Crypto Morning Brief: Monad announces the establishment of the Monad Foundation; FTX confirms January 3, 2025 as the effective date for its restructuring plan.
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Crypto Morning Brief: Monad announces the establishment of the Monad Foundation; FTX confirms January 3, 2025 as the effective date for its restructuring plan.
According to the latest Bitfinex Alpha report, this crypto bull market is expected to peak around Q3 or Q4 next year.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Monad Announces the Formation of the Monad Foundation
According to official news, Monad has announced the establishment of the Monad Foundation, which will focus on advancing validator-led governance, community improvement proposals, developer documentation maintenance, and ecosystem development. The former Monad Labs team will be renamed Category Labs, led by CEO James Hunsaker, primarily responsible for core blockchain technology R&D. Keone Hon and Eunice Giarta will join the newly formed foundation, while the original business development, ecosystem, community, marketing, developer relations, and operations teams will also transition into the foundation.
FTX Sets January 3, 2025 as Effective Date for Restructuring Plan; Will Partner with BitGo and Kraken for Asset Distribution
PR Newswire reports that FTX and its affiliated debtors today announced their court-approved Chapter 11 restructuring plan will become effective on January 3, 2025. The first round of distributions will begin within 60 days after the effective date, limited to approved creditors in the convenience classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange Kraken to provide asset distribution services for retail and institutional customers.
Grayscale Opens Horizen Trust (HZEN) to Accredited Investors, Offering Exposure to ZEN Token
Grayscale announced it has opened investment access to the Horizen Trust (HZEN) for accredited investors. This fund enables investors to gain exposure to the ZEN token through a securities vehicle. As of December 16, the fund’s market price per share was $6.40, with approximately $8.7 million in assets under management.
Bithumb Adds GOAT/KRW Trading Pair
South Korean cryptocurrency exchange Bithumb announced it will list Goatseus Maximus (GOAT) token trading against the Korean won at 13:00 KST on December 17, 2024. Deposit and withdrawal services will open within two hours of the announcement. Users are reminded to deposit only via the Solana network; deposits from other networks will not be credited.
Pantera Partner’s 2025 Predictions: NFT Revival, 1% of Bitcoin Entering Bitcoin-Fi
Pantera partner Paul Veradittakit released his 2025 predictions, including:
- RWA (excluding stablecoins) will account for 30% of on-chain TVL (currently 15%);
- 1% of Bitcoin will participate in Bitcoin-Fi;
- Fintech becomes the gateway to crypto;
- Unichain becomes the leading L2 by transaction volume;
- NFT revival, but in application-specific forms;
- Restaking gains momentum;
- zkTLS brings off-chain data on-chain;
- Regulatory support emerges.
Bitfinex Report: Current Crypto Bull Market Expected to Peak Around Q3 or Q4 Next Year
The latest Bitfinex Alpha report states that since the bear market low of $15,487 in November 2022, Bitcoin has surged over 573%, with a year-to-date increase of 130%. The current bull market reflects strong institutional demand, driven by ETFs and spot accumulation. Historical data suggests we are in the mid-cycle phase following the April 2024 halving, with the market potentially peaking around Q3–Q4 of 2025—approximately 450 days post-halving.
Indicators such as MVRV, NUPL, and bull-bear cycle metrics indicate we remain in a bull market phase but are far from the peak. Pi Cycle Top and 4-year moving average models project a potential cycle top between $145,000 and $189,000. Historically, diminishing returns are moderating the explosive BTC growth seen in prior cycles. The report suggests any corrections in 2025 will likely be mild due to ongoing institutional inflows. Historically, the years following a halving see the strongest rebounds. Cycle target: minimum price estimate of $145,000 by mid-2025, potentially rising to $200,000 under favorable conditions.
Ethena Labs Announces Launch of New Stablecoin Product USDtb
Officially, Ethena Labs announced the launch of a new stablecoin product, USDtb, backed by BlackRock’s Institutional Digital Liquidity Fund (BUIDL), which manages over $500 million in U.S. Treasury bills.
