U.S. Spot Bitcoin ETFs Nearing Gold ETFs in Assets Under Management
As of December 17, 2024, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have accumulated $120 billion in assets under management (AUM), closely approaching the $125 billion held by U.S.-listed gold ETFs. This rapid growth, following the approval of spot Bitcoin ETFs in January 2024, indicates a significant shift in investor interest towards digital assets. The increasing institutional adoption of Bitcoin, facilitated by these ETFs, has been a key driver of this trend. Analysts anticipate that Bitcoin ETFs may soon surpass gold ETFs in AUM, underscoring the evolving landscape of investment assets. (CoinDesk)
Hong Kong Expands Crypto Market with Four New Exchange Licenses
On December 18, 2024, Hong Kong's Securities and Futures Commission (SFC) approved licenses for four cryptocurrency exchanges: Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI). This brings the total number of licensed virtual asset firms in the city to seven, reflecting Hong Kong's commitment to revitalizing its crypto industry and maintaining competitiveness in the global market. The SFC emphasized its proactive engagement with virtual asset trading platforms to expedite the licensing process while ensuring investor protection. These newly licensed exchanges are expected to enhance the city's virtual asset ecosystem, offering a broader range of services to investors. (TheBlock)
Pudgy Penguins Launches $1.5 Billion PENGU Airdrop on Solana
On December 17, 2024, Pudgy Penguins introduced their ecosystem token, PENGU, on the Solana blockchain, distributing approximately $1.5 billion worth of tokens to eligible NFT holders and traders. With a total supply of 88.88 billion tokens, 25.9% is allocated for community members through this airdrop, which remains claimable until March 15, 2025. Following its launch, PENGU's market capitalization reached nearly $2.1 billion, positioning it among the top 100 cryptocurrencies by market cap. This strategic move aims to expand Pudgy Penguins' presence by engaging a broader audience within the Solana ecosystem. (Decrypt)
Ethena Labs Partners with Trump's World Liberty Financial
On December 18, 2024, decentralized finance (DeFi) protocol Ethena Labs announced a strategic partnership with President-elect Donald Trump's World Liberty Financial (WLFI). The collaboration aims to integrate Ethena's sUSDe token—a staked version of its synthetic dollar, USDe—into WLFI's Aave-based lending platform, allowing users to earn rewards in both sUSDe and WLFI tokens. This proposal, pending community approval, seeks to enhance stablecoin liquidity and utilization within WLFI's ecosystem. The partnership follows WLFI's recent purchase of $500,000 worth of ENA tokens, signaling a commitment to expanding its DeFi offerings. (Cointelegraph)
AI Revolutionizes Trading Platforms
Artificial intelligence (AI) is transforming financial markets by enabling real-time data analysis, strategy optimization, and scalability. AI-driven systems process vast amounts of information from diverse sources, such as market data, financial news, and social media trends, to predict price movements and identify trading opportunities with unprecedented speed and precision. The collaboration between human traders and AI enhances decision-making, ensuring adaptability and ethical considerations in trading strategies. This technological advancement democratizes trading by providing user-friendly and affordable AI tools, allowing smaller traders to compete effectively in the market. (BeinCrypto)
Hyperliquid's HYPE Airdrop Sets New Record in Crypto History
Hyperliquid, a decentralized perpetuals exchange, has conducted the largest cryptocurrency airdrop to date by distributing approximately 270 million HYPE tokens to over 94,000 addresses, with the total value of the airdropped tokens reaching around $7.6 billion. This surpasses the previous record held by Uniswap's UNI airdrop, which peaked at $6.4 billion in May 2021. Following the airdrop, HYPE's market capitalization has risen to $9 billion, with the token's price tripling from $3.81 to $28. The airdrop's success reflects Hyperliquid's growing prominence in the decentralized finance sector. (Blockworks)
