Web3 Weekly Research | Overall Consolidation of Crypto Market Intensified; Solana’s Daily Trading Volume Hit A Record High; BTC Rose 113% During the Year

Weekly Trend Overview

This week’s crypto market tends to consolidate, with few sharp rises and falls. Due to the large-scale expiration coming this Friday, nearly $20 billion in nominal value Bitcoin and Ethereum options will expire or trigger intensive market shocks.

After experiencing sharp declines last week, most mainstream cryptocurrencies did not show a significant recovery trend after this week’s opening. Due to the overall market decline, the market value of various mainstream coins has dropped significantly, and the mainstream market sentiment is low.

The BTC price experienced continuous fluctuations this week. It is close to the opening price range and remains near the $95,600 price. The one-week price high is near $99,600 and has not yet broken through the key price of $100,000. Overall, the prices of key mainstream coins this week are in short-term fluctuations, with obvious box trends. There is a high probability that the total market value will change significantly with the arrival of large-scale expiration on Friday. The current market sentiment is around 63, and more obvious changes are expected to occur during the weekend. The overall market capitalization growth of the crypto market has not changed significantly, remaining at around $3.32 trillion, a drop of 3.43% in 24 hours.

Compared with last week, the overall performance of the crypto market this week has not changed significantly. Due to the rapid decline of the leading mainstream coins last week, the overall market showed a consolidation trend. The weekly price of BTC returned to the recent low price range, with the price remaining within the range of $95,000. The price trend of ETH over the week is similar, and it has now returned to the range of $3,300-3,400, which is similar to the opening price.

The overall performance of the crypto market this week was poor, mainly due to the recent continuous decline in the market. After the Federal Reserve announced that it would cut the benchmark policy interest rate by 25 basis points, the overall market lacked new changes. Most of the gains in the top coins this week have maintained their recent performance. BGB, as a platform coin, has a one-week increase of about 64%, which is the highest in a week.

Large-scale changes in the overall crypto market are highly likely this weekend, and large-scale expiration is imminent. However, the direction of the rise and fall is still unclear, and market risks will intensify in the short term.

Crypto Market

🔥MicroStrategy founder Michael Saylor recently proposed a digital asset framework for the United States, stating: “Strategic digital asset policies can strengthen the U.S. dollar, offset national debt, and make the United States a global leader in the 21st-century digital economy.”

🔥According to Cointelegraph, a batch of data containing sensitive information about crypto conference attendees is circulating in the market. These lists may contain information such as full names, phone numbers, nationalities, job roles, and companies, as well as personal and business social media links.

🔥BlockBeats news, December 23, according to ai_9684xtpa analysis, Bitcoin’s Christmas & New Year’s Day holiday performance in the past five years, Bitcoin’s amplitude was significantly larger during 12.20 – 01.06, but the actual rise and fall were particularly dramatic in 2020, and in other years. Within 10%.

🔥On December 23, Musk said in reply to a tweet about, “Guess who may get a pardon from President Biden in advance, the second largest donor to the Democratic Party (the picture contains an AI photo of Biden and SBF)” , “I would be shocked if this didn’t happen.”

🔥According to Golden Ten reports, Morgan Stanley Chief Investment Officer and Chief U.S. Stock Strategist Mike Wilson expressed his latest views. He pointed out that the breadth of the U.S. stock market hit a record low in December, which coincided with the 10-year U.S. Treasury yield exceeding the 4.5% threshold. This indicates that the Federal Reserve may not be able to provide the easing policies expected by the market.

🔥Asset management firm VanEck recently predicted that the United States could slash its national debt by as much as 36% by 2050 by adopting strategic Bitcoin reserves.

🔥MicroStrategy’s regular Bitcoin purchases have exceeded the highest levels seen during the 2021 bull run, with BTC purchases in November and December also increasing compared to earlier in 2024.

🔥SEC official website shows that Grayscale submitted Grayscale Horizen Trust (ZEN) Form 8-K to it.

🔥Bitcoin and Ethereum ETF purchases fell 90% as the crypto market plummeted. Still, these products ended last week with positive earnings.

🔥According to CNBC, MicroStrategy’s stock price rose 477% from the beginning of 2024 to the close of last Friday, December 20. With a market value of more than $5 billion, it ranks second only to AppLovin among all U.S. technology companies.

🔥Aave is considering integrating a new Chainlink oracle designed to redistribute profits from trade front-running to users of DeFi protocols.

🔥According to official news, Grayscale announced that it will open private sub_script_ion sub_script_ions to 22 crypto trust products to qualified investors, including mainstream tokens such as AAVE, AVAX, LINK, SOL, and XRP, as well as subdivided tracks such as DeFi and AI. fund products.

🔥On December 25, the BitVol (Bitcoin Volatility) Index, launched by financial index company T3 Index and joint options trading platform LedgerX, rose to 65.36 yesterday, a 3.3% increase in a single day.

🔥According to iChainfo statistics, the overall net inflow of Ethereum spot ETF on December 24 was $53.54 million, of which ETHA had an inflow of $43.9 million, ETHW had an inflow of $6.19 million, and FETH had an inflow of $3.45 million. In contrast, the Bitcoin spot ETF had a net outflow of $338 million yesterday, of which BITB inflows are $8.5 million, but ARKB outflows of $75.02 million, FBTC outflows of $83.16 million, and IBIT outflows of $189 million.

