Today's News Highlights:
El Salvador's Bitcoin reserves reach 6,000 coins, valued at approximately $569 million.
The Italian Parliament passes the 2025 budget, increasing the cryptocurrency tax rate to 33% in 2026.
MIRA's largest holder Siqi Chen: has locked about one-third of his assets for one year.
Modular blockchain Sophon completes mining migration and opens mainnet mining.
NFT trading volume dropped by about 50% in the past week, with "Pudgy Penguins" trading volume down 76.65%.
The market cap of AI tokens has fallen to the $50 billion range, down about 28% from the peak in early December.
ai16z founder: ai16z has no control over AI Pool and cannot access the private keys.
A whale that obtained 200,000 ETH from the genesis block transferred 3,370 ETH to Kraken nine hours ago.
Regulatory News
The Italian Parliament passes the 2025 budget, increasing the cryptocurrency tax rate to 33% in 2026
According to Jinshi, the Italian Parliament finally approved the 2025 budget a few days before the year-end deadline, marking a significant victory for Prime Minister Meloni. Meloni and her Finance Minister Giorgetti jointly formulated a tax reduction plan aimed at winning voter support while adhering to EU fiscal rules. The government plans to reduce the national deficit to 3.3% of GDP next year and below the EU's 3% cap by 2026. Last-minute adjustments to the budget included the decision to maintain the cryptocurrency tax rate at 26% in 2025 and increase it to 33% in 2026, instead of the initially proposed 42%. The Italian Prime Minister has promised tax cuts for low- and middle-income groups, which helps solidify her governing position, but it also means a slower return to fiscal discipline according to EU standards.
U.S. stocks fell on Friday, disappointing investors' expectations for a so-called "Santa Claus rally." As the New Year's holiday approaches, global financial markets may also tend to remain calm in the coming week. The U.S. ISM Manufacturing Purchasing Managers' Index (PMI) may be the only focus of economic data next week; however, any headlines related to Trump's policies could also stimulate market volatility. Here are the key points the market will focus on in the new week:
- Monday 23:30, U.S. December Dallas Fed Business Activity Index
- Thursday 9:45, China's December Caixin Manufacturing PMI
- Thursday 21:30, U.S. initial jobless claims for the week ending December 28
- Thursday 22:45, U.S. December S&P Global Manufacturing PMI final value
- Friday 23:00, U.S. December ISM Manufacturing PMI
If economic data contradicts the Federal Reserve, the dollar's upward momentum may fade. Next week's initial jobless claims could also become a significant driver of the dollar's movement, as any data indicating the Fed's excessive caution on inflation while being overly optimistic about the labor market could lead to a collapse of the dollar's recent gains.
Project Updates
ai16z founder: ai16z has no control over AI Pool and cannot access the private keys
ai16z founder Shaw responded in a recent interview to the market attention generated by his previous support for the AI Pool project on social media. Shaw stated that AI Pool was created by partner Skely, making it primarily his project, but it is built on ElizaOS technology, showcasing an application process similar to pump.fun, but occurring in a fairer manner on social media, so users do not need to go elsewhere. This also demonstrates a truly autonomous agency, which is completely self-governing—ai16z has no control over it and cannot access the private keys. Funds cannot be withdrawn, nor can it be manipulated; it operates autonomously.
CryptoQuant CEO: Bitcoin seems to be filling the ideological space once occupied by gold
Ki Young Ju, founder and CEO of CryptoQuant, stated on the X platform: "Historically, whenever the U.S. feels its dominant position in the global economy is threatened, gold prices soar, and debates around the gold standard gain attention. In the late 1990s, Peter Schiff argued that gold is the true form of currency, just as today's Bitcoin extremists advocate for Bitcoin. These supporters, known as 'gold bugs,' wish to restore the gold standard. However, despite renewed interest during economic crises, the U.S. has consistently avoided this shift, relying instead on creative solutions to sustain growth. For the past 50 years, the gold standard has been a relic of the past. Now, Bitcoin seems to be filling the ideological space once occupied by gold. I personally support the idea of a Bitcoin standard.
