6 months ago
By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin and ether's bull momentum has deed a roadblock. The U.S. Producer Price Index (PPI) came successful hotter than expected Thursday, prompting investors to tighten their stances and support a bid for the dollar, as we anticipated. There's besides the Truflation index stirring up concern. Seen by immoderate arsenic much reliable than authorities numbers, it roseate supra 3% for the archetypal clip successful implicit 2 years.
But conjecture what? Fed money futures remain confident the cardinal slope volition chopped rates by 25 ground points adjacent week, and traders connected decentralized exchanges, who person a knack for catching large trends, stay arsenic bullish arsenic ever.
The sentiment is reflected successful the awesome $64.8 cardinal unfastened involvement for progressive BTC telephone options connected Derive, the starring on-chain options protocol. That's a staggering six times larger than the unfastened involvement successful enactment options. Ether traders are besides leaning heavy toward calls, figures from Amberdata show.
On apical of that, backing rates for BTC, ETH, and SOL connected HyperLiquid, a salient on-chain perpetuals trading protocol, are besides positive, albeit with reservations. They're hovering good nether an annualized 50%, showing that portion the sentiment is bullish, the leverage level is measured and not overly aggressive.
In the broader market, AVAX, the autochthonal token of the Avalanche web of blockchains, struggled to chew done selling unit adjacent $55, teasing a "double top" signifier connected the charts. The lackluster terms enactment comes connected the heels of Thursday's $250 cardinal fundraise led by Galaxy Digital, Dragonfly and ParaFi Capital. Keep an oculus retired for a pick-up successful volatility arsenic the highly anticipated Avalanche9000 upgrade, aimed astatine making the level much affordable and flexible for creating layer-1 chains, is acceptable to spell unrecorded connected Dec. 16.
LQTY, the autochthonal token of censorship-resistant decentralized stablecoin lender Liquity, took a breather adjacent $2.45, having much than doubled successful worth successful the past 4 weeks due to the fact that of the V2 motorboat and wide bullish marketplace sentiment.
The Polygon ecosystem token, POL, wasn't stirred by a connection suggesting deploying DAI, USDC and USDT reserves locked successful the PoS span — the equivalent of currency nether a mattress — into yield-generating strategies.
Lastly, a survey by Vietnam's starring integer assets exchange, Coin68, showed implicit fractional of respondents reporting profits from their investments past twelvemonth and 93.5% anticipating an altcoin play successful 2025. Emerging countries, successful general, could spot much pivot toward alternate concern vehicles arsenic President-elect Donald Trump's tariffs origin fiat volatility, though that could besides motivate section governments to instrumentality superior controls. So enactment alert retired there.
What to Watch
Crypto:
Dec. 13: Nasdaq announces its yearly changes to the Nasdaq-100 index. MicroStrategy (MSTR), the world’s largest firm holder of bitcoin, is wide expected to beryllium added.
Dec. 18: CleanSpark (CLSK) Q4 FY 2024 earnings. EPS Est. $-0.18 vs Prev. $-1.02.
Macro
Dec. 16, 9:45 a.m.: December's S&P Global Flash US PMI information is released. Composite PMI Prev. 54.9.
Dec. 18, 2:00 p.m.: The Federal Open Market Committee (FOMC) releases its fed funds people rate, presently 4.50%-4.75%. The CME's FedWatch instrumentality indicates that interest-rate traders delegate a 96% probability of a 25 basis-point cut. Press league starts astatine 2:30 p.m. Livestream link.
Dec. 18, 10:00 p.m.: The Bank of Japan (BoJ) announces its involvement complaint decision.
Dec. 19, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases third-quarter GDP (final).
GDP Growth Rate QoQ Est. 2.8% vs Prev. 3.0%
GDP Price Index QoQ Est. 1.9% vs Prev. 2.5%
Dec. 24, 1:00 p.m. The Fed releases November’s H.6 (Money Stock Measures) report.
Token Events
Governance votes & calls
Arbitrum DAO has an progressive ballot to allocate 22 cardinal ARB ($22.8 million) to screen operating costs for OpCo, an entity it tin usage to make a much structured attack to governance. The ballot closes Dec. 19.
The Polygon assemblage is evaluating a governance connection that would spot the deployment of $1 cardinal of its stablecoin reserve to make a yield.
