Today's News Highlights:
USDC Treasury minted 400 million USDC this morning
The top three year-to-date return declines among the top 500 cryptocurrencies are: STRAX, KUJI, SATS
Data: Bitcoin spot ETF saw a net outflow of $426 million yesterday
Binance Labs announces investment in THENA
Binance Labs to invest in 46 projects in 2024, focusing on blockchain, AI, and biotechnology in 2025
Regulation/Macro
According to Jinshi reports, Mary Daly, President of the San Francisco Federal Reserve, stated that cryptocurrencies should be viewed as an independent asset class rather than being conflated with gold. She believes that cryptocurrencies are complex and do not yet meet the conditions to be considered "currency." Daly pointed out that crypto assets need to define their uses, whether as a medium of exchange, speculative asset, or store of value, but their volatility and demand-driven value characteristics differ significantly from the stability of traditional currencies. Daly's views differ from those of Federal Reserve Chairman Jerome Powell, who previously likened Bitcoin to virtual gold rather than a competitor to the dollar, but both agree that cryptocurrencies currently do not meet the conditions to function as currency.
Binance to conduct approximately 1 hour of wallet maintenance on the Ethereum network on January 2
Binance will conduct wallet maintenance on the Ethereum network (ETH) on January 2, 2025, at 14:00 (UTC+8). To support this maintenance, Binance will suspend deposits and withdrawals for the Ethereum network (ETH) at 13:55 (UTC+8) on January 2, 2025. The maintenance is expected to take 1 hour, and deposit and withdrawal services will automatically resume after the maintenance is completed.
According to an announcement from the Supreme People's Court, the results of the 2024 judicial research major project have been published, with Project Seven focusing on "Research on the Disposal of Virtual Currencies Involved in Cases." This key funding project is divided into three research groups: • Group 1: Lin Wei from Southwest University of Political Science and Law, Wang Zhongwei from Chongqing High People's Court, Yuan Shengqiang from Chongqing Fifth Intermediate People's Court • Group 2: Xue Chunjiang from Beijing Third Intermediate People's Court, Yang Dong from Renmin University of China • Group 3: Zhan Xuwei from Shenzhen Intermediate People's Court, Wu Xuebin from Shenzhen University
Judge postpones trial date for CFTC vs. Gemini to January 21
According to Cointelegraph, a U.S. court has postponed the CFTC vs. Gemini case to January 21, 2025. U.S. District Judge Alvin Hellerstein announced that the civil case hearing date between the Commodity Futures Trading Commission (CFTC) and Gemini Trust Company has been moved from the originally scheduled January 13, 2025, to January 21, and made it clear that there would be no further delays. The CFTC filed a lawsuit against Gemini in June 2022, accusing it of providing false or misleading information when applying for Bitcoin futures contracts in 2017, seeking the return of illegal profits, civil penalties, and injunctions. The delay in the case may be influenced by the incoming government and new congressional policies.
U.S. Blockchain Association sues the IRS over new digital asset reporting regulations
According to Cointelegraph, the IRS has issued new regulations requiring digital asset platforms, including decentralized exchanges (DEX), to disclose user transaction information and crypto asset sales income starting in 2027. The Blockchain Association and the Texas Blockchain Council have filed a lawsuit against this rule, claiming it is unconstitutional, violates the Administrative Procedure Act, and could have serious implications for the U.S. digital asset sector.
Financing
Binance Labs announces investment in THENA
Binance Labs has announced an investment in THENA, a decentralized exchange (DEX) and liquidity protocol based on the BNB Chain. This funding will be used to accelerate the development and expansion of the THENA platform, enhance security measures, increase user growth, strengthen partnerships within the BNB Chain ecosystem, and promote DeFi innovation. THENA was established in January 2023 and employs an innovative ve(3,3) token economic model, aiming to create a comprehensive liquidity layer that integrates the best features of leading DeFi protocols into one platform to enhance security, scalability, and user experience, thereby promoting the adoption of decentralized finance (DeFi).
