The Assets

Daily Report 6 Dec 2024

Nicole Shukry -
  • A sudden drop in the price of Bitcoin to $93,000 triggered a significant amount of long position liquidations, wiping out $303.5 million of long positions within the hour.
    • In the last 24 hours, total liquidations reached $1.04 billion, with over $500 million from Bitcoin alone.
“It took Bitcoin 3 minutes to drop ~10% which equals to ~200B drop. 180 seconds. 200 Billion dollars lower” Smiley Capital said.
    • The Binance fear and greed index also dropped from 84 (extreme greed) to 72.
source: Coinglass
  • Bitcoin’s price dip to just under $93,000 on Dec 5 spurred major acquisitions by BlackRock and MARA Holdings, who collectively purchased 9,173 Bitcoins.
    • Of the 9,173 Bitcoins, BlackRock owns 7,750, taking the firm’s total Bitcoin holdings to over 447,000 BTC, valued at $43.79 billion at current prices.
    • MARA now holds over 22,000 BTC, valued at $2.17 billion at current prices.

source: Arkham Intelligence

  • According to Arkham Intelligence data, an unknown whale also seized the opportunity to buy 600 Bitcoins. Over the past two weeks, this whale has accumulated a total of 1,300 Bitcoins valued at around $127 million.
  • Trump appoints former PayPal exec David Sacks as "White House AI and crypto czar"
    • Trump has already appointed other pro-crypto figures like Elon Musk to advisory roles, including Paul Atkins to chair the Securities and Exchange Commission on Dec 4.
  • Spot ETH ETFs in the US beat their previous daily inflow record of $333 million on Nov 29, recording over $428 million on Dec 5.
    • ETH ETFs have been at a daily net positive since Nov 21 and have accumulated more than $1.3 billion over the past two weeks. 
    • ETH price hit an eight-month high of $3,946 on Dec 5.
    • The ETH/BTC ratio increased by 14.5% over the past month, currently sitting around 0.40.
source: Coinglass