This week's latest trends and insights in the digital asset market from our asset management team.
Market Commentary
Despite significant selloffs earlier in the week, Bitcoin has successfully reclaimed the US$100,000 mark, as November’s US inflation data met expectations. Market participants are now anticipating a 25 basis point rate cut from the Federal Reserve. The recent surge in Bitcoin’s price has led U.S. spot Bitcoin ETFs to exceed the 1.1 million Bitcoin estimated to be held by Satoshi Nakamoto. Furthermore, Arkham Data indicates that BlackRock and Fidelity ETFs have acquired US$500 million worth of ETH over the past two days, marking all-time high inflows for Ethereum ETFs.
After Microsoft, shareholders activists with the National Center for Public Policy Research continue to advocate for Amazon to consider a minimum 5% treasury allocation to Bitcoin, aiming to enhance diversification and capitalize on BTC’s potential for higher returns. The proposal argue that Amazon has a fiduciary duty to explore assets like Bitcoin, which could outperform a portion of its current portfolio mix of cash, cash equivalents, and bonds. Drawing comparisons to MicroStrategy’s remarkable success—whose shares have surged over 500% year-to-date compared to Amazon’s 49% rise—advocates point to Bitcoin as a hedge against inflation and a pathway to greater shareholder value. Although Microsoft shareholders turned down the proposal to add Bitcoin to the firm’s treasury holdings earlier this week, these calls to action underscore the growing interest in Bitcoin as a strategic treasury asset at corporate firm levels.
Circle and Binance entered into a strategic partnership to boost global adoption of USDC. Meanwhile, Ripple’s RLUSD stablecoin has secured final approval from the New York State Department of Financial Services.
CRYPTO TOP 20 7 DAY PRICE CHANGE
*All figures throughout are in USD unless otherwise specified
Market Updates
- US spot Bitcoin ETFs surpass Satoshi’s estimated 1.1 million BTC holdings
- Trump wants Bitcoin to hit $150,000 during his presidency: report
- BlackRock’s Bitcoin ETF drops most in 4 months amid quantum computing FUD
- Largest altcoin liquidation since 2021 hits amid crypto market selloff
- Microsoft shareholders vote down Bitcoin treasury proposal
- 21Shares CEO points to ‘infection point in the global order’ as crypto hits mainstream popularity
- El Salvador’s Bitcoin gains top $300M – President
- Bernstein predicts MicroStrategy’s momentum to further accelerate amid potential Nasdaq100 inclusion
- MicroStrategy makes another large Bitcoin purchase, buying 21,550 BTC for $2.1B
- Memecoins reach $140B market cap and gain ground in crypto economy
- Chainalysis taps founder Jonathan Levin as CEO
- Circle claims bragging rights of USDC becoming first regulated stablecoin in Canada
- Pump.fun restricts access for UK users
- EigenLayer to upgrade restaking rewards
- Trump’s BTC reserve plan would be a ‘bad deal’ – Ex-NY Fed President
- Financial Times issues ‘apology’ to Bitcoiners after 13 years of criticism
- Ripple’s Garlinghouse says 2024 elections as a chance to ‘educate voters’
- Jupiter DAO passes massive $860M ‘Jupuary’ airdrop vote
- Bitgets mulls U.S. entry while awaiting Trump’s pro-crypto administration
- Companies can now offer USDT services in Abu Dhabi
- DeFi protocol Synthetix acquires leveraged token platform TLX
The Next Wave
- Amazon shareholders push for minimum 5% Bitcoin allocation
- Billionaire investor Ray Dalio recommends Bitcoin as ‘hard money’ amid national debt increases
- Goldman Sachs CEO says firm could consider Bitcoin, Ether trading if US regulations shift
Tinkering with Tokenisation
- Nuvei, Visa partner on stablecoin payments for LatAm merchants
- Stablecoin market cap hits $200B milestone, could double in 2025 as adoption accelerates
- First Abu Dhabi bank joins tokenisation firm Libre for collateralised lending
- Ownera partners Apex for distributing tokenized assets
- Circle and Binance partnership seeks to boost global adoption of USDC
- Citi says stablecoins challenge the idea of Bitcoin ending US dollar’s dominance
- RLUSD, Ripple’s stablecoin, gains approval from New York’s Dept. of Financial Services
Macro and Regulatory Environment
- US adds 227,000 jobs in November as Fed expected to cut interest rates again
- Donald Trump appoints David Sacks to lead AI and crypto at White House
- SEC to reject bids for spot Solana ETFs – report
- EU countries struggle to implement MiCA as deadline for crypto regulatory revamp looms
- U.S. regulator told banks to avoid crypto, letters obtained by Coinbase reveal
- Czech Republic scraps capital gains tax on crypto held for over 3 years
- Australia to crack down on crypto ATM providers, citing money laundering risk
- El Salvador to change Bitcoin law as part of new IMF deal: FT
- Crypto groups push ads, letters to oppose Democrat’s SEC Commissioner nomination
- El Salvador and Argentina regulators sign agreement to help develop crypto industry
- Italy set to scale back planned tax hike on crypto capital gains: Reuters
- Hong Kong to speed up crypto licensing as competition intensifies
- Iran moves to regulate crypto instead of imposing limits: report
About DigitalX
DigitalX Ltd (ASX:DCC) is a leading ASX-Listed Bitcoin and digital asset funds management business. The Company has a 9 year track record mining Bitcoin, blockchain and smart contract development. DigitalX Asset Management is the investment manager of digital asset investment products that provide qualified investors with highly secure and streamlined access to digital asset exposure. To learn more contact the team at [email protected] or visit our website https://digitalx.fund/.
Disclaimer:
The information in this document is prepared by DigitalX Asset Management Pty Ltd (ACN 629 653 121) (DigitalX).
DigitalX is a corporate authorised representative (CAR) (CAR No. 1270748) of Boutique Capital Pty Ltd (AFSL 508011) and True Oak Investments Ltd (AFSL 238184). Boutique Capital is the Trustee of the DigitalX Fund and the DigitalX Bitcoin Fund. True Oak Investments is the Trustee of the DigitalX Real World Asset Tokenisation Fund (RWAx). All three funds are open to wholesale investors only.
DigitalX is also a corporate authorised representative (CAR) of K2 Asset Management Ltd (ABN 95 085 445 094 AFSL 244 393) (K2), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782). K2 is the Responsible Entity and Issuer of the DigitalX Bitcoin ETF (ASX: BTXX) (ARSN 650 945 216) which is open to retail investors. Offers to invest in the DigitalX Bitcoin ETF (BTXX) will only be made in the product disclosure statement (PDS) and this material is not intended to substitute the PDS which outlines the risks involved and other relevant information. You should also consider the Target Market Determination (TMD) issued when ascertaining if the product is appropriate for your needs. A PDS & TMD for BTXX can be obtained at https://www.digitalx.com/funds/bitcoin-etf/. You should consider the PDS & TMD before making a decision to acquire an interest in BTXX.
The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. Past performance is not indicative of future performance.
