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Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20)

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20)

远山洞见2024/12/20 10:57
By:远山洞见

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 0

Market highlights

1. BTC tested the $95,000 level, continuing its decline. New mainstream coins like $USUAL and $MOVE remained stable, while the AI agent framework token $ARC surged against the market trend. Over the past 24 hours, total liquidations across the network exceeded $1.028 billion, with $862 million of that from long liquidation, reflecting heightened market volatility. 

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 1

2. Leading in-wallet platform Alpha unveiled its third batch of projects, with four out of ten based on the BNB Chain. Other notable projects include Desic leaders $RIF and $URO. $TERMINUS (all caps) on Ethereum faced suspicion of insider front-running purchases. 

3. The German Digital Assets Company (DDA) partnered with Heliad Crypto Partners to launch the DDA Heliad Dynamic Blockchain ETP on the Börse Stuttgart, Germany's second-largest stock exchange. The ETP offers a dynamic portfolio of 13 tokens, namely $BTC, $ETH, $SOL, $BNB, $TON, $OP, $POL, $TRX, $NEAR, $SUI, $CELO, $ARB, and $INJ, with varying weightings based on market dynamics.

 

4. The Trump family's World Liberty Financial bought the dip on $ETH this morning. Meanwhile, the U.S. SEC approved Hashdex and Franklin Templeton's respective crypto index ETFs. The Grayscale Sui Trust, one of the first securities solely invested in $SUI, is now open to eligible accredited investors. 

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 2

Market overview

1. BTC continued to test the $95,000 level as the overall market slumped. However, $ARC and $USUAL defied the trend, posting notable gains.

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 3

 2. The Dow closed flat, breaking its longest 50-year losing streak. The yield spread between 2-year and 10-year U.S. Treasury bonds hit its widest level in 2.5 years. Gold futures declined for the sixth consecutive day. 

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 4

3. Currently at 97,544 USDT, Bitcoin is approaching a potential liquidation zone. A 1000-point drop to around 96,544 USDT could trigger over $164 million in cumulative long-position liquidations. Conversely, a rise to 98,544 USDT could lead to more than $227 million in cumulative short-position liquidations. Given the similar liquidation risks, it's advised to manage leverage wisely to avoid large-scale liquidations during market fluctuations.

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 5

4. In the past 24 hours, the BTC spot market saw inflows of $7 billion and outflows of $7.1 billion, resulting in a net outflow of $100 million.

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 6

5. In the past 24 hours, $ETH, $BTC, $SOL $DOGE, and $XRP led in net outflows in futures trading, signaling potential trading opportunities. 

Bitget Daily Digest | Trump project buys the dip on $ETH, social media abuzz with possible front-running of a top exchange wallet (December 20) image 7

 

Highlights on X

1. Kay Capital: Bitcoin's wealth hierarchy solidifies

Launched nearly a year ago, iShares Bitcoin Trust ETF (IBIT) has acquired 500,000 BTC at an average price above $60,000, equivalent to Binance's seven-year reserves, while MicroStrategy Inc. (MSTR) purchased 250,000 BTC during the same period. Bitcoin's pricing power is now firmly in Wall Street's hands, fundamentally reshaping market rules. The altcoin market is increasingly decoupled from BTC, with severe crashes in altcoins on CEXs having little impact on ETF investors. The era of using bear markets and altcoin speculation to accumulate BTC is over, with Bitcoin's wealth hierarchy solidifying. Newcomers may still have opportunities to climb the wealth ladder through timing and luck, but for altcoin traders, their main hope might lie in policy shifts after Donald Trump returns to power.

X post: https://x.com/keyahayek/status/1869742720711090679

2. Eugene Ng Ah Sio: Why SOL deserves attention

$SOL is currently in the "value" level on high-time-frame (HTF) charts. Key support levels are visible across SOLBTC, SOLETH, and SOLUSD charts. Recent stop-loss targets offer a promising entry point for longs. Additionally, funding rates have been steadily declining and are now negative, suggesting hedging positions in perpetual futures, although open interest has remained stable. $SOL has become a primary asset for short positions in hedging portfolios due to its weakening momentum since the pullback from $260. As @docXBT noted, these HTF support levels are worth watching, but a break below them could quickly push the market into high-risk territory. For long positions, this moment presents a strategic setup worth considering.