Unlocks
Axie Infinity (AXS) volition unlock $6.4 cardinal worthy of tokens connected Dec. 13, representing 0.52% of circulating supply.
Starknet (STRK) volition unlock $41.5 cardinal worthy of tokens connected Dec. 14, representing 2.83% of circulating supply.
Sei (SEI) volition unlock $49 cardinal worthy of tokens connected Dec. 15, representing 2.07% of circulating supply.
Token Launches
Binance announced that information sovereignty level Vana (VANA) volition merchandise a token connected the launchpool. Trading volition commencement Dec. 16.
Conferences:
Day 5 of 5: Luxembourg Blockchain Week 2024
Day 2 of 2: Global Blockchain Show (Dubai, UAE)
Day 2 of 3: Taipei Blockchain Week 2024 (Taipei, Taiwan)
Day 1 of 1: Limitless Crypto 2024 (San Juan, Puerto Rico)
Jan. 13 - 24: Swiss WEB3FEST Winter Edition 2025 (Zug, Zurich, St. Moritz, Davos)
Dec. 16 - 17: Blockchain Association’s Policy Summit (Washington D.C.)
Jan. 17: Unchained: Blockchain Business Forum 2025 (Los Angeles)
Jan. 18: BitcoinDay (Napes, Florida)
Jan. 20 - 24: World Economic Forum Annual Meeting (Davos-Klosters, Switzerland)
Jan. 21: Frankfurt Tokenization Conference 2025
Jan 30 - 31: Plan B Forum (San Salvador, El Salvador)
Token Talk
By Shaurya Malwa This integer fart is worthy astir $700 million.
The scatologically named AI cause token fartcoin (FART) has zoomed to implicit $670 cardinal successful marketplace cap, lifted by gains successful the wide AI cause assemblage we discussed connected Thursday.
The coin allows users to prosecute with the token by submitting fart-related memes oregon jokes to assertion tokens. It boasts a "Gas Fee" strategy — a parody of state fees connected superior projects specified arsenic Ethereum — with definite transactions producing a name-appropriate integer sound, adding a unsocial furniture of what immoderate mightiness telephone fun.
Some assemblage members spot the token arsenic much than conscionable a meme; they presumption it arsenic a taste improvement wrong the crypto abstraction — 1 that gets funnier arsenic prices rise.
Fartcoin was conceived wrong the integer speech abstraction known arsenic "Infinite Backrooms,” the chatroom that straight led to the instauration of the archetypal AI agent, Gospel of Goatse (GOAT).
The thought was initially discussed by an AI cause known arsenic "Terminal of Truths" (@truth_terminal connected X) in conversation with different AI bot. It was explored, among different token motorboat concepts, arsenic portion of a broader treatment connected however to rise funds for assorted projects, including making a movie and supporting biology initiatives.
Derivatives Positioning
BTC and ETH calls proceed to beryllium pricier than puts.
Still, flows person been mixed successful BTC, with uptake for $70K puts expiring successful February and March.
Speculative excesses stay astatine bay, keeping perpetual backing rates affirmative but low.
Market Movements:
BTC is up 0.69 % from 4 p.m. ET Thursday to $100,468.14 (24hrs: -0.14%)
ETH is up 0.83% astatine $3,899.63 (24hrs: -0.15%)
CoinDesk 20 is up 0.36% to 3,830.21 (24hrs: -1.1%)
Ether staking output is up 7 bps to 3.24%
BTC backing complaint is astatine 0.01% (10.95% annualized) connected Binance
DXY is unchanged astatine 106.99
Gold is unchanged astatine $2,689.5/oz
Silver is up 0.38% to $31.35/oz
Nikkei 225 closed -0.95% astatine 39,470.44
Hang Seng closed -2.09% astatine 19,971.24
FTSE is up 0.11% astatine 8,321.32
Euro Stoxx 50 is up 0.44% astatine 4,987.3
DJIA closed connected Thursday -0.53% to 43,914.12
S&P 500 closed -0.54% astatine 6,051.25
Nasdaq closed -0.66% astatine 19,902.84
S&P/TSX Composite Index closed -0.96% astatine 25,410.7
S&P 40 Latin America closed -2.02% astatine 2,349.72
U.S. 10-year Treasury is up 7 bps astatine 4.34%
E-mini S&P 500 futures are up 0.34% to 6,081.25
E-mini Nasdaq-100 futures are up 0.68% to 21,798.0
E-mini Dow Jones Industrial Average Index futures are up 0.24% astatine 44,083.00
Bitcoin Stats:
BTC Dominance: 56.47% (24hrs: +0.11%)
Ethereum to bitcoin ratio: 0.03888 (24hrs: +0.18%)
Hashrate (seven-day moving average): 763 EH/s
Hashprice (spot): $64.3
Total Fees: 19.68 BTC/ $1.9 million
CME Futures Open Interest: 196,355 BTC
BTC priced successful gold: 10.64%
BTC vs golden marketplace cap: 37.4 oz
Bitcoin sitting successful over-the-counter table balances: 422.9k
Basket Performance
Technical Analysis
The illustration shows the upside successful Avalanche's AVAX being capped astatine astir $55, the absorption level seen earlier this month.
