TL;DR

• BTC faced resistance, with prices fluctuating around $100,000.
• The total inflow of ETH ETFs set a new record of $698 million, with BlackRock increasing its ETH holdings by $500 million.
• AI-themed Meme coins led the Altcoin sector, with ELIZA and ai16z rising by 80.33% and 45.17%, respectively.
• Riot Platforms completed $525 million in financing, further advancing its Bitcoin acquisition plans.
• The number of active global wallet addresses surpassed 400 million, signaling steady progress in crypto adoption.
• Gaming infrastructure and publisher Xterio launched a large-scale $XTER points reward campaign.

Market Analysis

Review and Insights

• BTC Market— Over the past 7 days, Bitcoin’s price increased by 2.71%, reaching a current level of 100,978.6 USDT. In the short term, upward pressure is evident near 10,200 USDT. On the support side, recent local lows and high trading volume areas suggest potential buying interest, which could provide resistance for further price declines. Between December 11 and December 12, Bitcoin exhibited a general upward trend, hitting a low of approximately 94,148 USDT before rising and breaking above 100,000 USDT. Attention should be paid to whether prior resistance levels can transform into support to determine the continuation of this trend.[1]

• ETH Market — Ethereum’s price rose by 5.09% over the past week, reaching 3,852.58 USDT. The price saw a sharp rise between December 8 and 9, followed by a significant correction to 3,614.99 USDT on December 9 and 10. Though prices recovered from December 10 to December 12, they failed to reach previous highs. The December 9 and 10 decline featured intense trading volume, suggesting strong competition between buyers and sellers. ETH currently remains in a consolidation phase with unstable market sentiment. Traders should watch key support levels for hints about future price directions. [2]

• Altcoins — Over the past 7 days, the AI Meme sector led gains with a 42.1% surge, followed by the Perpetuals sector at 22.6% and The Boy’s Club sector at 15.2%. [3]
• Futures Market — Overall sentiment in the futures market is positive, with bulls dominating. Among open options contracts, call options account for 64.23%, while put options make up 35.77%, reflecting optimism about short-term price trends. However, BTC’s weighted funding rate for open contracts is -0.0102%, and its volume-weighted funding rate is -0.0118%, indicating bearish dominance and funds flowing towards short positions. In the past 24 hours, the total liquidation in the market exceeded $254 million, with $75.1 million in long liquidations and over $179 million in short liquidations. [4]
• Macro Data — According to the U.S. Bureau of Labor Statistics, the seasonally adjusted core CPI month-over-month for November, released on December 11, was 0.3%, matching expectations and consistent with the previous value. The seasonally adjusted overall CPI month-over-month was also 0.3%, slightly higher than the previous value of 0.2%. The unadjusted CPI year-over-year was 2.7%, aligning with expectations and slightly above the previous 2.6%. The unadjusted core CPI year-over-year stood at 3.3%, also matching expectations and the prior value. Overall, CPI data met forecasts, suggesting stable inflationary pressure, but future economic trends should be monitored for potential impacts on prices. [5]
• Stablecoins — The total market capitalization of stablecoins increased by 2.92% to $202.05 billion, indicating further inflows of funds from over-the-counter sources. [6]
• Gas Fees — Ethereum network activity has been high recently, with a peak daily consumption of 230 Gwei and an average daily Gas fee of 17.19 Gwei. [7]

Trending Concepts

This week, Bitcoin prices fluctuated widely between $94,000 and $101,000, while altcoin sectors showed mixed performances. According to data from CoinGecko and CoinMarketCap, the AI Meme, Perpetuals, and The Boy’s Club sectors posted gains over the past seven days, rising approximately 42.1%, 22.6%, and 15.2%, respectively, drawing widespread attention from investors.[8]

AI Meme — The AI Meme sector comprises decentralized cryptocurrencies themed around artificial intelligence, aiming to leverage popular meme culture to attract users and investors. These tokens often center on humor and entertainment, spreading rapidly via social media to create unique market phenomena.

After a two-day correction, the crypto sector experienced a broad rebound, with AI Meme tokens leading the charge. AI Agents rose by 24.31%, while specific tokens like Eliza (ELIZA) surged 80.33%, ai16z (AI16Z) increased by 45.17%, and Vituals Protocol (VIRTUAL) gained 22.83%.

Perpetuals - Perpetuals are financial instruments widely used in trading scenarios, offering investors specific opportunities and strategic choices. Influenced by the overall market activity and their intrinsic trading advantages, this sector saw a significant increase of over 22.6% in the past week as of December 12, 12:00 (UTC+8).

