On January 10, the cryptocurrency market rebounded, with Bitcoin successfully rising above $94,000, after previously declining for three days and dropping to $91,000. As of the time of writing,$Bitcoin (BTC.CC)$it rose 1.59% to $94,024.02; $Ethereum (ETH.CC)$it rose 1.49% to $3,267.10.

Key focus

• Bloomberg: With Trump's inauguration day approaching, several crypto company CEOs are vying for opportunities to meet with Trump.

According to Bloomberg, with less than two weeks until Trump's inauguration, executives in the crypto industry are competing for opportunities to meet with Trump himself and secure seats on the planned cryptocurrency advisory committee, which is expected to be established shortly after Trump takes office. Sources reveal that industry insiders intend to use this committee to influence the new administration's digital asset policies, and the committee may consist of about twenty CEOs and founders.

Insiders say that most of the potential appointees have already built relationships with Trump and have visited him in recent months. Trump and his inner circle, including incoming White House AI and Cryptos expert David Sacks, are still weighing potential appointees. Since Trump's re-election in November, Mar-a-Lago has hosted a large number of people from the crypto industry, including Crypto.com CEO Kris Marszalek.$Coinbase (COIN.US)$CEO Brian Armstrong and others.

In addition, companies such as Circle, Coinbase, Kraken, and Ondo have all pledged to donate to Trump's inauguration. According to previous reports, the crypto industry will hold a ball on January 17 to celebrate Trump's inauguration with Vance, hosted by BTC Inc. and Stand With Crypto.

• Analysis: The cost price of short-term holders of Bitcoin at $0.088 million remains crucial.Resistance

Glassnode posted on the X platform that the cost price of short-term Bitcoin holders ($0.088 million) remains a key support level. The URPD (Utrealized Price Distribution) Indicator shows that if it falls below this cost price, and the volume below this support level is sparse, it means a lack of bid support, and the price may accelerate its decline.

• Analysis: The momentum of short-term demand for Bitcoin continues to weaken, with active capital indicators dropping 66.7% from the peak last December.

Glassnode released data on the X platform stating that the short-term demand momentum for Bitcoin continues to weaken. A key indicator shows that "active capital" (Hot Capital: capital re-entering the market in the past 7 days) has dropped significantly by 66.7% from the peak of 96.2 billion dollars on December 12 to 32 billion dollars.

• Surveys show: The proportion of financial advisors allocating crypto assets for clients will double to 22% in 2024.

According to the latest survey released by Bitwise Asset Management and VettaFi, the percentage of financial advisors incorporating crypto assets into client portfolios will rise from 11% last year to 22% in 2024. The survey covers types such as registered investment advisors (RIAs), broker-dealer representatives, and financial planners, with 96% of respondents indicating they have received client inquiries about cryptocurrencies in the past year.

2024 will become a turning point for crypto assets, with Bitcoin's price soaring by 123% to surpass the historical high of $108,000, benefiting from the record launch of spot Bitcoin ETFs, which attracted over $35 billion in inflow. Other crypto assets also performed strongly, with Ethereum rising by 45%,$Solana (SOL.CC)$an increase of 85%. As traditional financial giants like BlackRock and Fidelity launch spot Bitcoin ETFs, and the election of President Trump possibly leading to a more crypto-friendly policy, the enthusiasm for the crypto market continues to rise.

The Bitwise survey shows that 56% of financial advisors are more likely to invest in crypto assets this year due to the election results in November 2024, with the Republican Party controlling both houses of Congress and expecting to appoint a more crypto-friendly chairman of the Securities and Exchange Commission (SEC), which will further ease the regulatory pressure on digital assets.

• Citigroup: 2025 will be the year of altcoins.

Citigroup Analysts stated in a report on Monday that, since Ethereum is the only major Crypto approved as the basis for a spot ETF (besides Bitcoin), it may be a target for rotation. Other Cryptos are performing even better and are gaining a larger share of the overall market cap. Citigroup added that respondents in a recent survey believed that in 2025, altcoins will perform particularly well. Analysts commented, "The performance of other Cryptos and altcoins is even more meaningful, suggesting that some market participants anticipate a 'altcoin season' in 2025 following a strong year for Bitcoin."

Citigroup Analysts indicated that new policy support will help solidify the legitimacy of altcoins in the market, potentially driving prices higher; Bitcoin is classified as a CSI Commodity Equity Index, with existing spot ETFs and Futures as traditional financial trading tools; in contrast, the definitions of other Crypto assets are less certain and investment options are more limited; further policy support, compared to Bitcoin, will provide a significant boost for altcoins.

• VanEck Executive: Block is expected to become the first company in the S&P 500 to hold Bitcoin.

Matthew Sigel, head of digital asset research at VanEck, posted on X platform that the fintech company $Block (SQ.US)$ is expected to become the first company in the S&P 500 to hold Bitcoin. In order for a stock to be included in the index, it must meet six main criteria, including:

1) Market cap exceeding 18 billion USD;

2) Public float exceeding 10%;

3) The earnings for the most recent quarter should be positive, and the total GAAP earnings for the previous four quarters should also be positive;

4) High liquidity;

5) Listed for at least 12 months;

6) Company headquarters located in the USA.

Block met the last criterion (earnings) after releasing its Earnings Reports for the first quarter of 2024. However, inclusion$S&P 500 Index (.SPX.US)$is not strictly formula-driven, but rather decided at the discretion of the Index Committee. Historically, companies that meet all requirements have been included within 3 to 21 months (LULU being an exception, taking 65 months). Industry diversification is one of the factors considered by the Index Committee as they aim to maintain an industry composition generally consistent with the economy.

• CryptoQuant CEO: The US government selling $6.5 billion worth of Bitcoin may be absorbed by the market within a week.

Regarding the matter of 'the US Department of Justice being allowed to sell 6.5 billion USD worth of Bitcoin seized from the Silk Road on the dark web', CryptoQuant CEO Ki Young Ju stated on X, 'Last year, based on realized market cap calculations, 379 billion USD entered the market, approximately 1 billion USD per day. The 6.5 billion USD (Bitcoin) sold by the US government could be absorbed by the market within a week. Do not panic.'

• CryptoQuant: The share of Bitcoin reserves held by entities in the USA is 65% higher than that held by non-USA entities.

According to a report by The Block, based on data from CryptoQuant, the share of Bitcoin reserves held by entities in the USA is now 65% higher than that held by non-USA entities. CryptoQuant CEO Ki Young Ju stated on the X platform that this ratio is derived by comparing the Bitcoin holdings of known USA entities (including$MicroStrategy (MSTR.US)$ETF, Exchanges, mining companies, and government) to the Bitcoin holdings of known overseas entities.

Data shows that this ratio skyrocketed from 1.24 in September 2024 to 1.66 on December 16. As of January 6, the ratio was 1.65. Throughout most of 2023, when the trading price of Bitcoin was below $30,000, the data indicated that overseas Bitcoin holdings exceeded those in the USA.

• Arthur Hayes comments on 'The US Department of Justice has been approved to sell $6.5 billion in Bitcoin': ready to buy at the bottom.

Regarding the "US Department of Justice authorized to sell $6.5 billion in seized Bitcoin from the Silk Road on the dark web", BitMEX co-founder Arthur Hayes stated on X platform that diamond hands are ready to buy the dip.

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Editor/rice