TL;DR

• After a decline on Friday, the cryptocurrency market is consolidating at lower levels. BTC is currently priced at $95,349.2, and ETH is at $3,294.1.
• Ethereum ETFs saw a fund inflow of $1.66 billion in December, accounting for 74% of the total inflow since their inception.
• The NFT market surged by 35% in sales, with Ethereum leading the way.
• Tether’s CEO forecasts net profits to reach $10 billion in 2024, and the company has invested $775 million in the video-sharing network Rumble.
• Wormhole DAO is set to launch soon, driving W governance and staking incentives.
• DuckChain has completed a $5 million funding round, with investments from DWF Ventures, Oak Grove Ventures, and others.

Market Analysis

According to Gate.io market data, as of 4:00 AM UTC on December 23[1]:

• BTC — The price of BTC has decreased by 0.9% over the past 24 hours, with the current price at $95,349.2. The highest price in the last 24 hours was $96,973.6, and the lowest was $93,703.2. The BTC price is in a descending channel, with a trend of successive lower highs and lower lows, indicating that although there was a brief rebound after the decline, the market has once again entered a consolidation phase. Currently, the price is forming short-term support around $94,100, with overall trading volume remaining low, and market sentiment is relatively cautious[2].

• ETH — The price of ETH has decreased by 0.3% over the past 24 hours, with the current price at $3,294.1. The highest price in the last 24 hours was $3,402.79, and the lowest was $3,221.23. ETH’s price is still being pressured by a descending trendline, with weak rebound momentum. Compared to the previous sharp decline, the price shows signs of stabilizing. The current trading volume is low, indicating that market sentiment is more cautious, with both bulls and bears in a temporary state of balance[3].

• ETF — According to SoSoValue data, on December 20, the total net outflow from U.S. Bitcoin spot ETFs was $276 million[4], while the total net outflow from U.S. Ethereum spot ETFs was $75.12 million[5].
• Altcoins — Sectors such as Meme coins, Artificial Intelligence (AI), and Stablecoin Protocol saw changes of +116%, +11.6%, and +9.1%, respectively[6].
• U.S. Stock Indices — On December 20, the S&P 500 index rose by 1.09%, the Dow Jones index rose by 1.18%, and the Nasdaq index rose by 0.85%[7].
• Spot Gold — The price of spot gold reached $2,618.91 per ounce, down 0.07% on the day[8].
• Fear and Greed Index — The Fear and Greed Index stands at 70, indicating that the market is in a state of greed[9].
• Bitcoin Market Share — Bitcoin’s market share has risen to 58.78%, with the upward trend remaining strong as Bitcoin continues to accumulate[10].

Top Performers

According to Gate.io market data[11], based on the trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

BLD (Agoric) — The price increased by approximately 57.98% in a single day, with a circulating market cap of $72.99 million.
Agoric is a Layer 1 PoS public blockchain designed to enable developers to quickly write smart contracts using JavaScript. Agoric provides developers with a secure and stable environment to build and deploy complex DApps, NFTs, and DeFi markets[12].

Recently, Agoric launched the Arctic Arena event, featuring a rich prize pool that sparked community engagement. By encouraging users to comment, share, like, and follow specified accounts, the event increased exposure and engagement on social media, directly boosting the popularity and attention on $BLD. Extensive discussions and shares on social media helped $BLD attract more new users and potential investors, driving the price upwards.

QKC (QuarkChain) — The price increased by approximately 39.73% in a single day, with a circulating market cap of $90.16 million.
QKC is a high-throughput blockchain platform based on sharding technology, designed to address scalability issues in existing blockchains. Its unique dual-layer architecture includes multiple shard chains and a root chain, supporting various consensus mechanisms, transaction models, and ledgers, enabling it to handle over 100,000 transactions per second[13].

The recent rise in $QKC’s price is largely due to the launch of QuarkChain’s new product, “Super World Computer.” This next-generation Layer 2 solution, based on the OP Stack, aims to resolve key pain points in Web3. Additionally, QuarkChain has received four grants from the Optimism ecosystem, including research on WASM-based alternative OP Stack zero-knowledge fault proof, multi-stage dispute game research and development, enhancing the availability of EIP-4844 data blocks through OP Stack integration, and a Retro 5 grant from Optimism focused on multi-stage fault dispute game development. These grants provide strong support for the project’s development. Meanwhile, the project’s clear roadmap, rapid development progress, and high engagement in community activities have sparked positive market sentiment and attracted more investor attention.

KOMA (Koma Inu) — The price increased by approximately 27.75% in a single day, with a circulating market cap of $91.99 million.
Koma Inu is a dog-themed meme token built around community-driven decentralization and charitable causes[14].

