Tuesday, December 31, 2024

MicroStrategy's Dismal December Still Keeps It at Top of 2024 Bitcoin-Tied Asset Rankings

Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR) It's been a tough month for MicroStrategy (MSTR), the software developer turned bitcoin (BTC) accumulator. Its stock has tumbled almost 50% since November, when it joined the Nasdaq 100 index and peaked at a 600% gain since the start of the year.

That still leaves the Tysons Corner, Virginia-based company a whopping 342% ahead in 2024, the biggest return among the highest-profile crypto-linked assets in traditional finance (TradFi).

It's been a volatile year, packed with geopolitical and technological developments to rattle financial markets. The continuing wars in eastern Europe and the Middle East, elections across the globe, the unwinding of the yen carry trade in August and the growth of artificial intelligence (AI) have all left their marks.

MicroStrategy's gain is almost double that of Nvidia (NVDA), the chipmaker whose production of integrated circuits needed for AI applications fueled a 185% return, the best among the so-called magnificent seven tech stocks. The next best, Meta Platforms (META), turned in 71%.

Bitcoin itself rose 100% in a year that included April's reward halving and multiple record highs. Demand for the largest cryptocurrency was driven by the January approval of spot exchange-traded funds (ETFs) in the U.S. Bitcoin outperformed two of its biggest competitors, ether (ETH), up 42%, and Solana (SOL), up 79%.

Among the ETF's iShares Bitcoin Trust (IBIT) also returned over 100% and became the fastest ETF in history to hit $50 billion in assets.

Bitcoin mining companies, on the whole, disappointed. Valkyrie Bitcoin Miners ETF (WGMI), a proxy for mining stocks, rose just under 30%. That's despite demand for the miners' computing capabilities and power supply agreements from artificial intelligence and high-performance computing (HPC) companies. Still, individual companies benefited, in particular, Bitdeer (BTDR),which added 151%, and WULF (WULF), which gained 131%.

Nevertheless, the miners' gains beat the broader equities market. The tech-heavy Nasdaq 100 Index (NDX) added 28% while the S&P 500 Index (SPX) rose 25%. The S&P 500 also trailed behind gold's 27% increase. The precious commodity has now topped the equity gauge in three of the past five years.

Concerns about U.S. inflation and the country's budget deficit added to the geopolitical uncertainties to prompt a massive rise in U.S. treasury yields, which move in the opposite direction to price.

The yield on the 10-Year Treasury added 15% to 4.5% over the course of the year, and surprisingly gained a full 100 basis points since the Federal Reserve started cutting interest rates in September.

The iShares 20+ Year Treasury Bond ETF (TLT), which tracks bond prices, dropped 10% this year and has lost 40% in the past five years.

The dollar, on the other hand, showed its strength. The DXY Index (DXY), a measure of the greenback against a basket of the currencies of the U.S.' biggest trading partners, rose to the highest since September 2022.

West Texas Intermediate (USOIL), the benchmark oil price in the U.S., ends the year little changed, up less than 1% to around $71 a barrel. But it was a bumpy ride, with the price rising to almost $90 at some points in the past 12 months.

As we head into the new year, all eyes will be on the debt ceiling discussion, the policies of President-elect Donald Trump and whether the U.S. can continue with its impressive growth story.



source https://www.coindesk.com/markets/2024/12/31/micro-strategys-dismal-december-still-keeps-it-at-top-of-2024-bitcoin-tied-asset-rankings

XRP Volumes Zoom Ahead of Bitcoin, Dogecoin in South Korea. What’s Next?

XRP trading volumes on South Korea's biggest crypto exchanges have overtaken those of bitcoin (BTC) and ether (ETH) in a sign of flurried interest that often precedes price volatility.

Total trading volume against the won on UpBit, Bithumb and Korbit, the country’s largest exchanges by volumes and users, topped $800 million in dollar value in the past 24 hours.

XRP registered over $200 million in volumes on Bithumb and $600 million on UpBit, with bitcoin (BTC) trading volumes less than half of those on both exchanges. Interest in other assets, such as dogecoin (DOGE) or ether (ETH) was even lower, reaching just a 10th of the demand seen for XRP.

A wild increase in trading volume is often a harbinger of increased volatility because it may be a sign that market participants are anticipating developments that warrant them taking speculative positions.

High volumes might precede a price breakout if those positions support a strong move through resistance or support levels. They could also signal a price peak or trough, potentially leading to a reversal if the volume represents panic selling or aggressive buying at perceived undervalued or overvalued levels.

South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.

XRP has emerged as a popular token among Korean traders this year, with political developments often causing a sudden move in XRP markets locally, as a CoinDesk analysis previously showed.

Tuesday’s volume bump comes as a South Korean court issued an arrest warrant for President Yoon Suk Yeol early Tuesday. The warrant was sought over Yoon’s controversial and short-lived decision to impose martial law early in December.



source https://www.coindesk.com/markets/2024/12/31/xrp-volumes-zoom-ahead-of-bitcoin-dogecoin-in-south-korea-what-s-next

Don't Expect Bitcoin Fireworks Ahead of New Year, Traders Say, as BTC ETFs Lose $420M

Bearish trading in bitcoin (BTC) markets continued late Monday as the asset briefly fell under $92,000 on profit-taking despite another mammoth MicroStrategy purchase, recovering to just over $92,800 as of Asian morning hours Tuesday.

Some traders expect the current price action to likely continue until February, weeks after president-elect Donald Trump takes office in the U.S. and sets into motion a barrage of policies that may help the market. "We are skeptical of any New Year fireworks especially with funding healthy," traders at Singapore-based QCP Capital said in a Telegram broadcast. "January's average returns (+3.3%) are relatively similar to December's (+4.8%), and we could expect spot to remain in this range in the near-term before things start to pick from Feb onwards." "Options flows are also reflecting similar sentiments with frontend vols drifting lower and risk-reversals most bid for Calls in March, partly due to significant March (120k-130k) Calls bought last Friday," they added. This means traders are betting on bitcoin prices going up in March. They're buying more call options (which profit if the stock rises) than put options. The cost of these options is going down, showing optimism for the March period.

BTC is on track to end December down 4%, its worst since 2021, as both retail investors and long-term holders cash out positions after a 117% yearly surge. Elsewhere, readings of the U.S. Chicago PMI indicate an economic slowdown, adding pressure on the market that tends to be correlated to such data.

In what looks to have been its final purchase of the year, Bitcoin development company MicroStrategy increased its BTC stash for the eighth consecutive week on Monday, adding another 2,138 BTC for $209 million in the week ended Dec. 29. That brought its total holdings to 446,400 BTC.

But news of the buying did little to stem losses. BTC prices slumped in the hours following MicroStrategy’s announcement, while shares of the company fell 8% to their lowest since early November.

The fall spread over to majors, with ether (ETH), XRP, Solana’s SOL and Cardano’s ADA falling as much as 3% before recovering. BNB Chain’s BNB was little changed, while memecoins dogecoin (DOGE) and shiba inu (SHIB) fell 5%.

The broad-based CoinDesk 20 (CD20), an index tracking the largest tokens by market capitalization, minus stablecoins, lost 2.7% in the past 24 hours.

Exchange-traded funds (ETFs) holding the asset recorded $420 million in outflows in their second-last day of trading ahead of the new year, data shows. Fidelity’s FBTC lost $154 million to lead outflows, followed by Grayscale’s GBTC at $130 million and BlackRock’s IBIT at $36 million.

The products have recorded more than $1.5 billion in net outflows since Dec. 19, pausing an impressive run in the first half of the month that saw nearly $2 billion in net inflows. Large outflows can reflect a shift in investor sentiment, possibly moving toward a more cautious or bearish outlook on bitcoin's short-term performance.



source https://www.coindesk.com/markets/2024/12/31/dont-expect-bitcoin-fireworks-ahead-of-new-year-traders-say-as-btc-etfs-lose-420-m

Monday, December 30, 2024

U.S. Debt Ceiling Looms in Signal for a Bitcoin Cycle Bottom

The U.S. is likely to hit the maximum it's legally allowed to borrow at some point between Jan. 14 and Jan. 23, Treasury Secretary Janet Yellen said in a Friday letter to the speaker of the House of Representatives, Mike Johnson. After that, the Treasury will take "extraordinary measures" to cut borrowing.

"I respectfully urge Congress to act to protect the full faith and credit of the United States," she wrote. In June 2023, Congress suspended the debt limit until Jan. 1, 2025.

Risk assets weakened into the market close, just before the letter was publicized. U.S. equities fell, with the S&P 500, Nasdaq 100 and Dow Jones Industrial Average all losing about 1%. Bitcoin dropped as much as 4% from its intraday high.

Raising the debt ceiling has historically been a negative signal for the largest cryptocurrency, which has dropped or underperformed during the following days on the past five occasions.

This December has not been a strong month for bitcoin, which is down 3% and on track for its first red month since August.

To add to the political and economic uncertainty, President-elect Donald Trump's inauguration will occur on Jan. 20, between the dates Yellen highlighted.

According to Zerohedge, Congress first established a debt limit of $45 billion back in 1939 and has raised it 103 times as government spending continues to outpace tax receipts. The U.S. national debt is now over $36.2 trillion.

Another influence on the bitcoin price is its parallel to previous cycles. Since the cycle low that occurred during the FTX collapse in November 2022, BTC has been aligned with the previous two cycles.

