On December 3rd, the cryptocurrency market continued its recent volatile trend, with bitcoin fluctuating narrowly around $96,000 for the past week. At the time of writing,$Bitcoin (BTC.CC)$ it is up 0.26% to $96,174.00; $Ethereum (ETH.CC)$ it is up 0.41% to $3,658.40.

Key Focus

• MicroStrategy increased its holdings by another 15,400 bitcoins.

$MicroStrategy (MSTR.US)$ Between November 25 and December 1, an average of 95,976 dollars per coin was added to the holding of 15,400 bitcoins, with a total investment of approximately 1.5 billion dollars, further solidifying its position as the world's largest corporate bitcoin holder. The company raised funds by selling stocks and plans to raise 42 billion dollars in the next three years to purchase bitcoins. As of December 1, MicroStrategy holds a total of 402,100 bitcoins, worth over 38 billion dollars, with an average purchase cost of 58,263 dollars per coin.

As of December 1, MicroStrategy holds a total of 402,100 bitcoins, worth over 38 billion dollars. According to the company's co-founder and CEO, Michael Saylor, the average purchase cost for these bitcoins was 58,263 dollars per coin, with a total cost (including fees and expenses) of approximately 23.4 billion dollars.

• Bitcoin mining difficulty has increased by 1.59% to 103.92 T, reaching a new historical high.

CloverPool data shows that the bitcoin mining difficulty experienced an adjustment at block height 872,928 (2024-12-02 23:34:00), with a 1.59% increase to 103.92 T, setting a new historical high. Currently, the average network hash rate is 726.57 EH/s.

• The rise in bitcoin prices has driven miners' income to a new high since April.

According to Bitcoin.com News, due to the rise in bitcoin prices, the income of bitcoin miners has significantly increased, reaching its highest level since April of this year.

• Coinbase CEO: It is expected that the United States will quickly introduce cryptos laws after Donald Trump takes office.

According to CNBC reports, $Coinbase (COIN.US)$ The Chief Policy Officer Shirzad believes that the legislation on cryptos will "move quite swiftly" through Congress after Trump takes office. Trump is well known for his support of cryptocurrency policies during his campaign. At the time of his statement, two key cryptocurrency-related legislations are moving through Congress. One is the "21st Century Financial Innovation and Technology Act" initiated by the Republicans, which aims to establish a legal framework for digital assets. Earlier this year, the bill was passed in the House of Representatives. The other is the "Payment Stable Coin Regulatory Act," which aims to establish a regulatory system to license stable coin issuers—stable coins are tokens pegged to the value of legal tenders such as the USD. The Stable Coin Act has not yet been voted on in the House of Representatives.

• Data: In November, many indicators in the crypto market hit historical highs, with on-chain total trading volume increasing by 69.4%.

According to a post by The Block research director @lars0x, many indicators in the crypto market hit historical highs in November, with adjusted on-chain total trading volume increasing by 69.4% to $710 billion (BTC: +70%, ETH: +68.3%). Adjusted stable coin on-chain trading volume increased by 30.7% to $1.17 trillion, with an issuance supply growth of 12%, reaching a new high of $167.2 billion, where USDT accounts for 79.9% and USDC accounts for 17.4%. Bitcoin miner revenue in November increased by 18.6% to $1.21 billion, while Ethereum staker revenue increased by 18.8% to $0.263 billion.

In November, a total of 46,553 ETH were burned, equivalent to $0.147 billion. Since the implementation of EIP-1559 in early August 2021, a total of 4.48 million ETH has been burned, equivalent to $12.6 billion. Monthly NFT market trading volume on Ethereum grew by 61.5% to $0.1963 billion. Legitimate CEX spot trading volume in November grew by 123.6% to $1.88 trillion, with a monthly net flow of +$6.6 billion for all BTC spot ETFs. On November 7th, IBIT saw a record high net inflow of $1.12 billion. Bitcoin futures open interest increased by 42.2%, and Ethereum futures open interest increased by 72.7%, both reaching all-time highs.

