TL;DR

• BTC has shown a fluctuating trend in the past two days, dropping 3.29% in the last 24 hours, with intense competition between long and short positions.
• Altcoins have seen broad declines, with Layer2, DeFi, and meme sectors dropping over 10%.
• The total liquidation across the network reached $1.79 billion, with long positions accounting for $1.62 billion.
• A Russian lawmaker has proposed creating a national Bitcoin reserve to counter economic sanctions.
• Bitcoin lending platform Lava has secured $10 million in Series A funding.
• Magic Eden will begin airdrop claims on December 10.

Market Analysis

According to Gate.io market data, as of 4:00 AM (UTC+0) on December 10[1]:

• BTC — The price of Bitcoin has dropped 3.29% in the last 24 hours. The highest price during the day was 99,690.7 USDT, the lowest was 96,245.7 USDT, and the current price is 96,245.7 USDT. BTC has shown a fluctuating trend over the past two days, with the MA5, MA10, and MA30 indicators crossing each other, indicating intense competition between long and short positions in the short term. Between December 9 and December 10, the price underwent several fluctuations. Around 12:00 PM on December 9, the price saw a noticeable upward movement, but it subsequently declined, eventually settling near 96,245.7 USDT on December 10. At 11:00 PM on December 9, the price briefly rebounded, breaking through the 100,000 USDT level, but failed to sustain the upward momentum, quickly dropping back below 95,000 USDT.

• ETH — Over the past 24 hours, Ethereum has shown a generally downward fluctuating trend, with the price dropping 6.79%. The highest price reached 3,959 USDT, but it failed to break through the key resistance level of 4,000 USDT, and then the price fell back, reaching a low of 3,626.13 USDT. From December 8 to December 9, ETH experienced noticeable fluctuations. On December 9, the price saw a significant drop, nearing 3,690.81 USDT, before recovering. Starting from December 10, the price fluctuated within a smaller range. When the price was volatile, trading volume increased correspondingly. For example, during the price drop on December 9, the trading volume surged, indicating intense competition between long and short positions. Currently, ETH is in a consolidation phase with upward fluctuations, with the market generally adopting a wait-and-see approach.

• ETF — According to SoSoValue data, on December 10, the total net inflow into the US Bitcoin spot ETF exceeded $479 million[4], while the US Ethereum spot ETF saw a total net inflow of $149 million[5].
• Altcoins — The Anime-themed sector rose 136.8%, showing strong performance and highlighting the appeal of anime themes in the meme market. The TRY Stablecoin sector increased 40.9%, reflecting growing market demand for stablecoins[6].
• US Stock Indices — The S&P 500 index dropped 0.61%, the NASDAQ index fell 0.84%, and the Dow Jones index declined 0.54%[7].
• Spot Gold — The price of spot gold fell to $2,668.8 per ounce, with a daily increase of 0.32%[8].
• Fear & Greed Index — The Fear & Greed Index stands at 78, indicating that the market is in an extreme greed phase[9].

Top Performers

According to Gate.io market data, based on trading volume and price performance over the past 24 hours, the top-performing altcoins as of 4:00 AM (UTC+0) on December 10 are as follows[10]:

CTY （Custodiy）— Single-day increase of approximately 271.40%, fully circulating market cap of $10.39 million.
Custodiy is a platform focused on smart contract creation and deeply integrated with multiple mainstream blockchains to enhance cross-chain interoperability between different ecosystems. The platform uses stablecoins to ensure the stability of the value held in contracts. Additionally, all services on the Custodiy web are paid for using the platform’s native token, CTY, creating a self-sustaining economic model to ensure the continuous development of the platform’s ecosystem.

Recently, the price of Custodiy has surged, possibly due to its listing on a well-known exchange and the increased trading activity. Moreover, Custodiy’s integration with more mainstream blockchains has further enhanced its reliability and attractiveness as a smart contract creation platform.

MOVE （Movement Network）— Single-day increase of approximately 158.25%, fully circulating market cap of $7.84 billion.
Movement Network is a blockchain ecosystem based on the modular Move programming language, enabling developers to build secure, high-performance, and interoperable blockchain applications. It bridges the gap between the Move and EVM ecosystems, promoting collaboration within the blockchain space.

