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Weekly Market Insight: January Week 2
06 Jan 2025
Headline News
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- Bitcoin price increased by approximately 5.14% in the first week of 2025. Bitcoin ETFs had a net inflow of $244.99 million last week, despite Blackrock experienced its largest daily outflow of $332.62 million last Thursday. Meanwhile, Ethereum ETFs showed a slower start in the new year, closing the first week with $38.2 million net outflow.
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- Despite the USDT marketcap decreasing by 1% or approximately $1.4 billion last week. The total stablecoin marketcap had a slight increase of 0.39% during the same period, particularly the USDC marketcap increased by approximately $2 billion last week.
Macro-Outlook
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- The U.S. ISM manufacturing PMI increased to 49.3 in December, ahead of market expectations of 48.4.
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- The market estimated 88.8% probability the rate will remain unchanged in January 2025.
Upcoming Economic Calendar including,
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- Tuesday, January 7, 11:00pm: The U.S. ISM Services PMI in December and JOLTs Job Openings in November
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- Thursday, January 9, 3:00am: The December FOMC Minutes
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- Friday, January 10, 9:30pm: The U.S. Non-Farm Payrolls and Unemployment Rate in December
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- Friday, January 10, 11:00pm: Preliminary Michigan Consumer Sentiment in January
Weekly-Cryptos-Overview
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- MicroStrategy acquired another 2,138 BTC at average $97,837. MicroStrategy also announced a plan to raise $2 billion perpetual preferred stock with the ability to convert to class A common stock, cash dividends and provisions allowing for redemptions of shares.
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- Swiss federal chancellery proposed to oblige the Swiss National Bank to hold Bitcoin as part of its reserves. The initiative has 18 months to collect 100,000 signatures to be put to a public referendum.
Layer 1 and Layer 2s
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- Solayer, Solana restaking protocol, introduced LAYER token as its governance token.
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- TON Foundation teams up with Jupiter to incubate a new liquidity aggregator on TON Network.
Dapps
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- Hyperliquid launched HYPE staking on mainnet with an average APR of 2.26%.
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- Pendle launched VIRTUAL/cbBTC Aerodrome LP vault on Base, offering around 36.8% fixed yield.
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- Frax Finance passed the vote for including USTB, Superstate's tokenised Treasury Bill as part of the reserve asset for frxUSD.
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- Akash Network released DeepSeek-V3 on AkashChat. It is an open source AI model that rivals GPT-4o and 3.5 Sonnet in performance.
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- GMX reduced the trading fees across the platform by 2bps.
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- The f(x) Protocol launched its v2.0, introducing fixed, zero-stress leverage trading on ETH with no funding fees or liquidations.
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- RateX, Solana's yield trading protocol, launched the lrtsSOL vault which is powered by the LRT protocol, Adrasteal Finance. Users are able to earn 53.8% fixed APY in the vault.
Upcoming Alpha and Governance
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- The Usual Protocol is expected to kick start its fee switch on January 7.
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- Sonic, the Solana Layer 2, announced SONIC tokenomics with 57% allocated to community and is expected to have initial circulating supply of 15% on January 7. Team and investors allocation will be locked in the first 12 months and locked tokens cannot be staked. SONIC is the gas and stake token of the network.
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- AvalancheAI is introduced as the first AI project on Avalanche, establishing a seamless creation and marketplace for AI Agents. The platform is expected to launch in January.
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- Thorchain is expected to integrate with Base for cross chain swap in January.
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- Ethena and AAVE teased the upcoming collaboration named Aavethena without much detail yet.
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- Ethena also released roadmap for 2025 with plans to launch iUSDe (institution grade delta neutral stablecoin), sUSDe payment Telegram app and focus on ecosystem protocols such as Ethereal and Derive.
Token Unlock
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- JTO token unlocked on January 7th, amount representing 4.15% of the token supply.
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- MOVE token unlocked on January 9th, amount representing 2.24% of the token supply.
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- IO token unlocked on January 11th, amount representing 2.76% of the token supply.
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- APT token unlocked on January 12th, amount representing 2.03% of the token supply.
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- STRK token unlocked on January 12th, amount representing 2.82% of the token supply.
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- ARB token unlocked on January 16th, amount representing 2.2% of the token supply.
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- VANA token unlocked on January 16th, amount representing 1.46% of the token supply.
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- APE token unlocked on January 17th, amount representing 2.12% of the token supply.
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- MERL token unlocked on January 19th, amount representing 5.8% of the token supply.
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