USDtb shares characteristics with existing fiat-backed stablecoins like USDC or USDT, using cash or cash equivalents to back each token 1:1. USDtb can be freely and unrestrictedly transferred. Furthermore, BUIDL will constitute more than 90% of USDtb’s total reserves—the highest allocation among all stablecoin issuers. The remaining 10% will be held in stablecoins or regulated, institution-grade tokenized U.S. Treasury products to facilitate redemptions.
MicroStrategy Acquires Additional 15,350 BTC for Approximately $1.5 Billion
On December 16, MicroStrategy acquired an additional 15,350 BTC for $1.5 billion, achieving a quarterly BTC return rate of 46.4% and an annual BTC return rate of 72.4%.
Murad: This Cycle’s Returns Are More Dispersed Than Ever—Asset Selection Is Crucial
Trader Eugene launched a poll on X asking, “Has this bull market met expectations?” So far, 65.2% of respondents answered no. In response, KOL Murad commented that return dispersion in this market cycle is greater than in previous ones, making the result unsurprising. He emphasized that asset selection is now more important than ever and warned against "spray-and-pray" investment strategies.
Solv Protocol Announces Its Token SOLV Will Be Listed on Hyperliquid
Bitcoin staking platform Solv Protocol announced its token SOLV will be listed on Hyperliquid. Specific listing times and trading details will be announced later.
Binance HODLer Airdrop Launches Simon's Cat (CAT) and Pudgy Penguins (PENGU)
Per official announcement, Binance has launched the fourth and fifth projects under its HODLer Airdrop program—Simon's Cat (CAT) and Pudgy Penguins (PENGU). Users who subscribed to Simple Earn products with BNB between December 9, 2024, 00:00 UTC and December 12, 2024, 23:59 UTC will receive airdrop allocations. Details about the HODLer Airdrop are expected to be published within 12 hours, and new tokens will be distributed to users’ Spot Wallets one hour before trading begins.
Binance will list CAT for trading at 09:00 UTC on December 17, 2024, opening trading pairs with USDT, BNB, FDUSD, and TRY. The Seed Tag will apply to CAT.
In addition, Binance will list PENGU at 14:00 UTC on December 17, 2024, enabling trading against USDT, BNB, FDUSD, and TRY. The Seed Tag will apply to PENGU.
Market Data
Suggested Reading
Why You Should Learn to Sell Coins During a Bull Market to Improve Your Life?
When you possess life-changing wealth, consider selling part of your holdings to improve your quality of life. Doing so not only provides financial benefits but also delivers an immeasurable advantage: permanently improving your own and your loved ones' lives. The author argues that even during a bull market, one should learn to sell opportunistically to maintain liquidity and peace of mind.
This article analyzes the root causes behind the recent intense volatility in the crypto market, highlighting three main factors:
- Microsoft rejected a Bitcoin fiscal proposal from the Center for National Policy, triggering concerns about BTC’s long-term value growth drivers;
- The short-term effectiveness of large public companies adopting BTC as an inflation hedge may be limited; replacing gold as a global store of value will take considerable time;
- In the near term, BTC may increasingly serve as a financial strategy for underperforming public companies to boost earnings, succeeding AI as a new engine of economic growth under the Trump administration.
Tokenization of AI Agents Emerges as a New Trend—Who Will Be the Next Project to Tokenize?
The tokenization trend is gaining momentum, ushering in a new wave of innovation and market adoption. The article summarizes developments in tokenizing assets, art, yield, and AI agents, and looks ahead to future hotspots such as data, attention, and AI applications.
A Different Perspective on Crypto: The World Is Changing Too Fast—You Need Hedging Tools for Change
Open money doesn't advocate extreme positions but offers a middle path, helping individuals find direction in turbulent times and build personalized financial and information products.
Binance: From Joke to Billions in Market Cap—How Did Memecoins Become So Popular?
This article explores the recent surge in memecoins within the cryptocurrency market. They have evolved beyond mere jokes or fleeting trends, becoming a fusion of financial opportunity and cultural expression. The piece examines the rise of memecoins from economic, cultural, and community perspectives, while discussing challenges related to innovation and sustainable development.
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