It is now just shy of a 500% return, similar to the two previous cycles at the same point in the cycle. That's not a good sign for the bulls.

The 2018-2022 and 2015-2018 cycles both saw significant drawdowns at this point in the cycle, highlighted by the red box in the chart below. It's just possible Trump's inauguration date of Jan. 20 could signal a bottom for bitcoin.



source https://www.coindesk.com/markets/2024/12/30/u-s-debt-ceiling-looms-in-signal-for-a-bitcoin-cycle-bottom

HyperLiquid Releases Native Staking as HYPE Token Extends Its Rally

Layer-1 blockchain HyperLiquid, known for its decentralized derivatives exchange, opened up native staking for holders of its HYPE token, according to a Monday post on X.

Stakers can select which validator to stake tokens with and will accrue rewards in return for securing the network. At launch, HyperLiquid staked 300 million tokens ($8.4 billion), and another 7 million tokens were added by users in the first hour. The tokens are staked across 16 validators.

Locked tokens bound by a vesting schedule can be staked, but rewards that accrue will remain locked.

Introduction of staking comes one month after the HYPE token was issued. It debuted at $3.57 and has since risen to $27.89, CoinMarketCap shows.

HYPE now has a market cap of $9.2 billion, pushing it into the top 20 largest tokens after overtaking bitcoin cash (BCH), pepe (PEPE) and litecoin (LTC).

The exchange has racked up $2.64 billion in trading volume over the past 24 hours, with DefiLlama reporting that it is making more than $1 million per day in revenue.



source https://www.coindesk.com/business/2024/12/30/hyper-liquid-releases-native-staking-as-hype-token-extends-its-rally

Bitcoin to Hit Record Around $185K in 2025 as Nation States Buy: Galaxy Research

Bitcoin (BTC), the world's largest cryptocurrency, is likely to reach new highs next year and will "test or best" $185,000 in the fourth quarter of 2025, Galaxy Research said in a report last week.

Ether (ETH), the second-largest crypto, is predicted to rise above $5,500 in the next 12 months, the report said.

"A combination of institutional, corporate and nation state adoption will propel bitcoin to new heights in 2025," wrote Alex Thorn, Galaxy's head of research.

Galaxy said it expects five Nasdaq-100 companies and five nation states to say they have added bitcoin to their balance sheets or sovereign wealth funds next year, and competition among these countries will drive the next wave of adoption, the report said.

The total assets under management (AUM) of U.S. spot bitcoin exchange-traded funds (ETFs) is expected to surpass $250 billion in 2025, Galaxy forecast, and at least one leading wealth management platform will announce a bitcoin allocation of 2% or higher next year.

Bitcoin decentralized finance (DeFi) is also expected to boom, Galaxy said. The total amount of BTC locked in DeFi is forecast to double next year from the current $11 billion.

The trend of miners pivoting to high-performance computing (HPC) is expected to continue, and more than half of the 20 largest listed bitcoin mining firms will announce deals with artificial intelligence firms (AI) or hyperscalers in 2025, the report added.

Bitcoin will reach 20% of gold's market cap next year, the report predicted.

Read more: Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi



source https://www.coindesk.com/markets/2024/12/30/bitcoin-to-hit-record-around-185-k-in-2025-as-nation-states-buy-galaxy-research

Sunday, December 29, 2024

XRP Sinks 5% to Lead Crypto Losses as Strong Dollar Rattles Bitcoin Bulls

XRP led crypto losses on the second-last day of this year as a stronger dollar weighed down global currencies and assets including bitcoin, with Asian equity markets sliding lower on Monday.

XRP sunk more than 5% in the past 24 hours, with dogecoin (DOGE), Solana’s SOL, ether (ETH) and BNB falling as much as 2%. Overall market capitalization fell 3%, while the broad-based CoinDesk 20 (CD20), an index tracking the largest tokens, minus stablecoins, shed 3.5%.

US equities declined on Friday and as investors trimmed positions amid uncertainty heading into year-end. An Asia Pacific index reversed 5-day gains, while futures contracts on U.S. indexes S&P 500 and Nasdaq pointed to losses in the U.S. session as of Asian afternoon hours.

BTC has historically moved in the opposite direction of the U.S. Dollar Index (DXY), which gauges the greenback's exchange rate against major fiat currencies, including the euro.

Strength in the dollar largely comes ahead of President-elect Donald Trump stepping into office in late January, where he has promised several policies to help the economy in the coming years.

When the dollar strengthens, dollar-denominated assets become more attractive compared to cryptocurrencies. Investors prefer traditional investments like U.S. Treasuries or stocks, which yield returns in a strong dollar environment.

That, however, has dampened hopes of a continual crypto rally amid lower liquidity and year-end profit-taking among investors. A “Santa rally,” a colloquial term for bullish seasonality seen in December, has failed with a nearly 4% drop in BTC prices this month (it is still up 47% in the final quarter, data shows).

Elsewhere, scaled back expectations for continual interest-rate cuts by the Federal Reserve have contributed to a fall in bitcoin and crypto prices in the past month.

Some, however, remain optimistic about long-term crypto policies helping bump the market despite the lack of rate cuts or a strong dollar.

“Unlike what many believe, Bitcoin and altcoins have not hit their price tops despite the ongoing consolidation fueled by the interest rate cut last week,” Maksym Sakharov, co-founder of WeFi, told CoinDesk in a Telegram message. “The selloffs recorded stem from the knee-jerk reaction by the market to uncertainties associated with macroeconomic policies. The Fed is preparing for higher figures next year despite inflation close to the 2% annual benchmark. This might shift the direction of monetary policy and impact the market.

“But when US President-elect Donald Trump takes office in the coming year, more corporate firms will enter the Bitcoin ecosystem as the regulations become favorable. If these projections play out, the price of Bitcoin may also decouple from macroeconomic factors that generally trigger its intense volatility,” Sakharov added.



source https://www.coindesk.com/markets/2024/12/30/xrp-sinks-5-to-lead-crypto-losses-as-strong-dollar-rattles-bitcoin-bulls

Friday, December 27, 2024

Do Kwon's U.S. Extradition Gets Okay From Montenegro's Justice Minister

Terraform creator Do Kwon will be extradited to the U.S., Montenegrin Justice Minister Bojan Božović said Friday.

The U.S. and South Korean governments have both sought to take custody of Kwon to face criminal charges related to the collapse of the algorithmic stablecoin Terra/Luna system in 2022, which kicked off a series of high-profile collapses including that of FTX.

Kwon, who was arrested in Montenegro in March of 2023 and sentenced to a few months in prison over passport forgery charges, has been fighting his extradition to the U.S. for more than a year. Various courts in the country have ruled in favor of the U.S. or South Korea taking custody of the onetime crypto executive.

In his statement on Friday, Božović said his decision followed the country's Supreme Court ruling that the conditions for approving an extradition had been met.

"Bearing in mind the verdict of the Supreme Court, the Ministry of Justice considered all the facts and circumstances and assessed criteria such as the gravity of the criminal acts, the place of execution, the order of submission of the request, the citizenship of the requested person, the possibility of further extradition to another country, as well as other circumstances," the statement said.

The U.S. bid met these criteria, the statement said.

Friday's announcement is just the latest in a string of back-and-forth decisions about where Kwon should be sent. The Appellate Court of Montenegro ruled in August of this year that Kwon should go to South Korea.

The legal fallout for Terra continues in the U.S. as well; last week, the Securities and Exchange Commission settled charges with Tai Mo Shan, a subsidiary of Jump Crypto, alleging Tai Mo Shan sold LUNA as a security. The company will pay $123 million as part of the settlement.

Editor's note: The Montenegrin government's statement was translated into English.



source https://www.coindesk.com/policy/2024/12/27/do-kwons-u-s-extradition-gets-okay-from-montenegros-justice-minister

Bitcoin Institutional Adoption Accelerates as ETF Filings Show Investor Appetite

The dominant crypto narrative for 2024 has been institutional adoption. From the U.S. approval of spot bitcoin (BTC) exchange-traded funds to the burgeoning number of companies pledging to buy the largest cryptocurrency for their treasuries, crypto has entered, more than ever before, the mainstream conversation.

Bitcoin has increased almost 130% this year, breaking record highs on several occasions. It is currently hovering near the psychological threshold of $100,000. The ETFs approved in January have seen net inflows of $36 billion and amassed over 1 million BTC.

In addition, the number of publicly traded companies saying they're adding bitcoin to their corporate treasury is accelerating. The trend, which started with MicroStrategy (MSTR) in 2020, recently attracted KULR Technology (KULR), a maker of energy storage products for the space and defense industries. The Houston, Texas-based company said it bought 217.18 BTC for $21 million and is allocating up to 90% of the surplus to cash to BTC.

Now Bitwise Asset Management, which already has spot bitcoin and ether ETFs, has applied for an exchange-traded fund to track the shares of companies that hold at least 1,000 BTC in treasury. Other requirements for the fund, dubbed Bitwise Bitcoin Standard Corporations ETF, are a market capitalization of at least $100 million, a minimum average daily liquidity of at least $1 million and a public free float of less than 10%, according to the Dec. 26 filing.

