Crypto Market Cap Reaches May 2022 Level with 6% Increase and Bitcoin Dominance at 50.94%
The global crypto market cap has risen by over 6% to reach $1.75 trillion, which is the highest level since May 2022. This increase is supported by a 30% rise in total crypto market volume in the last 24 hours. Bitcoin dominance has also risen to 50.94% due to an 8% rally in the last day, while Ethereum's price has increased by 7% to reach $2,428 and is gaining momentum towards $3,000. The rally began on New Year's Day as positive sentiment rose ahead of a possible spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC) near January 10, 2024.
A giant whale transferred 300 BTC held for half a year to Binance and made a profit of US$5.25 million.
A certain whale transferred 300 BTC (worth $13.68 million) that they had held for six months to Binance 30 minutes ago, as monitored by on-chain analyst Yu Jin. The BTC was withdrawn from Binance and Bitmex in June 2023 at an average price of $28,072. If the whale sells at a profit, they will realize a profit of $5.25 million (+62%).
Bitcoin open interest reaches $18.252 billion
According to Coinglass platform data, the current open interest of Bitcoin futures contracts has reached $18.252 billion. Among them, CME has the largest proportion, at $4.891 billion; Binance ranks second, at $4.231 billion; Bybit ranks third, at $3.222 billion.
The annualized BTC futures premium on Deribit has exceeded 12%
Lin Chen, the head of Deribit's Asia-Pacific business, wrote on X platform that the BTC annualized futures premium has exceeded 12%, and the futures price at the end of 2024 is $47,882.5.
The open position of BTC contracts across the entire network is $18.15 billion
According to Coinglass data, the total open position of Bitcoin futures contracts on the entire network is 426,340 BTC (approximately $18.15 billion). CME's Bitcoin futures contract has the largest open position of 114,770 BTC (approximately $4.88 billion), ranking first. Binance's Bitcoin futures contract has an open position of 98,650 BTC (approximately $4.2 billion), ranking second.
Fortune Magazine: U.S. SEC Chairman Gary Gensler once stated that he is “neither bullish nor bearish on Bitcoin.”
Gary Gensler, the chairman of the US Securities and Exchange Commission, revealed in an interview with Fortune magazine that he did not spend most of his time on virtual currencies. After Hillary Clinton's defeat, Gensler was invited to teach at the Massachusetts Institute of Technology (MIT), where he stated that he would "try to remain neutral and not take a bullish or bearish stance on Bitcoin." The US Securities and Exchange Commission stated that it sued multiple Bitcoin exchanges, including Coinbase, because the virtual currencies they traded were not registered as securities and there were other illegal activities. Gensler believes that the Hong Kong action is clearly within the jurisdiction of the US Securities and Exchange Commission.
600 BTC transferred from Indodax to unknown wallet
According to WhaleAlert monitoring, 600 BTC (worth about $25,199,937) was transferred from Indodax to an unknown wallet.
Rich Dad Poor Dad author renews call to buy Bitcoin, gold and silver
On December 31, bestselling author of "Rich Dad Poor Dad" Robert Kiyosaki posted on social media, stating that insanity is doing the same thing over and over again and expecting different results. Buy gold, silver, and bitcoin. It's time to become smarter and wealthier.
1,000 BTC transferred from unknown wallet to OKEx
According to blockchain data tracking service Whale Alert, 1,000 BTC ($41,609,696) was transferred from an unknown wallet to OKEx.
For the first time this year, Bitcoin’s annual security budget accounted for a higher proportion of market capitalization than the year before
Kofi, a contributor to DefiLlama, stated in a post on X platform that this year will be the first time in Bitcoin's history that the annual security budget as a percentage of market capitalization will be higher than the previous year (rising from 1.8% to 1.9%). The security budget is the amount earned by miners to ensure network security. When this value is higher, the cost of a 51% attack is also higher, and vice versa.
The average monthly turnover of Shengli Securities’ virtual asset business reaches US$10 million, with Bitcoin investment accounting for 80%
Chen Peiquan, the executive director of Victory Securities, revealed that since the company launched virtual asset trading services, the monthly average turnover has reached 10 million US dollars, and its virtual asset business has been profitable. He believes that the relevant customers will maintain a multiple growth rate next year. Chen Peiquan said that currently, investors mainly invest in Bitcoin, accounting for 80% of the company's overall virtual asset investment. Chen Peiquan also revealed that Victory Securities will integrate its stock and virtual asset platforms next year to achieve a one-stop platform for investors to buy and sell virtual assets. Next year, Bitcoin will experience a halving once every four years, and with the possibility of the Federal Reserve launching an interest rate cut cycle, it is believed that virtual assets will usher in another bull market.
BTC breaks through $43,000
According to market data, BTC has broken through $43,000 and is currently trading at $43,005.4, with a daily increase of 0.59%. The market is volatile, so please be cautious and manage your risks.
Bitcoin miners have reduced their holdings of 12,700 BTC since mid-October
Citing Glassnode data, Bitcoin miners have been continuously selling BTC since mid-October. As of December 28th, the balance of Bitcoin in miner wallets decreased by 700 BTC in 24 hours. Compared with the short-term high point on October 22nd, the balance of miners has decreased by 12,700 BTC.
BTC falls below $43,000
OKX-BTC/USDT is currently trading at $43000.10, with a 24-hour increase of 0.13%.
Over 483 BTC transferred from unknown wallet to Kraken
According to Whale Alert monitoring, more than 483 BTC (approximately $20,794,713) was transferred from an unknown wallet to Kraken.
Former Goldman Sachs Executive Predicts Bitcoin Could Reach $1 Million by 2025 as Crypto Bull Market Begins
Raoul Pal, a former Goldman Sachs executive, predicts that the current crypto bull market cycle has just begun and could last for years. He believes that Bitcoin could potentially reach a high of $1 million by 2025. Pal compares the current cycle to the 2016-2017 cycle, which saw a huge influx of liquidity and resulted in a significant rise in digital assets. Despite strong rallies at the end of 2023, Pal suggests that the current bull market cycle is in its infancy and there is still a lot of potential for growth.
Bitcoin moves back above $43,000
Bitcoin rebounded above $43,000 and is currently priced at $43,020.59, with a 24-hour increase of 1.08%.
Best of State of the Network in 2023
In this special edition of the State of the Network, we reflect on a year full of riveting data and crucial events through the lens of the research team’s favorite issues from 2023. In the upcoming year, our commitment remains steadfast: to deliver meticulous, actionable insights that empower your decisions in an ever-evolving digital asset world.
6,999 BTC transferred to Coinbase, worth nearly $300 million
According to blockchain data tracking service Whale Alert, at around 21:24 on December 26th Beijing time, a total of 6,999 BTC were transferred to the cryptocurrency exchange Coinbase via 9 transactions from an address starting with "1PWQw", with a total value of approximately $299,158,354.
30,000 BTC transferred from unknown wallet to Binance
Whale Alert monitored the transfer of 30,000 BTC (worth $1,276,294,312) from an unknown wallet to Binance.