On December 9, Gate.io launched the MOVE perpetual contract for trading, supporting leverage of 1-50x, offering users more flexible trading options. This expanded the trading scenarios for MOVE, bringing higher liquidity and increased attention from investors.

BABYDOGE （Baby Doge Coin）— Single-day increase of approximately 33.82%, fully circulating market cap of $2.35 billion.
BABYDOGE is a derivative project born from the Dogecoin community, aimed at attracting more users through funny and community-driven initiatives. Its user base mainly consists of Dogecoin community members. Maintaining its original spirit, it has introduced a deflationary mechanism, where each transaction generates a reward, enabling the project to achieve significant market appreciation shortly after its launch.

This week, the meme project BabyDoge officially announced the upcoming launch of its meme incubation platform Puppy.fun, built on a well-known public blockchain. Part of the platform’s fees will be used to burn BabyDoge tokens, further reducing the circulating supply. This development marks an important milestone for the BABYDOGE project and has sparked great enthusiasm among investors, driving the price increase of the related token.

Data Highlights

Market Liquidations Hit $1.79 Billion Yesterday Amid Bullish Sentiment
According to the latest data from CoinGlass, as of 12:00 PM (UTC+8) on December 10, the total amount of liquidations across the network in the past 24 hours reached $1.79 billion, with $1.62 billion in long position liquidations and over $175 million in short position liquidations. Bitcoin and Ethereum saw liquidations of $191 million and $253 million, respectively. In addition, altcoins like XRP, PEPE, and 1000PEPE also garnered market attention[11].

Recently, the crypto market has experienced significant growth, primarily driven by Bitcoin’s strong performance. Ethereum has also shown robust momentum, with its price breaking through the $4,000 level again. The rise of major cryptocurrencies has boosted market sentiment, further driving exponential growth in meme coins like PEPE.

Digital Asset Investment Hits $3.85 Billion in Weekly Inflows
Last week, digital asset investment products saw a net inflow of $3.85 billion, setting a record for the largest single-week inflow in history. This increase brought the total year-to-date (YTD) inflows to $41 billion, and the total assets under management (AuM) reached a historic high of $165 billion. This reflects the current surge in market sentiment, as the crypto market experiences a strong rebound[12].

In terms of specific asset performance, Bitcoin has been the primary driver of inflows, attracting $2.5 billion, bringing its year-to-date (YTD) total inflows to $36.5 billion. Ethereum has also performed strongly, with a $1.2 billion inflow in a single week, surpassing the inflow size seen during the ETF launch in July. Additionally, blockchain-related stock investments have garnered attention, attracting $124 million in inflows, marking the largest single-week inflow since January of this year. This indicates that digital assets have experienced growth in both inflows and market appeal, while the attraction of mainstream assets remains strong.

Crypto Market Sectors See Broad Pullback, Bitcoin (BTC), Ethereum (ETH), and CeFi Show Relative Strength
According to SoSoValue data, all sectors in the crypto market have experienced a pullback, with most down by around 10%. However, BTC, ETH, and the CeFi sectors have shown relatively stronger performance. Specifically, BTC saw a 3.01% drop in the last 24 hours, ETH dropped 7.64%, and the CeFi sector declined 6.85%, which was the smallest drop among all sectors.

In other sectors, the Layer 1 sector saw a 13.37% drop in the past 24 hours, the Layer 2 sector declined 12.57%, the meme sector fell 16.04%, the RWA sector dropped 14.51%, and the DeFi sector decreased 16.31%[13].

Spotlight Analysis

Russian Lawmaker Proposes Establishing a National Bitcoin Reserve to Counter Economic Sanctions
Russian lawmaker Anton Tkachev has proposed the creation of a national Bitcoin reserve, positioning it as a tool to counter economic sanctions and ensure financial stability. In a formal appeal to the Finance Minister, Tkachev suggested establishing a Bitcoin reserve similar to traditional foreign exchange reserves. He believes that cryptocurrency has advantages in mitigating risks related to sanctions, inflation, and currency volatility. Tkachev highlighted Bitcoin’s steadily increasing valuation, citing its anticipated price of $100,000 by December 2024 as evidence of its reliability as a store of value and an investment asset. Recognition of the value of digital assets is growing among lawmakers in various countries, including the U.S. and Russia. Digital assets are increasingly seen not just as niche investment tools or speculative assets, but as having potential for long-term value storage and risk hedging. This shift is expected to further drive the global adoption and legalization of digital assets, prompting more institutions and individuals to reassess and evaluate the investment value of cryptocurrencies[14].

