7 hours ago
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto satellite is buzzing arsenic President-elect Donald Trump's inauguration nears. Bitcoin is holding supra $100,000 and altcoins similar SOL, ADA, LINK, XRP and LTC are shining arsenic it's not conscionable astir a imaginable strategical bitcoin reserve anymore. Reports suggest Trump could denote crypto arsenic a argumentation priority.
Things are heating up for ether too. A blockchain code associated with Trump's World Liberty Finance (WLF) task snapped up astir $10 cardinal of ETH this week, according to Arkham Intelligence. And support your eyes connected layer-1 blockchain Near Protocol's NEAR. The token's proviso dynamics look bullish, with the ratio of staked to unstaked NEAR rising, according to information root Flipside.
Overall, the outlook for the crypto marketplace is bullish, arsenic Wednesday's U.S. CPI study has eased ostentation concerns, allowing traders to absorption connected Trump's swearing-in. On-chain analysis from 21Shares shows there's inactive plentifulness of upside near for BTC.
That said, see the anticipation of a terms driblet if a large announcement doesn't materialize connected Trump's archetypal day.
"The macroeconomic backdrop remains supportive, with unemployment trending downward, ostentation showing signs of easing, and the marketplace riding a question of enthusiasm tied to Trump’s inauguration," Valentin Fournier, an expert astatine BRN, said. "We support a bullish outlook for Q1, though a correction could hap this week if the caller medication doesn't outline a coagulated enactment plan."
Note that BTC is trading astatine a discount connected Coinbase comparative to Binance successful a motion of anemic request from U.S. investors. Plus, Arkham Intelligence information shows a whale moved BTC worthy implicit $1 cardinal to Coinbase connected Thursday. Transfers to exchanges typically correspond an capitalist volition to sell.
And ticker retired for ostentation worries creeping back. The U.S. PPI, which shows terms pressures gathering up successful the pipeline, roseate supra the CPI successful December for the archetypal clip since 2022. Stay alert!
What to Watch
Crypto
Jan. 17: Oral arguments astatine the Court of Appeals for the District of Columbia successful KalshiEX LLC v. CFTC, wherever the CFTC is appealing the territory court's ruling favoring Kalshi's Congressional Control Contracts.
Jan. 23: First deadline for a determination by the SEC connected NYSE Arca's Dec. 3 proposal to database and commercialized shares of Grayscale Solana Trust (GSOL), a closed-end trust, arsenic an ETF.
Jan. 25: First deadline for SEC decisions connected proposals for 4 caller spot solana ETFs: Bitwise Solana ETF, Canary Solana ETF, 21Shares Core Solana ETF and VanEck Solana Trust, which are each sponsored by Cboe BZX Exchange.
Feb. 4: MicroStrategy Inc. (MSTR) reports Q4 net earlier the marketplace opens.
Macro
Jan. 17, 8:30 a.m.: The U.S. Census Bureau releases December's Monthly New Residential Construction report.
Building Permits (Preliminary) Est. 1.46M vs. Prev. 1.493M.
Building Permits MoM (Preliminary) Prev. 5.2%.
Housing Starts Est. 1.32M vs. Prev. 1.289M.
Housing Starts MoM Prev. -1.8%.
Token Events
Governance votes & calls
ApeChain is voting connected a revamped governance process for 75% of the on-chain treasury to beryllium directed to DAO treasury declaration and the remaining 25% to the Ape Foundation for administrative and enactment purposes. Voting began Jan. 17 and volition past for 13 days.
The Aave DAO is discussing a associated inducement programme with Polygon that would necessitate $3 cardinal to heighten liquidity and adoption of Aave connected the Polygon blockchain.
Unlocks
Jan. 17: ApeCoin (APE) to unlock 2.16% of its circulating supply, worthy $18.1 million
Jan. 17: QuantixAI (QAI) to unlock 4.79% of its circulating supply, worthy $21.28 million
Jan. 18: Ondo (ONDO) to unlock 134% of its circulating supply, worthy $2.19 billion.
Jan. 21: Fasttoken (FTN) to unlock 4.6% of circulating proviso worthy $76 million.
Token Launches
Jan. 17: Solv Protocol (SOLV) to beryllium listed connected Binance.
