TL;DR

• Bitcoin’s price increased by 0.12% in the past 24 hours, but due to political turmoil in South Korea, it briefly dropped below $94,000.
• Currently, six cryptocurrencies have a market capitalization of over $100 billion, with BTC, ETH, and XRP occupying the top three spots.
• Bitcoin long-term holders have reduced their positions to a new low, demonstrating their confidence in holding.
• Paul Atkins, the leading candidate for SEC Chairman under the Trump administration, has reportedly refused the position.
• Bitcoin is about to face a new UASF proposal, which could lead to a split in the community.

Market Analysis

Based on Gate.io market data, as of 4:00 AM (UTC+0) on December 3rd[1]:

• BTC – Bitcoin has increased by 0.5% in the past 24 hours, with the current price at $95,799.4, trading within a narrow range of $93,585.5 to $95,800. After hitting the support level at $93,585.5, BTC quickly rebounded, showing a short-term bullish crossover on the moving averages. The 1-hour chart indicates an upward consolidation trend, with the moving averages in a bullish alignment and moderate trading volume, which is well-supported during the upward movement. Going forward, attention should be paid to whether the price can maintain itself above the moving averages and whether the volume is sufficient to sustain further upward momentum. If it breaks through the previous high resistance level, it could trigger a new round of upward movement.

• ETH – Ethereum has decreased by 0.14% in the past 24 hours, with the current price at $3,675.5, fluctuating between the range of $3,500 and $3,680. After reaching the support level at $3,500, ETH rebounded, and the short-term moving averages show a slight golden cross, indicating increasing buying pressure. The 1-hour chart shows an upward consolidation trend, with the moving averages in a bullish alignment and moderate volume supporting the upward movement, signaling a clear upward trend. Attention should be paid to whether the price can stay above the moving averages and whether the volume is sufficient to sustain the upward momentum. If it breaks through the $3,680 resistance, it could trigger a new round of upward movement.

• ETF – According to SoSoValue data, on December 1st, the total net inflow for Bitcoin spot ETFs in the U.S. exceeded $353 million[4], while the net inflow for Ethereum spot ETFs was $24.23 million[5].
• Altcoins – The Internet of Things (IOT), DWF Labs Portfolio, and Perpetual sectors saw respective changes of +27.3%, +27.3%, and +19.1%, respectively[6].
• U.S. Stock Indices – The S&P 500 Index rose by 0.05%, the Dow Jones Index fell by 0.17%, and the Nasdaq Index increased by 0.30%[7].
• Spot Gold – The price of spot gold reached $2,639.86 per ounce, with a daily decline of 0.15%[8].
• Fear and Greed Index – The Fear and Greed Index is at 78, indicating that the market is in a state of extreme greed[9].

Top Performers

According to Gate.io market data[10], the following altcoins have shown significant gains over the past 24 hours based on trading volume and price performance:

TRX（TRON）– TRX has seen a daily increase of approximately 71.26%, with a fully diluted market capitalization of $34.85 billion.
TRX is the native cryptocurrency of the TRON network, which is a decentralized platform based on blockchain technology aimed at building a decentralized internet ecosystem. TRX is used not only for network payments and smart contract execution but also plays a key role in cross-chain interoperability and decentralized application (DApp) development.
Recently, the price surge of TRX may be attributed to a series of market activities and promotional strategies by TRON’s founder, Justin Sun. These actions have significantly boosted market attention and investor FOMO (Fear of Missing Out) sentiment[11].

ALD（AladdinDAO） – ALD has experienced a daily increase of approximately 85.61%, with a fully diluted market capitalization of $11.34 million.
AladdinDAO is a decentralized asset management marketplace launched by a coalition of several cryptocurrency investment institutions. Its goal is to optimize information symmetry in the DeFi investment space through cryptoeconomic mechanisms and the DAO model, ultimately aiming to transform the traditional venture capital model[12].

The recent price increase is likely due to AladdinDAO’s latest project developments, which have strengthened investor confidence and driven the price up.

XVG（Verge） – XVG has seen a daily increase of approximately 87.78%, with a fully diluted market capitalization of $326 million.
Verge is a privacy-focused public ledger that uses blockchain technology to verify transactions. Its primary goal is to build a decentralized privacy transaction network supported by the global community, protecting user privacy within the distributed ledger while maintaining the vitality of the Bitcoin network.
Recently, Verge launched a new feature on its official website that enables the exchange of XVG and XVGETH, integrating multiple liquidity pools to allow users to trade at lower costs. This feature has improved XVG’s liquidity and enhanced the user experience, which has contributed to the recent surge in XVG’s price[13].