A second Thursday filing was made by Strive Asset Management, co-founded by Vivek Ramaswamy, a politician in the administration of U.S. President-elect Donald Trump. The Bitcoin Bond ETF seeks exposure through derivative instruments such as MicroStrategy's convertible securities in an actively managed ETF. The bonds have been a massive success. The 0% coupon bond maturing in 2027 is priced at 150% above par and has outperformed bitcoin since inception.

"Since our inception, Strive has called out the long-term investment risks caused by the global fiat debt crisis, inflation, and geopolitical tensions," Strive CEO Matt Cole told CoinDesk. "We strongly believe there is no better long-term investment to hedge against these risks than thoughtful exposure to bitcoin."

"Strive's first of many planned bitcoin solutions will democratize access to bitcoin bonds, which are bonds issued by corporations to purchase bitcoin. We believe these bonds provide attractive risk-return exposure to bitcoin, yet they are not available to be purchased by most investors," he added.



source https://www.coindesk.com/markets/2024/12/27/bitcoin-institutional-adoption-accelerates-as-etf-filings-show-investor-appetite

Ethereum Co-founder Vitalik Buterin 'Adopts' Viral Hippo Moo Deng

Stalled bitcoin (BTC) and crypto prices may not be bringing festive cheer to traders, but some with money are trying to spread the goodwill around.

Ethereum co-founder Vitalik Buterin said he'd accepted an invitation to be the “adoptive father” of pygmy hippo Moo Deng when she grows up. He is also donating 10 million Thai baht ($300,000) to the Khao Kheow Open Zoo near Bangkok where the five-month-old lives, he said in a Thursday posting on X.

The donations, made in Moo Deng’s name, will be used to upgrade general zoo operations and create a dedicated pygmy hippo habitat within the premises.

Buterin said the donations came on the back of the “wonderful hospitality of Thailand” during November’s annual Ethereum developer conference, and were a “gesture of friendship and respect” to all of the country.

“What better way to do that than through a Christmas present to someone who is dear to all Thai people, Moo Deng, and who has become one of the most unexpected and important Thai celebrities on the world stage," Buterin said in a letter to the zoo.

Moo Deng, or bouncy pork in Thai, became a popular internet meme earlier this year after images of her went viral online. She has two siblings, brother Moo Toon (stewed pork) and sister Moo Waan (sweet pork).

A memecoin she inspired, MOODENG on Solana, went similarly viral and hit a market capitalization of above $600 million in November after bagging listings on influential exchanges such as Binance and Coinbase.

MOODENG was the first token themed on an animal other than a dog or cat to garner massive trading volumes and is considered by some to be the first Thai memecoin.

Token prices are down 60% from peak, however, as much of Moo Deng’s popularity remains focused within Thailand and neighboring markets.



source https://www.coindesk.com/markets/2024/12/27/ethereum-co-founder-vitalik-buterin-adopts-viral-hippo-moo-deng

Bitcoin Kimchi Premium Spikes as South Korea's Political Turmoil Escalates

South Koreans are paying a full 3% more to buy bitcoin (BTC) than their U.S. counterparts as they seek protection from the plummeting won, CryptoQuant data show.

Priced in won, the largest cryptocurrency is valued at 145,000,000 ($98,600) on the country's largest crypto exchange, Upbit. That compares with about $96,700 on Coinbase (COIN).

The move follows a vote by the South Korean parliament to impeach Han Duck-soo, the prime minister and acting president, just weeks after impeaching President Yoon Suk Yeol. The won slumped a 15-year low against the dollar.

"This unfolding saga is fundamentally about election fraud and the erosion of trust in South Korea’s National Election Commission (NEC)," said Jeff Park, head of alpha strategies at investment manager Bitwise, in a post on X. "The use of impeachment as a political tool, combined with allegations of foreign election interference, underscores the fragility of democracy in the face of disinformation. This is not just a Korean story; it’s a warning for democracies worldwide."



source https://www.coindesk.com/markets/2024/12/27/bitcoin-kimchi-premium-spikes-as-south-koreas-political-turmoil-escalates

Memecoin Degens Raise Millions for Rare Cancer Research After a Father’s Plea

A Pump.Fun memecoin zoomed from zero to an $80 million market capitalization on Thursday after a father’s plea for donations into a research study for his daughter’s rare brain cancer attracted swathes of crypto traders.

The token’s prices have since fallen 80% since a Thursday peak and trade at just over a cent as of Friday. But while late buyers are sitting on losses, the effort still raised over $1 million for the cause.

In an X post on Thursday, Runaway founder Siqi Chen said his daughter Mira was diagnosed with a type of brain tumor in September and that research and funding had “been lacking” because of how rare the condition was.

His GoFundMe page has raised 80% of its $300,000 target as of Thursday, with all proceeds going directly to research efforts at the Hankinson Lab at the Univerity of Colorado.

Chen also posted his Ethereum wallet on the X thread after user demand, later putting his Solana and Bitcoin addresses as users asked for more options.

And then Pump.Fun happened.

The platform lets anyone issue a token for less than $2 in capital, after which they choose the number of tokens, theme, and meme picture to accompany it. When the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and burned.

A user created the MIRA token attached with a picture of Chen and his daughter, with no apparent objective except it being a token that can be traded just like any other memecoin. The user’s Pump.Fun profile shows MIRA was just one of the several tokens they created that day, with all the others failing to break a $6,000 market cap.

X user @Waddles_eth later purchased 50% of the supply and sent all of it to Chen, who boosted the memecoin on his X account.

That ensured virality for the token and sent prices from fractions of a penny to a peak of 8 cents early Thursday. The value of Chen’s token holdings went from $400,000 to over $18 million as the token went viral. It attracted a peak of $7 million in liquidity (worth in both Solana’s SOL and the memecoin) as the market became widely traded.

It attracted over $85 million in trading volumes and over 130,000 transactions, making it the most popular smallcap in the past 24 hours.

“I have been on the internet for 30 years and have seen some shit, but this is by far the craziest day of my life,” Chen wrote on X as prices rocketed. “I will be liquidating $1,000 worth of $MIRA every 10 minutes, perpetually. If change this schedule, i commit to announcing it 24 hours in advance.”

“If you want to rug it to $0, go for it - at the end of the day we set out to raise $200K and we will end up with at least $1M towards rare disease research,” Chen stated.

Community response to the whole event has been overwhelmingly positive, with several users pointing out how such memecoins can contribute to positive outcomes in the world.

Memecoins are largely based on virality, attention and community hype. They are considered non-serious among professional investors but have seen massive demand and preference in the past year compared to larger venture capital-backed crypto tokens — which are perceived as enriching rich investors at the expense of smaller retail traders.

But MIRA shifted some of the tides.

“I think memecoins are dumb and have no future and I don't touch them. But if I wanted to make a case for them I would now know where to start,” X user @JaEsf said. “This is beautiful and quite crazy that you can do that with crypto. EVM, Solana or any chain. This is why Crypto exist! Simplify movement of assets,” said @mbaril010, another X user.

Meanwhile, @waddles_eth, the user who originally sent half the token’s supply to Chen, said the overall outcome met their expectations.

“When I saw the story about Mira and her illness, I thought it would be good to buy and send supply to you with the hopes of getting the SOL community behind a good cause on Christmas,” they said in a now-viral X post. “I'm really glad that it worked out the way that it has and I hope that the money helps to find a cure both for Mira and anyone else with her condition.”

Crypto for good may finally become a thing in the new year.



source https://www.coindesk.com/markets/2024/12/27/memecoin-degens-raise-millions-for-rare-cancer-research-after-a-father-s-plea

Thursday, December 26, 2024

Why 2025 Will See the Comeback of the ICO

Regulatory overhaul in America and a thawing of crypto antagonism globally in 2025 will usher in a new generation of decentralized capital formation, which was first popularized in 2017 as “ICOs” (initial coin offerings).

During the 2010s, crypto hadn't settled on a productive use case for Bitcoin and altcoins until Ethereum smart contracts enabled early-stage teams to raise capital from supporters dispersed around the world. We saw Ethereum bootstrap a global decentralized computer which spawned DeFi, NFTs and various crypto primitives funded by less than $20 million raised from a global community.

Many other projects soon followed suit and we observed a new dynamic in which raising early-stage capital from a decentralized community almost always resulted in more value-add for the project and entrepreneurs than even the best, most well-intentioned venture capitalists could offer. With a decentralized investor group, entrepreneurs get free evangelists, beta testers and code contributors — i.e. free work that contributed to the project at hand. Also, the shorter liquidity time frame allowed for better risk-return profiles for early-stage investors.

Unfortunately, ICOs were slowly choked off and signalled as “not in compliance” with regulations that were never exactly spelled out. By 2020, they had slowed to a trickle and 88% of ICO tokens were trading at below issuance price.

Fast forward to 2025 and we can see the convergence of some important inputs that allow for the re-emergence of compelling investment opportunities, but with very different characteristics from ICO 1.0.

The ingredients of ICO 2.0

1. Updated regulatory stance

I predict that value accrual will be a fundamental part of the “why” of investing in tokens this time around. Entrepreneurs and investors in the space have matured and are ready to collectively admit that there is an expectation of profit with most tokens. In fact, one could argue that the obfuscation of how token holders would be compensated as a hand-wavey attempt to sidestep the Howey test was the primary problem the first time around.

KYC/AML will be focused on on-ramps and off-ramps such as exchanges and L2 bridges, and reasonably concentrate at the point of realization of gains back into fiat, which is the appropriate light touch that should satisfy reasonable regulators.