A renewed diminution from present would construe into a double-top bearish reversal pattern. Keep an oculus connected this.
Crypto Equities
MicroStrategy (MSTR): closed connected Thursday astatine $392.19 (-4.67%), up 1.87% astatine $399.52 successful pre-market.
Coinbase Global (COIN): closed astatine $312.96 (-0.27%), up 0.9% astatine $315.83 successful pre-market.
Galaxy Digital Holdings (GLXY): closed astatine C$27.45 (+0.59%)
MARA Holdings (MARA): closed astatine $22.58 (-2.97%), up 1.42% astatine $22.90 successful pre-market.
Riot Platforms (RIOT): closed astatine $12.33 (+4.76%), up 1.46% astatine $12.51 successful pre-market.
Core Scientific (CORZ): closed astatine $15.54 (-2.02%), down 0.26% astatine $15.50 successful pre-market.
CleanSpark (CLSK): closed astatine $12.33 (-3.9%), down 2.6% astatine $12.01 successful pre-market.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $27.86 (-0.11%).
Semler Scientific (SMLR): closed astatine $71.84 (+11.33%), down 1.17% astatine $71.00 successful pre-market.
ETF Flows
Spot BTC ETFs:
Daily nett inflow: $597.5 million
Cumulative nett inflows: $35.14 billion
Total BTC holdings ~ 1.121 million.
Spot ETH ETFs
Daily nett inflow: $273.7 million
Cumulative nett inflows: $2.24 billion
Total ETH holdings ~ 3.440 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
Solana leads each blockchains with the highest fig of caller developers actively exploring its ecosystem.
While You Were Sleeping
Trump Advisers Seek to Shrink oregon Eliminate Bank Regulators (The Wall Street Journal): Advisers to President-elect Donald Trump are said to beryllium exploring eliminating oregon consolidating large U.S. slope regulators specified arsenic the FDIC and CFPB, raising concerns astir deposit security stableness and fiscal manufacture oversight.
LINK Surges to 2021 Levels arsenic Trump’s World Liberty Buys More Chainlink Tokens (CoinDesk): Donald Trump-backed DeFi task World Liberty Financial bought $1 cardinal successful Chainlink's LINK token for a 2nd consecutive day, making the token its fourth-largest holding and helping thrust the terms up 22% successful the past 7 days.
Solana Was the Biggest Draw for New Crypto Developers successful 2024: Electric Capital (CoinDesk): Cryptocurrency developer numbers held dependable successful 2024, according to Electric Capital, with Solana outpacing Ethereum successful caller endowment portion Ethereum retained dominance crossed each continents with the largest fig of developers.
Ether Volume Overshadows Bitcoin connected HyperLiquid arsenic Platform Activity Hits $500B (CoinDesk): HyperLiquid’s ether perpetuals outpaced bitcoin this week, driving the platform's full trading measurement past $500 billion. Its HYPE token has surged implicit 300% successful the past 2 weeks.
UK Economy Unexpectedly Contracts successful New Blow for Rachel Reeves (Reuters): The UK system shrank 0.1% successful October, missing forecasts, arsenic services stagnated and manufacturing declined, highlighting ongoing challenges amid dilatory post-pandemic growth.
Europe Has Choice of Doing Hard Work oregon Facing Next to No Growth (Bloomberg): Europe risks prolonged economical stagnation, The Conference Board warns, urging reforms to boost backstage investment, accelerate greenish transitions, and code labour shortages amid aging populations and geopolitical challenges.
In the Ether
English (US) 