Notably, HMX surged by 88.0% over the last seven days, likely due to the release of a new tokenomics proposal. This proposal focuses on enhancing sustainability, simplifying mechanisms, and aligning incentives, which is expected to drive the project’s future growth.

The Boy’s Club - The Boy’s Club sector encompasses a collection of innovative projects focused on building community-oriented and diversified ecosystems. Over the past seven days, the sector’s overall rise of 15.2% was driven by heightened market interest in emerging projects and active community engagements.

Among notable performers, PEP skyrocketed by 442.7%. This surge is likely linked to ANTPOOL’s announcement of supporting merged mining of PEP and LTC starting December 10, 2024. LTC miners can link their PEP wallet addresses to receive PEP rewards, further boosting market enthusiasm.

Top Performers

According to Gate.io data, the top-performing tokens over the past 7 days are as follows: [9]

SUPRA — Weekly increase of approximately 117.81%, with a circulating market cap of $344 million.
SUPRA is a MultiVM Layer 1 blockchain built on MoveVM, designed to enhance throughput and consensus efficiency. The project operates on 300 globally distributed nodes, achieving sub-second consensus latency and a throughput of 500,000 TPS. Its recent surge may be attributed to its technical advantages in high throughput and low latency, along with innovations in blockchain integration and scalability, which have attracted investor interest.

On November 27, Supra announced the launch of its mainnet and TGE, partnering with multiple exchanges. SUPRA’s recent growth can be attributed to its Layer 1 blockchain’s features, including high throughput, fast finality, and low fees. These qualities make it particularly appealing for DeFi protocols, such as fully on-chain order books, which are gaining traction among developers and investors.

CTC — Weekly increase of approximately 106.94%, with a circulating market cap of $610 million.
Creditcoin aims to create a cross-chain lending market by connecting blockchain assets with simple protocols, advancing the crypto ecosystem toward sound money. The platform bridges multiple blockchains, constructing a secure and transparent cryptocurrency lending market that enables direct connections between borrowers and lenders.

CTC’s rise is linked to the launch of Creditcoin Penguins on a major EU crypto exchange, providing users an opportunity to join the Creditcoin ecosystem and earn $CTC.

JASMY — Weekly increase of approximately 101.86%, with a circulating market cap of $2.158 billion.
Jasmy is a blockchain project leveraging decentralized management technology to provide client companies with an environment for analyzing and utilizing IoT data, thereby fostering the creation of value-added services. Unlike existing platforms that centralize personal data, Jasmy adopts a democratic approach to data analysis, respecting individual rights.

Jasmy’s growth stems from its collaboration with IoTeX to expand the DePIN market in Japan and explore further partnerships with IoTeX. It has also participated in events in Hong Kong and held meetings with management in Singapore. Additionally, Jasmy is working on deploying nodes and integrating with IoTeX’s DePIN platform, driving project development and market attention.

Weekly Spotlights

Hot Topic Review

BlackRock Acquires $500 Million in ETH, Doubling Ethereum ETF Holdings
Driven by Bitcoin’s recent breakthrough of $100,000, BlackRock increased its ETF holdings by $500 million, signaling confidence in ETH. The total inflow of Ethereum ETFs set a new weekly record of $698 million. Currently, ETH trades 18% below its all-time high of $4,800, with technical indicators forming a golden cross, indicating strong upward momentum. 2025 is projected to be a leading year for Ethereum. The consistent net inflow into U.S. spot Ethereum ETFs further supports this bullish outlook, resembling the pattern seen during Bitcoin’s rally past $50,000 driven by Bitcoin ETFs.[10]

Trump Family Crypto Project WLFI Converts Stablecoins to ETH, Exceeding $50 Million
According to Arkham on-chain data, the Trump family’s crypto project, World Liberty Financial (WLFI), has been converting stablecoins to ETH, acquiring 7,200 ETH since November 29 and holding over $50 million worth of ETH. The project uses proceeds from WLFI token sales to purchase ETH, demonstrating deeper engagement in the crypto economy and greater confidence in ETH as a reserve asset.

