Organize - Odaily
Edit - 0xAyA
1. Market transactions
1. Spot market
Last week, the price of BTC finally broke through the consolidation range strongly after a short adjustment and went all the way upward. As of press time, BTC was temporarily trading at $40,665, an increase of 6.75% in the past week.
It can be seen that the BTC price is very strong within the 4 h level window, and it has been rising all the way after breaking through the shock range.
2. GBTC performance
this weekGBTCThe discount range has expanded, with the primary market price at 34.75 per share and the secondary market price at 31.73 per share. The discount level expanded from 8.07% last week (November 25) to 8.69% (December 2).
3. Futures
BTC Perpetual Contract Funding RateOn the other hand, the USD contract funding rate on CoinEx is the highest, reaching 0.0507%, while its USDT contract rate is the lowest, reporting 0. Quarterly delivery prices range from US$41,000 to US$43,000. In terms of BTC contract holdings, CME continues to rank first with a holding of $4.73 billion; followed by Binance with a holding of $4.28 billion; Bybit ranks third with a holding of $3.05 billion.
4. Options
Total BTC holdings this weekwas US$108.62 billion, a year-on-year decrease of approximately 12.87%. The option holding ratio has not changed significantly compared with last week, with call options accounting for 68.16% and put options accounting for 31.84%. In terms of specific positions, the total position of call options is 253,844.53 BTC, while the total position of put options is 118,581.53 BTC. The dominant position of call options in the market remains unchanged. It is expected that as Bitcoin’s strong rise continues, Positions will continue to expand.
2. Mining
according toBTC.comAccording to data, the BTC network computing power this week was 488.26 EH/s, a year-on-year decrease of 2.53%. 7 days ago, the difficulty of the entire BTC network increased by 5.07%. In 6 days, the difficulty of the entire network is expected to increase by 1.06%, as shown below:
The top three mining pools are still Foundry USA, AntPool and F 2 Pool, accounting for 29.81%, 26.35% and 11.23% respectively. As follows:
Canaan Ventures announced its unaudited financial report for the third quarter of 2023. Among them, the third quarter revenue was US$33.3 million, a year-on-year decrease of 54.9%; the mining revenue was US$3.3 million, a year-on-year decrease of 64.6%; the net income of the third quarter was US$3.3 million, a year-on-year decrease of 64.6%. The loss was US$80.1 million; as of September 30, Canaan held a total of 1,238.5 BTC, with a market value of US$30.5 million, including 860 BTC held by the company and 378.5 customer deposits; as of September 30, 2023 , the company has cash and cash equivalents of $40.6 million. In addition, on November 27, Canaan Vision entered into a securities purchase agreement with institutional investors to issue and sell up to 125,000 Series A convertible preferred shares to investors at a price of US$1,000 per preferred share. Canaan Intelligentsia intends to use the net proceeds from the sale of securities for research and development, expansion of production scale and other general corporate purposes.
glassnodeData shows that the number of active addresses on the BTC chain in the past week was 6,750,549, a year-on-year decrease of 2%; miners income was 607.1 BTC, a year-on-year decrease of 39.04%; the total number of mined blocks was 1,008, a year-on-year decrease of 0.59%; the number of new addresses was 3,410,109 , a year-on-year increase of 6.35%. The data on the chain still rebounded overall this week, as shown below:
3. Ecological Progress
（1）Ordinals
Data Display, the total number of inscriptions minted by Ordinals has reached 45.891 million, and the total cost incurred so far has reached 3277.6 BTC, equivalent to approximately US$128 million.
inscriptionIn terms of revenue, Inscriptions revenue and expenses continued to fall this week, reporting at US$3.16 million.
Ouyi OKX market shows that ORDI broke through 38 USDT in the short term, reaching a maximum of 38.73 USDT, setting a record high. ORDI is temporarily trading at 38.05 USDT, with a 24 H increase of 18.8%.
Ordinals founder: Jubilee will take place at block height 824544Casey, the founder of Ordinals, posted on the Casey further states that this only applies to new inscriptions and that cursed inscriptions left before the Jubilee will continue to be cursed.
(2) Lightning Network
The Block Pro published an article on the X platform stating that so far, there have been various attempts to achieve Bitcoin expansion. The Lightning Network is Bitcoin’s largest scaling solution, with its TVL reaching nearly $200 million in 2023, primarily due to Bitcoin’s rising price. Other Bitcoin scaling solutions such as DeFiChain, Rootstock, and Stacks have lower TVL than Lightning Network, likely due to security trade-offs as they only inherit part of Bitcoin’s security. In addition, Bitcoin Ordinals assigns unique identifiers to satoshis, enabling them to become NFTs, and uses SegWit and Taproot upgrades to mint fungible BRC-20 tokens. These innovations from SegWit and Taproot upgrades show Bitcoin’s future potential in areas such as Layer 2.
(3) Other projects:
Atomics Market: Will compensate 33,000 ATOM and has switched to a more secure signature method
Atomics Market, a market and browser for Atomicals and ARC-20, tweeted that due to the use of the unsafe signature SIGHASH_NONE-ANYONECANPAY, 33,000 ATOM were lost in attacks on November 14 and 23, and that it has now switched to a more secure signature. Method SIGHASH_SINGLE-ANYONECANPAY. The team promised to compensate for the 33,000 ATOM lost in this incident, and the returned ATOM will be airdropped to the victim’s address within the next 48 hours. If you need to change your address, you can contact us in Discord. Currently, the team is still processing another ATOM loss that occurred on November 25th. Atomics Market will establish a safety fund mechanism to cover unexpected asset losses. Additionally, Atomics Market announced that the team rebuild is complete.
4. Other news
According to the latest data from 8 marketcap, Bitcoin has surpassed Berkshire Hathaway and returned to the top 10 assets/companies in the world by market capitalization. As the price has risen above US$40,000, the market value of Bitcoin has risen to US$784 billion, ranking first in the world. Ranked 10th in asset market value rankings.
Coinbase CEO Brian Armstrong says Bitcoin and cryptocurrencies could be the key to continuing Western civilization. He pointed out that no matter which country has a reserve currency, the natural tendency is to expand the money supply and increase deficit spending until the fiat currency loses its advantage. Right now, the assumption is that the United States can continue to expand, but I think what a lot of people dont take into account is that people now have an alternative currency called cryptocurrency. They may start moving fiat currencies into cryptocurrencies as a way to protect against inflation. Contrary to what some may assume, I do not think this will be a threat to the dollar and the United States, I think it will be a natural check and complement to the dollar and is best for the long-term interests of the United States (and Western civilization more broadly) Defenders. It is better to switch from USD to cryptocurrencies than to another country’s fiat currency. I also believe that fiat and cryptocurrencies will coexist in the long term. They are more like complements than substitutes. USD-backed stablecoins such as USDC or Flatcoin will play an important role in unifying these two worlds.