Czech Financial Reform: Tax-Free Crypto Policy Boosts Central Role \
On December 9, Crowdfundinsider reported that the Czech Republic has passed comprehensive financial market reforms, aiming to become a global leader in the cryptocurrency space. The core of this reform is to ensure that crypto businesses can open bank accounts smoothly, free from undue restrictions. This measure is designed to simplify financial management processes and eliminate major barriers that previously hindered operations, thereby improving the business environment to attract industry investors.

The Czech Republic has long implemented flexible regulatory policies in the crypto sector, making it one of the most attractive countries for virtual currencies within the European Union. Last week, the government also introduced a three-year tax exemption policy for crypto investments, aligning its tax rules with those for traditional assets like stocks. This offers investors a more predictable tax environment. This move aligns closely with the upcoming EU Markets in Crypto-Assets (MiCA) regulation, optimizing the cross-border operational framework and providing blockchain service providers with more efficient compliance pathways. This demonstrates the Czech Republic’s progressive approach in the cryptocurrency field.

From the investment perspective, the Czech Republic has significant advantages. Centrally located in Europe, with robust infrastructure, an open and sound regulatory system, and a stable social order, these factors collectively enhance its attractiveness to foreign capital. The latest financial market reforms further leverage its position as a gateway to the EU market, laying a solid foundation for the Czech Republic’s long-term development in the crypto space[15].

Circle Plans to Upgrade CCTP, Optimizing Cross-Chain Stablecoin Transactions
Yesterday, stablecoin issuer Circle announced on social media that it will launch CCTP V2 in early 2025, marking a significant upgrade to its cross-chain transfer protocol. The new version will initially be deployed on the Ethereum mainnet, Base, and Avalanche, with plans to expand to more blockchains.

The main improvements in CCTP V2 include faster transfer speeds and lower latency settlement times. Transfer confirmations will be completed in seconds, significantly reducing the time traditionally required for cross-chain transfers, which often take several minutes. Additionally, all cross-chain transactions conducted through Circle will immediately be added to a pending list once completed.

Circle has provided a smoother solution for the finality of stablecoin USDC cross-chain operations, which is crucial for high-frequency trading scenarios. Notably, the CCTP V2 upgrade expands to multiple mainstream public blockchains, offering more users and institutions the convenience of cross-chain asset transfers. This expansion also promises to further activate decentralized finance (DeFi) ecosystems. However, the complexity and interoperability between multiple blockchains remain key bottlenecks in technological development. Whether this initiative can provide a replicable success model for the entire industry will require ongoing attention[16].

Funding News

According to RootData, on December 10, there were two public fundraisings in the blockchain and Web3 sectors in the past 24 hours, raising a total of $11 million, focusing on fields such as CeFi and blockchain infrastructure. The specific fundraising details are as follows:[17]

Lava — Bitcoin lending platform Lava recently completed a $10 million Series A funding round, with participation from Founders Fund and Khosla Ventures. Lava also plans to roll out a range of expanded services, including payment functionality and Bitcoin-based purchases. However, the platform does not intend to issue a token at this stage, and the funding was provided in the form of full equity financing. Lava’s innovation lies in its “self-custody” asset model, which avoids the platform directly holding users’ assets. This mechanism effectively reduces the risk of bankruptcy due to inadequate risk management, similar to issues faced by platforms like Genesis and BlockFi. The success of this fundraising highlights investors’ strong recognition of Lava’s innovative mechanism, helping the platform expand further with services such as optimizing risk control mechanisms and introducing more competitive interest rate products.