As of December 12, WLFI had sold 3.7 billion tokens, valued at approximately $55 million, with 73% of sales occurring post-Trump’s election victory. Despite launching WLFI token sales on October 15, the project raised far less than the targeted $300 million. During his re-election campaign, Trump expressed support for the crypto industry and pledged to make the U.S. a “global crypto capital.” This strategic move underscores the project’s intent to actively participate in the crypto economy and suggests a preference for ETH as a reserve asset over stablecoins.[11]

Ripple Stablecoin RLUSD Approved by New York Regulators
Brad Garlinghouse, Ripple Labs CEO, announced that the Ripple RLUSD stablecoin received approval from the New York Department of Financial Services (NYDFS) after months of review.[12]

In a December 10 post, Garlinghouse revealed that Ripple plans to soon announce RLUSD’s exchange and partner network [13]. Initially launched in April, RLUSD aims to compete with USDT and USDC. Ripple executives anticipate the stablecoin market cap could reach $2 trillion by 2028. Since August, RLUSD has been tested on the XRP Ledger and Ethereum mainnet, establishing partnerships with several exchanges. Garlinghouse noted that RLUSD is primarily targeted at institutional investors. Like other USD-pegged stablecoins, RLUSD will maintain a 1:1 peg with the dollar and be backed by U.S. deposits and short-term Treasuries. This move is expected to enhance Ripple’s market position by expanding partnerships and complementing its XRP offerings.

Riot Platforms Raises $525 Million to Expand Bitcoin Acquisition Plan
A major player in Bitcoin mining, Riot Platforms, recently completed a $525 million financing initiative through the issuance of convertible notes with a 0.75% annual interest rate, maturing in 2030. The notes will be convertible into common stock starting in 2029.

The company has also increased its Bitcoin holdings by 705 BTC, bringing its total to 12,000 BTC, valued at approximately $1.2 billion. Riot is now the second-largest publicly listed Bitcoin mining company holder, following Marathon Digital. Despite reporting a Q3 2024 net loss of $154.4 million, Riot achieved year-over-year revenue growth, showcasing its operational resilience.

Additionally, Riot is expanding into artificial intelligence (AI) and high-performance computing, leveraging its robust energy infrastructure to create new revenue streams. CEO Jason Les stated that Riot’s energy capabilities have attracted numerous opportunities involving hundreds of megawatts of demand. This diversification strategy reflects Riot’s adaptability to crypto market fluctuations and positions the company for long-term growth.[14]

Alipay Promotes Cryptocurrency Fund, Drawing Attention
Ads promoting a cryptocurrency fund appeared on the homepages of many Alipay users in mainland China, with slogans like “Global Investment, Crypto Soars, Start Investing with 10 RMB.” The ad promoted the Huabao Overseas Technology C (QDII-FOF-LOF) fund, which compliantly invests in overseas assets, primarily Coinbase stock and the Ark Bitcoin Spot ETF, with a daily purchase limit of 1,000 RMB.

The advertisement emphasized blockchain’s decentralized, secure, and anonymous nature, sparking interest in indirect channels for crypto investment in mainland China. The fund is compliant and mainly invests overseas, suggesting it may serve as a market testing signal. Policy-sensitive investors may interpret this as a potential softening of strict regulations on direct crypto trading, with indirect investment via compliant funds gaining acceptance.[15]

Security Incident

Radiant Capital Incident Update: Follow-Up on Cyberattack Investigation and Measures
On December 7, Radiant Capital, a multi-chain lending protocol, provided updates on the highly sophisticated cyberattack it suffered on October 16, which resulted in a loss of approximately $50 million. The following day, Radiant released an incident analysis report, engaged cybersecurity firm Mandiant for forensic investigation, and enlisted the DAO to coordinate with zeroShadow and Hypernative for on-chain asset tracking, with additional support from SEAL 911.

The investigation revealed that the attack began on September 11, 2024, when a Radiant developer received a Telegram message from a suspected former contractor. The message contained a ZIP file disguised as a PDF document related to smart contract auditing. While such audit requests are common in professional environments, the file actually contains malware named INLETDRIFT. The attackers used a meticulously forged domain to lower suspicion and employed the malware to establish a backdoor on macOS systems while presenting a legitimate-looking PDF interface to deceive the user.

Despite Radiant’s adherence to security protocols, including transaction simulation and data validation, the attackers bypassed traditional checks and simulations. They exploited the frontend interface to display normal data while malicious transactions were signed in the background. This incident underscores the urgent need for the crypto industry to upgrade transaction verification processes to combat increasingly sophisticated cyber threats.[16]

