Bitget Daily Digest | Microsoft shareholders reject BTC investment proposal; DWF Labs enters the AI agent sector (December 11)

Market highlights

1. Google's new quantum chip, Willow, can solve problems in five minutes that would take top-tier supercomputers 1025 years to complete, reigniting discussions around Bitcoin's vulnerability to quantum threats. Meanwhile, Microsoft shareholders voted against a proposal to invest in Bitcoin, causing BTC to dip to $94,000 before rebounding, contributing to a broader market recovery. 

2. The cross-chain NFT marketplace $ME begins airdrops and lists on major exchanges, triggering strong secondary market performance. Magic Eden continues to dominate the NFT sector, maintaining its lead in user base and trading revenue across multiple timeframes. The platform's solid fundamentals keep it at the forefront of the NFT market.

3. DWF Labs announces a $20 million fund to support autonomous AI agent development, with co-founders hinting at potential fund expansions. The AI sector heats up as $ai16z records a 19% 24-hour gain, pushing its market cap past $620 million to overtake $GOAT. Inflows into the sector remain robust.

4. Top exchanges delist inscription markets, straining liquidity and dampening market sentiment. Meanwhile, STEPN GO surged over 300% following anti-cheat updates but has since retraced. In other news, DEXX attackers laundered 4700 ETH through Tornado Cash, leaving 1200 ETH untouched. STRK's staking volume surpassed 93 million tokens, accounting for 4.12% of its circulating supply as on-chain ecosystem activity intensifies. 

Market overview

1. Microsoft shareholders reject the Bitcoin allocation proposal. Bitcoin briefly tested the $94,000 mark before rebounding, driving a 2% market-wide uptick. 

2. Markets await U.S. CPI data. All three major U.S. stock indices posted slight losses, while China concepts stocks tumbled. Gold futures rose over 1%, while oil prices edged down slightly.

3. Currently standing at 96,679 USDT, Bitcoin is in a potential liquidation zone. A 1000-point drop to around 95,679 USDT could trigger over $80 million in cumulative long position liquidations. Conversely, a rise to 97,679 USDT could lead to more than $330 million in cumulative short position liquidations. Both long and short positions should exercise caution and manage leverage prudently to avoid large-scale liquidations.

4. In the past 24 hours, the BTC spot market experienced $6.1 billion in inflows and $6.5 billion in outflows, resulting in a net outflow of $400 million.

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

Highlights on X

1. Zolo provides a comprehensive overview of the AI sector, categorizing ecosystems and leading players

AI projects are concentrated within the Solana and Base ecosystems, categorized into segments like Layer 1 blockchains, Launchpad platforms, AI agents, and AI memecoins. While $GOAT represents AI memecoins, projects in Layer 1, Launchpad, and AI agent categories showcase broader innovation and application potential. Zolo's analysis offers valuable insights into the sector's current state and future trends.

X post: https://x.com/zolo_hands/status/1866356112079163530

 

2. 0xSea.eth explores Elon Musk and Pepe memecoin

Elon Musk recently used 𝕏's AI feature, Grok 2, to generate and share several $Pepe meme-themed images. His active engagement with related tweets has fueled speculation about whether Musk holds $Pepe. His interactions, including explicit mentions and retweets of Pepe memecoin content, highlight its growing popularity and potential value.

X post: https://x.com/_0xSea_/status/1866434201480028471

 

3. @CycleStudies' view on altcoin drawdowns

The recent market downturn has exposed the resilience of various altcoins. Tokens like SUI and ADA, with only a 20% drawdown, demonstrate strong market confidence. RAY, with a 30% drawdown, remains stable, while ALGO's 50% drawdown reflects moderate confidence. Tokens like TRX, CORE, and RSR, with a 90% drawdown, signal weak market confidence and underperformance. Retracement levels directly reveal an asset’s ability to withstand market pressure and its recognition by traders.