Mandala Chain — Mandala Chain announced it has completed a pre-seed funding round, raising $1 million. This round was led by Harbour Industrial Capital, with follow-up investments from O-DE Capital, NLS Ventures, and Polkadot ecosystem strategic partners. Mandala Chain is an L1 blockchain based on Polkadot, designed to seamlessly integrate government and enterprise applications with the public and retail sectors. It aims to offer richer and more diverse blockchain applications for emerging markets, addressing issues such as financial service accessibility, improved transparency, and efficient cross-border payments. The success of this funding round marks a key step in Mandala’s expansion of its ecosystem, particularly in achieving significant progress toward the goal of bringing the next 100 million users into the Web3 ecosystem.

Airdrop Opportunities

Over Protocol — Over Protocol is a new L1 blockchain developed by the Superblock team. The core innovation lies in the use of a lightweight node protocol called “Ethanos”, which enables the cleaning of outdated data from full nodes by retaining only active account data. This design significantly lowers the hardware requirements for nodes, allowing users to run nodes and participate in network validation on low-storage PC devices, thereby enhancing decentralized participation. According to an official tweet from Over Protocol, they will open the airdrop for distribution at 9:00 AM on December 16. Users can access the Nethers NFT bridge platform and the airdrop page to claim their allocated tokens within a three-month period from the start date of the airdrop[18].

How to Participate:

1. Start Time: 9:00 AM (UTC+0) on December 16, 2024
2. Total Airdrop: 54 million OVER tokens (representing 5.45% of the total supply)
3. Distribution Method: Based on user behavior reliability, task participation activity, and performance scores
4. Eligibility: Users who have participated in the Over Community Access Program (OCAP). The system will perform a two-step Sybil attack detection to eliminate bot accounts. Genuine contributors who do not pass the Sybil detection will have a second chance to participate through a Google Form.

Steps to Participate:
a. Update OverWallet: Upgrade to the latest version of the OverWallet app to ensure it supports the airdrop claim functionality. \
b. Verify Eligibility: Enter the email address used for registration and complete the verification process as prompted. Check the allocation details through OverFlex.
c. Claim Tokens: After the mainnet launch, log into the OverFlex app and follow the instructions to claim your airdrop tokens.

Magic Eden — Magic Eden Wallet has announced that the $ME airdrop claim will open at 10:00 PM (Beijing Time) on December 10. Magic Eden Wallet is a cross-chain cryptocurrency wallet, centered around NFTs, and it is a self-custodial wallet offering features like NFT portfolio management and rare token management. The $ME token aims to reward users who provide economic support to the chain through SOL, BTC, and EVM wallets. The airdrop allocation will be based on three key factors: genuine users (referred to as “organic users” by Magic Eden), cross-chain activity, and loyalty[19].

Airdrop Claim Steps:

1. Download the ME Wallet app on your mobile device, then import your Magic Eden wallet using the recovery phrase. Previously, Magic Eden released a test token claim process that can serve as a reference: “Magic Eden to Open testME Airdrop Claim, Familiarize Yourself with the Process”.
2. In the app, scan the QR code of the ME Foundation and randomly sign in on your mobile device.
3. After logging in, users should connect as many wallets as possible that have made transactions on Magic Eden, including BTC, ETH, SOL wallets. The more qualifying wallets you add, the better.

Note:
The airdrop plan and participation methods are subject to updates at any time. Users are advised to stay updated via the official channels of Over Protocol and Magic Eden for the latest information. Additionally, users should be cautious of potential risks and ensure they conduct thorough research before participating. Gate Research does not guarantee the issuance of future airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/fprice
11. Coinglass, https://www.coinglass.com/LiquidationData
12. https://blog.coinshares.com/volume-212-digital-asset-fund-flows-weekly-report-4737ab57e17c
13. Soso Value, https://sosovalue.com/
14. X, https://x.com/BitcoinMagazine/status/1866228528603177330
15. Crowdfundinsider, https://www.crowdfundinsider.com/2024/12/233921-czech-republic-enacts-financial-reforms-to-become-top-crypto-hub/
16. X, https://x.com/circle/status/1866121331239969152
17. Rootdata, https://www.rootdata.com/Fundraising
18. Overprotocol, https://over.network/
19. Gate.io, https://www.gate.io/post/status/8105623

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