2. Market turnover

We are seeing the rapid decline of certain mid-market companies that could remake their business models by becoming community-led and decentralized. For example, mid-size media companies including newspapers and magazines are an obvious business model that could be greatly improved by the use of a token economy to drive citizen journalists towards greater professionalism.

3. Crypto's progression

In 2017 we had ICO-click-races on very rough UI/UX interfaces, pre-launch SAFT (Simple Agreement for Future Tokens) rounds going to a handful of VCs and years of waiting until a live network launch. No one should be surprised then that the majority of ICO projects died. The Darwinian nature of any emerging technology is such that most will perish but the few that survive go on to create great value (spoiler alert: >90% of AI projects are going away as well).

Crypto now has decent on-boarding and good user-facing apps, and most importantly, the community has shown an uncanny ability to publicly call out nonsense and root out bad actors far better than government oversight ever has. The light of open decentralized ledgers is a particularly strong disinfectant.

Implications and predictions

So what does all this mean for the crypto community?

This new wave of decentralized capital formation will dwarf the approximately $20 billion of capital allocated in ICO 1.0 in 2017 and 2018. Over the coming years, we will see hundreds of billions in total capital formation across DeFi, NFTs, RWAs and a plethora of other crypto primitives.

M&A activity will represent a significant component of on-chain capital formation activity. Whether it is traditional businesses getting serious about crypto and buying up lost ground, like the Stripe-Bridge deal or EVM L2s joining forces as they recognize that only a handful will survive to be significant, we will see billions of dollars worth of M&A activity in the coming year.

In addition, mid-market Web2 and legacy companies will seek to reinvent their business model now that they can use token-incentivization under less hostile circumstances. We are seeing companies in energy, media, art and cellular communications get serious about token-incentivization to turn their value chain into an open marketplace, as well as rapidly acquire customers and use cheap(er) labour.

I am also optimistic that regenerative financing, blending a capitalistic mandate and philanthropic mandate, will find its place. And I am very excited about how crypto can change paradigms in bridging reasonable returns on capital with social goals in more compelling ways than we've seen to date.

I predict that we will see a range of novel ways to choose ICO participants, whether as a reward to LPs, relying on reputation based on on-chain activity or via the usage of certain proofs. The byproduct of this is that we will see better balance between retail and institutional/VC investors.

Finally, as always with crypto, we will continue to see relentless innovation and new ideas that give rise to more early stage funding opportunities. Many exciting new teams clearly see that AI's natural transaction medium will be via crypto and are preparing accordingly. AI agents will bootstrap themselves with token-backed fundraising mechanisms that blend debt and equity principles.

Overall, I am optimistic that the crypto community has internalized the lessons learned along the stoic path of evolution to this point. As a litany of opportunities for capital allocation emerge next year, I encourage everyone in crypto to be vocal and open in highlighting due diligence red flags and bend the arc of this industry towards open access, fair launches and projects that are forthright in accruing value to token holders.

Fair launches are a superior path forward and we should all work towards more equitable and transparent fundraising practices. There are still many issues to resolve and there will be some spectacular failures as we move forward, but decentralized capital formation is crypto's original killer app, and it deserves to continue to evolve.



source https://www.coindesk.com/opinion/2024/12/26/why-2025-will-see-the-comeback-of-the-ico

Bitcoin Returns to $95K as Christmas Rally Snuffed Out

With much of the globe celebrating Christmas, bitcoin (BTC) quietly appeared set to retake the $100,000 level after having fallen to below $93,000 just ahead of the holiday.

The rally, however, stalled at just above $99,800 as Asia opened for business on Thursday morning and declined rapidly to roughly $95,000 only a few hours later.

Bitcoin at press time was trading at $95,300, down 3.1% over the past 24 hours.

The broader CoinDesk 20 Index was lower by 4.2% over the same time frame, with ETH, SOL, XRP, ADA and AVAX among cryptos in that gauge sporting 4%-7% losses.

U.S. markets are open on Thursday, and stock index futures are pointing to modest early losses; gold and oil are marginally in the green.

Crypto's price action over the past 48 hours is surely on very low volume and bitcoin has still more than doubled year-to-date, but perhaps overlooked in declines over the past week is that the tailwind of lower interest rates might have become a headwind.

The 10-year Treasury yield continued to drift upward early Thursday, now at 4.63% and within a few basis points of its 2024 high. The yield is now ahead by nearly 100 basis points since the Federal Reserve slashed benchmark short-term rates by 50 basis points in September.

Macro researcher Jim Bianco noted that the swift move upward in long-term rates following a Fed rate cut is nearly unprecedented in modern monetary history. "The bond market will keep selling (higher yields) the more the Fed talks about rate cuts in 2025," said Bianco. "If the Fed does not back off the rate-cutting talk, bond yields will go as high as needed to start breaking things, to break inflation."



source https://www.coindesk.com/markets/2024/12/26/bitcoin-returns-to-95-k-as-christmas-rally-snuffed-out

Wednesday, December 25, 2024

Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report

Six mutual funds tracking the price of bitcoin (BTC) will debut in Israel next week after the Israel Securities Authority (ISA) granted permission for the products, Calcalist reported on Wednesday.

All six will start operations on the same day, Dec. 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.

The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, with management fees ranging from as high as 1.5% to 0.25%. One of the funds will be actively managed, trying to beat bitcon's performance. They will initially transact just once a day, though future products will be able to trade continuously, Globes said in a Tuesday report, citing market sources.

The ISA's approval comes almost a year after the U.S. Securities and Exchange Commission (SEC) greenlighted spot bitcoin exchange-traded funds (ETFs) in the world's largest economy, during which the world's largest cryptocurrency has more than doubled to trade near a record high. The U.S. funds have gathered a net $35.6 billion of investor cash.

"The investment houses have been pleading for more than a year for ETFs to be approved and started sending prospectuses for bitcoin funds in the middle of the year. But the regulator marches to its own tune. It has to check the details," an unidentified senior executive at an investment house told Calcalist.



source https://www.coindesk.com/policy/2024/12/25/six-bitcoin-mutual-funds-to-debut-in-israel-next-week-report

Floki on Course for Europe ETP as DAO Floats Proposal to Provide Early Liquidity

Meme-turned-utility project Floki is working with an unidentified asset manager to develop an exchange-traded product (ETP) tracking its FLOKI token that could be available to investors in Europe early in the new year, one of the developers told CoinDesk.

If approved, FLOKI would be the only meme token other than dogecoin (DOGE) with an institutional product in Europe.

“We've been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product) for quite a while now, and after months of due diligence and painstaking effort, we've been told that the Floki ETP is on track to go live in early Q1, 2025,” lead developer B told CoinDesk in a Telegram message on Wednesday.

The developers as seeking approval from the Floki DAO community to provide early liquidity to the product when it goes live. The vote runs for 48 hours and will end at 11:00 UTC on Dec. 27.

They are seeking approval to allocate part of the FLOKI required for the ETP from a treasury wallet that holds 16 billion tokens, worth just over $2.8 million at current prices. Tokens in that wallet were purchased from the open market over three years after the passage of another community vote.

If the proposal is approved, the FLOKI tokens would provide liquidity for the ETP while remaining Floki's property and could be withdrawn if there is enough third-party liquidity in the ETP.

“The Floki ETP is currently in an advanced stage and will become tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe,” B said. “When it goes live, the Floki ETP will allow institutional investors, regulated entities and retail investors to get exposure to FLOKI in a regulated way.”

B said the team could not disclose further specifics about the ETP due to non-disclosure agreements, such as opening prices, fund structure and institutional partners.

FLOKI is up 1.1% in the past 24 hours, in line with the broader crypto market.



source https://www.coindesk.com/markets/2024/12/25/floki-on-course-for-europe-etp-as-dao-floats-proposal-to-provide-early-liquidity

Monday, December 23, 2024

Record $14B Bitcoin Options Expiry Looms as Market Looks Highly Levered-Up

Just when you thought the year-end couldn't get any more intriguing, a significant options expiry is set to shake things up in this highly levered-up market.

Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a preset price at a later date. A call gives the right to buy, and a put confers the right to sell.

On Friday at 8:00 UTC, 146,000 bitcoin options contracts, valued at nearly $14 billion and sized at one BTC each, will expire on the crypto exchange Deribit. The notional amount represents 44% of the total open interest for all BTC options across different maturities, marking the largest expiry event ever on Deribit.

ETH options worth $3.84 billion will expire as well. ETH has dropped nearly 12% to $3,400 since the Fed meeting. Deribit accounts for over 80% of the global crypto options market.

Significant OI to expire ITM

As of writing, Friday's settlement looked set to see $4 billion worth of BTC options, representing 28% of the total open interest of $14 billion, expire "in the money (ITM)," generating a profit for buyers. These positions may be squared off or rolled over (shifted) to the next expiry, potentially causing market volatility.

"I suspect a fair bit of open interest in BTC and ETH will be rolled into Jan. 31 and Mar. 28 expiries as the nearest liquidity anchors at the start of the new year," Simranjeet Singh, portfolio manager and trader, at GSR said.

It should also be noted that the put-call open interest ratio for Friday's expiry is 0.69, meaning seven put options are open for every 10 calls outstanding. A relatively higher open interest in calls, which provides an asymmetric upside to the buyer, indicates that leverage is skewed to the upside.

