Bitget Morning Report: Zcash Team's Mass Exit Causes ZEC Oversell-Off; $22.2 Billion in BTC and ETH Options Expire Today
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Bitget Morning Report: Zcash Team's Mass Exit Causes ZEC Oversell-Off; $22.2 Billion in BTC and ETH Options Expire Today
The number of initial unemployment claims in the U.S. for the week ending January 3 was 208,000.
Navigating Web3 tides with focused insightsAuthor: Bitget
Today's Outlook
1. According to Decrypt, SIFMA—the main Wall Street trade group—held private meetings with DeFi and crypto industry representatives to discuss disagreements in the Senate’s crypto market structure bill, making notable "progress" particularly on DeFi regulatory provisions.
2. Grayscale BNB ETF completes registration in Delaware.
3. Deribit: Approximately $2.22 billion worth of Bitcoin and Ethereum options expire today.
Macro & Highlights
1. Trump announces plan to purchase $200 billion in mortgage-backed securities to lower mortgage rates.
2. JPMorgan's latest report suggests that the recent sell-off in the crypto market may be nearing its end. Analyst Nikolaos Panigirtzoglou noted that outflows from Bitcoin and Ethereum ETFs began stabilizing in January, while futures market positioning indicators suggest investor deleveraging by the end of 2025 is largely complete.
3. World Gold Council: Gold rose 4% in December, driving its full-year year-on-year gain to 67%.
4. U.S. initial jobless claims for the week ending January 3 came in at 208,000, below the expected 210,000 and revised up from the previous 199,000 to 200,000.
Market Trends
1. Over the past 24 hours, total liquidations across the crypto market reached $415 million, including $337 million in long positions. BTC liquidation amounted to approximately $128 million, ETH to about $98 million.
2. U.S. stocks: Dow +0.55%, Nasdaq -0.44%, S&P 500 +0.01%. Additionally, CRCL (Circle) +1.49%; MSTR (MicroStrategy) +3.18%, NVDA (NVIDIA) -2.15%.
3. Bitget BTC/USDT liquidation map shows current price around 91,168. There is a dense cluster of long liquidations beneath the 88,000–90,000 range (high leverage, especially 50x/100x), which could trigger rapid downward movement if breached. Above, the 92,000–96,000 zone contains heavy short liquidations. A breakout upward could spark a short squeeze, accelerating price gains.
4. In the past 24 hours, BTC spot inflows were approximately $118.46 million and outflows $118.66 million, resulting in a net outflow of -$0.002 million.
News Updates
1. Elon Musk’s xAI has seen its quarterly losses widen due to heavy investments in building data centers, hiring talent, and developing software intended to power humanoid robots.
2. Morgan Stanley plans to launch a digital wallet this year to support tokenized assets.
3. Wintermute CEO: Only 4% of projects passed investment review in 2025, marking an end to "spray-and-pray" investing.
4. Analysis: The "1011" crash forced market makers to hold large amounts of tokens, pushing market liquidity to its lowest level since 2022.
Project Updates
1. Polygon is close to finalizing its acquisition of Coinme, a Bitcoin ATM company, with the deal valued between $100 million and $125 million.
2. Trader Eugene: SOL has performed best among the three major cryptocurrencies; resuming buying.
3. SOL Strategies: Reduced holdings by 3,503 SOL in December; currently holds approximately 523,100 SOL.
4. Sei warns: USDC.n holders must exchange their tokens for native USDC before the planned upgrade.
5. 21Shares will distribute staking rewards to holders of its Ethereum ETF, amounting to $0.010378 per share.
6. BlackRock deposited 2,164 BTC and 22,902 ETH into Coinbase Prime.
7. ECC, the supporting organization for Zcash, sees its entire team resign. ZEC dropped as low as 381 USDT yesterday, currently down 10% over 24 hours.
8. Zero Network, an L2 platform incubated by Zerion, has been offline for over three weeks.
9. A Florida state legislator introduced House Bill 1039 to advance the establishment of a state-level Bitcoin reserve.
10. A “part-time retail investor on-chain” has opened 18 on-chain stock positions, with total holdings exceeding $66 million.
Disclaimer: This report is AI-generated. Information has been verified manually. No investment advice is provided.
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