X post: https://x.com/0xENAS/status/1869725650904564203

3. @LuYao_Trader: Altcoin alarm rings, reducing positions is the key theme

$SOL has outperformed $BTC and $ETH this bull cycle. However, SOL/BTC has recently broken below its resistance level. On-chain meme performance is weakening, with leaders like $PEPE, $DOGE, $PNUT, and $ACT turning bearish. Even if $BTC holds within the $90,000–$110,000 range, a drop to $90,000 could see altcoins face another 30% crash—or worse. This year's altcoin rally was largely absent between March and September, making sector rotation unpredictable and corrections more brutal. At this stage, reducing exposure to altcoins and closely observing market dynamics is the prudent approach to avoid being prematurely wiped out.

X post: https://x.com/LuYao_Trader/status/1869726421096247462

4. 0xWizard: Market cycles remain the same, with subtle differences

People often say, "This time is different"—suggesting that altcoin seasons might not return, only memes will pump, or some altcoins won’t rally this bull run. However, patterns so far remain consistent: altcoin seasons occur, and every coin rallies in turn. Coins listed on Binance often mark short-term liquidity peaks, requiring redistribution or accumulation.  Of course, there are always subtle differences—such as the sequence of altcoin rallies being unpredictable. Binance's liquidity peak still holds true, but market cap and sentiment can alter trends. Some tokens, like $SATS and $NEIRO, might rally before entering redistribution or accumulation phases. Over time, you’ll realize that while every cycle has unique traps, the underlying market logic remains the same.

X post: https://x.com/0xcryptowizard/status/1869712851415486681

 

Institutional insights 

1.Bitwise: Ethereum could see significant growth in 2025 if it retains its institutional bona fides while improving ease-of-use

X post: https://x.com/Matt_Hougan/status/1869483554197086657

 2.CryptoQuant: The strategic Bitcoin reserves debate has become a chicken-and-egg dilemma

X post: https://x.com/ki_young_ju/status/1869597140324061607

 3.Glassnode: Long-term Bitcoin holders are making an average daily profit of $2.1 billion, with their holdings being reallocated to new investors

Read the full article here: https://cryptoslate.com/bitcoin-sees-wealth-shift-from-long-term-holders-to-new-investors-glassnode/

 4.VanEck: Bitcoin is projected to reach $3 million by 2050

Read the full article here: https://www.dlnews.com/articles/markets/vaneck-eyes-two-indicators-for-signs-of-bitcoin-peak/?utm_source=telegramutm_medium=organic_socialutm_campaign=

 

News updates

1. The World project has been asked by German regulators to delete illegally collected data and has appealed the decision.

2. Nigerian Securities and Exchange Commission tightens cryptocurrency marketing rules.

3. DEXX to introduce NFTs representing stolen asset debts, which will serve as the standard for future compensation.

4. The Bank of Japan keeps interest rates unchanged, marking the third consecutive pause in hikes.

5. The renomination vote for anti-crypto SEC Commissioner Crenshaw has been canceled, likely ending her chances of re-election.

 

Project updates

1. Eigen Foundation grants 1 million EIGEN tokens to AltLayer.

2. 21Shares registers its Polkadot Trust in Delaware.

3. Arkham: Dogecoin is coming to the Arkham Intelligence platform.

4. Anza proposes to implement a penalty mechanism in Solana, where part of the staked tokens of penalized validators will be burned.

5. Ethena Labs: USDe and sUSDe are now available on Swell.

6. HYPE has burned a total of 90,000 tokens since launch, valued at approximately $2.4 million.

7. SPACE ID launches TON-based domain name service on DuckChain.

8. Bitget Transparency Report: BGB’s market cap has risen to 26th place among cryptocurrencies, with derivative trading volume ranking third globally.

9. Avalanche founder:  Memecoins on Avalanche can be used not only for staking but also as gas tokens.

10. Swell announces the launch of Swellchain, a restaking chain.

 

Recommended reads

How to build your own AI agent with the Eliza framework 

AI agents aren’t just fancy robots — they’re like intelligent crypto companions that never sleep. With tools like Eliza, you can build your own agent without even having to become a programming pro.

 Read the full article here: https://www.bitgetapps.com/zh-CN/news/detail/12560604434344

 

Based Rollups will help Ethereum integration and Puffer serves as the catalyst for the next chapter 

Puffer has evolved from a native Liquid Restaking Protocol into a comprehensive Ethereum-integrated solution.

Read the full article here: https://bitgetapps.com/zh-CN/news/detail/12560604433312

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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