Bitget Daily Digest | Grayscale reveals its newest holdings, AI agents and DeSci expected to spark market hype (December 7)

Market highlights

1. ETH surpasses the $4000 mark, sparking a rally in ETH ecosystem tokens. Grayscale DeFi Fund reveals its latest holdings: $UNI, $AAVE, $MKR, $LDO, and $SNX, with $UNI notably accounting for 57.8% of the portfolio.

2. DWF Labs co-founder highlights AI agents and DeSci as potential next big trends in the crypto space. Top trader Eugene admits his $1 target for ENA was overly conservative. Meanwhile, USDe has surpassed a $5 billion market cap, solidifying its position as the largest decentralized stablecoin with fundamentals exceeding expectations.

3. Following the listing of $ACX and $USUAL on leading exchanges, they sparked heated discussions. $ACX saw significant price volatility due to changes in circulating supply and market cap, while $USUAL's stablecoin project transitioned to full circulation. These frequent circulation adjustments have raised concerns in the market, particularly after similar incidents involving $Eigen.

4. David Sacks, a "crypto czar" appointed by Trump, is a known Solana advocate and an investor in Multicoin Capital. On a podcast, Sacks revealed that he purchased a substantial amount of SOL at a discount, held onto it despite the FTX collapse, and expressed confidence in Solana's potential to rival Ethereum. Sacks' VC firm has also invested in projects like dYdX and Lightning Labs, garnering market attention. 

 

Market overview

1. BTC rebounds to $100,000, while ETH hits a new local high. The broader market is experiencing a significant uptrend, with funds flowing back into established tokens, as shown by trading volume rankings.

2. NASDAQ-100 Technology Sector Index gained over 0.7% on Non-Farm Payroll (NFP) day. Apollo Global Management, an alternative asset company, is set to join the S&P 500 Index, with its stock surging 7% after hours.

3. Currently standing at 100,222 USDT, Bitcoin is in a potential liquidation zone. A 1000-point drop to around 99,222 USDT could trigger over $630 million in cumulative long position liquidations. Conversely, a rise to 101,222 USDT could lead to more than $410 million in cumulative short position liquidations. With long liquidation volumes far surpassing short positions, it's advisable to manage leverage carefully to avoid large-scale liquidations. 

4. Over the past 24 hours, Bitcoin saw $5.66 billion in inflows and $5.7 billion in outflows, resulting in a net inflow of $40 million.

5. In the last 24 hours, $MOG, $EIGEN, $AAVE, $AMB, and $CELR led in futures trading net inflows, signaling potential trading opportunities.

 

Highlights on X

1. Benson Sun: $PNUT's high turnover suggests market sentiment and capital tug-of-war

$PNUT's high turnover during price consolidation indicates active market sentiment. It suggests that major players may be driving prices up to offload their holdings, or new funds could be accumulating positions, laying the groundwork for future market moves. The high turnover reflects strong market liquidity and attention, potentially signaling an intensifying capital tug-of-war.

X post: https://x.com/bensontwn/status/1865055948894801989?s=46

 

2. @0xWizard on the evolution of bull market narratives: From compliance to AI and memecoins

The last bull market was driven by compliant funds and innovations in DeFi and NFTs. This time, the focus has shifted to U.S. government support, strict regulatory compliance, and the integration of AI with cryptocurrency. Memecoins and the blockchains supporting their developments have emerged as new hotspots, and there's a possibility that new Ponzi-style schemes might emerge.

X post: https://x.com/0xcryptowizard/status/1864577141637304428

 

3. Donald Trump appoints "Crypto Czar" David Sacks, highlighting Sacks's crypto investments

David Sacks, appointed by Donald Trump as the "Crypto Czar," has been tasked with bridging cryptocurrency and AI.  His investment portfolio spans various areas, including the decentralized derivatives platform dYdX, Bitcoin scaling solution Lightning Labs, and Bitcoin financial services provider River Financial. Sacks' investments emphasize innovation in DeFi, Bitcoin payments, and digital securities.

X post: https://x.com/CryptoDoggyCN/status/1865028360327565625

 

4. Altcoin Sherpa: How to profit at the end of a bull market

While most tokens might experience another wave of growth, breaking all-time highs will likely be difficult due to the market's saturation with low-quality coins. Even so, many altcoins still have the potential for 2–5x gains. The author advises that if your holdings are already in an upswing, consider reducing your positions by 30–50% For memecoins, while they might see short-term gains during rotations, their growth is usually unpredictable and random. Over the next 3–6 months, the focus should be on selling and having a clear exit plan to profit during the market boom.

X post: https://x.com/AltcoinSherpa/status/1865155052110782696

 

Institutional insights

1.Citi Research: Altcoins may benefit more from a positive regulatory environment, but no significant increase in on-chain activity has been observed yet. 

Article: https://www.coindesk.com/markets/2024/12/06/crypto-markets-have-benefited-from-a-positive-environment-since-u-s-election-citi?utm_content=editorial&utm_medium=social&utm_term=organic&utm_campaign=coindesk_main&utm_source=twitter

2.21Shares CEO points to 'inflection point in the global order' as crypto hits mainstream popularity.

Article: https://www.theblock.co/post/329778/21shares-ceo-points-to-inflection-point-in-the-global-order-as-crypto-hits-mainstream-popularity

3.SlowMist: A vulnerability was discovered on a well-known bot platform that may lead to private key leaks.

Article: https://x.com/evilcos/status/1865019441479848085

 

News updates

1. UK FCA issues warning to Pump.fun for offering financial services or products without authorization.

2. Czech parliament moves to exempt Bitcoin held for over three years from capital gains tax.

3. Hong Kong's Stablecoins Bill is set for its first reading on December 18.

 

Project updates

1. EigenLayer plans to launch Rewards v2 in January 2025, aiming to bring greater flexibility to the ecosystem's rewards.

2. Sui mainnet is upgraded to v1.38.3

3. Grayscale: As of December 4, its DeFi Fund has not added or removed any new token, with $UNI weighting at 57.8%.

4. Anchorage Digital adds support for liquid staking token LsETH.

5. Usual opens its airdrop inquiry and is set to launch airdrop distribution in mid-December.

6. ORA launches Season 1 airdrop, allocating 10% of the total token supply to participants in its points program.

7. DEXX states that 80% of its daily platform revenue will be used to compensate users and is actively seeking to complete a new round of equity financing.

8. ME requires users to click the save information button and set up a wallet for claims by December 8.

9. GMT Team's STEPN GO ranked first in the Solana ecosystem blue-chip rankings for November.

10. An analysis predicts that each Pudgy Penguins holder can receive an airdrop worth $31,000–$61,000 in PENGU.

 

Recommended reads

Everything you need to know about SynFutures, a leading protocol in the derivatives space

Over the past year, two standout projects in the decentralized derivatives sector have emerged: Hyperliquid and SynFutures. Last week, Hyperliquid held its TGE and launched an airdrop, setting a record for the largest airdrop ever. This has sparked excitement for SynFutures, another major player in the derivatives space.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604401347

 

RootData November crypto market summary: BTC enters bull mode, but fundraising remains bearish

This article dives into detailed funding data, active investors, and trending projects, providing insights into the evolving trends in the crypto market.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604401707