Daily News | ORDI experienced a double explosion of long and short liquidation; Follow noteworthy crypto trends in 2024; Funds rapidly flowed into Ethereum futures

2023-12-07, 04:05

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## Crypto Daily Digest: ORDI experienced a double explosion of long and short liquidation; Follow noteworthy crypto trends in 2024
Firstly, let's take a look at the highly anticipated discussion of the "In_script_ion Vulnerability" incident yesterday.

Yesterday, <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> core developer Luke Dashjr posted on the X platform stating that In_script_ion is exploiting a vulnerability in the Bitcoin core client Bitcoin Core to send spam messages to the blockchain. He acknowledged that there are still loopholes in the Bitcoin Core in the upcoming V26 version and expects it to be finally fixed before next year's V27 version.

Luke Dashjr confirmed in X's comment response that if the Bitcoin Core vulnerability previously disclosed is fixed, it means that Ordinals and BRC-20 will no longer exist, and stated that the "In_script_ion Chain" may be a feasible solution.

Impacted by this news, on December 6th, ORDI continued to decline below $42, with a decrease of 34% in the past 8 hours and a decrease of 15.4% in 24 hours. According to Coinglass data, in the past 12 hours, ORDI has sold out $14.9409 million, second only to BTC (<a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> sold out $13.77 million), with multiple orders selling out about $9.286 million and short orders selling out about $5.655 million.

According to Lookonchain monitoring, a giant whale may have seen a tweet from Bitcoin Core developer Luke Dashjr and sold all 59,000 ORDIs (approximately $3.54 million) before the decline in ORDI, earning over $2.3 million. This person withdrew 65,263 ORDIs (approximately $1.3 million) from Binance on November 22, at a price of $20 at the time.

After 12 hours of the vulnerability incident fermenting, Luke Dashjr answered several questions from skeptics on the X platform. One of the questioners said, "Is it possible that as long as one miner does not choose to exit, that miner can still handle in_script_ion transactions on the blockchain? Or must miners reach a majority consensus on whether to choose to join/exit?”

Luke Dashjr responded by stating that we do not necessarily have to eliminate all in_script_ions in order to provide value to Bitcoin.

Luke Dashjr's above remarks may acknowledge the in_script_ion to "soften" the community, and ORDI has briefly increased by about 20%, with a current quote of $52.6. As of the time of writing, ORDI has rebounded above $55, and is now quoted at $55.28, with an additional increase of over 30% in the past hour.

On December 6th, well-known crypto venture capitalist a16z crypto posted on the X platform sharing noteworthy trends in the crypto industry in 2024, including entering a new era of decentralization; Reset future user experience; The rise of modular technology stack; The combination of artificial intelligence and blockchain; P2E (Play to earn) becomes P+E (Play and earn); When artificial intelligence becomes a game creator, cryptocurrency provides assurance; Formal verification has become more concise; NFT has become a ubiquitous brand asset; SNARK (concise non-interactive knowledge argumentation) has become mainstream.

As the market recovers, the air force in the crypto stock market also suffers heavy losses.

According to Decrypt, the latest report from financial data company S3 Partners shows that since Bitcoin hit a three-month low ($25,152) on September 11th, its price has surged 75% to the current $43,924. This momentum has led to short-term crypto traders losing over $2.6 billion in less than three months. Crypto stocks, represented by Coinbase and MicroStrategy, rose closely with Bitcoin, catching short sellers off guard.

Under the strong rebound of Bitcoin prices, Coinbase's stock price has risen by 51% in the past month, reaching $143.63; The stock price of MicroStrategy, which holds approximately $6.6 billion in Bitcoin, has risen 82% since October to $568.88.

These huge stock price fluctuations have caused short traders in crypto stocks to lose $2.656 billion in the past three months, with over 50% of the losses coming from shorting Coinbase stocks and another 25% coming from shorting MicroStrategy stocks.

In terms of data fluctuations, BTC increased by over 60% this quarter, while ETH only increased by 35%. Over a longer period of time, the performance gap between the two is even greater.