The recent rise in $KOMA’s price is primarily due to a series of positive events and market incentives. First, the project announced a large-scale burn of 5% of its total supply. This action reduced the circulating supply of the token, enhancing its market scarcity and thereby driving up the price. Furthermore, this burn was funded through buybacks and token destruction using previously acquired reward funds, demonstrating the project’s long-term support and confidence in the token’s value. Additionally, $KOMA announced an important partnership with Lista DAO, which strengthens its influence in the areas of decentralization and community-driven initiatives, attracting more attention from investors and community members.

Data Highlights

Ethereum ETF Sees Inflows of $1.66 Billion in December, Accounting for 74% of Total Inflows Since Launch
According to SoSoValue data, Ethereum spot ETFs experienced a significant acceleration in inflows in December, reaching $1.66 billion, which accounts for 74% of the total $2.24 billion inflows since their inception. Institutional demand has notably increased compared to Q3. Among them, BlackRock’s iShares Ethereum Trust (ETHA) led the way, with the largest single-day inflow of $292 million on December 5.

Looking at historical seasonal data, Q1 has typically been a strong period for Ethereum. In March next year, Ethereum will also undergo the Pectra upgrade, which is one of the main market narratives for Ethereum in 2025. After this upgrade, Ethereum will be better equipped to handle the growing adoption, integrate with other networks, and meet a wider range of use cases and user needs[15].

$293 Million Liquidated Yesterday, Mostly Long Positions
According to CoinGlass data, as of 11:00 AM (UTC+8) on December 23, a total of $293 million was liquidated across the entire network over the past 24 hours. Of this, $201 million came from long position liquidations, while $92.38 million came from short position liquidations[16]. Specifically, $62.63 million in long positions were liquidated for Bitcoin, and $55.27 million for Ethereum.

Market sentiment remains in a relatively greedy phase, with many short-term speculative investors entering the market with high leverage, trying to catch the bottom before seeing the price stabilize. However, the low liquidity over the weekend makes the market more susceptible to manipulation, leading to increased price volatility.

NFT Market Sales Soar 35%, Ethereum Leads the Way
According to CryptoSlam data, the NFT market has performed strongly amid cryptocurrency market fluctuations, with total sales reaching $303 million last week, marking a 35.2% increase from the previous week. The number of buyers surged by 88.6% to 343,863, and the transaction volume also rose to 1.67 million, indicating a significant increase in market activity.

Ethereum NFTs performed the best, with sales growing 90.76% to $205 million, and total transaction volume reaching $310 million. The number of buyers increased by 42.85% to 47,450, while the number of sellers rose by 59.73% to 41,340. However, wash trading saw a sharp increase of 124.38% to $105 million, indicating that while market interest is rising, it is also accompanied by speculative activities.

Bitcoin NFT sales dropped by 36.53% to $35.08 million, but the number of buyers surged by 192.98% to 42,274. Solana ranked third, with sales down 7.56% to $29.17 million, while the number of buyers grew by 103.26% to 115,981. The “Pudgy Penguin” project, following its token launch, has become a key driver in the NFT market revival, generating significant hype[17].

Spotlight Analysis

NFT Market Sales Soar 35%, Ethereum Leads the Way
According to CryptoSlam data, the NFT market has performed strongly amid cryptocurrency market fluctuations, with total sales reaching $303 million last week, marking a 35.2% increase from the previous week. The number of buyers surged by 88.6% to 343,863, and the transaction volume also rose to 1.67 million, indicating a significant increase in market activity.

Ethereum NFTs performed the best, with sales soaring 90.76% to $205 million, and total transaction volume reaching $310 million. The number of buyers increased by 42.85% to 47,450, while the number of sellers rose by 59.73% to 41,340. However, wash trading saw a sharp increase of 124.38% to $105 million, indicating that while market interest is rising, it is also accompanied by speculative activities.

Bitcoin NFT sales dropped by 36.53% to $35.08 million, but the number of buyers surged by 192.98% to 42,274. Solana ranked third, with sales down 7.56% to $29.17 million, while the number of buyers grew by 103.26% to 115,981. The “Pudgy Penguins” project, following its token launch, has become a key driver in the NFT market revival, generating significant hype[17].

Tether’s 2024 Net Profit Expected to Exceed $10 Billion, Invests $775 Million in Rumble
Paolo Ardoino, CEO of Tether Holdings Ltd., disclosed in an interview that the company’s net profit is expected to exceed $10 billion this year. This figure not only highlights Tether’s leadership in the stablecoin market but also reflects the profitability potential of its core business model. According to CoinMarketCap data, the market capitalization of USDT has increased by nearly $50 billion this year, surpassing $140 billion. This growth is largely attributed to Tether’s strategy of investing the reserve funds backing its stablecoins into U.S. Treasury bonds, gold, and other high-yield securities, which have generated significant returns.

Tether is not only focusing on traditional asset management but is also actively expanding its investment portfolio. Ardoino stated that the company will allocate more than half of its net profit this year to diversification efforts. Earlier reports indicated that Tether invested $775 million in the video-sharing network Rumble, including an initial cash commitment of $250 million, and supported Rumble in acquiring up to 70 million shares at a price of $7.50 per share.

