OSL trading moment: Russia expands the application of Bitcoin in foreign trade, and the market is generally expected to usher in the "copycat season"

Reprinted from panewslab

12/27/2024·5M

OSL trading moment: Russia expands the application of Bitcoin in foreign
trade, and the market is generally expected to usher in the "copycat
season"

1. Market observation

Keywords: ETH, ETF, BTC

Bitcoin futures data shows that the price is expected to exceed $100,000, an expectation supported by multiple market indicators. Among them, the net acquisition volume of Bitcoin accumulation addresses increased significantly by 82.6% in December, showing strong market demand. Analysts predict that the price of Bitcoin is expected to exceed $105,000 after the holidays. However, there are also uncertainties in the market, and with the emergence of resistance levels, Bitcoin may face the risk of a short-term correction. At the same time, it is worth noting that although Ethereum has increased by 48.19% this year, its recent momentum has weakened.

On the global regulatory front, the Israel Securities Authority approved the establishment of six Bitcoin mutual funds, while Russia expanded the use of Bitcoin in foreign trade. In Asia, Binance is actively promoting crypto payment projects in the tourism hub of Thailand. In the altcoin market, the market is generally expected to usher in the "altcoin season", with Avalanche (AVAX) receiving special attention. Its founder Emin Gun Sirer compared AVAX to the supply limit of Bitcoin, which may drive the price of AVAX up.

In terms of institutional investment, MicroStrategy plans to raise $42 billion to strengthen its cryptocurrency market position. However, there are also some negative signals in the market: the large deposits of Ethereum whales on Binance caused market concerns. At the same time, on Christmas Eve, the Bitcoin ETF saw an outflow of US$338.38 million, while the Ethereum ETF recorded a net loss of US$53.54 million. The inflow reflects the market competition between the two major cryptocurrencies.

2. Key data (as of December 27)

S&P 500: 6,037.59 points (+26.45% during the year)

Nasdaq: 20,020.36 points (+32.81% during the year)

10-year U.S. Treasury yield: 4.579% (+69.2 basis points during the year)

US dollar index: 108.159 (+6.69% during the year)

Bitcoin: $96,140.61 (+126.5% for the year), daily spot trading volume of $46.038 billion

Ethereum: $3,366.03 (+50.80% during the year), with daily spot trading volume of $22.998 billion

3.ETF flow direction

Bitcoin ETF: +$419 million (December 26 EST)

Ethereum ETF: +$88.92 million (Dec. 26 EST)

4.Important dates

The Christmas holiday is approaching. Hong Kong stocks and financial markets in many European countries will be closed for two and a half days starting from Tuesday (24th), and US stocks will be closed for one and a half days.