency and gaming culture.

The token’s significant price surge is likely linked to promotion by well-known figure @Banks, co-founder of the esports organization FaZe Clan, who holds considerable influence in the esports and gaming industries. His endorsement boosted $MLG’s visibility, attracting more users to join discussions. The community has since grown, raising expectations for the project’s future performance[11].

$MAX (Oraichain) — Daily increase of approximately 74.6%, with a market cap of $140 million
$MAX saw a daily increase of 74.6%, with a current market cap of $140 million. Developed by the Oraichain team, it is an AI Agent deployed on Solana, focusing on Bitcoin and its ecosystem while targeting the data economy and Oracle service sector. Recently, $MAX has sparked widespread discussion in both Chinese and English communities, gaining significant market attention[12].

The market holds an optimistic outlook on $MAX, citing its economic model’s advantages, including a staking ratio exceeding 60% and a circulating supply below 20%, which reduces selling pressure. Additionally, its technical background and focus on AI applications may support further development. However, continuous monitoring of market trends and project progress is recommended.

$NCT (PolySwarm) — Daily increase of approximately 45.4%, with a market cap of $195 million
PolySwarm ($NCT) is a decentralized cybersecurity threat intelligence platform running on Ethereum smart contracts. It leverages blockchain technology to enhance the efficiency and accuracy of malware detection[13].

With the rise in cyberattacks and malware threats, the demand for decentralized threat intelligence has grown. PolySwarm, as a blockchain-based security platform, offers faster and more accurate threat detection, drawing increasing attention.

Data Highlights

Corporate Bitcoin Holdings Increase 2.24x; Exchange Balances Drop Significantly
According to the latest statement from the Head of Research at Bitwise[14], over the past year, the amount of Bitcoin held by corporations has grown significantly, from 262,635 BTC to 590,649 BTC, demonstrating sustained institutional confidence in Bitcoin. Data from CoinGlass[15]shows that since November, exchange balances have dropped significantly, reflecting not only the continued accumulation of Bitcoin by institutions and retail investors, but also the fact that more Bitcoins are being locked up by long-term holders, reducing short-term market liquidity. However, despite continued support from on-chain data, macroeconomic factors are gradually becoming the primary headwind for Bitcoin and the entire crypto market.

The Federal Reserve cut interest rates by 25 basis points in its December meeting, but rising expectations for future interest rates have pushed the U.S. Dollar Index higher, further tightening global monetary supply. Meanwhile, increasing global economic uncertainty, along with inflationary pressure and a fragile labor market, has kept Bitcoin’s performance linked to traditional markets like the S&P 500, which could face downside risks. Therefore, despite facing short-term pressure, on-chain factors continue to provide solid support for Bitcoin in the long term, suggesting potential opportunities for market volatility and adjustments[16].

Solana’s 24-Hour DEX Trading Volume Surpasses Ethereum and Base Combined
Recently, the 24-hour DEX trading volume on the Solana blockchain reached $3.98 billion, significantly surpassing the combined total of Ethereum and Base ($1.706 billion for Ethereum and $1.207 billion for Base), marking a 47.66% increase from the previous week. This data reflects the market’s strong interest in decentralized exchange platforms on Solana. With its fast transaction speed and low fees, combined with the recent rise of AI agent-related applications, Solana has attracted more users, further driving ecosystem development.

It is noteworthy that Solana’s high trading volume coupled with a relatively low TVL (Total Value Locked) indicates strong liquidity and more frequent trading activities on the chain. In contrast, Ethereum and Base have much higher TVLs than trading volumes, which suggest that on-chain funds are more often used for long-term holding and staking purposes. However, this phenomenon may be related to the different primary application scenarios of each chain. For example, DeFi protocols and asset management tools on Ethereum often involve long-term fund locking, while the recent active trading volume on Solana could stem from short-term speculative demand or the attraction of emerging applications. Therefore, these differences require further analysis with more data to better understand the market behavior patterns of each chain[17].

Hyperliquid 2024 Year in Review: 15x Daily Trading Volume Growth, 37x TVL Growth, 300k Users
Hyperliquid’s 2024 Year in Review highlights significant growth for the project, achieved without external funding, by returning all trading fees to the community. In 2024, Hyperliquid introduced several key technical and product upgrades, such as the HIP-1 and HIP-2 native token standards, and the HyperBFT consensus mechanism, attracting many projects to launch on the platform. The platform’s trading volume saw a massive increase, with 24-hour trading volume rising from $1 billion to $15 billion (15x), open interest growing from $178 million to $4.3 billion (24x), and Total Value Locked (TVL) expanding from $56 million to $2.1 billion (37x). The number of users grew from 31,000 to 300,000 (9x). These numbers highlight Hyperliquid’s rapid ascent in the decentralized finance (DeFi) space, showcasing the platform’s strong ecosystem and community-driven growth[18].

Spotlight Analysis

Backpack Acquires FTX EU for $32.7 Million, Boosting Development of the European Crypto Derivatives Market
FTX’s European division, FTX EU, was acquired by Backpack Exchange for $32.7 million following its bankruptcy, with the transaction receiving approval from both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). As a compliant trading platform holding a MiFID II license, Backpack plans to leverage this resource to launch crypto derivatives, including perpetual contracts, within the European Union, with an expected rollout in the first quarter of 2025. Backpack stated that it would prioritize the return of funds to FTX EU users to rebuild industry trust and accelerate product deployment. Furthermore, the company has submitted a notification application under the MiCA regulation to expand its services within the new market framework.