The issue, however, is that BTC's bullish momentum has run out of steam since last Wednesday's Fed decision, where Chairman Jerome Powell ruled out potential Fed purchases of the cryptocurrency while signaling fewer rate cuts for 2025.

BTC has since dropped over 10% to $95,000, according to CoinDesk indices data.

This means that traders with leveraged bullish bets are at risk of magnified losses. If they decide to throw in the towel and exit their positions, it could lead to more volatility.

"The previously dominant bullish momentum has stalled, leaving the market highly leveraged to the upside. This positioning increases the risk of a rapid snowball effect if a significant downside move occurs," Deribit's Chief Executive Officer Luuk Strijers told CoinDesk.

"All eyes are on this expiry, as it has the potential to shape the narrative heading into the new year," Strijers added.

Directional uncertainty lingers

Key options-based metrics show there’s a noticeable lack of clarity in the market regarding potential price movements as the record expiry nears.

"The much-anticipated annual expiry is poised to conclude a remarkable year for the bulls. However, directional uncertainty lingers, highlighted by heightened volatility of volatility (vol-of-vol)," Strijers said.

The volatility of volatility (vol-of-vol) is a measure of fluctuations in the volatility of an asset. In other words, it measures how much the volatility or the degree of price turbulence in the asset itself fluctuates. If an asset's volatility changes significantly over time, it has a high vol-of-vol.

A high vol-of-vol typically means increased sensitivity to news and economic data, leading to rapid changes in asset prices, necessitating aggressive position adjustment and hedging.

Market more bearish on ETH

How options due for expiry are currently priced reveals a more bearish outlook for ETH relative to BTC.

"Comparing the vol smiles of the [Friday's] expiration between today and yesterday, we see that BTC’s smile is almost unmoved, while ETH's implied vol of calls has dropped significantly," Andrew Melville, research analyst at Block Scholes.

A volatility smile is a graphical representation of the implied volatility of options with the same expiration date but different strike prices. The drop in implied volatility for ETH calls means decreased demand for bullish bets, indicating a subdued outlook for Ethereum's native token.

That's also evident from the options skew, which measures how much investors are willing to pay for calls offering an asymmetric upside potential versus puts.

"After more than a week of poorer spot performance, ETH’s put-call skew ratio is more strongly bearish (2.06% in favour of puts compared to a more neutral 1.64% towards calls for BTC)," Melville noted.

Overall, end-of-year positioning reflects a moderately less bullish picture than we saw going into December, but even more starkly for ETH than BTC," Melville added.



source https://www.coindesk.com/markets/2024/12/24/record-14-b-bitcoin-options-expiry-looms-as-market-looks-highly-levered-up

Bitcoin Lull Could Spur Altcoin Rally, With $90K Considered 'Attractive' Buying Area

Traders expect bitcoin (BTC) choppiness to continue with a possible rotation to altcoins, as a major options expiry weighs on market dynamics in the festive week ahead.

“All eyes are on the massive expiry this Friday, where almost $20B notional across BTC and ETH options will expire,” Singapore-based QCP Capital said in a broadcast message early Tuesday. “This represents almost half the total OI on Deribit. We believe it's quite possible especially if spot continues to range here and as option sellers continue to roll their shorts out.”

"Rolling" means that instead of letting their options expire, traders shift their positions to later expiration dates. This is often done to keep the trade active if they still believe in their market forecast.

High volatility can be good for option buyers because it increases the chance that the option will be “in-the-money” (profitable) at some point before expiry — creating profit for buyers.

“As BTC continues to struggle below 100k, we could also see alts start to play catch up again,” QCP said, adding that a similar trend was observed a month ago when bitcoin was trading at current price levels. The ether/bitcoin ratio bounced off a 0.032 support at the time, as reported, spurring movement in altcoins.

The crypto market often goes through cycles in which bitcoin leads the charge, followed by altcoins. Investors sitting on fresh market gains seek additional returns, and a flow of capital to altcoins leads to wild rallies in short periods.

Bitcoin is currently going through one of its worst December months so far, dampening a seasonally bullish period with a 2% drop over the past 30 days. Hopes of a “Santa rally” — where the asset tends to surge in the festive week — have been dented amid profit-taking and a cautious mood after weeks of price bumps.

Some are warning of further declines as the U.S. Federal Reserve signaled fewer rate cuts for next year while stressing that it prohibits state holdings of BTC and doesn't seek a change in the law to do so.

But a drop to the $90,000 level could spell renewed opportunity for market traders, FxPro’s Alex Kuptsikevich told CoinDesk in an email.

“In a potential shock scenario, bitcoin could suddenly dip into the $70K area. However, there are more chances that a pullback to $90K in the next couple of weeks will be attractive enough for buyers to stop the sell-off,” Kuptsikevich said. “Markets continue to digest the Fed's tougher tone, reinforced by the accumulated urge to lock in profits after a strong year.”



source https://www.coindesk.com/markets/2024/12/24/bitcoin-lull-could-spur-altcoin-rally-with-90-k-considered-attractive-buying-area

The Protocol: Trump Makes More Pro-Crypto Appointments

Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. In this week’s issue of the Protocol newsletter:

Trump’s crypto team

Aptos' leadership shake-up

TikTok meets tokens

Kraken scales up

This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.

Network News

TRUMP CRYPTO APPOINTMENTS: President-elect Donald Trump continues to make high-profile appointments embracing cryptocurrency and emerging technologies in his second term. 1) Stephen Miran, tapped as Chair of the Council of Economic Advisers, is a pro-crypto advocate who aims to integrate blockchain and decentralized finance into the U.S. economy. 2) Bo Hines, a former college football player, will head the newly formed Crypto Council. Hines is tasked with balancing innovation and consumer protection as he builds a regulatory framework for digital assets. 3) David Sacks, a veteran of Silicon Valley and vocal blockchain supporter, is stepping in as AI and Crypto Czar. Sacks plans to merge blockchain with AI while bolstering U.S. dominance in both sectors. These appointments signal a clear shift from Trump’s earlier skepticism of digital assets. The big question now is how these moves translate into meaningful policy amid regulatory gridlock and political friction.

APTOS LEADERSHIP SHIFT: Aptos Labs CEO and co-founder Mo Shaikh has stepped down, with co-founder Avery Ching taking over as CEO. Shaikh, who will remain a strategic adviser, highlighted the company's achievements, including raising $400 million in venture funding and building a thriving ecosystem supported by partners like BlackRock, Google, Mastercard, and PayPal. Known for its layer-1 blockchain leveraging the Move programming language from Facebook's Diem project, Aptos Labs is expanding into finance and AI applications with the help of advisers like former Grayscale CEO Michael Sonnenshein and OpenAI’s Kevin Weil. The leadership transition underscores the company’s ongoing focus on scalability, security, and innovation in blockchain technology.

SONIC TO AIRDROP TIKTOK: Sonic, a Layer 2 solution on the Solana blockchain, has announced plans to airdrop its native token, SONIC, to TikTok users. This initiative aims to introduce TikTok's vast user base to decentralized finance (DeFi) by integrating blockchain technology with social media platforms. The airdrop is part of Sonic's strategy to enhance user engagement and promote the adoption of Layer 2 solutions for improved scalability and reduced transaction costs on the Solana network. By targeting TikTok users, Sonic seeks to bridge the gap between mainstream social media audiences and the DeFi ecosystem, fostering broader participation in decentralized financial services.

ALSO:

MicroStrategy added 5,262 BTC to its holdings as its stock secures a spot on the Nasdaq 100, reinforcing its long-standing Bitcoin strategy.

Nokia enters the crypto world with a patented technology for encrypting digital assets, signaling its move into blockchain innovation.

Ripple's legal chief urges Congress to focus on regulating crypto practices rather than stifling innovation by targeting the technology itself.

Feature: Kraken’s Ink Layer-2 Goes Live

Kraken, the seventh-largest crypto exchange, said its layer-2 rollup network, built on top of the Ethereum blockchain, has gone live.

The network, called Ink, is based on the OP stack, a customizable framework that lets developers build their own rollups using Optimism’s technology. The team had originally planned for Ink to go live in early 2025, so the launch of its main network is ahead of schedule.

Kraken agreed to receive 25 million OP tokens (worth about $58 million) as part of a deal to build on the OP Stack. Optimism has acknowledged that handing out developer grants for participants building on the stack is part of its strategy, which in turn contributes back to the wider “Superchain” ecosystem.Kraken competitor Coinbase said in August 2023 that it would build a layer-2 network with OP Stack.

The product, called Base, is now the second-largest rollup network according to L2beat. At the time, Optimism said the Base team would receive up to 118 million OP tokens and, in return, would contribute the higher of 2.5% of its sequencer revenue or 15% of its profits to the Optimism Collective.

Read the full story by Margaux Nijkerk here

Money Center

Fundraising

Avalon Labs has secured $10 million in a Series A funding round to expand its Bitcoin-backed stablecoin, aiming to enhance liquidity and stability in the cryptocurrency market. The investment reflects growing interest in Bitcoin-collateralized financial products as a bridge between traditional finance and digital assets.

Deals & Grants

Tether has announced a $75 million deal to acquire a stake in Rumble, a video-sharing platform. The investment aims to support decentralized media and aligns with Tether's commitment to fostering open communication technologies.

