Pantera Capital CEO predicts that Bitcoin will reach the peak of its bull market cycle in August 2025.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
16.9 trillion BONK have been destroyed, worth over $50 million
According to SolanaFloor, the Solana ecosystem meme coin BONK has destroyed 16.9 trillion BONK (worth approximately $52.28 million) from its total supply after a proposal was approved by Bonk DAO.
Binance Alpha adds EVAN, BITCOIN, VISTA, AVAAI, and AITECH
Binance Alpha has added 5 new projects: EVAN, BITCOIN, VISTA, AVAAI, and AITECH. As of now, there are 43 projects in Binance Alpha.
Vitalik donates 10 million Thai Baht to Khao Kheow Zoo in Thailand to support the adoption of the internet-famous hippo Moo Deng
Vitalik Buterin donated 10 million Thai Baht (approximately $292,200) through the wildlife sponsorship program of Khao Kheow Open Zoo in Thailand to support the little hippo Moo Deng and her family. The donation will be made in two installments, with the first donation completed on December 26, 2024, and the second donation to be announced within a year.
Vitalik expressed his commitment to animal welfare and education efforts and looks forward to collaborating with the zoo community to promote its development and improvement plans. This donation will be used for Moo Deng's exclusive exhibition area and highlights the success of the Ethereum community in hosting events in Thailand, especially the Devcon SEA conference held in Bangkok. He hopes to strengthen friendship with Thailand and contribute to the local community through this donation.
Pantera Capital CEO predicts Bitcoin will reach the peak of its bull market cycle in August 2025
Pantera Capital CEO Dan Morehead predicted on the Bankless podcast that Bitcoin will reach a new bull market cycle peak in August 2025, with a target price of $117,000. Morehead pointed out that Bitcoin's price movements have consistently followed a four-year halving cycle, with the effects of the halving typically starting to manifest 400 days before it occurs and peaking about 480 days later. Morehead stated that the market environment in 2025 will be very favorable, benefiting not only from the halving effect but also supported by political and macroeconomic factors.
Bitget announces merger of BWB and exchange for BGB, and will simultaneously delist all BWB-related token services
Bitget announced that it will support the merger and token exchange of Bitget Wallet Token (BWB) and Bitget Token (BGB) on December 27, 2024, at 16:00 (UTC+8), and will delist the BWB/USDT spot trading pair and related services. The token exchange will be based on the 7-day average closing price from December 19 to 25, 2024, with an average price of BWB at 0.3934 USDT and BGB at 4.5940 USDT, with an exchange ratio of 1 BWB = 0.08563 BGB. After the exchange is completed, the BWB in user accounts will be reclaimed and destroyed, and BGB will be airdropped proportionally. This merger will not affect the total issuance of BGB, with no new tokens created.
Eliza will announce new token economics proposal around January 1
Members of the Eliza team revealed in a community meeting that the project team plans to release two important announcements. First, the project team will officially announce the list of all partners to enhance project transparency and help the community better understand the relationships and specific scopes of cooperation.
Secondly, regarding token economics, the team will announce a new token economics proposal around January 1. This proposal is designed by professionals from multiple teams and will include LP pairing mechanisms, DeFi functionality integration, and more. Additionally, the project team revealed that they have acquired a Launchpad company, which will be used for official releases in the future.
Siqi Chen sells donated Mira coins to support Ccancer lab, causing Mira coin price to plummet
According to The Block, Siqi Chen, CEO and CFO of the entrepreneurial finance platform Runway, posted yesterday calling for donations to support the Ccancer lab at the University of Colorado. This lab is the only institution in North America researching pediatric craniopharyngioma, a condition affecting Siqi Chen's young daughter, Mira. Thanks to the retweets and promotions from several well-known X users, including X platform CEO Linda Yaccarino, as of the writing of this article, Siqi Chen's fundraising on GoFundMe has exceeded $230,000.
Unexpectedly, a user from Pump.Fun created a meme coin named Mira, which once had a market cap of $80 million. Fortunately, X user Waddles quickly purchased and gifted Siqi Chen 50% of the coin after its issuance, instantly raising his holdings to several million dollars. However, when Siqi Chen announced plans to gradually sell these Mira coins and donate all proceeds to the lab, the coin's market cap began to decline. Siqi Chen disclosed his selling plan on the X platform: "Starting around 3 AM UTC on December 27, I will sell $1,000 worth of Mira coins every 10 minutes, without interruption. If there are any changes to the plan, I will notify 24 hours in advance."
He acknowledged that some traders might profit without intending to donate, but overall, he believes this event has had a positive impact. He revealed, "Our original goal was to raise $200,000, but we will ultimately raise at least $1 million for rare disease research. This is undoubtedly a victory for the world." As of the writing of this article, the market cap of Mira coin has dropped to around $19 million. Meanwhile, a meme coin named "kitkat," named after Mira's dog, briefly reached a market cap of $3 million but has now fallen to about $150,000. Siqi Chen stated, "Every penny we receive from the kitkat/meme coin, including LP fees, after deducting taxes, will go directly to rare disease research."
Base trading volume maintains strong momentum in Q4, processing over 8 million transactions daily
According to The Block, Base's trading volume has maintained strong momentum throughout the fourth quarter, processing over 8 million transactions daily. Since March, the network has seen steady growth, with daily transactions increasing from about 500,000 to over 7.5 million in December. Additionally, the TVL of the Base network has grown to over $3.5 billion.
Solana staking protocol Jito's tip revenue has exceeded $100 million in the past two months
According to a report by cryptocurrency research firm Kairos Research on December 26, the Solana staking pool Jito has earned over $100 million in monthly revenue from priority fees and tips in November and December.
Kairos stated that in 2024, Jito's validators increased their average monthly tip revenue by 32%. Monthly revenue peaked in November at approximately $210 million.
Jito's continuously growing tip revenue reflects the increasing popularity of the Solana network. It also indicates that the earnings validators receive from prioritizing certain transactions, known as maximum extractable value (MEV), are on the rise.
According to Jito's developer, Jito Labs, as of December 26, over 93% of Solana validators use Jito's software to maximize block building profits.
Market Dynamics
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Pantera Capital bought Bitcoin at $65 in 2013, and the fund's returns have exceeded 100 times since then. Pantera founder Dan Morehead shared how to identify assets with asymmetric return potential and provided deep insights into the future of the cryptocurrency market. He mentioned Bitcoin's "escape velocity," the adoption of cryptocurrencies by institutional investors, the impact of political factors on cryptocurrencies, and the four-year cycle.
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