However, I doubt whether the U.S. will continue to grow while other economies stagnate and adopt Bitcoin as a strategic asset. For this debate to gain significant traction, the U.S. needs to see its global economic dominance genuinely threatened. Currently, market sentiment indicates confidence in the U.S. maintaining its hegemonic position. While it is conceivable that the U.S. government might purchase Bitcoin for risk management or economic leverage, its motivations may differ significantly from those of Bitcoin holders. The idea of buying Bitcoin in preparation for a Bitcoin standard or as a tool to defend the dollar system seems far removed from current reality. With global capital flowing into the U.S., many still believe the dollar's dominance is secure. Even before taking office, Trump continuously warned other world leaders about the power gap between the U.S. and other countries. Such rhetoric, combined with increased capital inflow into the dollar, may revive confidence in dollar hegemony. Many Koreans around me choose the dollar as a safe haven rather than gold or Bitcoin, especially in the context of the won's depreciation.
If Trump successfully demonstrates the resilience of the U.S. economy, solidifies the dollar's hegemony, and boosts his approval ratings, it remains uncertain whether he will continue to maintain the strong pro-Bitcoin stance he exhibited during the campaign. He could easily abandon his advocacy for Bitcoin, citing a change in priorities, without alienating his voter base. Undeniably, Trump is a skilled politician capable of strengthening America's position. However, to what extent he intends to realize his campaign statements regarding Bitcoin remains uncertain. At the Bitcoin conference, Trump mentioned Bitcoin as a strategic asset; is this a genuine step towards preparing for a Bitcoin standard, or merely a carefully orchestrated move to gain votes?"
Ethena's Berachain incentive pre-deposit vault is now live
Ethena Labs tweeted that Ethena's Berachain incentive pre-deposit vault is now live, accepting deposits in USDe, sUSDe, and USDC/USDT. Concrete has launched two Ethena pre-deposit vaults for the Berachain deposit program. After the Berachain mainnet goes live, the pre-deposit vaults will deploy liquidity in whitelisted protocols within the Berachain ecosystem. Deposits in USDe and sUSDe will be eligible for Ethena rewards, Concrete Points, BERA, and native ecosystem rewards.
Modular blockchain Sophon completes mining migration and opens mainnet mining
The ZKsync-based modular blockchain Sophon announced that it has completed its mining migration and has opened Phase 2, with mainnet mining now available.
Previous news indicated that the timeline for Sophon mining migration was announced, with mainnet mining set to begin on December 28.
MIRA's largest holder Siqi Chen: has locked about one-third of his assets for one year
Siqi Chen, CEO and CFO of the startup financial platform Runway and the largest holder of MIRA, tweeted that he has locked about one-third of his assets for one year, suspended the liquidation plan, and committed to starting a slower liquidation at a rate of 50,000 MIRA per hour after 24 hours, according to earlier notice, to maximize funding for rare disease research in the long term. He is still considering the next steps but reiterated his commitment to ensuring that 100% of the token funds associated with MIRA in the wallet will be used to support rare disease research (minus taxes). He is also committed to placing the remaining 80% of MIRA tokens into a lock or multi-signature wallet controlled by trusted community members.
Previous news reported that Siqi Chen gradually sold donated MIRA coins to support cancer laboratories, causing MIRA's market cap to drop to $14 million at one point.
Mining company Blockware: Bitcoin could reach $150,000 to $400,000 by 2025
Cryptocurrency mining company Blockware Solutions stated that based on Donald Trump's strategic Bitcoin reserve plan and the Federal Reserve's policies, Bitcoin's price could quadruple to $400,000 by 2025, or rise by 58% to $150,000 in the worst-case scenario.
Blockware Solutions indicated in its market forecast report that if Donald Trump does not "adhere" to the strategic Bitcoin reserve, a bear market target of $150,000 is possible. Meanwhile, if the Federal Reserve "further reverses" its interest rate cut policy and long-term holders (those holding BTC for more than 155 days) "actively" sell Bitcoin, a bear market target is also possible.
If these three factors align, the price of Bitcoin could potentially reach $400,000 in a "bull market." First, as the overall Consumer Price Index (CPI) declines, the Federal Reserve must adopt a "more dovish stance." Second, corporate adoption of Bitcoin must accelerate, with one of the "seven giants"—Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, or Tesla—adding Bitcoin to their balance sheets. Finally, the U.S. government must not only convert its existing Bitcoin holdings into a strategic Bitcoin reserve but also accumulate more Bitcoin.