Conferences:
Day 12 of 14: Starknet, an Ethereum furniture 2, is holding its Winter Hackathon (online).
Day 5 of 12: Swiss WEB3FEST Winter Edition 2025 (Zug, Zurich, St. Moritz, Davos)
Jan. 18: BitcoinDay (Naples, Florida)
Jan. 20-24: World Economic Forum Annual Meeting (Davos-Klosters, Switzerland)
Jan. 21: Frankfurt Tokenization Conference 2025
Jan. 25-26: Catstanbul 2025 (Istanbul). The archetypal assemblage league for Jupiter, a decentralized speech (DEX) aggregator built connected Solana.
Jan 30-31: Plan B Forum (San Salvador, El Salvador)
Feb. 3: Digital Assets Forum (London)
Feb. 18-20: Consensus Hong Kong
Token Talk
By Oliver Knight
Litecoin (LTC) led the battalion implicit the past 24 hours aft a Nasdaq 19B-4 filing paved the mode to rotation retired an LTC speech traded-fund (ETF). The token roseate 17% to overtake bitcoin currency (BCH) successful presumption of marketplace cap.
Ethereum developers confirmed that the mainnet Pectra upgrade volition instrumentality spot successful March, with a bid of hard forks planned connected Ethereum testnets successful February. The upgrade volition amended wallet functionality and summation the autochthonal staking bounds to 2,048 ETH from 32 ETH. This summation means larger stakers similar Coinbase and restaking protocols volition beryllium capable to power less validators, reducing complexity. Coinbase presently has tens of thousands of validators.
Altcoin whales are aggressively buying solana (SOL) successful the lead-up to Donald Trump's inauguration. One peculiar wallet, reported by Lookonchain, bought $2.49 cardinal worthy of SOL and withdrew an further $3.94 cardinal worthy retired of Binance. It past deposited a full of 144,817 SOL ($30.4 million) into lending level Kamino earlier borrowing $20 cardinal of stablecoins. This is efficaciously taking a agelong presumption connected SOL arsenic erstwhile the worth of the underlying plus rises, the idiosyncratic volition person to wage little stablecoin.
Derivatives Positioning
Litecoin is the best-performing coin successful presumption of futures unfastened involvement maturation and affirmative CVD readings that connote nett buying pressure.
HYPE stands retired arsenic overheated, with annualized backing rates successful excess of 100%, according to Velo Data. The elevated backing complaint indicates overcrowding successful bullish bets.
BTC's annualized one-month futures ground connected the CME has climbed supra 12%, surpassing ETH's 11%. BTC, ETH CME futures unfastened interest, however, remains small changed and good beneath December highs.
BTC, ETH options connected Deribit amusement bias for calls.
Market Movements:
BTC is down 2.17% from 4 p.m. ET Thursday astatine $102,319.71 (24hrs: +3.15%)
ETH is up 3.13% astatine $3,424.04 (24hrs: +3.22%)
CoinDesk 20 is up 1.36% astatine 3,960.57 (24hrs: +4.36%)
Ether staking output is unchanged astatine 3.1%
BTC backing complaint is astatine 0.0092% (10.12% annualized) connected Binance
DXY is unchanged astatine 109.02
Gold is up 0.67% astatine $2,730.60/oz
Silver is down 1.3% astatine $31.28/oz
Nikkei 225 closed -0.31% to 38,451.46
Hang Seng closed +0.31% to 19584.06,
FTSE is up 1.06% astatine 8,481.19
Euro Stoxx 50 is up 0.66% astatine 5,140.87
DJIA closed connected Thursday -0.16% to 43,153.13
S&P 500 closed -0.21% to 5,937.34
Nasdaq closed -0.89% to 19,338.29
S&P/TSX Composite Index closed +0.23% to 24846.2
S&P 40 Latin America closed -1.41% to 2,230.95
U.S. 10-year Treasury is down 2 bp astatine 4.6%
E-mini S&P 500 futures are unchanged astatine 5,993.50
E-mini Nasdaq-100 futures are down 0.32% astatine 21,332.25
E-mini Dow Jones Industrial Average Index futures are unchanged astatine 43,496.00
Bitcoin Stats:
BTC Dominance: 57.49
Ethereum to bitcoin ratio: 0.0334
Hashrate (seven-day moving average): 784 EH/s
Hashprice (spot): $57.0
Total Fees: 7.34 BTC/ $731,223
CME Futures Open Interest: 178,755 BTC
BTC priced successful gold: 37.8 oz
BTC vs golden marketplace cap: 10.75%
Technical Analysis
The dollar index's (DXY) rally has stalled, but the bullish trendline characterizing the uptrend from 100 is inactive intact.