X post: https://x.com/CycleStudies/status/1866363976625623312

 

4. @大宇: Bull market strategy – trends dominate, focus on Barbell strategies and AI memecoin leaders

At the start of the current bull market, @大宇 adopts a barbell strategy, holding large positions in BTC for steady growth and smaller positions in high-risk, high-reward coins. @大宇 emphasizes staying aligned with trends while avoiding ambiguous, middle-ground strategies. @大宇 highlights the AI memecoin sector as a global megatrend, recommending leading tokens like $GOAT for narrative-driven growth and platform token $VIRTUAL for utility. Additionally, @大宇 mentions promising tokens like $LUCE (a leading religious mascot narrative) and $KOMA on BSC, suggesting these sectors could thrive in the bull market. The overall approach balances BTC's steady value appreciation with high-reward opportunities from low-cap gems, aiming to grow wealth by combining trends and high-risk payouts.

X post: https://x.com/BTCdayu/status/1866469252410290604

 

Institutional insights

1.Matrixport: The Fear & Greed Index suggests Bitcoin may enter a consolidation phase.

X post: https://x.com/Matrixport_CN/status/1866378070032261137

 2.Scam Sniffer: A significant surge in crypto-related fake accounts on X this week. Users are urged to stay vigilant.

X post: https://x.com/realScamSniffer/status/1866410028238041433

 3.Bernstein: The quantum threat to Bitcoin appears to remain decades away from becoming a reality.

Article: https://www.theblock.co/post/330096/quantum-threat-to-bitcoin-still-seems-decades-away-bernstein

 

News updates

1. Regulatory agencies of El Salvador and Argentina sign an agreement to enhance crypto regulation collaboration.

2. Preliminary voting results show that Microsoft shareholders reject the Bitcoin investment proposal.

3. USDT is recognized as an acceptable virtual asset by Abu Dhabi Global Market.

4. The National Assembly of South Korea approves a delay in the virtual asset tax implementation until January 1, 2027.

5. Three men born in the mid-90s are convicted of illegal trading and fined for using virtual currency to profit from exchange rates.

6. Wyoming opens applications for its stablecoin initiative, "Project WYST".

 

Project updates

1. Synthetix acquires the leveraged token platform TLX through a token swap.

2. Ripple stablecoin RLUSD receives approval from the New York Department of Financial Services.

3. BounceBit partners with Ondo Finance to enter the Real World Asset (RWA) sector.

4. LayerZero plans to hold a vote on December 19 to activate its fee-switch mechanism.

5. KOMA announces a partnership with DWF Labs.

6. Fuel Network launches the FUEL token, allocating 20% of the initial supply to the community.

7. Starknet highlights support of quantum-resistant proof mechanisms.

8. STEPN ($GMT) upgrades its SMAC anti-cheating system.

9. $STRK staking volume exceeds 92 million tokens, representing 4.08% of its circulating supply.

10. The Magic Eden Foundation has announced that airdrops for $ME must be claimed through the app. Users must link their wallets by February 1, 2025, to participate.

 

Token unlocks

Cardano (ADA): Unlocking 18.53 million ADA, valued at $22.42 million, accounting for 0.1% of the circulating supply.

Moonbeam (GLMR): Unlocking 3.05 million GLMR, valued at $1.17 million, accounting for 0.3% of the circulating supply.

Ethena (ENA): Unlocking 12.88 million ENA, valued at $13.91 million, accounting for 0.4% of the circulating supply.

io.net (IO): Unlocking 2.87 million IO, valued at $10.63 million, accounting for 2.3% of the circulating supply.

 

Recommended reads

Ton ecosystem report: How did on-chain trading volume grow over 30x and create a win-win with Telegram? 

The first year of collaboration between TON and Telegram has proven mutually beneficial. TON has experienced significant growth in popularity and continues to refine its governance model to meet the demands of an active community eager for further expansion. Riding this wave of user engagement, Telegram has successfully leveraged its active user base to drive additional revenue, particularly through premium account subscriptions and exclusive features. This mutually beneficial relationship is expected to flourish in the coming years.

Read the full article here: https://www.bitget.com/zh-CN/news/detail/12560604409139

 

Exploring Solana's ZK privacy ecosystem and emerging projects

Broadly speaking, Solana's infrastructure supports developers by reducing costs, enabling asynchronous execution, and providing solutions for state growth with respect to network performance; in terms of security, Solana enhances on-chain applications with privacy, confidentiality, verifiability, and decentralized proof network capabilities. Dive in to further explore.

Read the full article here: https://www.bitget.com/zh-CN/news/detail/12560604408674