Project Highlights

Suilend Launches SEND Token with Airdrop Distribution Plan
The Sui ecosystem lending protocol Suilend has officially launched its native token, SEND, via platform X. The total supply of SEND is 100 million, with 40% distributed through the Mdrops airdrop mechanism. The allocation breakdown includes: 20% rewarded to SEND point holders and early users, 5% allocated to the Sui ecosystem community, and 15% distributed to SAVE holders on Solana. Overall, 65% of the SEND token distribution is designated for community development, encompassing point holders, early users, Rootlets NFT holders, and Capsule NFT holders. Suilend’s tokenomics emphasize community-driven growth and cross-chain support, enhancing user engagement and demonstrating collaboration potential between the Sui and Solana ecosystems. This provides new momentum for the development of the lending market.[17]

Data Highlights

Global Active Wallet Addresses Surpass 400 Million
The cryptocurrency industry is entering a new phase of maturity, driven by increased global adoption, continuous technological innovation, and deeper integration with traditional financial systems. Currently, over 400 million cryptocurrency wallets hold digital assets. While a single wallet does not necessarily represent a single user, this growth underscores the steady progress in the mainstream adoption of crypto assets.

As blockchain technology’s influence expands, businesses must reassess their operational models to leverage the unique opportunities it presents, particularly the challenges and transformations faced by traditional and decentralized financial institutions during mainstream integration. Meanwhile, governments play a dual role in crypto mainstreaming: addressing the risks of potential illegal uses and ensuring ecosystem security and transparency through tools like Chainalysis. As blockchain technology proliferates and crypto assets become increasingly mainstream, institutions and governments must embrace these challenges to shape the future of next-generation financial systems.[18]

Spot ETF Demand Remains Strong Despite Market Pullback, Over 10 Consecutive Days of Net Inflows
According to Farside Investor data, Bitcoin spot ETFs saw $223 million in net inflows yesterday, while Ethereum spot ETFs recorded $102 million. Both have maintained net inflows for 10 and 12 consecutive days, respectively. Despite a significant market pullback and leveraged position liquidations, spot ETF data indicates that institutional investors are heavily accumulating during the downturn. Unlike retail traders who mostly focus on short-term trades, institutions prefer long-term positioning through spot ETFs, reflecting their confidence in the medium-to-long-term performance of core assets like Bitcoin and Ethereum.

This trend also highlights how institutional investors are taking advantage of market corrections to build positions. Additionally, the steady inflow into spot ETFs signifies the growing integration of traditional finance with crypto assets. With more institutions entering the market, the mainstreaming and long-term growth potential of crypto assets are expected to strengthen further.[19]

Magic Eden Airdrop Sees Top Address Claim Over $1.28 Million in Tokens
On December 10, cross-chain NFT marketplace Magic Eden announced a Token Generation Event (TGE) and launched an airdrop for its users to claim ME tokens. As of December 11, 2:00 PM, 125,000 addresses had claimed a total of 92.26 million ME tokens, accounting for 73.8% of the total supply. The total value of the airdrop is approximately $738 million. Data shows that the majority of addresses (45,936) claimed fewer than 100 tokens, representing 36.7% of all participating addresses. The smallest claim amount was 34 tokens, valued at around $272 based on an $8/token price, representing 5.5% of total addresses. Meanwhile, the largest claim amounted to over $1.28 million worth of tokens.

Overall, the airdrop generated significant interest among users, with the high token value enhancing its market recognition. This event has also been praised by the community as one of the year’s most lucrative projects.[20]

Market Opportunities

Project Airdrops

Airdrop Project to Watch This Week: Xterio

On December 12, gaming infrastructure and publisher Xterio launched a large-scale $XTER points reward campaign. Participants can earn points by completing tasks through interactions with the Xterio AI Agent, which may be redeemable for future airdrop benefits. According to the official statement, this is the final points campaign before the “Big Day,” hinting at an imminent Token Generation Event (TGE).

Xterio is a Switzerland-based Web3 gaming platform and publisher operated by a team of seasoned gaming industry professionals with extensive experience. The platform focuses on developing and publishing high-quality Web2 and Web3 games and interactive entertainment products. Xterio currently boasts 7.9 million registered users and over 119 million on-chain interactions. With a project valuation exceeding $300 million, Xterio has raised a total of $55 million in funding to date.[21]

How to Participate:

Here’s how to participate in the $XTER airdrop program:

1. Visit the official website
2. Register using Google, Discord, Metamask, or other methods
3. Complete tasks to earn points rewards, including inviting friends, following the official Xterio X account, interacting with AI Agent, and joining Telegram

Note:
The airdrop program and participation methods are subject to change. Users are advised to follow Xterio’s official channels for the latest updates. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.

