Bitcoin’s realised capitalisation continues to hover near its historic high of over $1.1 trillion, reflecting consistent investor confidence despite recent price fluctuations. As of late November, this metric peaked at $1.126 trillion, before stabilising around $1.123 trillion in mid-December. Realised capitalisation, which measures the total value of Bitcoin based on the last price at which each coin was moved, serves as a crucial indicator of market health and actual capital inflows, separating it from the more volatile market capitalisation.
In the realm of exchange-traded funds (ETFs), U.S. spot Bitcoin ETFs experienced significant net outflows last week, totaling $497 million compared to a net inflow of $287 million the week prior. Likewise, spot Ethereum ETFs saw a net outflow of $644 million, a sharp contrast to the $209 million inflow recorded in the previous week. This trend suggests growing caution among investors amidst a wider pullback in the cryptocurrency market.
On the macroeconomic front, the U.S. consumer price index showed a 2.7% year-on-year increase for November, lower than the 3.1% anticipated by economists. Predictions regarding the Federal Reserve’s interest rate moves have also evolved, with the CME FedWatch Tool now indicating a 21% chance of a rate cut in January, down from 24% the week before. Meanwhile, Europe maintained its interest rates, Japan implemented a 0.25% increase to 0.75%, and the UK opted for a 0.25% decrease to 3.75%.
The Ethereum Foundation has unveiled a new technical roadmap focused on security enhancements for the zkEVM, while Circle has joined forces with Intuit to facilitate USD integrations. In governance news, voting has commenced for Uniswap’s ‘UNIfication’ proposal, a noteworthy developmental step for the protocol.
Looking ahead, key economic indicators to watch include the U.S. Q3 GDP report and an upcoming speech from the Governor of the Bank of Japan. Last week’s market analysis reveals decreases across price, volume, and volatility indices of -1.90%, -28.70%, and -35.27%, respectively, with Bitcoin’s price showing a modest increase of 0.4%, whereas Ethereum’s price dipped by 2.1%. Overall, the majority of significant cryptocurrencies saw price declines, reflecting the broader market sentiment.
In crypto market developments, DMCC in Dubai has partnered with Crypto.com to promote commodities tokenisation and enhance digital trade infrastructure, which is expected to improve settlement efficiency and price transparency in commodity sectors. Additionally, Crypto.com has reinforced its fiat payment options in collaboration with DBS Bank, enabling users in Singapore to seamlessly deposit in SGD and USD.
Crypto.com also announced a partnership with ERShares and Signal Markets to establish a global prediction-market-intelligence platform. Furthermore, Galapagos Capital plans to leverage Crypto.com’s exchange capabilities to create new digital asset offerings for its clientele.
As the cryptocurrency landscape continues to evolve, investors are encouraged to stay informed through exclusive reports and market updates, ensuring they remain agile in managing their digital assets.