On-chain credit analysis company Accountable completes $2.3 million seed round financing
ZK technology-supported on-chain credit analysis startup Accountable has completed a $2.3 million seed round financing, led by MitonC and Zee Prime Capital, with participation from angel investors such as Darius Rugys of Maven 11 and DCBuilder of the Worldcoin Foundation. This round of financing will be used to pay employee salaries, with plans for a new round of financing in the second quarter of 2025. Accountable aims to build a privacy-preserving data platform that provides real-time verification of assets, liabilities, and transaction exposures for borrowers through technologies such as zero-knowledge proofs and homomorphic encryption. Users can connect custodial accounts, exchanges, etc., to generate credit risk reports and independently decide the scope of sharing. The company's goal is to rebuild the unsecured loan ecosystem affected by the 2022 crypto credit market collapse while ensuring privacy and data security. Accountable's technology can also be applied in scenarios such as proof of assets and liabilities, providing real-time and confidential financial information verification for institutions and users.
Project Updates
Musk reposts "Elon Musk is now Kekius Maximus"
Musk reposts "Elon Musk is now Kekius Maximus."
Bitget has completed the merger and token swap of BWB and BGB
According to Bitget's announcement, Bitget has completed the merger and token swap of Bitget Wallet Token (BWB) and Bitget Token (BGB). The specifics are as follows: 1. Swap ratio: 1 BWB = 0.08563 BGB. 2. Trading changes: The BWB/USDT trading pair has been delisted. 3. Deposits and withdrawals: Bitget will no longer support deposits and withdrawals of the BWB token.
a16z CTO in the ai16z Discord group, no need to worry about ai16z infringing a16z trademark issues
According to @0xjunkdogg, regarding whether ai16z is suspected of infringing a16z trademarks, he stated that there is no need to worry and provided the following explanations: 1. Communication has been made with a16z via email; 2. a16z's CTO is currently in the ai16z Discord but has not publicly spoken; 3. a16z co-founder Marc Andreessen has previously shared related content; 4. ai16z and a16z are jointly promoting the DUNA project, which aims to legalize DAOs in the U.S. Previously, a16z has achieved a legal framework for DAOs in some states, and both parties are working to expand its legal coverage.
The Wormhole Foundation tweeted this morning that today's FEG token issue is unrelated to Wormhole, and all Wormhole contracts are completely unaffected. Analysis from blockchain security firm CertiK shows that the FEG bridge was attacked on December 29, 2024, with the issue stemming from a logic error in the cross-chain message processing of the relay contract. This contract was deployed by an address funded by the FEG team and is not associated with the Wormhole team.
GitHub Trending data shows that the autonomous agent framework Eliza developed by the ai16z team ranks first in the December trends, gaining 4,531 stars this month for a total of 7,028 stars.
Opinions
Binance founder CZ shared Errands Gotham's view, stating that Q1 2025 will be the most promising period for altcoins in the past 36 months, with a pattern similar to 2021 and 2017. Errands Gotham predicts that the BNB chain will perform like Ethereum in Q1 2025, with a minimum target price of $1314 and an optimal target price of $1986. This view reflects CZ's previous statement that supporting small and mid-cap projects is an important strategy for Binance Labs to reduce market risk. Binance Labs has also emphasized that projects with practical application scenarios, strong teams, clear roadmaps, and sustainable business models are more likely to survive and thrive in market cycles.