Weekly Fundraising Report

Multiple projects secured funding this week across infrastructure, DeFi, gaming, and other sectors. According to RootData, between December 7 and December 12, twenty projects announced successful fundraising rounds, collectively raising $107 million.[22]

Here are the top three fundraising projects by scale:

Klickl completed a $25 million Series A funding round led by Aptos and Web3port on December 10. Klickl is a global virtual asset service provider offering a range of services including spot and futures trading, fiat OTC, B2B institutional solutions, payments, wallets, custody, and wealth management. Klickl received in-principle approval (IPA) for Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM), allowing it to provide digital asset brokerage and custody services.

Exabits successfully raised $15 million in a seed round led by HackVC on December 10,. Exabits is a decentralized infrastructure designed for AI and computationally intensive applications. It enables users to offer distributed GPU services, data storage, or expertise to the AI community without relying on centralized entities or intermediaries. Participants can engage with the marketplace and contribute to the AI ecosystem using their Web3 identities, such as blockchain wallet addresses or decentralized identities (DIDs).

Relai announced the completion of a $12 million Series A funding round led by Ego Death Capital and Timechain on December 10 . Relai is a Bitcoin-only application with a non-custodial Bitcoin wallet, aimed at making Bitcoin savings and investments accessible to everyone. The platform allows users to buy and sell Bitcoin within minutes without the need for registration, verification, or deposits.

What to Watch Next Week

Token Unlock

According to Tokenomist data, the market will see several significant token unlock events next week (December 14–20, 2024), with a total value exceeding $283 million.[23]

Here are the top 3 unlocks for next week:

ARB - On December 16 at 1:00 PM UTC, approximately 92.65 million ARB tokens will be unlocked, representing 2.26% of its circulating supply and valued at around $97.28 million. With ARB’s daily trading volume exceeding $500 million, this unlock is expected to have minimal impact on its market price.

STRK - On December 15 at 12:00 AM UTC, 64 million STRK tokens will be unlocked, accounting for 2.83% of its circulating supply and valued at approximately $44 million. The unlock comprises 33.57 million tokens for early contributors and 30.43 million tokens for investors.

APE - On December 17 at 12:30 AM UTC, 15.6 million APE tokens will be unlocked, representing 2.16% of its circulating supply and valued at around $25.12 million. This unlock includes allocations for Yuga Labs and early contributors.

Crypto Calendar

Several significant events next week (December 14 to 20, 2024) are expected to impact the cryptocurrency market, global economy, and energy markets. The Bitcoin scaling solution Stacks will launch phase one of its sBTC Bitcoin deposit function on December 16. On December 17, the U.S. will release its November retail sales data, showing month-over-month changes in consumer spending—a key indicator of economic growth and major component of U.S. GDP. [24]

References:

1. Gate.io, https://www.gate.io/price/bitcoin-btc
2. Sosovalue, https://sosovalue.xyz/assets/etf/us-eth-spot
3. Gate.io, https://www.gate.io/bigdata/estimate
4. Cryptoquant, https://cryptoquant.com/asset/btc/chart/derivatives/taker-buy-sell-ratio?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
5. Coinglass, https://www.coinglass.com/pro/AvgFunding/ETH
6. Defillama, https://defillama.com/stablecoins
7. Etherscan, https://etherscan.io/gastracker#chart_gasprice
8. Coingecko, https://www.coingecko.com/en/categories
9. Gate.io, https://www.gate.io/price/
10. Cointelegraph, https://cointelegraph.com/news/ether-5k-blackrock-eth-etf-holdings-2x-500-m
11. Arkham, https://intel.arkm.com/explorer/entity/worldlibertyfi
12. X，https://x.com/bgarlinghouse/status/1866571228464460215
13. Cointelegraph, https://cointelegraph.com/news/new-york-regulator-ripple-rlusd-stablecoin-approval
14. CryptoSlate, https://cryptoslate.com/riot-platforms-completes-525-million-notes-offering-to-fuel-bitcoin-buying/
15. Wu Block,https://www.wublock123.com/index.php?m=content&c=index&a=show&catid=6&id=35025
16. Medium, https://medium.com/
17. X，https://x.com/suilendprotocol/status/1867073292768776659
18. Chainalysis, https://www.chainalysis.com/blog/web3-growth-opportunities/
19. Farside Investors，https://farside.co.uk/btc/，https://farside.co.uk/eth/
20. decrypt，https://decrypt.co/295890/magic-eden-solana-token-airdrop-700-million
21. Xterio，https://app.xter.io/activities/ai-campaign
22. Rootdata, https://www.rootdata.com/
23. Tokenomist，https://token.unlocks.app/
24. PAnews，https://www.panewslab.com/zh/calendar/index.html

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