BTC monthly futures trading volume increased by 69.2% to $2.1 trillion. CME Bitcoin futures open interest increased by 61.4% to a new high of $20.1 billion (average daily trading volume increased by 86.9% to $9.8 billion). ETH futures monthly trading volume grew by 92.8% to $940 billion. Bitcoin options open interest increased by 53.2%, reaching a new high; Ethereum options open interest increased by 84.2%. BTC monthly options trading volume grew by 105.3% to $110.9 billion, while ETH monthly options trading volume grew by 115.5% to $21.9 billion.

• In November, US Bitcoin and Ethereum ETFs both set records for monthly net inflows, benefiting from Trump's support of cryptos.

Benefiting from the promise of the incoming US President Donald Trump to relax industry regulations on cryptocurrencies, direct investments in Bitcoin and Ethereum exchange-traded funds (ETFs) in the USA have seen unprecedented demand. Compiled data shows that Bitcoin and Ethereum ETFs both set single-month net inflow records in November, amounting to $6.5 billion and $1.1 billion respectively. Last Friday, Ethereum ETF saw a record high daily inflow.

• MARA, a bitcoin mining company, issued convertible preferred notes of up to $0.85 billion, some of which will be used to purchase bitcoin.

Bitcoin mining companies $MARA Holdings (MARA.US)$ Announced that its zero-coupon convertible notes offering has increased to $0.85 billion and additional $0.15 billion purchase options. The notes will mature in 2031 with the funds mainly used to repurchase some existing notes due in 2026, as well as to increase bitcoin holdings and for general corporate purposes. According to the announcement, the initial conversion price for this issuance is $34.5831 per share, at a 40% premium to MARA's current stock price.

• QCP Capital: Microsoft's shareholders voting next week may become a catalyst for bitcoin to exceed $0.1 million before the end of the year.

Singaporean crypto investment firm QCP Capital stated in a post that over the Thanksgiving weekend, driven by Michael Saylor's presentation of a bitcoin investment strategy to Microsoft, the price of bitcoin briefly touched $98,000. Microsoft shareholders are scheduled to vote on a proposal to include bitcoin on its balance sheet on December 10. This could become the catalyst needed for bitcoin to surpass $100,000 before the end of the year.

Major shareholders of Microsoft, such as Vanguard, BlackRock, and Fidelity, have already invested through $MicroStrategy (MSTR.US)$ 、 $Coinbase (COIN.US)$ And other cryptos companies are entering the crypto industry. It can be said that they have already had a sufficient degree of involvement. On the other hand, if the proposal is approved, it will not only have a positive impact on bitcoin, but also drive their other investments.

As we await the ruling on Microsoft next week, this week's focus will once again be on US employment and labor data. The Institute for Supply Management (ISM) Manufacturing Index and Purchasing Managers Index (PMI) data are scheduled to be released on Monday and Wednesday respectively. However, the main focus this week is on Friday's Non-Farm Payrolls (NFP) data. The market will closely monitor this week's reports to better understand the inflation situation, especially before the interest rate decision on December 17-18.

• Four asset management companies have submitted applications to the US SEC to launch bitcoin ETFs with different protection levels.

According to the Financial Times, four asset management companies have submitted applications to the US Securities and Exchange Commission (SEC) to launch bitcoin ETFs that use derivatives to reduce or protect investor losses. These ETFs include Buffer ETFs and Managed Floor ETFs.

Institutions such as Calamos Investments, First Trust Portfolios, and Innovator ETFs have applied for products with different protection levels, including Buffer ETFs protecting against 30% losses, and managed floor ETFs with three-month terms. Grayscale Investments plans to launch an ETF that sells call options covering a bitcoin spot ETF, sacrificing some price upside potential but offering stable premium income. These ETFs currently face challenges related to option position limitations. Cboe Global Markets is about to launch bitcoin index options with higher position limits, which may provide greater capacity for product structures. If approved, these ETFs could be listed as early as February next year.

• Trump's victory has boosted the trading volume of cryptos to a new 3-year high in November.

In November, the monthly cryptos trading volume hit a three-year high, thanks to Donald Trump's victory in the early month's election, and people's new hope for more favorable cryptos regulations. According to the data shared by NewHedge, a crypto market tracking institution, the spot cryptos trading volume reached $2.9 trillion in November, hitting the highest level since May 2021.

Editor/rice