BitMEX Alpha: Weekly Trader Report (11.30-12.6)

Original author: BitMEX

Quick Facts

• Bitcoin breaks through $100,000! With the continuous inflow of ETF funds, the market is accelerating its rise, and Ethereum is challenging the $4,000 mark. Even the black swan event of the president of South Korea declaring martial law (although it was quickly resolved) failed to stop the markets rise.

• Older projects such as $EOS and $TRX led the week’s gains, sparking concerns that the market may be overheating.

• In the Trading Strategy section, we will explore how the new crypto-friendly political environment in the United States can reshape the crypto market through the US Crypto-Friendly Trading Strategy

Data Overview

Best Performer

• $EOS (+ 67.9%) : The old project EOS has emerged as a dark horse, leading the dinosaur coin market

• $TRX (+59.2%): TRX hits new all-time high under Justin Sun

• $ONDO (+ 55.5%) : ONDO price hits new high due to favorable US regulatory policies

Worst performance

• $GRASS (-15.7%): GRASS leads the decline as traders shift their focus

• $CHILLGUY (-7.9%) : ChillGuy is well and truly in the red

• $BONK (-3.4%): BONK enters adjustment period

Market News

Macro dynamics

• ETH ETF weekly net outflow: +$753 million

• BTC ETF weekly net inflows: +$2.35 billion

• Trump posts to celebrate Bitcoin breaking $100,000

• Fox News: SEC rejects two spot SOL ETF applications and suspends approval of new crypto ETFs

• Citadel Investments CEO Ken Griffin regrets not buying cryptocurrencies a few years ago

• Trump formally nominates Paul Atkins as SEC chairman

• South Koreas Presidents Martial Law Incident Was a False Alarm

• The number of initial jobless claims in the United States for the week ended November 30 reached 224,000, the highest since the week ended October 19, 2024.

• Florida plans to launch strategic Bitcoin reserve in Q1 2025

Project Progress

• NFT brand Pudgy Penguins announces the issuance of PENGU tokens

• Wormhole launches W staking rewards program, offering at least 50 million tokens in the first phase

• DeFi L2 Network Mode announces the launch of subnet Synth on Bittensor (TAO)

• Blockchain interoperability developer Union Labs closes $12 million Series A funding

• The L2 project Blast community proposes to use $36 million in annualized revenue to repurchase BLAST tokens

• SynFutures announces F token airdrop rules, open for redemption on December 6

• Pantera Capital raises $20 million to support Telegrams on-chain project TON

Trading strategies

Note: The following does not constitute investment advice. This is just a summary of market news, please do sufficient research before making any trades. The following does not guarantee returns, and BitMEX does not assume any responsibility if your trades do not achieve the expected results.

US Crypto-Friendly Transactions

Recent political developments have drawn great attention to crypto projects in the U.S. Trump nominated Paul Atkins as SEC chairman and appointed David Sachs as White House director of cryptocurrency affairs, sending clear signals that the regulatory environment may turn friendly.

Let’s explore what this means for crypto investors by analyzing key players and their potential influence on specific projects.

Key decision makers

David Sacks – White House AI and Cryptocurrency Director

As the founding COO of PayPal and CEO of Yammer, Sacks has deep technical expertise in crypto policy. His network of contacts in Silicon Valley and his successful track record of technology investment make him an important force in promoting crypto innovation. The projects he supports often attract a lot of attention and funds from institutional investors.

Paul Atkins – Nominee for SEC Chairman

As a former SEC commissioner, Atkins is well versed in the balance between innovation and regulation. His extensive experience in financial regulation is expected to help develop clearer guidelines for crypto projects while protecting investor interests.

Noteworthy projects

1. dYdX ($DYDX) – Zacks Portfolio

• Potential impact : The decentralized exchange could benefit from a clearer regulatory environment and attract more institutional traders and liquidity through Sachs’ connections.

2. Handshake ($HNS) – Zacks Portfolio

• Potential impact: The decentralized domain name project could see faster adoption and growth with Sachs’ backing and clearer regulatory guidance.

3. AI Crypto Projects ($MASA, $WLD, $AI, $IO, $XAI)

• Potential impact: Since Sacks covers both AI and crypto, these projects could receive more attention and have the opportunity to build government collaborations.

4. Reserve Rights ($RSR) – Atkins Advisory Role

• Potential impact: As a stablecoin project with a former SEC commissioner as an advisor, RSR may gain greater legitimacy and be more easily approved by regulators.

Summary

These appointments could have a significant impact on U.S. crypto projects. While $DYDX, $HNS, AI Token, and $RSR show potential due to their association with these key individuals, please remember to conduct adequate research and consider broader market conditions before making any investment decisions.

This article is sourced from the internet: BitMEX Alpha: Weekly Trader Report (11.30-12.6)

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