Weekly Market Insight: January Week 1

English

Market Updates

30 Dec 2024

Headline News

- Bitcoin price decreased by 1.54% last week due to lower trading activities during the holiday season, with approximately 44% lower trading volume compared to previous week. Bitcoin ETFs experienced a weekly net outflow of $387.54 million, while Ethereum ETFs showed signs of resilience, attracted $349.17 million net inflow last week and consecutively 5 weeks of net inflow.

- The U.S. Durable Goods Orders in November decreased by 1.1%, worse than market forecasts of a 0.4% decline due to slower transportation equipment orders.
- The market estimated 88.8% probability the rate will remain unchanged in January 2025.

- Bitwise filed Bitcoin Standard Company ETF, which aims to invest in companies that hold Bitcoin as corporate financial reserves.
- Israel Securities Authority granted approval of six Bitcoin mutual funds. The fund is expected to launch this week.
- Hexarq, subsidiary of the second largest bank in France, BPCE, received approval to provide cryptocurrency investment services.
- Legislative Council of Hong Kong proposed incorporating Bitcoin into fiscal reserves.

- Fuel Network introduced Fuel Agent Kit, enabling users to build agents that are capable of executing tasks autonomously on Fuel.
- Sonic announced upgraded tokenomics including a 200 million S airdrop, extended post-launch campaign capped at 15% until 2031 and token burm mechanisms.

- Chainlink introduced Smart Value Recapture (SVR), recapturing MEV for users of Chainlink Price Feeds. Proposal of SVR integration has been submitted to AAVE governance.
- Thorchain completed the v3 upgrade by integrating the CosmWasm module, which enables smart contract support. The v3 upgrade sets the foundation for Thorchain's vision to expand its DeFi layer in the first half of 2025.
- Aethir partnered with Injective to launch tokenised GPU marketplace, enabling users to trade fractional GPU power and other DeFi functions such as staking and lending.

- BIO Protocol is expected to be listed on Binance on January 3. BIO Protocol is a launchpad and liquidity layer for DeSci projects.
- The ai16z announced plans to launch launchpad in Q1 2025, capturing launch fees (half of the fee is used for buyback and burn, another half used to create liquidity for AI16Z), AI16Z staking for access and liquidity pool pairing with AI16Z.
- Zerebro's creator announced the team is building Zentients, a launchpad to launch agent powered by ZerePy. ZEREBRO will be required for a creation fee and base token for the liquidity pools.
- OpenSea Foundation website is believed to have been leaked. The community is expecting an airdrop soon.
- Jupiter announced there would be 700 million JUP being distributed in January 2025. 500 million will be allocated to users and stakers, while 200 million will be allocated to Carrots point holders and Good Cats (contributors to Jupiter ecosystem).
- Movement mainnet is expected in January 2025. The founder also emphasised the team and investors' tokens are not allowed to be staked while being vested.

- SUI token unlocked on January 1st, amount representing 2.8% of the token supply.
- DYDX token unlocked on January 1st, amount representing 1.84% of the token supply.
- JTO token unlocked on January 7th, amount representing 4.15% of the token supply.
- MOVE token unlocked on January 9th, amount representing 2.24% of the token supply.
- IO token unlocked on January 11th, amount representing 2.76% of the token supply.
- APT token unlocked on January 12th, amount representing 2.03% of the token supply.
- STRK token unlocked on January 12th, amount representing 2.82% of the token supply.

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