Last week, digital asset investment products saw the largest weekly inflows on record at $3.85bn, making the total inflows year-to-date (YTD) reach $41bn and total assets under management (AuM) to a new high of $165bn, compared to prior highs in 2021 which saw inflows of $10.6bn and an AuM high of $83bn. While Bitcoin saw a modest inflow of $2.5bn, Ethereum saw its largest weekly inflows on record of US$1.2bn, higher than during the ETF launches in July.
The countries with the largest inflows were the US at $3.6bn, followed by Switzerland at $160m and Germany at $116m.
At the beginning of the week, the cryptocurrency market saw a sharp decline, which contributed to $1.5 billion in liquidations, affecting over 510,000 traders.
The cryptocurrency sector's valuation held firm at $3.37 trillion on Tuesday, halting a bleedout of $13 billion in outflows over the last 24 hours.
Stablecoin issuer Circle and crypto exchange Binance have established a strategic partnership to strengthen the USDC stablecoin’s global presence. Circle CEO Jeremy Allaire wrote on X:
"Binance will adopt USDC as a vital dollar stablecoin for their own corporate treasury, demonstrating that one of the most sophisticated onchain treasury operations is putting their full faith behind USDC as a digital dollar for storing and moving value."
Solana price opened trading at $213 on December 11, having tumbled 15% during the crypto market crash on Monday. It has now rebounded 8.23% within the last 12 hours, rising as high as $220 in the early hours of December 11.
Microsoft shareholders vote "no" to adding Bitcoin to its balance sheet, citing Bitcoin's volatility as the main factor.
Bitcoin mining heavyweight MARA Holdings bought 11,800 Bitcoin valued at $1.1 bn on Dec 10, and boosted its hashrate to an industry record, exceeding 50 exahashes per second (EH/s).
The head of the Florida Blockchain Business Association (FBBA) announced that 1% of Florida’s pension fund (amounting to $1.85 bn), is being considered for a state level Bitcoin Strategic Reserve, a move backed by state leaders.
Similarly in November, a new bill was introduced in the Pennsylvania House of Representatives to form the Pennsylvania Bitcoin Strategic Reserve, aiming to diversify the state’s financial holdings by allocating up to 10% of its treasury reserves into Bitcoin.
Russia lawmakers are pushing for the country to create a bitcoin strategic reserve, aiming to protect Russia’s economy from sanctions, inflation, and currency volatility.
The proposal follows remarks made by Russian President Vladimir Putin, who recently acknowledged that Bitcoin cannot be banned or restricted, emphasizing its independence from risks and control such as sanctions and inflation.
South Korea’s government decided to delay the implementation of its cryptocurrency taxation policy until 2027. The proposal, initially planned for 2022, had already been postponed to 2025. Despite the uncertainty surrounding regulation and taxation, the country's trading volumes reached a record $254 billion in November 2024, reflecting heightened investor interest, a significant recovery from the lows seen in 2022 and 2023.