Data Highlights

Bitcoin Long-Term Holders Reduce Holdings to New Low, Indicating Increased Confidence Among Holders
The total amount of Bitcoin held by long-term holders (those who have held BTC for more than 155 days) has decreased to 12.45 million BTC, the lowest level since July 2022. This round of reduction represents 9.8%, which is relatively moderate compared to 15% in 2021 and 26% in 2017. This suggests that the selling pressure from long-term holders has eased compared to previous cycles, possibly due to the current stable performance of the Bitcoin market and increased confidence among holders. Additionally, long-term holders are generally the least willing to sell, and their reduced holdings often signal potential market adjustments or caution regarding short-term trends[14].

The reduction in holdings by long-term Bitcoin holders reflects a complex sentiment among market participants regarding future price movements. While the current reduction is relatively mild, this change might suggest that some investors lack confidence in the possibility of further price increases or are choosing to cash out partially at higher levels. Moreover, compared to the past, this moderate reduction could indicate a more mature market with lower volatility, while also showing that Bitcoin’s role in investment portfolios is becoming increasingly diversified.

Currently, Six Cryptocurrencies Now Exceed $100 Billion Market Cap, with BTC, ETH, and XRP Leading the Top Three
According to Gate.io market data, as of December 3rd, there are six cryptocurrencies in the market with a market capitalization exceeding $100 billion. BTC, ETH, and XRP occupy the top three spots. Additionally, XRP’s market capitalization has reached $144.1 billion, surpassing USDT and Solana, making it the third-largest cryptocurrency by market value. At one point, XRP even surpassed traditional assets like Uber and Siemens, rising to the 117th position in global asset rankings. This achievement is closely tied to recent policy support and growing market enthusiasm[15].

Ethereum Foundation Announces Q3 Funding Projects, Totaling $12.848 Million
The Ethereum Foundation recently released its Q3 2024 funding update report. According to the data, the foundation allocated a total of $12.848 million to fund projects across various sectors in the third quarter. The largest portion went to community education initiatives, including events such as the EEA Industry Day in Bangkok and the ETH Pura Vida conference and hackathon held in San José, Costa Rica. These events provided global communities with opportunities for technical learning and networking.

The foundation also focused on funding in the technical sector. Support was provided for the continued development of consensus layer clients like Lighthouse, Nimbus, and Grandine. Upgrades to developer tools were also prioritized, such as improvements to Web3.js and OpenZeppelin’s account abstraction contracts. These funding efforts not only drive the technological application but also provide foundational support for the expansion of the Ethereum ecosystem[16].

Spotlight Analysis

Martial Law in South Korea Triggers Volatility in the Crypto Market, Large Inflows of USDT into Upbit Raise Concerns
After the South Korean president declared martial law, the country’s cryptocurrency market plunged into panic, triggering significant price drops for major assets. At one point, the BTC price on the Upbit exchange fell by 30%, while XRP plummeted from $2.90 to $1.16, a massive 60% drop. Concurrently, due to the surge in market activity, Upbit’s app and API services experienced delays. Additionally, the USDT/USDC exchange rate skyrocketed to 1.2.

Furthermore, there was a significant influx of USDT into Upbit. Within just one hour of the martial law announcement, more than $163 million USDT flooded the platform, suggesting that some investors were possibly looking for bottom-buying opportunities.

The sharp fluctuations in the South Korean market highlighted the vulnerability and sensitivity of the cryptocurrency market to policy events. Investors’ panic-driven reactions not only intensified market volatility but also exposed shortcomings in exchange technology and liquidity management. This regional event demonstrated how such occurrences can have far-reaching impacts on the broader market[17].

Trump’s Top Pick for SEC Chairman, Paul Atkins, Reportedly Declines the Position
Paul Atkins, the top candidate for the U.S. Securities and Exchange Commission (SEC) Chairman under President-elect Donald Trump, has reportedly declined the position. According to a Tuesday report by CoinDesk, Atkins finds the role unappealing, citing concerns over the current mismanagement of the SEC under Chairman Gary Gensler’s leadership. Atkins believes that reversing the agency’s course would require significant effort. Gary Gensler had previously announced his planned retirement from the SEC on January 20.

While there has been no official update from Trump’s team regarding whether Atkins will remain the SEC nominee, Fox Business’s Eleanor Terrett noted that multiple key sources suggest he was a leading contender. Atkins, who served as an SEC commissioner under President George W. Bush, brings significant experience and insight to the position. Moreover, he has been a vocal supporter of the digital asset industry and has co-chaired the “Token Alliance” within the Chamber of Digital Commerce since 2017. Atkins has long advocated for regulatory innovation and clarity. His possible refusal to accept the SEC chairmanship may further increase uncertainty about the Trump administration’s approach to cryptocurrency policy direction[18].