Binance Labs to invest in 46 projects in 2024, focusing on blockchain, AI, and biotechnology in 2025
On December 31, PANew reported that Binance Labs announced investments in a total of 46 projects in 2024, of which 14 are from the BNB Chain MVB program or Labs incubation program, and 32 are direct investments. Infrastructure and application projects each account for 50%. The investment projects cover 10 in DeFi, 7 in AI, 7 in the BTC ecosystem, 4 in Restaking, 3 in Gaming, 2 in ZK, 2 in RWA, and 2 in consumer applications, along with multiple investments in infrastructure and emerging fields, including the Move ecosystem and DeSci. The portfolio covers Telegram, Solana, Ethereum, and major Ethereum L2s, and is distributed across emerging ecosystems such as Berachain, Monad, Initia, and mature ecosystems like Stacks, Celestia, and Bittensor. About 20% of the investments come from BNB ecosystem projects (MVB program). Binance Labs stated that in 2025, it will focus on blockchain, AI, and biotechnology, looking forward to the innovations brought by the intersection of these three fields. With the new U.S. government taking a positive stance on the crypto industry, the regulatory environment may improve, promoting institutional participation and facilitating industry development. Binance founder CZ has returned to the investment field and will spend more time communicating directly with founders. Binance Labs plans to expand its investment scope to cover various trading types, including primary and secondary markets, continuing to seek projects with practical application scenarios, strong teams, and sustainable business models.
According to Matrixport analysis, Ethereum's gas fees have continued to decline since the March 2024 upgrade, and ecosystem activity remains sluggish. Coupled with weak trading volume, achieving a significant price increase for ETH in 2025 may face considerable resistance. In 2024, Ethereum faced strong competition from alternative protocols like Solana and Sui, which attracted more users and whose tokens outperformed Ethereum throughout the year. The analysis points out that without significant positive news to stimulate it, Ethereum may continue to be at a disadvantage in 2025, while competing projects are expected to further expand their advantages.
Franklin Templeton's digital assets team states that the cryptocurrency sector will experience key developments in 2025 due to regulatory clarity, institutional adoption, and technological advancements. Specific aspects include: 1. Regulation and institutional adoption: Clear policies from regulatory bodies like the SEC are expected to promote the development of crypto-related financial products (such as ETFs and tokenized securities), helping the U.S. re-establish its position as a global center for crypto innovation. 2. Integration of traditional finance and crypto infrastructure: The establishment of a stablecoin regulatory framework will pave the way for major financial institutions to issue stablecoins, further expanding the DeFi ecosystem. 3. Strengthening Bitcoin's position: Bitcoin will accelerate its role as a global financial asset and digital value storage medium, with multiple countries potentially incorporating it into their strategic reserve assets. 4. Growing demand for decentralized physical infrastructure networks (DePIN): Decentralized solutions will receive more attention in practical application areas such as logistics and IoT. 5. Integration of AI and crypto: The importance of blockchain technology in transparency and verification will increase, accelerating the expansion of the AI-driven economy. AI agents will automate on-chain transactions, portfolio management, and the integration of digital content and on-chain activities through blockchain. 6. Practicality first: 2025 will mark a shift in crypto technology from speculation to practicality, becoming a key component of global financial and operational systems.
Pantera: Optimistic about crypto AI, DePIN, and new Layer 1 blockchains in 2025
Pantera Capital partner Lauren Stephanian states that with the U.S. pro-crypto policies driving growth, crypto venture capital is expected to increase in 2025, with investors adopting a more positive attitude towards capital deployment. Stephanian notes that the bull market will not last long, and it remains to be seen when it will start to slow down in 2025. Pantera will continue to invest broadly in the crypto and blockchain space, focusing on crypto AI, decentralized physical infrastructure networks (DePIN), and new Layer 1 blockchains with stronger application layer functionalities.
Dragonfly partner Rob Hadick states that due to the easing of the U.S. regulatory environment, continuous price increases of tokens, and the influx of institutional funds, crypto venture capital will significantly grow in 2025. However, he believes that financing levels are unlikely to return to the peaks of 2021-2022 in the short term, reflecting VC caution to avoid repeating past mistakes. Dragonfly will continue to support DeFi, CeFi, stablecoins/payments, and other areas with validated market demand, while also focusing on scaling platforms. Hadick mentions that although emerging fields like crypto AI and decentralized physical infrastructure networks (DePIN) are receiving attention, they are still in the "experimental stage." He expects that investments in security, tokenization, and interoperability may decrease, with market focus shifting to emerging tracks. Additionally, decentralized social media may face development challenges due to a lack of scalability and market fit.