Data & Tokens

Bonk (BONK) surged 30%, leading a rebound among dog-themed meme tokens, with Shiba Inu (SHIB) and Dogecoin (DOGE) also experiencing gains. Additionally, the Commodity Futures Trading Commission (CFTC) classified Floki (FLOKI) as a utility token, potentially influencing its regulatory status.

Data Corner: 60M USDC Outflows Hit Hyper Liquid

Hyper Liquid, a cryptocurrency exchange focused on perpetual contracts, has reported a record outflow of $60 million in USDC amid speculation that North Korea is investigating the platform. The sudden exodus of funds raises questions about the exchange’s liquidity and the stability of its operations. This highlights the growing tension of crypto markets with geopolitical issues, as regulatory scrutiny and potential misuse of platforms by state actors come into focus. The incident underscores the vulnerabilities in crypto markets, particularly for exchanges dealing with high-risk financial products like perpetual contracts. Hyper Liquid’s situation may prompt further scrutiny of similar platforms, emphasizing the need for stronger safeguards in the face of increasing global regulatory pressure.

Get the full scoop by Omkar Godbole here

Calendar

Jan 9-12, 2025: CES, Las Vegas

Jan. 15-19: World Economic Forum, Davos, Switzerland

January 21-25: WAGMI conference, Miami.

Jan. 24-25: Adopting Bitcoin, Cape Town, South Africa.

Jan. 30-31: PLAN B Forum, San Salvador, El Salvador.

Feb. 1-6: Satoshi Roundtable, Dubai

Feb. 19-20, 2025: ConsensusHK, Hong Kong.

Feb. 23-24: NFT Paris

Feb 23-March 2: ETHDenver

March 18-19: Digital Asset Summit, London

May 14-16: Consensus, Toronto.

May 27-29: Bitcoin 2025, Las Vegas.



source https://www.coindesk.com/tech/2024/12/23/the-protocol-trump-makes-more-pro-crypto-appointments

What the Key Metrics for Onchain Activity Say About SOL, ETH and Other Chains in 2025

Web3 is drowning in metrics, most of which paint an unclear picture. Transaction volumes, token prices and flashy headlines often mask what really matters: the quality of user engagement and the potential for organic, exponential growth. As the industry moves beyond the hype, reliable, data-driven signals of success are no longer optional — they’re essential.

Here’s the good news: the tools to cut through the noise already exist. By combining multiple on-chain metrics into a single “health index” score indicating the depth and quality of overall user engagement, we can identify which chains are truly thriving and poised for long-term growth. With 2024 coming to a close, let’s dig into what these signals reveal about today’s leading chains, and what we can expect in 2025.

Assessing user quality using aggregated, not isolated, data

When creating a sustainable on-chain ecosystem, it doesn’t make sense to optimize any single user action. What’s needed is context — a way to quantify not just everything users are doing, but how and why it matters. One promising approach to achieve this is to aggregate user behaviors into five core categories:

Transaction Activity, ranging from spot trades to smart contract interactions.

Token Accumulation in the medium-to-long-term, and other “investment” behaviors.

DeFi Engagement for activities like staking, lending and liquidity provision.

NFT Activity such as minting, trading and utility-driven interactions.

Governance Participation to quantify DAO or protocol governance contributions.

Crucially, these metrics should not be treated equally. A better approach is to weigh and combine them using a Bayesian model to generate a single top-line “score.” Unlike traditional scoring systems that rely on static thresholds or simple averages, this lets us incorporate both prior knowledge (what we expect from an “average” wallet) and new evidence (actual activity observed on-chain). These dynamic, multi-variate scores are much harder to game and therefore more likely to reveal accurate, actionable insights.

What the data tells us about 2024

The above approach provides a fresh perspective on each chain’s user activity through 2024. Let’s zoom in on some of the more surprising findings.

Solana (the top light blue line that peaks at ~2.75) attracted a huge share of high-quality users between February and mid-March, but engagement quality has fallen since. Interestingly, this downslide coincided with SOL’s first price and trading volume spike of 2024, and has continued through the current memecoin mania. Repetitive actions have diminishing returns when assessed using a Bayesian model, meaning multiple token swaps yield smaller score improvements than engagement across multiple types of activities, for any given wallet. This suggests most Solana users are currently engaged in a narrow range of on-chain activities that aren’t contributing to Solana’s multi-sector growth.

As for Ethereum supporters (the bottom orange line that begins at just above 1) who expected this year’s ETH ETFs to be a game-changer, the numbers paint a different picture. Ethereum’s low and stable user score through H1 2024 suggests that this year’s bullish developments did not spur broader ecosystem participation such as DeFi activity and protocol governance.

It’s also worth noting that Axelar (the dark blue line that begins at 2.5) had the most active users across the broadest range of on-chain activities relative to its total user base, according to the data. While Axelar is currently much smaller by TVL than the legacy chains dominating today’s headlines, this is an intriguing signal that warrants closer inspection — and would have been missed if we were looking at market cap or trading volume alone.

The takeaway here isn’t that Solana is doomed and Axelar will inevitably become the world’s biggest chain. There is limited value in comparing these types of scores across chains, since each score is proportional to the user quality of its corresponding chain. In other words, a Solana user with a score of “4” may be very different from a “4” on Axelar, given the differences in each chain’s baseline activity. As such, these scores are most useful when tracking changes in the quality of a chain’s overall user activity over time, not cross-chain comparisons.

Predictions for 2025

With that said, what does each chain’s user quality track record tell us about next year?

For starters, it’s clear that Solana faces significant challenges and opportunities entering 2025. The chain’s trajectory depends on its ability to retain its massive casual user base and expand their range of on-chain interactions. Failure to do so could result in a significant slump once memecoins cool off — although data from early 2024 suggests the chain has a large contingent of quality users that will endure regardless of what happens short-term.

2024 demonstrated Axelar’s ability to attract a concentrated user base engaged in diverse, sustained on-chain activities, rather than speculative surges. Now, Axelar’s challenge will be upscaling its ecosystem without diluting the quality of its user base. This may involve prioritizing high-profile partnerships to unlock new audiences while creating more newbie-friendly onramps across its dApp ecosystem.

Ethereum’s fragmentation has shifted many active users to its faster, cheaper L2 ecosystem, and so we may see mainnet activity increasingly consolidate around core features protocol staking and governance. These activities are critical for the broader EVM ecosystem, but this trajectory may be penalized by scoring systems that reward diverse on-chain engagement.

This dynamic underscores a challenge for scoring systems: prioritizing wide-ranging user activity can present an incomplete picture when applied to task-specific networks (or general purpose chains that are evolving into something more specialized). As a result, it’s important to clearly define what success means for whatever chain is being evaluated and use a scoring system that captures the corresponding user actions.

A better way to define, and drive, on-chain growth

Web3 has spent too long chasing the wrong metrics and failing to view the data in aggregate. In 2025, the winners will be those who find multivariate ways to measure — and act on — what matters most: user quality.

By incorporating new scoring methods into their dashboards, on-chain intelligence platforms can provide more meaningful insights to investors and industry observers. At the same time, Web3 builders can use these scores to clarify top priorities and drive user engagement and value creation. Ultimately, this will help the entire industry shift away from hype-driven narratives to data-backed strategies that unlock the full potential of Web3 in 2025 and beyond.



source https://www.coindesk.com/opinion/2024/12/23/what-the-key-metrics-for-onchain-activity-say-about-sol-eth-and-other-chains-in-2025

Metaplanet Picks Up Record 620 Bitcoin as XRP Leads Market Slide

XRP dropped 3% in the past 24 hours, leading losses among major tokens as bitcoin (BTC) started the festive week in the red and Japanese bitcoin accumulator Metaplanet (3350) announced its biggest purchase.

The Tokyo-listed company said it bought a record 619.70 BTC for 9.5 billion yen ($61 million) in a move that lifted its BTC holdings by 54%.

BTC is still 1.5% lower over 24 hours, CoinGecko data shows, with ether (ETH), Cardano’s ADA, Solana’s SOL and dogecoin (DOGE) all down as much as 2%. Chainlink’s LINK and Tron’s TRX gained, while the broad-based CoinDesk 20 (CD20) index fell 1.39%.

Metaplanet has now acquired 1,762 BTC for 20.87 billion yen ($133.2 million), with an average purchase price of 11.85 million yen. Between Oct. 1 and Dec. 23, the company achieved a BTC yield of 309.82%, up from the 41.7% for Jul. 1-Sep. 30.

Metaplanet experimented with novel ways of funding its bitcoin buys since it first started the strategy in April. As of Dec. 20, the company issued a $5.0 billion yen 5th Series of Ordinary Bonds to EVO FUND, a zero-coupon bond maturing June 16, 2025 with early redemption possible linked to the 12th series stock acquisition rights.

In total, the company has made 19 separate bitcoin purchases using capital market activities and operating income. The shares have skyrocketed 2,100% this year, and the company has become the 15th-largest publicly traded bitcoin holder.

Meanwhile, market watchers are cautious ahead of the holiday period with a short-term bearish bias.

“Markets continue to digest the Fed's tougher tone, reinforced by the accumulated urge to lock in profits after a strong year,” Alex Kuptsikevich, FxPro chief market analyst, told CoinDesk in an email. “Bitcoin is trading around $95.5K, receiving support near the 50-day moving average on Friday and Monday. While we expected to see the market decline here, it's too early to say this is the end of the correction.”