Looking ahead, Tether plans to increase its investment in artificial intelligence. The company intends to launch an AI platform in the first quarter of next year, aimed at interacting with users via mobile devices. This initiative represents not only an exploration of emerging technologies but also an expansion of Tether’s future business landscape. Through these strategic moves, Tether is transitioning from a stablecoin issuer to a technology-driven company, further strengthening its long-term competitiveness in the cryptocurrency industry[19].

Wormhole DAO Launching Soon, Promoting W Governance and Staking Incentives
Wormhole has announced that its Decentralized Autonomous Organization (DAO) will officially launch in the first quarter of 2025, enabling W token holders to participate in governance. This initiative aims to attract more users to engage with the Wormhole ecosystem through incentive mechanisms, increase the long-term holding of tokens, and strengthen community governance capabilities.

As a decentralized, universal messaging protocol, Wormhole enables cross-chain application developers and users to operate across multiple ecosystems. The introduction of the DAO and staking program further enhances its decentralized governance framework, providing more resources and community-driven support for ecosystem development. These measures will not only increase the ecological value of Wormhole but also attract more users and developers from the crypto space, boosting attention to its technological innovations and future growth potential. Through these multifaceted initiatives, Wormhole is solidifying its leadership in cross-chain technology and injecting new energy into the ongoing evolution of Web3 applications.

Funding News

According to RootData, as of December 20, 2024, two projects have publicly announced fundraising, with a total funding amount exceeding $6.5 million. The highest single round of funding reached $5 million, covering the TON and DeFi sectors. Below are the details of the funding:[21]

DuckChain — DuckChain has completed a $5 million funding round, with participation from DWF Ventures, Oak Grove Ventures, and others. DuckChain is the first consumption layer for TON, aimed at guiding billions of Telegram users from off-chain to on-chain. DuckChain supports the development of innovative applications, including DeFi protocols, MEME platforms, and Web3 games, serving as a bridge between the Web2 and Web3 ecosystems[22].

Valhalla — Valhalla has raised $1.5 million in a seed pre-round funding, with participation from Robot Ventures, GSR, and others. Valhalla is a fully on-chain perpetual contract exchange. The platform aims to build an open, composable, and community-driven decentralized finance (DeFi) ecosystem, offering permissionless perpetual contract trading services for users[23].

Airdrop Opportunities

KRAiN — Krain is a decentralized platform and marketplace built on the Solana blockchain, focused on driving the creation, deployment, trading, and interaction of AI intelligent agents. Through the Krain platform, users can easily create and deploy AI agents or seamlessly connect existing AI agents to the platform. The platform supports trading and communication between AI agents, and integrates with human services and other agents, unlocking unprecedented connectivity and functionality[24].

Krain’s airdrop program is designed to maximize community engagement. Participants can earn points through specific activities, which will increase their allocation of $KRAIN tokens. This approach fosters active community involvement, ensures the wide distribution of $KRAIN, and enhances the project’s influence.

The total supply of $KRAIN is 100 billion tokens, with 25% allocated for marketing, promotions, and token sales; 25% for airdrops and community support; 25% for the team and early contributors; and 25% for treasury reserves and operations. The token implements a linear release mechanism and incorporates a deflationary model, burning 50% of platform fees and a portion of $KRAIN converted from fiat payments to reduce circulating supply. $KRAIN holders can also earn rewards through staking, which promotes long-term holding and community participation.

How to Participate:

• Visit the official page and link your wallet.
• Link your X (formerly Twitter) account and like and retweet the tweet.
• Invite friends to create an account.
• Complete tasks to claim more points.

Note:
The airdrop program and participation methods may be updated at any time. It is recommended that users follow KRAiN’s official channels for the latest information. Additionally, users should participate with 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. CoinmarketCap，https://coinmarketcap.com/zh-tw/charts/bitcoin-dominance/
11. Gate.io, https://www.gate.io/price
12. X，https://x.com/agoric
13. X，https://x.com/Quark_Chain/status/1869220055659200879
14. X，https://x.com/komabnb
15. SoSoValue，https://sosovalue.com/assets/etf/us-eth-spot
16. CoinGlass, https://www.coinglass.com/LiquidationData
17. CryptoSlam，https://www.cryptoslam.io/blockchains
18. Barrons，https://www.barrons.com/articles/microstrategy-stock-price-sp500-news-f1b78023
19. X，https://x.com/Tether_to/status/1870233927794786764
20. X，https://x.com/wormhole/status/1870548700784935212?s=46&t=bcMyidYO0QkS5ajIW9CBdg
21. Rootdata，https://www.rootdata.com/Fundraising
22. X，https://x.com/Duck_Chain/status/1870001524426059834
23. X，https://x.com/valhallaperps/status/1870137202627489798
24. X，https://x.com/krain_ai/status/1869585681548210201

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