Important Data
According to CoinMarketCap, the market cap of AI cryptocurrencies reached $50.5 billion, down about 28% from the peak of $70.4 billion on December 7. Additionally, the cumulative trading volume surrounding AI tokens has also declined, dropping nearly 11% in the past month, indicating a decrease in trader interest in AI cryptocurrencies. However, an increasing number of analysts expect a altcoin season in 2025, during which profits from Bitcoin may flow into small-cap cryptocurrencies, including AI tokens.
El Salvador's Bitcoin reserves reach 6,000 coins, valued at approximately $569 million
According to portfolio tracking data from El Salvador's National Bitcoin Office, as of December 29, the country's Bitcoin holdings have increased to 6,000.77 Bitcoin, currently valued at $569.3 million. The latest purchase has raised El Salvador's Bitcoin investment return to 108.02%, with an average purchase price of $45,450.
Data from CryptoSlam shows that the NFT market experienced a significant pullback in the past week, with total trading volume plummeting 49.77% to $152.7 million. Despite the sharp decline in trading volume, market participation metrics indicate sustained interest from both new and existing traders. The number of NFT buyers increased by 50.97% to 531,208, while the number of NFT sellers grew by 47.14% to 308,666.
Ethereum network NFT trading volume decreased by 62% to $75.3 million. Despite the drop in trading volume, the network still had 63,054 buyers, an increase of 42.91%. The Bitcoin network NFT also showed a similar trend, with trading volume down 30% to $28 million. However, the network's user growth was strong, with the number of buyers reaching 59,311, up 52.13% from the previous period. Solana network NFTs, despite a 58.71% drop in trading volume to $13.9 million, maintained the third position. The network continued to show strong user engagement, with the number of buyers reaching 180,111, an increase of 68.43%.
Pudgy Penguins trading volume plummeted 76.65% to $12.6 million, with buyer participation down 69.92%. Despite a 41.94% drop in trading volume, Azuki surged to second place with a trading volume of $9.3 million. BRC-20 NFT trading volume decreased by 30.68%, dropping to third place at $6.5 million.
Notable trades this week include:
- Azuki #3535 sold for $427,000 (125 ETH)
- CryptoPunks #6797 sold for $159,792 (49 ETH)
- CryptoPunks #3017 sold for $156,815 (47 ETH)
- CryptoPunks #704 sold for $156,488 (46 ETH)
- CryptoPunks #5792 sold for $155,949 (45.9849 ETH)
According to on-chain analyst Yu Jin, a whale that obtained 200,000 ETH from the Ethereum genesis block in 2015 transferred 3,370 ETH ($11.37 million) to Kraken nine hours ago.
This whale has transferred a total of 48,687 ETH ($171.78 million) to Kraken this year, with an average transfer price of $3,528. After eight years of gradual selling, there are currently 7,594 ETH ($25.72 million) remaining.
Two whales bought a total of 4.47 million ai16z today
According to Lookonchain, two whales are purchasing ai16z, with a total purchase of 4.47 million ai16z:
- AVLKwK…x1Mv spent 3.71 million USDC today to buy 2.96 million ai16z at a price of about $1.253.
- 65FwXv…T4HE spent 10,000 SOL ($1.88 million) today to buy 1.51 million ai16z at a price of about $1.247.
A whale deposited 5.76 million ONDO into Coinbase, expected to profit over $3.54 million
According to Onchain Lens, a whale has deposited 5.76 million ONDO into Coinbase after accumulating for nine months, valued at $8.31 million, with profits exceeding $3.54 million.
A new wallet withdrew 2,700 BTC from Binance in the past 14 hours, valued at $256.35 million
According to Onchain Lens, a new wallet accumulated 2,700 BTC from Binance in the past 14 hours, valued at $256.35 million.
According to on-chain analyst @ai_9684xtpa, a whale that spent $10 million heavily investing in ai16z over the past month is currently up $16.58 million, with a return rate of 166%. Since November 28, he has accumulated 19.83 million ai16z at an average price of $0.5039, accounting for 1.8% of the total token supply, and has only bought without selling, currently ranking as the TOP7 holding address.
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