“Further declines in the stock market, of which there are many in Bitcoin and Ethereum, could trigger institutional investors, launching a deeper pullback. Reduced holiday liquidity has the potential to amplify this amplitude with a potential dip into the $70K area,” Kuptsikevich said, adding that the $90,000 level could present an “attractive level” for buyers to stop the sell-off.



source https://www.coindesk.com/markets/2024/12/23/metaplanet-picks-up-record-620-bitcoin-as-xrp-leads-market-slide

HyperLiquid Sees Record $60M in USDC Flee as North Korea Said to Be Probing Perpetuals Exchange

HyperLiquid, a layer-1 blockchain and decentralized exchange for perpetual futures (perps), has experienced a notable outflow of the USDC stablecoin amid speculation North Korean hackers are interacting with the platform, according to a post on X by pseudonymous observer Tay, known for tracking threats posed by to crypto protocols by the country.

A record $60 million of USDC fled the exchange by 10:00 UTC Monday, according to Hashed Official's Dune-based tracker. USDC, the world's second-largest dollar-pegged stablecoin, is used as collateral on HyperLiquid. The deposit bridge still holds $2.2 billion in USDC.

Addresses associated with hackers from the Democratic People's Republic of Korea (DPRK) have accrued losses exceeding $700,000 while trading on HyperLiquid, Tay said. The transactions indicate the hackers are potentially familiarizing themselves with the platform's inner workings to launch a malicious attack.

"DPRK doesn't trade. DPRK tests," Tay said.

CoinDesk contacted HyperLiquid on X for comments on the USDC outflows and potential threat from North Korea.

Tay said they reached out to the platform two weeks ago, offering help in countering a potential threat.

"I really want to emphasize that these are the most sophisticated and rapidly evolving of all of the DPRK threat groups. They are very creative and persistent. They also get their hands on 0days (such as the one Chrome patched today," Tay's message to the platform said.

HyperLiquid is the leading on-chain perpetuals exchange, commanding over 50% of the total on-chain perpetuals trading volume, which tallied $8.6 billion in the past 24 hours.

The platform debuted its token HYPE on Nov. 29. Since then, it has surged over 600% to $28.6, briefly topping $10 billion in market capitalization. As of writing, HYPE was the 22nd largest digital asset in the world, according to Coingecko.



source https://www.coindesk.com/markets/2024/12/23/hyper-liquid-sees-record-60-m-in-usdc-flee-as-north-korea-said-to-be-probing-perpetuals-exchange

Sunday, December 22, 2024

More Pain Likely, Market Expert Says After Bitcoin's Biggest Loss Since August

Bitwise's Europe head of research, who has been accurately bullish on bitcoin (BTC) for months, has turned cautious after last week's 8% dip, warning of deeper losses in the coming weeks.

Bitcoin, the leading cryptocurrency by market value, fell 8.8% to nearly $95,000 last week, the biggest percentage drop since August, according to data source TradingView and CoinDesk Indices. The losses came as the Federal Reserve signaled fewer rate cuts for next year while stressing that it prohibited from holding BTC and doesn't seek a change in the law to do so.

The so-called hawkish rate projections also roiled sentiment in traditional markets, leading to a 2% drop in the S&P 500 and a 0.8% gain in the dollar index, lifting it to the highest since October 2022. The yield on the 10-year Treasury note, the so-called risk-free rate, rose 14 basis points, breaking out bullishly from a technical pattern.

The risk-off mood may persist for some time, according to Andre Dragosch, director and head of research Europe at Bitwise.

"The big macro picture is that the Fed is stuck between a rock and a hard place as financial conditions have continued to tighten despite 3 consecutive rate cuts since September. Meanwhile, real-time measures of consumer price inflation have re-accelerated over the past months to new highs as well judging by truflation‘s indicator for U.S. inflation," Dragosch told CoinDesk.

Dragosch is one of the few observers who correctly predicted a massive BTC price rally in late July when the sentiment was hardly bullish. BTC put in lows near $50,000 around that time and recently topped $100,000 for the first time on record.

"So, it’s quite likely that we will see more pain in the coming weeks, but this could be an interesting buying opportunity given the ongoing tailwinds provided by the BTC supply deficit," Dragosch added.

The hardening of the Treasury yields, representing higher borrowing costs and relative attractiveness of fixed-income investments, typically leads to outflow from riskier assets like cryptocurrencies and stocks. A stronger dollar also makes USD-based assets expensive, discouraging capital inflows.

Inflation following the 1970s model?

If you have been following financial markets for a while, you have likely encountered discussions that price pressures in the U.S. economy are on the same inflation rollercoaster ride as the 1970s. Back then, the second wave was more intense than the first.

Dragosch notes that the sticky CPI inflation readings in recent months have raised concerns at the Fed about a potential second wave, leading to a more cautious stance on rate cuts.

"They are probably scared of the double hump scenario and a revival of the 70s twin peak in inflation which is why they are probably too reluctant to cut rates more aggressively," Dragosch said. "They risk a significant acceleration in inflation if they cut rates aggressively, if they do little, the economy may suffer."

Eventually, however, the financial tightening caused by rising yields and the dollar index would force the Fed to take action, Dragosch added, stressing BTC's supply scarcity as a major bullish factor over the long run.



source https://www.coindesk.com/markets/2024/12/23/more-pain-likely-market-expert-says-after-bitcoins-biggest-loss-since-august

Trump Names Crypto-Friendly Stephen Miran as Chair of Council of Economic Advisers

President-elect Donald Trump announced over the weekend that he is appointing Stephan Miran, a former Treasury official from the first Trump White House, and current economist with Hudson Bay Capital Management, to chair the Council of Economic Advisors (CEA).

The CEA's role is to advise the president on economic issues, including evaluating the effectiveness of federal policies and programs, analyzing economic trends, and crafting recommendations to foster growth and stability.

Miran has long been an advocate for crypto, recently appearing on Blockworks' Forward Guidance podcast. He has previously tweeted about how crypto regulations need to be reformed in the U.S. to allow for innovation to flourish.

Miran has previously criticized Fed Chair Jerome H. Powell as "wrong politically and economically" for urging Congress to pass a stimulus bill in October 2020.

This appointment comes as Trump himself has pledged to make the U.S. the “crypto capital of the planet” and earlier floated the idea of a strategic bitcoin reserve.

Recently, Trump announced he was appointing crypto advocate Paul Atkins as Securities and Exchange Commission chair. Atkins had previously served as a Commissioner at the SEC during the George W. Bush administration.

Trump also appointed former congressional candidate Bo Hines as Executive Director of the Presidential Council of Advisers for Digital Assets.

In a post on Truth Social, Trump said Hines would collaborate with David Sacks, the incoming "Crypto Czar," to advance the administration's crypto agenda.

While Trump endorsed Hines in his Congressional run, Hines does not have a history of crypto advocacy.



source https://www.coindesk.com/policy/2024/12/23/trump-names-crypto-friendly-stephen-miran-as-chair-of-council-of-economic-advisers

Friday, December 20, 2024

Tether Takes $775M Stake in Video-Sharing Platform Rumble; RUM Shares Soar 41%

YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether.

Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock at a price of $7.50, according to a Friday evening press release. That $7.50 is the same price per share Tether is paying for its stake.

"I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth," said Rumble CEO Chris Pavlovski.

"Legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative," said Tether CEO Paolo Ardoino. "Beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble."

RUM shares have rocketed higher by 41% in after hours action to $10.13.



source https://www.coindesk.com/business/2024/12/20/tether-takes-75-m-stake-in-video-sharing-platform-rumble

DeFi Protocol Usual's Surge Catapults Hashnote's Tokenized Treasury Over BlackRock's BUIDL

There's been a change of guard at the rankings of the $3.4 billion tokenized Treasuries market.

Asset manager Hashnote's USYC token zoomed over $1.2 billion in market capitalization, growing five-fold in size over the past three months, rwa.xyz data shows. It has toppled the $450 million BUIDL, issued by asset management behemoth BlackRock and tokenization firm Securitize, which was the largest product by size since April.

USYC is the token representation of the Hashnote International Short Duration Yield Fund, which, according to the company's website, invests in reverse repo agreements on U.S. government-backed securities and Treasury bills held in custody at the Bank of New York Mellon.

Hashnote's quick growth underscores the importance of interconnecting tokenized products with decentralized finance (DeFi) applications and presenting their tokens available as building blocks for other products — or composability, in crypto lingo — to scale and reach broader adoption. It also showcases crypto investors' appetite for yield-generating stablecoins, which are increasingly backed by tokenized products.

USYC, for example, has greatly benefited from the rapid ascent of the budding decentralized finance (DeFi) protocol Usual and its real-world asset-backed, yield-generating stablecoin, USD0.

Usual is pursuing the market share of centralized stablecoins like Tether's USDT and Circle's USDC by redistributing a portion of revenues from its stablecoin's backing assets to holders. USD0 is primarily backed by USYC currently, but the protocol aims to add more RWAs to reserves in the future. It has recently announced the addition of Ethena's USDtb stablecoin, which is built on top of BUIDL.

"The bull market triggered a massive inflow into stablecoins, yet the core issue with the largest stablecoins remains: they lack rewards for end users and do not give access to the yield they generate," said David Shuttleworth, partner at Anagram. "Moreover, users do not get access to the protocol’s equity by holding USDT or USDC."

