TL;DR

• The price of BTC plunged sharply from $99,000 to $91,111 within one hour, but quickly recovered to around $95,781.
• The total liquidation amount across all contracts on the network reached approximately $1.007 billion. Due to BTC’s sharp price spike, a large number of long positions were liquidated, totaling $806 million.
• Bitcoin’s annualized premium reached 20%, the highest level in 8 months.
• The total value locked (TVL) in DeFi reached $202.7 billion, setting a new all-time high.
• Trump appoints David O. Sacks as White House cryptocurrency and AI director.
• Suilend completes $4 million funding, led by Robot Ventures.

Market Analysis

According to Gate.io market data, as of 4:00 AM on December 6 (UTC+0)[1]:

• BTC — The price of BTC has decreased by 2.58% over the past 24 hours, with the current price at $97,893. On December 5 (UTC+0), after BTC broke through the $100,000 mark, it surged with increased volume and briefly consolidated. However, the market then shifted towards a downward trend. At 10:00 PM, the price plummeted from $99,000 to $91,111 within one hour, before quickly rebounding to around $95,781. The short-term key factor is whether the price can stabilize above $96,000; if it fails to hold, the price may experience further corrections[2].

• ETH — The price of ETH has increased by 0.5% over the past 24 hours, with the current price at $3,883. The highest price in the last 24 hours was $3,956, and the lowest was $3,680. ETH experienced similar volatility to BTC, but demonstrated greater resilience and quickly recovered from the decline. Currently, attention should be paid to whether the $3,750 support level can hold. If this support level is breached, the price may further dip towards around $3,540, and the short-term outlook could face significant downward pressure[3].

• Altcoins — The AI Meme, Gaming Platform, and Base Meme sectors rose by 20.2%, 16.0%, and 14.2%, respectively[4].
• U.S. Stock Indices — The S&P 500 index fell by 0.19%, the Nasdaq index dropped by 0.18%, and the Dow Jones index decreased by 0.55%[5].
• Spot Gold — The price of spot gold reached $2,632 per ounce, down 0.68% on the day[6].
• Fear and Greed Index — The Fear and Greed Index rose from 78 to 84, signaling persistent extreme greed in the market[7].

Top Performers

According to Gate.io market data[8], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

MORPHO — Daily increase of approximately 49.4%, with a circulating market cap of $906 million.
Morpho is a lending protocol that combines the current liquidity pool model used in Compound or AAVE with the capital efficiency of a peer-to-peer (P2P) matching engine found in order books. Morpho-Compound improves upon Compound by offering the same user experience, liquidity, and liquidation parameters, but with increased APY due to P2P matching.
Recently, the news of MORPHO being listed on major exchanges in South Korea has attracted widespread attention. The token will be available for trading in multiple pairs, including KRW, BTC, and USDT, which is expected to drive up token demand and increase its price[9].

CTC — Daily increase of approximately 30.8%, with a circulating market cap of $1.03 billion.
Creditcoin is a global credit network platform designed to connect blockchain assets through a simple protocol, creating an inter-blockchain lending market that allows borrowers and lenders to connect directly.

Recently, Creditcoin announced the Spacecoin Airdrop Program, which has garnered significant market attention. Spacecoin is the world’s first decentralized network project based on satellites, aiming to build a censorship-resistant 5G network connecting remote regions globally by launching satellites via SpaceX rockets. The on-chain component of Spacecoin is deeply integrated with Creditcoin, offering airdrops and priority allocations to $CTC holders. This announcement has significantly boosted market enthusiasm, driving the $CTC price to soar[10].

SAFE— Daily increase of approximately 26.7%, with a circulating market cap of $330 million.
Safe serves as the ownership layer of web3, securing over $100 billion in assets. It includes the full-stack account abstraction infrastructure Safe{Core} and the industry-standard multisignature Safe{Wallet}. The project aims to turn every Ethereum account into a smart account, enabling new use cases like AI, staking, gaming, SocialFi, DeFi, and payments to thrive through features like gasless transactions, simple facial recognition logins, onramps, and account recovery.

The Safe (Pass) Airdrop is now live, offering 2.5 million $SAFE tokens to top Safe (Pass) users for redemption. Additionally, the platform has confirmed gasless, multi-chain deployments in collaboration with Gelato. The Safe Wallet leverages Gelato relayers to enable one-click, gas-free account deployment across over 15 networks, including Optimism, Base, Blast, Polygon, Arbitrum, and Linea. The launch of the Safe (Pass) Airdrop and its partnership with Gelato are likely the primary drivers behind the token’s price surge[11].