Some analysts believe that as funds now <a href="/pt/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> into Ethereum futures at a faster rate compared to Bitcoin futures, this gap may narrow.

According to Velo Data, in the past five days, the USD value of CME's cash-settled Ethereum futures contract open positions has increased by 30%, reaching $711 million, surpassing the 19% increase in Bitcoin futures contract open positions ($4.9 billion).

In addition, according to Reflexity Research data, earlier this week, the premium rate of Ethereum futures relative to spot index prices (over 20%) was 5% higher than Bitcoin. After the initial rise of Bitcoin, the open positions in Ethereum futures contracts on CME began to increase. At the same time, the options indicator on Deribit also shows an increased bullish preference among investors toward Ethereum.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1701930224BTC.png)
This week, Bitcoin (BTC) continues to stabilize around the $44,000 mark. Short-term trading volume gradually decreases this morning. Short-term targets remain at $45,345 and $47,990. Long-term bullish targets are set at $120,400 and $128,350. High volatility is expected this month, with a potential pullback in Q1 next year.

### ETH
![](https://gimg2.gateimg.com/image/article/1701930248ETH.png)
Ethereum (ETH) successfully broke through the resistance level at $2,135 four times this week but experienced a volume-backed pullback to $2,230 this morning. The upward target is set at $2,381, with short-term support at $2,194 and medium-term support at $2,135. Long-term bullish outlook includes targets at $8,000 and $12,300.

### ARKM
![](https://gimg2.gateimg.com/image/article/1701930268ARKM.png)
ARKM has experienced five consecutive bullish weekly candles, completing a weekly moving average retracement. The daily chart forms a large cup-and-handle structure, indicating a bullish trend. Short-term targets are $0.5916 and the previous high of $0.8900. Long-term targets include $0.89, $1.25, $1.85, and $2.45, with a potential 845% price increase in the long-term setup.

## Macro: ADP employment data are not as expected, and the market atmosphere of interest rate cuts is strong
The November ADP employment data in the United States recorded 103000 people, while the market expected 130000 people, falling short of expectations for the fourth consecutive month; The wages of employed individuals increased by 5.6%, the lowest wage growth rate since September 2021.

Impacted by the lower-than-expected ADP report and once again confirming the weakening of the job market, US Treasury yields continue to decline, with 10-year US Treasury yields approaching the 4.1% mark, the lowest level since September 1st, closing at 4.167%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, gave up all its intraday gains during trading and ultimately closed slightly higher at 4.597%.

As the market fully priced the prospect of the Federal Reserve's interest rate cut while expectations for other central banks continued to deepen, the US dollar index stood at 104 and ultimately closed up 0.309% at 103.95. The three major US stock indexes opened high and closed low, with the Dow Jones Industrial Average closing 0.19% lower, the S&P 500 Index falling 0.39%, and the Nasdaq down 0.59%.

Given the weak US bond yields and the stabilization of spot gold, it reached a maximum of $2,035.71 per ounce on the day and ultimately closed at 0.34% at $2,026.19 per ounce; Spot silver fell by $24 per ounce and ultimately closed down 0.92% at $23.9 per ounce.

The surge in US gasoline inventories has raised concerns about demand, with investors questioning whether OPEC+production cuts can offset the impact of oversupply from other oil producing countries and weak global oil demand. International crude oil has fallen for the fifth consecutive trading day. WTI crude oil fell below the $70 mark for the first time since early July, ultimately closing 4% lower at $69.36 per barrel; Brent crude oil closed 3.5% lower at $74.55 per barrel, marking the first time since the end of June this year that it has fallen below $75 per barrel.

After the Federal Reserve raised interest rates significantly, the US labor market is steadily cooling down.

However, economists generally expect that the non-farm report is expected to show an increase in employment in November, as about 33000 striking members of the Federation of Automobile Workers return to work.

Bill Adams, Chief Economist of Commercial Bank of America in Dallas, stated that the recent weakening of labor market data has reduced the risk of inflationary pressures recovering due to wage price issues, making it easier for the Federal Reserve to shift towards interest rate cuts in 2024. We’ll wait and see.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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