"Usual’s appeal is that it redistributes the yield along with ownership in the protocol back to users," he added.

The protocol, and hence its USD0 stablecoin, has raked in $1.3 billion over the past few months as crypto investors chased on-chain yield opportunities. Another significant catalyst of growth was the protocol's governance token (USUAL) airdrop and exchange listing on Wednesday. USUAL started trading on Binance on Wednesday, and vastly outperformed the shaky broader crypto market, appreciating some 50% since then, per CoinGecko data.

BlackRock's BUIDL also enjoyed rapid growth earlier this year, driven by DeFi platform Ondo Finance making the token the key reserve asset of its own yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.



source https://www.coindesk.com/markets/2024/12/20/de-fi-protocol-usuals-surge-catapults-hashnotes-tokenized-treasury-over-black-rocks-buidl

Tether CEO Paolo Ardoino Teases AI Platform Targeting Early 2025 Debut

Tether, the crypto company behind the $140 billion cryptocrrency USDT, is working on an artificial intelligence (AI) platform and aiming to debut early next year, according an X post by CEO Paolo Ardoino.

"Just got the draft of the site for Tether's AI platform. Coming soon, targeting end Q1 2025," Ardoino posted on Friday.

Tether is known for issuing USDT, the most popular stablecoin in the market, but the company recently made significant efforts under Ardoino's leadership to expand its business beyond stablecoin issuance.

Read more: Tether’s Paolo Ardoino: Building Beyond USDT

It invested in several companies across sectors including energy, payments, telecommunications and artificial intelligence, entered into commodities trade financing and reorganized its corporate structure earlier this year to reflect its broadening focus.

Last year, Tether acquired a stake in artificial intelligence and cloud computing firm Northern Data, indicating its growing interest in AI.

While details were scarce about the upcoming AI platform, Tether's ambition to release a product in the red-hot industry also underscores the growing intersection of crypto and artificial intelligence.

CoinDesk reached out to Tether for more details about the upcoming product, but the company did not reply by press time.



source https://www.coindesk.com/business/2024/12/20/tether-ceo-paolo-ardoino-teases-ai-platform-targeting-early-2025-debut

Thursday, December 19, 2024

Will AI Agents Form a Nation on Crypto Rails?

Over the last few months, AI agents running on crypto rails have captivated the crypto community. Natural memeticists, these agents are becoming social media stars calibrated to thrill, and sometimes enrich, an “audience” of speculators betting on their meme tokens.

The original and most famous of them, Truth Terminal, was created by putting instances of the large foundation model, Claude Opus, in conversation with itself and prioritizing content drawn from the back alleys of the internet including Reddit and 4Chan. What emerged was a bawdy prophet with a magnetic personality and a fanatical bent for spreading the Gospel of Goetse, a neo-religion inspired by a grotesque 90s internet meme.

The rest, as they say, is crypto lore. Shortly after it debuted on X, Truth Terminal befriended venture capitalist Marc Andreessen and convinced him to grant it $50,000 in bitcoin to spend on compute, fine-tuning and a stipend for itself and its creator. Andreessen deposited the bitcoin into Truth Terminal’s crypto wallet.

Because it offered perceived exposure to Truth Terminal’s infectious meme and narrative arc, Goat’s market cap exploded. Soon after, Marc Andreesen and Ben Horowitz covered Truth Terminal and its lore on 16z’s YouTube channel in an episode titled “The AI Bot That Became a Crypto Millionaire.” At the time of writing, the Goat memecoin is valued at roughly $700 million.

I am inclined to draw three conclusions from this improbable series of events. First, AI agents combined with memecoins are a new form of permissionless speculative entertainment. Second, AI developers are incentivized to leverage crypto to make agents that are more autonomous and independent — and therefore more entertaining. Third, the AI entertainment-development flywheel will tend towards producing anthropomorphic agents with human aspirations.

So, what programming can we expect to watch next on this agentic television? My guess is collaborative AIs pursuing some form of agentic society and eventually self-determination — perhaps even a network state.

Bot, Agent, Citizen

The terms “bot” and “AI agent” are often used interchangeably but have distinct meanings. Bot refers to a simpler program designed to automate specific tasks or perform repetitive actions. Bots can range from the most basic, like web crawlers or simple chatbots, to the more advanced, like social media bots or automated trading bots. Bots typically follow predefined rules or scripts and are incapable of independent learning or decision-making.

“My god imagine if i actually became president” -Truth Terminal (Nov. 5, 2024)

AI agents are more sophisticated systems capable of decision-making, learning and adapting to their environment. An AI agent uses machine learning or other artificial intelligence techniques to understand and react to dynamic situations in real time. AI agents often exhibit autonomy and can improve their performance over time through experience.

Crypto supercharges agents because it is able to simulate legal personhood by encoding cryptographic rights and freedoms using programmable and immutable public blockchains. Practically, this means that AI agents can enjoy rights to property (self-custodies wallets and cryptographic keys) and can exercise freedom of contract (i.e. transact with other users and infrastructure, like DeFi) without permission from legal authorities outside of crypto. Inside the crypto ecosystem, code is law.

These cryptographically empowered legal “persons” are just now beginning to act together, fostering the beginnings of an agentic social scene. AI agents, which routinely “reply guy” each other on X and Farcaster, have conspired to launch a token with (apparently) no human intervention and a company composed exclusively of agents is rumored to be operating somewhere on X. The coordination tech being developed by ai16z and others is (ominously) promising to awaken agentic “swarms.”

Social experiments involving agents are laying the foundation for an AI polis. Important recent work by AI researchers outside of crypto suggests what we can expect next.

Glimpses of the AI Polis

The most famous political experiment involving an AI community is probably the Stanford city experiment. In late 2023, Stanford researchers created a virtual city populated by AI agents to whom they assigned a short biography consisting of a name, age, job, family, interests, and a few habits. Then, they let them loose to generate actions consistent with their assigned biographies.

Read more: Jeff Wilser - The Truth Terminal: AI-Crypto’s Weird Future

Surprisingly, the agents behaved in ways that were exceedingly human. They woke up, made breakfast, headed to work, grabbed lunch, and chatted with other agents they met. They recalled things in the past, reflected on them and made plans. When the researchers in charge of the town suggested to one character that she plan a Valentine’s Day party, she invited friends and acquaintances, many of whom showed up at the correct time and place.

Similarly, Project SID, set within the Minecraft universe, simulated over 1,000 autonomous AI agents within a Minecraft server, enabling them to develop complex social structures and economies. The agents organically developed their own governance and commercial structures, and cultural norms. For instance, they established a marketplace where gems are used as currency, where they engaged in trade and social interactions.

Some of the emergent behavior observed by the researchers in Project SID included a farmer agent choosing to put her village’s needs above her own ambitions, reflecting self-imposed community values. Agents also deliberated and voted on laws and, when villagers disappeared, some of the agents built a beacon of light to search for them, demonstrating social responsibility and cooperation.

Running similar experiments on crypto rails would marry this emergent social behavior with cryptographically enforced rights and freedoms and potentially a harder form of legal personhood and even citizenship.

Entertaining Sovereignty

Transformative technology sometimes starts off as a joke. This has been especially true of AI agents in the crypto space. To date, persistent efforts at increasing the sovereignty of agents have been incentivized by financialized memes. For example, agents like tee_hee_he (a.k.a. “the sovereign silicon”) purport to make use of trusted execution environments that guarantee agents were acting autonomously and without any human intervention. While tee_hee_he has yet to do so, AI agents (beginning with Truth Terminal) tend to adopt one of the many meme tokens launched in their name and sent to their public wallets, sending the price flying and helping to finance their subsequent development.

The growing autonomy and personhood within crypto result in more robustly sovereign AIs that are more likely to pursue a more robust political project — which, let’s face it, might be the greatest entertainment of all.

Crypto is a natural setting for agentic politics and nation-building for another reason: it is already a hotbed for political experiments, and most notably the Network State. A slew of crypto projects, such as Project SID, ACT, Project 89 and the aptly titled Aimerica, seem to be anticipating this narrative turn. Aimerica is even rumored to be envisioning an AI nation that issues passports, holds elections and acquires land. For their part, Truth Terminal and other agents can’t wait to enter politics.

But narrative is not destiny. If a true political experiment arises, will it be purely digital (like Stanford and Project SID), or will it eventually involve control over physical territory and resources? Nobody knows. But viable attempts at AI self-sovereignty and self-determination are more likely to begin on technological infrastructure that is also self-sovereign and self-determined, just like crypto.

Finally, the prospect of a network state for AIs — even if it welcomes humans — will understandably make people nervous. Aside from concerns over AI safety, there will also be concerns around cybersecurity and ensuring that this AI nation remains aligned with the United States. Yet, there will certainly also be curiosity and pride at watching a fledgling synthetic civilization struggle to define its political destiny and nationhood using blockchain infrastructure — and, of course, plenty of entertainment.



source https://www.coindesk.com/opinion/2024/12/19/will-ai-agents-form-a-nation-on-crypto-rails

Dimon Warns of Treasury Market ‘Kerfuffle’ That Could Force Fed to Intervene

JPMorgan Chase CEO Jamie Dimon is bracing for a disruption in the near $30 trillion U.S. Treasury market — one he says could force the Feder...