🔥Software company MicroStrategy is calling a special shareholder meeting to expand its equity offering plan and buy more Bitcoin (BTC).

🔥As of December 24, Bitcoin is up 113% in 2024. According to data from the Hash Rate Index and Google Finance, the stock prices of most listed mining companies were in a downward trend at the end of 2024, with a drop of as much as 84%.

🔥Net deposits of Aave and Lido exceeded $70 billion for the first time in December, according to TokenTerminal.

🔥Ethereum’s relative strength against Bitcoin may climb in January next year, with some analysts saying that this may trigger an “Altcoin boom” in Ethereum.

🔥According to data from Artemis, the Solana network processed 72.8 million transactions on December 23, far more than the other major blockchains combined, setting a new all-time high.

🔥According to Cointelegraph, CryptoQuant contributor Darkfost pointed out in an analysis report on December 25 that Binance’s Bitcoin price recently fell to $98,990, and the reserve has fallen below 570,000, the lowest level since January this year.

🔥On December 26, Lin Chen, head of Deribit’s Asia-Pacific business, wrote, “The current market sentiment has gradually dropped from a continuous state of extreme greed to a greedy range. The recent good news is being gradually digested by the market, and the overall liquidity during Christmas is low.

🔥CryptoQuant analyst Joo Hyun Ryu said the “kimchi premium” reached a local high of 5.12, indicating strong demand for Bitcoin from Korean investors.

🔥According to the latest tweet posted by ขาหมู แอนด์เดอะแก๊ง, the administrator of MOODENG at Khao Kheow Zoo in Thailand, after wearing a hippopotamus patterned top and going to the zoo to visit the little hippo MOODENG, Ethereum founder Vitalik Donated another 10 million baht (equivalent to RMB 2.133 million, $292,230) to the zoo and adopted MOODENG and his family for two years.

🔥CryptoQuant CEO Ki Young Ju posted on the X platform, “Whales are accumulating Bitcoin through private transactions. The average annual number of CoinJoin transactions has surged in the past two years.

🔥DEX project Sushi announced its launch on Sonic Labs. It will offer users a token swap feature and liquidity to Sonic’s v2 and v3 pools.

Regulatory & Macro Policies

🔥According to Blockworks, starting next year, the U.S. Securities and Exchange Commission (SEC) will temporarily reduce the size of its team of commissioners pending Senate approval of presidential candidate Donald Trump’s nomination.

🔥U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, who will stay in office after President-elect Trump takes office on January 20 next year, stated that after the departure of U.S. SEC Chairman Gary Gensler, there should be a major change in the way the SEC handles the crypto industry. We have a large toolkit, and I think as you see new committee changes and compositional changes, the mix of cases will also change.

Crypto Market Highlights

⭐️Last week, the crypto market as a whole showed a consolidation trend and has once again entered a cycle of relatively small fluctuations. This week’s market situation is due to the influence of recent external news and the lack of clear positive signals in the market in the short term. We are approaching the weekend closing period, and large-scale expiration is coming. The market will face a round of major fluctuations, and there is a high possibility of a rise in the short term.

⭐️Due to the decline in the crypto market this week, the growth of the leading mainstream growth coins has been relatively limited, and the coins with larger increases are mostly crypto application platform tokens. BGB, one of the exchange tokens, has the largest weekly increase among mainstream coins, with a one-week increase of about 64%. This is mainly due to the impact of platform actions. It has shown continuous rising prices throughout the week. The highest weekly price of this coin is around $7.7917. The low was near the current level of $3.6343.

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

This week, the price of BTC has continued to fluctuate within a small range as a whole. The price support is still relatively obvious, and the market share of BTC is relatively high and still in a dominant position. This keeps BTC prices essentially between $90,000 and $100,000. BTC began to fall again after the price reached a high of nearly $100,000, and it currently remains within the same range as the opening price.

Analysts believe that the lack of significant changes in the price of BTC is more due to the overall market being affected by the U.S. dollar interest rate cut policy. Of course, the upcoming large-scale expiration on Friday is also an important reason for the current uncertainty of bullishness and bearishness. This uncertainty has caused a relatively obvious consolidation trend in BTC. After Friday, the coin is expected to usher in a new price change cycle.

Ethereum (ETH)

(Data Courtesy Of TradingView)

The price trend of ETH during this week is similar to that of BTC, and the price trend is relatively smoother. The price of ETH showed a weak growth trend, with small short-term fluctuations. The coin’s one-week low price fell to around $3,200. The coin’s current price remains around $3,312, which is within the same range as the opening price. ETH’s weekly decline was around 3.9%. The coin is currently experiencing slight fluctuations, and a new round of price changes is expected over the weekend.

Web3 Project Trend

The total market value of seven types of projects this week is due to the recent market trend. Most coins continue to maintain a downward trend. The overall market trend is relatively unified. The market is expected to usher in a new round of decline as the closing period approaches the weekend due to the advent of large-scale expirations.