Bitcoin Community Faces Division Over New UASF Proposal
Cobra, the maintainer of the Bitcoin.org domain, recently alerted the community that some Bitcoin users are planning to introduce the Check Template Verify (CTV) feature through a user-activated soft fork (UASF) in 2025. CTV, proposed by Jeremy Lubin, aims to improve Bitcoin’s contract mechanisms by introducing spending conditions for transactions, such as vault functions and scheduled transaction cancellations. This mechanism could enhance the security of Bitcoin transactions but also introduces certain challenges, including reduced fungibility and potential security risks from new code.

Cobra pointed out that the proposal may come from anonymous developers outside the Bitcoin Core project, and the community has not given it enough attention so far. There is a division of opinion within the community on whether to adopt this feature. Some believe that the contract mechanism could bring substantial improvements, while others see it as unnecessary.

The controversy surrounding this proposal highlights the polarization within Bitcoin’s development direction—between “conservatives” who wish to preserve the status quo and “innovators” pushing for progress. This divide could influence Bitcoin’s future development path, and the UASF mechanism once again demonstrates the decentralized nature of Bitcoin governance. The community will need to strike a balance between innovation and stability[19].

Funding News

According to RootData, in the past 24 hours, five projects have publicly announced they have secured funding, with a total amount exceeding $23.5 million. The highest single round of funding reached $14 million, covering sectors such as DeFi, Launchpad, and infrastructure. Below are the specific funding details[20]:

Union Labs – Union Labs completed a $14 million Series A funding round, with investments from Gumi Cryptos Capitals, Longhash Ventures, and others. Union Labs is a project focused on blockchain interoperability, aiming to enable seamless connections between the Ethereum and Cosmos ecosystems through its core product, with plans to expand to the Bitcoin network. Its core technology is a modular zero-knowledge interoperability layer designed to simplify asset flow across different blockchain ecosystems and address cross-chain communication challenges.

GAIB – GAIB raised $5 million in a Pre-Seed round, led by Hack VC and Faction, with participation from Animoca Brands and others. GAIB focuses on the economic layer of artificial intelligence (AI) and computational power. The project is creating a new asset class that allows anyone to invest directly in the AI, GPU, and computational power markets, enabling the tokenization of AI-Fi, GPU, stablecoins backed by GPUs, and derivatives.

SuperFi Labs – SuperFi Labs secured $2.5 million in a Pre-A round, with investment from Linklogis, SNZ, and others. SuperFi Labs is an innovative DeFi infrastructure provider focused on bridging traditional finance with decentralized finance through blockchain technology.

Airdrop Opportunity

Sandwatch – Sandwatch is a platform that enables creators and communities to easily create and enjoy high-quality films and TV series. It is a web3 version of Netflex—where everyone can participate in both creation and consumption, collectively bringing new stories to life. Sandwatch leverages the power of blockchain to create a transparent environment where everyone can create and earn $WATCH rewards. The first season of the Sandwatch AI Solana airdrop has now begun[21].

How to Participate:

1. Visit the Sandwatch portal and log in.
2. Claim your digital cinema seat and connect your Solana wallet.
3. Complete the tasks to start earning points immediately.

Note:
The airdrop plan and participation methods may be updated at any time, so users are advised to follow Sandwatch’s official channels for the latest information. Additionally, users should participate cautiously, be aware of the risks, and conduct thorough research before engaging. Gate.io does not guarantee the issuance of subsequent airdrop rewards.


References

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/price
11. X, https://x.com/trondao
12. X, https://x.com/aladdindao
13. X, https://x.com/vergecurrency
14. IntoTheBlock, https://app.intotheblock.com/perspectives/bitcoin_cycles
15. Gate.io, https://www.gate.io/price
16. Ethereum Foundation, https://blog.ethereum.org/en/2024/12/03/esp-allocation-q324
17. Arkham, https://intel.arkm.com/explorer/entity/upbit
18. Coindesk, https://www.coindesk.com/policy/2024/12/03/trumps-top-sec-chair-pick-paul-atkins-reluctant-to-take-job-source
19. X，https://x.com/CobraBitcoin/status/1863006822048669961
20. Rootdata, https://www.rootdata.com/zh/Fundraising
21. X，https://x.com/SandwatchAI/status/1861809950915281237

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