In a time when most global exchanges are exiting Europe, Backpack’s move fills a market gap but will still face competition from MiFID II-licensed players like Coinbase. With the implementation of MiCA regulations, the barriers to market entry will rise, and it remains to be seen whether Backpack can reshape the European market by leveraging product innovation and compliance advantages[19].

Sol Strategies Secures $25 Million Credit Line to Invest in the Solana Ecosystem
Sol Strategies, a Toronto-based publicly listed holding company (stock code: HODL), recently announced that it would utilize an unsecured credit line of 25 million Canadian dollars to invest in the Solana ecosystem. The company has already withdrawn 40 million Canadian dollars from the total credit line of 2.5 billion Canadian dollars, planning to use most of the funds for large-scale purchases of SOL tokens to support its validator operations and related acquisitions. Previously, the company had divested from a broad range of crypto assets to focus specifically on the Solana ecosystem. By the end of 2024, Sol Strategies had staked over 1.5 million SOL tokens in Solana validator operations, valued at approximately 450 million Canadian dollars.

This move not only reflects Sol Strategies’ firm commitment following its strategic transformation but also underscores institutional investors’ long-term confidence in the Solana ecosystem. As the global decentralized finance sector accelerates, an increasing number of enterprises are turning their attention to the native tokens and related applications of efficient blockchain networks. Meanwhile, Sol Strategies’ stock price has surged by up to 2,000% since CEO Leah Wald took over. This large-scale investment utilizing the credit line further demonstrates the company’s determination and strategic foresight in deepening its focus on the Solana ecosystem[20].

Aave V3 Deployed on Aptos Testnet, First Deployment of Aave Protocol on Non-EVM Network
According to official announcements, Aave has successfully deployed its third-generation protocol, Aave V3, on the Aptos testnet, marking the first deployment of the Aave protocol on a non-EVM blockchain. This deployment aims to conduct experiments and stress tests to ensure the protocol’s stability before its mainnet launch. Since 2024, the Aptos network has experienced significant growth, with its TVL rising from $100 million to approximately $1.8 billion, attracting numerous DeFi projects.

The deployment of Aave V3 on the Aptos testnet signifies a critical step forward for Aave in multi-chain expansion, as well as a significant technical upgrade for the protocol. The Aptos platform, based on the Move language, offers high throughput, low transaction fees, and enhanced security, providing a suitable environment for Aave to operate. Additionally, with the expansion of the Aptos ecosystem, the support for mainstream stablecoins such as USDC and USDT has further enriched Aave’s collateral asset options. The Aave team is collaborating with the Aptos community and on-chain security teams during the testing phase to ensure the protocol’s security and prepare for the mainnet deployment[21].

Funding News

According to RootData, in the past 24 hours, only one project announced raising funds, though the amount remains undisclosed. The project is in the e-commerce sector[22]:

TONCASH — TONCASH has completed strategic financing, with the amount undisclosed, co-invested by TON Ventures. TONCASH is a cryptocurrency cashback application based on Telegram, aiming to become the Web3 shopping standard offering the best prices and on-chain rewards.

Airdrop Opportunities

UXUY

UXUY, a next-generation decentralized multi-chain trading platform based on MPC (Multi-Party Computation) wallet technology, has successfully raised $11.2 million. The project aims to provide secure and efficient digital asset trading services through innovative cross-chain trading technology. Recently, UXUY announced the launch of an airdrop event for its 2025 UXUY Points ($UP), which will end on January 10.

As an innovative platform focused on decentralized trading, UXUY enhances wallet security through MPC technology and optimizes users’ cross-chain trading experience. The platform supports seamless exchange of multi-chain assets without relying on centralized intermediaries, enabling true decentralized trading. Furthermore, UXUY plans to introduce more point-based incentive mechanisms in the future to further enhance user engagement and community vitality[23].

How to Participate:

1. Open the UXUY wallet Telegram link[24].
2. Collect points every three hours; earn double points by paying for opbnb gas.
3. Earn extra points by completing popular and on-chain interaction tasks.

Note:
The airdrop plan and participation methods may be updated at any time. It is recommended that users follow UXUY’s official channels for the latest information. Additionally, users should exercise caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future 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. Coingecko,https://www.coingecko.com/en/categories
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. X,https://x.com/Banks
12. X,https://x.com/oraichain
13. X,https://x.com/polyswarm
14. X,https://x.com/RasterlyRock/status/1876279087397994649
15. Coinglass,https://www.coinglass.com/Balance
16. Bitwise,https://etc-group.com/blog/regular-updates/bitcoin-balancing-on-chain-tailwinds-with-macro-headwinds-01-2025/
17. Defillama,https://defillama.com/dexs/chains
18. X,https://x.com/HyperliquidX/status/1876628922693251128
19. X,https://x.com/Backpack/status/1876549869055431010
20. Theblock,https://www.theblock.co/post/333479/sol-strategies-takes-out-25-million-credit-line-to-invest-in-sol-tokens-and-staking-operations
21. X,https://x.com/aave/status/1876662726958940401
22. Rootdata,https://www.rootdata.com/Fundraising
23. X,https://x.com/uxuycom/status/1872597415850897600

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