Macro Overview
- US Unemployment Claims (Weekly): US Unemployment Claims came in slightly below expectations, resulting in a neutral impact on the crypto market.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 3.04% rise, bringing the total market capitalization to $3.32 trillion. Notably, BTC saw a rise of 1.59% and ETH saw a rise of 3.08%. Bitcoin’s dominance stands at 57.42%, while Ethereum’s holds at 12.46%.
- BlackRock’s Spot Bitcoin ETF Sees Largest Daily Outflows: BlackRock’s IBIT ETF experienced over $332 million in net outflows on January 2, the largest daily outflow since its launch. On the same day, U.S. spot Bitcoin ETFs collectively recorded total net outflows of $242.3 million
- Tether’s USDT Experiences Largest Weekly Market Cap Drop Since FTX Collapse: Tether’s USDT market cap dropped 1.2% to just over $137 billion, marking its steepest weekly decline since November 2022. The drop coincides with the full implementation of the EU’s MiCA crypto-asset regulation.
- IRS Grants Temporary Relief on Crypto Tax Reporting Rules Amid Legal Challenges: The IRS has issued temporary relief on crypto cost-basis reporting rules, potentially easing tax burdens for digital asset investors. This move acknowledges the complexities of crypto taxation and underscores the agency’s effort to adapt to evolving market conditions.
Top Tokens Update
- Polymarket Odds Surge in Favor of Solana ETFs Securing SEC Approval in 2025: Polymarket bettors now forecast an 85% chance that the SEC will approve spot Solana (SOL) ETFs by the end of 2025, marking a 35% confidence increase in recent days. This reflects rising expectations that Solana ETFs may follow Bitcoin and Ethereum in integrating further into mainstream financial markets.
- $7B Crypto Token Unlocks Expected in January Major Unlocks:
Jan. 1:
SUI: 64.19M tokens ($270M) for investors and reserves.
ZETA: 54M tokens ($42M) for growth and liquidity.
Jan. 6: KAS: 182.23M tokens ($20M).
Jan. 8: ENA: 12M tokens ($12.16M) for ecosystem development.
Jan. 9: OP: 31.34M tokens ($57M).
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jan-9 | 12:30 AM | US FOMC Meeting Minutes | More dovish than expected is good for crypto |
| Jan-9 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Jan-10 | 7:00 PM | US Non-Farm Employment Change | Actual’ less than ‘Forecast’ is good for crypto |
| Jan-10 | 7:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral to Bullish.
- This week saw limited market movement, aligning with our previous report. The HTF outlook remains unclear, while LTF shows signs of strength. A sideways trend is expected in the coming days unless the $100K level is decisively broken to the upside.
- Key support levels to consider are around $92,500 and $85,000. On the upside, resistance level is at $99,300 and $102,650.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral to Bullish.
- ETH continued its consolidation this week, outperforming BTC. For the upcoming week, ETH is expected to maintain its outperformance against BTC. While HTF shows no clear direction, LTF indicates strength, supporting a positive short-term outlook.
- Significant support levels include $3300 and $3070, while resistance levels to watch are at $3525 and $3700.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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