Data Highlights

Weighted Funding Rate, Long/Short Ratio, and Liquidation Volume
As of 4:00 AM on December 6 (UTC+0), according to Coinglass data:

Bitcoin’s weighted funding rate for open positions stands at 0.0582%[12], briefly reaching 0.0688%, which surpasses the previous high on November 12, marking a new recent peak. Ethereum’s weighted funding rate for open positions is at 0.0458%[13].

In the past 24 hours, the total liquidation amount across all contracts on the network was approximately $1.007 billion. Due to Bitcoin’s sharp price fluctuations, there was a large-scale liquidation of long positions, with a total amount of $806 million. Bitcoin experienced the largest liquidation volume at $537 million USDT, followed by Ethereum at $104 million USDT in liquidations. Additionally, certain altcoins, such as SUI and OL, saw primarily short positions being liquidated[14].

Bitcoin’s Annualized Premium Reaches 20%, the Highest Level in 8 Months
The current annualized premium of Bitcoin futures (which refers to the price premium of Bitcoin futures contracts relative to the spot price, calculated on an annualized basis) has reached 20%, the highest level since March. This reflects the market’s heightened optimism following Bitcoin’s unexpected breakthrough of $100,000 on December 5. The 9.4% price increase within a single day sparked a surge in demand from leveraged buyers, while also raising questions among investors about the sustainability of this rally, as well as the positioning of whales and market makers.

Historically, such premium levels are not uncommon during periods of rapid price increases, but investors still need to consider whether this optimism can persist in the current macroeconomic environment. The increase in market confidence is partly attributed to geopolitical factors and support from regulatory bodies. However, concerns about a potential global economic stagnation and overvaluation in traditional markets persist, meaning Bitcoin’s price will continue to be influenced by the external financial environment in the short term. While the derivatives market continues to signal bullish sentiment, investors should remain cautious given the current complex market conditions[15].

DeFi TVL Reaches $202.7 Billion, Setting an All-Time High
The total value locked (TVL) in DeFi has reached $202.7 billion, setting a new all-time high, surpassing the previous record of $191.4 billion on November 10, 2021. This achievement highlights the continued growth and development of the DeFi sector. The new high in TVL can be primarily attributed to two factors:

• Recovery in Cryptocurrency Prices: The increase in prices of mainstream cryptocurrencies like Bitcoin and Ethereum has directly boosted the value of assets in DeFi protocols denominated in these assets.
• Increased Activity in DeFi Projects: The continuous emergence of new projects, ongoing optimizations of existing projects, and an increase in user participation have all contributed to the thriving development of the DeFi market[16].

Tether Treasury Mints 1 Billion USDT on the Ethereum Network
On December 6, Tether Treasury minted an additional 1 billion USDT on the Ethereum network. This move further increases the total circulating supply of USDT in the market, which has now reached 136.9 billion USDT. As one of the largest stablecoins in the world, changes in the minting volume of USDT have a significant impact on the liquidity and stability of the cryptocurrency market. This recent minting by Tether may be related to changes in market demand, increased liquidity needs, or other relevant factors[17].

Spotlight Analysis

Trump Names David O. Sacks as White House Cryptocurrency and AI Director
U.S. President-elect Donald Trump has announced the appointment of David O. Sacks as his “artificial intelligence and crypto czar,” marking a significant upgrade in the policy planning of the cryptocurrency sector. Sacks will be responsible for developing relevant policies aimed at enhancing the United States’ global competitiveness in these two major fields. His key duties will include safeguarding freedom of speech online, addressing biases and censorship from large tech companies, and providing a clear legal framework for the cryptocurrency industry to foster its healthy development in the U.S. As an experienced entrepreneur and tech investor, Sacks previously served as the Chief Operating Officer at PayPal and is a general partner at Craft Ventures. His leadership and industry experience are expected to have a far-reaching impact on the innovation and regulatory development of the cryptocurrency sector[18].

Florida Expected to Launch Bitcoin Reserve in Q1 2025
Florida is actively pushing to establish a strategic Bitcoin reserve, with progress expected during the legislative session in Q1 2025. Samuel Armes, president of the Florida Blockchain Business Association, stated that the plan builds on the state’s existing cryptocurrency asset investments. Currently, Florida holds around $800 million in crypto assets through its $185.7 billion pension fund. He suggested allocating 1% of the pension fund (approximately $1.857 billion) to the Bitcoin reserve and proposed increasing Bitcoin investments by using 1% of the state’s $11.6 billion budget surplus for the 2024-2025 fiscal year. This plan demonstrates Florida’s leadership in Bitcoin and blockchain technology applications and serves as a significant reference for other states[19].