A renewed bounce from the trendline enactment could make a headwind to hazard assets.
Crypto Equities
MicroStrategy (MSTR): closed connected Thursday astatine $367 (+1.77%), up 3.26% astatine $378.98 successful pre-market.
Coinbase Global (COIN): closed astatine $281.63 (+2.44%), up 2.68% astatine $289.28 successful pre-market.
Galaxy Digital Holdings (GLXY): closed astatine C$28.77(+3.01%).
MARA Holdings (MARA): closed astatine $18.3 (+0.83%), up 3.17% astatine $18.88 successful pre-market.
Riot Platforms (RIOT): closed astatine $13.29 (-1.29%), up 3.24% astatine $13.72 successful pre-market.
Core Scientific (CORZ): closed astatine $14.63 (+0.69%), up 1.71% astatine $14.88 successful pre-market.
CleanSpark (CLSK): closed astatine $11.18 (-0.18%), up 3.58% astatine $11.58 successful pre-market.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $24.60 (+0.12%), up 2.93% astatine $25.32 successful pre-market.
Semler Scientific (SMLR): closed astatine $58.24 (+3.8%), up 2.76% astatine $59.85 successful pre-market.
Exodus Movement (EXOD): closed astatine $37.87 (+7.1%), up 5.62% astatine $40 successful pre-market.
ETF Flows
Spot BTC ETFs:
Daily nett flow: $527.9 million
Cumulative nett flows: $38.04 billion
Total BTC holdings ~ 1.14 million.
Spot ETH ETFs
Daily nett flow: $166.59 million
Cumulative nett flows: $2.64 billion
Total ETH holdings ~ 3.57 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
The illustration shows trends successful NEAR's circulating proviso staked oregon locked successful the blockchain successful instrumentality for rewards, versus proviso unstaked.
The complaint astatine which NEAR holders are staking their coins is increasing, creating a bullish demand-supply dynamic for the token.
While You Were Sleeping
Bitcoin's 'Coinbase Premium' Muted Amid Reports Trump Plans to Designate Crypto a National Policy (CoinDesk): President-elect Trump is reportedly readying to prioritize cryptocurrency with an enforcement order, but the BTC terms differential betwixt Coinbase and Binance signals a deficiency of enthusiasm among U.S. investors up of his Jan. 20 inauguration.
XRP Volume Overtakes Bitcoin connected Coinbase arsenic U.S. Investor Interest Grows (CoinDesk): XRP accounted for 25% of Coinbase’s trading measurement successful the past 24 hours, driven by rising U.S. involvement and speculation astir an XRP ETF.
Bitcoin Miners Have Started 2025 connected a Strong Footing, JPMorgan Says (CoinDesk): JPMorgan notes that 12 of 14 monitored mining stocks delivered stronger returns than bitcoin aboriginal this year, supported by a 51% yearly hashrate surge.
BOJ Likely to Keep Hawkish Policy Pledge, Raise Rates Next Week, Sources Say (Reuters): Markets foretell an 80% likelihood the Bank of Japan volition rise the involvement complaint to 0.5% adjacent week, the highest since 2008.
China Hits 5% GDP Target but Trump Tariffs Threaten Further Growth (Bloomberg): China achieved 5% GDP maturation successful 2024, driven by stimulus and beardown exports. Upcoming U.S. tariffs and anemic home request whitethorn hinder aboriginal progress.
European Markets Near an All-Time High Ahead of Earnings Season (Euronews): European stocks roseate this week, with Germany’s DAX hitting grounds highs implicit the past 2 sessions. The Euro Stoxx 600 gained 0.81%, driven by beardown luxury and exertion net and expectations of looser ECB policy.
In the Ether
English (US) 