QCP Capital states that due to low liquidity, the BTC spot market has seen increased volatility, with recent gains constrained by ongoing selling pressure. Since December 19, there has been a net outflow of $1.8 billion from spot ETFs, while MicroStrategy's pace of BTC purchases has noticeably slowed, causing BTC to lose momentum at the year's end. The weak performance of the crypto market aligns with global market sentiment, with the S&P 500 and Nasdaq experiencing their third decline of over 1% in eight trading days, reflecting market pricing of uncertainties in global trade for 2025. Despite a lackluster year-end performance, BTC has risen 120% for the year, outperforming global equities and gold. QCP Capital believes that key catalysts for BTC in 2025 may appear in January, and institutional reallocation of assets could increase BTC allocation, solidifying Bitcoin's dominance and bringing its volatility closer to that of the stock market. The market is expected to increase demand for downside protection and hedge risks more through selling call options.
Important Data
The top three year-to-date return declines among the top 500 cryptocurrencies are: STRAX, KUJI, SATS
According to Sosovalue data, the top 10 tokens with the largest year-to-date return declines among the top 500 cryptocurrencies are as follows: STRAX (Stratis) -92.57% annual return, currently priced at $0.07416; KUJI (Kujira) -85.33% annual return, currently priced at $0.6239; SATS (SATS) -78.42% annual return, currently priced at $0.0001762; AZERO (Aleph Zero) -77.86% annual return, currently priced at $0.3527; DAO (DAO Maker) -72.31% annual return, currently priced at $0.3229; OSMO (Osmosis) -72.22% annual return, currently priced at $0.4349; BIGTIME (Big Time) -71.59% annual return, currently priced at $0.13601; NTRN (Neutron) -71.08% annual return, currently priced at $0.347; CSPR (Casper Network) -71.01% annual return, currently priced at $0.01489; NFP (NFPrompt) -70.44% annual return, currently priced at $0.2675.
Data: Bitcoin Spot ETF Saw a Net Outflow of $426 Million Yesterday
According to SoSoValue data, the Bitcoin spot ETF experienced a net outflow of $426 million yesterday (Eastern Time, December 30), marking two consecutive days of net outflows. Among them, Grayscale's ETF GBTC had a net outflow of $135 million in a single day, with a historical cumulative net outflow reaching $21.487 billion; Grayscale's Bitcoin Mini Trust ETF saw a net outflow of $31.73 million in a single day, but its historical cumulative net inflow remains at $829 million. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $106.239 billion, accounting for 5.69% of Bitcoin's total market capitalization, with a historical cumulative net inflow of $35.238 billion.
CryptoRank data shows that in 2024, among the top 15 blockchains by decentralized exchange (DEX) trading volume, Ethereum ($674 billion, a 46.3% year-on-year increase) and Solana ($626 billion, a 1049% year-on-year increase) rank first and second, respectively. Following them are BNB Chain ($352 billion, a 178% year-on-year increase), Arbitrum ($252 billion, a 101% year-on-year increase), and Base ($222 billion, a 5.8% year-on-year increase). Blast ranks sixth with $133 billion, while Polygon ($49.8 billion, a 3.9% year-on-year decrease) and Avalanche ($46.8 billion, a 105% year-on-year increase) follow closely. Sui ($41.2 billion, a 1859% year-on-year increase) and Optimism ($33.8 billion, a 69.6% year-on-year increase) also performed strongly. Additionally, TRON ($20.2 billion, a 401% year-on-year increase), Mantle ($13.4 billion, a 918% year-on-year increase), Aptos ($11 billion, a 2867% year-on-year increase), Osmosis ($11 billion, a 164% year-on-year increase), and TON ($9.4 billion, a 4372% year-on-year increase).
USDC Treasury Minted 400 Million USDC This Morning
According to on-chain data monitored by Whale Alert, at 2:17, 2:42, 2:57, and 5:12 AM Beijing time today, USDC Treasury minted 100 million USDC on the Ethereum and Algorand (last time) chains, totaling 400 million USDC minted.
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