Nasdaq-Listed Worksport Announces Bitcoin and XRP Purchases, Allocates 10% of Cash Reserves
Worksport, a Nasdaq-listed company, recently announced plans to invest 10% of its cash reserves in BTC and Ripple’s XRP. This move follows the corporate strategy of Bitcoin investment led by MicroStrategy. Worksport’s CEO, Steven Rossi, stated that XRP, as a decentralized asset, has long-term stability and potential, capable of bringing substantial value to the company, and believes this cryptocurrency will become an important tool to challenge the traditional banking system.

While Bitcoin has been widely accepted as the representative of digital assets, XRP still faces legal and market uncertainties, particularly in the regulatory environment in the U.S. As such, Worksport’s decision to incorporate XRP into its financial structure may face certain market risks. Nevertheless, this action undoubtedly provides a model for other companies to consider cryptocurrencies as a tool for capital management[20].

Funding News

According to RootData, in the past 24 hours, three projects announced they had secured funding, with the highest funding amount reaching $4.6 million. The total amount raised exceeds $11.7 million, involving sectors such as infrastructure, Layer 1, and the creator economy. Below are the top three funding rounds:

Haven1 — Haven1 completed a $4.6 million private round of financing, with participation from Animoca Brands, Kucoin Ventures, and others. Haven1 is a purpose-built, EVM-compatible Proof of Authority (PoA) blockchain designed to provide a secure environment for on-chain financial transactions. Haven1 is developed by Yield App.

Sekai — Sekai completed a $3.1 million seed round of financing, with participation from Hashed, a16z CSX, and others. Sekai is a platform for creating, sharing, and monetizing interactive narratives, in collaboration with Story Protocol. When users create stories or story assets, they are not merely telling a story, but sparking a chain reaction of creativity.

Suilend — Suilend completed $4 million in funding, led by Robot Ventures. Suilend is a self-governed lending platform on Sui with the second-largest locked assets, totaling around $47 million. The DeFi ecosystem on the Sui public blockchain is growing rapidly, showing a steady upward trend. This momentum provides a solid opportunity for its main protocols to capitalize on market opportunities.

Airdrop Opportunities

4EVERLAND — A Web3 cloud computing platform integrating storage, networking, and computing capabilities, recently announced the upcoming launch of an airdrop and has opened exchange account binding services. Users must complete the exchange account binding by 00:00 (UTC+0) on December 11, 2024. The first round of airdrops will be distributed to users who have bound their exchange accounts, with no on-chain fees required[22].

How to Participate:

1. Visit the 4EVERLAND x Galaxy OAT event form and submit your information.
2. Join 4EVERLAND’s Discord and Telegram communities.
3. Follow @4everland_org on Twitter.
4. Retweet the event tweet, like it, and tag 3 friends.
5. Complete and submit the form with your Ethereum and Polygon wallet addresses before 00:00 (UTC+0) on December 11, 2024.

Notes:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow 4EVERLAND’s official channels for the latest information. At the same time, users should participate cautiously, 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/price/bitcoin-btc
3. Gate.io, https://www.gate.io/price/ethereum-eth
4. Coingecko, https://www.coingecko.com/en/categories
5. Investing, https://investing.com/indices/usa-indices
6. Investing, https://investing.com/currencies/xau-usd
7. Gate.io, https://www.gate.io/bigdata/homeindex
8. Gate.io, https://www.gate.io/price
9. X, https://x.com/BithumbOfficial/status/1864565157386702926
10. X, https://x.com/Creditcoin/status/1863387609638330542
11. X, https://x.com/safe/status/1864697837055037476
12. Coinglass, https://www.coinglass.com/pro/AvgFunding/BTC
13. Coinglass, https://www.coinglass.com/pro/AvgFunding/ETH
14. CoinGlass, https://www.coinglass.com/LiquidationData
15. Laevitas, https://app.laevitas.ch/assets/options/overview/BTC
16. DeFiLlama, https://defillama.com/
17. DeFiLlama, https://defillama.com/stablecoin/tether
18. TheBlock, https://www.theblock.co/post/329725/donald-trump-appoints-david-o-sacks-to-lead-ai-and-crypto-at-white-house
19. Thestreet, https://www.thestreet.com/crypto/policy/florida-could-launch-strategic-bitcoin-reserve-by-q1-2025
20. Coindesk, https://www.coindesk.com/business/2024/12/04/corporate-bitcoin-treasuries-are-all-the-rage-now-xrp?utm_medium=social&utm_source=twitter&utm_campaign=coindesk_main&utm_term=organic&utm_content=editorial
21. Rootdata, https://www.rootdata.com/Fundraising1.
22. 4EVERLAND, https://www.4everland.org/

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