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The crypto market is poised to sustain its bullish momentum following Wednesday’s U.S. CPI report, which came in line with expectations and paved the way for a Federal Reserve rate cut next week. Fed funds futures are now pricing in a near-certainty—98% probability—that policymakers will lower rates at the upcoming meeting. However, risk assets wavered this morning after investors absorbed a hotter-than-expected November PPI reading.
BTC has reclaimed the $100,000 mark, while ETH is eyeing a breakout above its yearly high of $4,100. Accumulation activity by wallets linked to World Liberty Financial—an entity backed by President-elect Donald Trump’s family—has driven notable gains in tokens like AAVE and LINK. Data reveals World Liberty Financial snapped up $10 million worth of ETH, and $1 million each of AAVE and LINK early Thursday. AAVE has surged 22% on the day and soared 175% since the election results. LINK is up 17% today, marking a 170% gain since the elections.
BTC mining stock Hut 8 (HUT) saw a 10% spike amid unconfirmed reports that the company is collaborating with Meta Platforms on an AI data center in Louisiana. Neither Hut 8 nor Meta has formally announced any partnership.
Meanwhile, Vancouver’s city council has taken a progressive step by passing a motion to explore positioning the city as "bitcoin-friendly." The initiative tasks city staff with examining the feasibility of establishing a bitcoin reserve and accepting BTC for taxes and municipal fees. Notably, Vancouver was home to the world’s first bitcoin ATM.
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Vancouver’s City Council Approves Exploration of Bitcoin for Municipal Finance
Vancouver’s city council has approved Mayor Ken Sim’s motion to explore integrating Bitcoin into the city’s financial systems. The proposal includes accepting taxes and fees in Bitcoin and allocating part of the city’s financial reserves to the cryptocurrency to mitigate inflation and currency debasement. City staff will evaluate the feasibility, risks, and benefits of the strategy, reporting back by Q1 2025. The decision aligns with a broader crypto-friendly sentiment following Donald Trump’s reelection, as Bitcoin prices continue to climb, reaching $100,791.
BlackRock and Fidelity ETFs Acquire $500M in ETH Over Two Days
BlackRock and Fidelity's spot Ethereum ETFs purchased $500 million worth of ether over the past two days, primarily through Coinbase and its Prime platform, according to Arkham. BlackRock’s ETHA and Fidelity’s FETH led inflows, with $372.4 million and $103.7 million in trading volume on Dec. 10, driving Ethereum's price up 5.1% to $3,830. The U.S. SEC approved both ETFs earlier this year, contributing to the growing institutional demand for Ethereum.
Trump-Backed World Liberty Financial Swaps Stablecoins for Ethereum, On-Chain Data Reveals
World Liberty Financial, the crypto project supported by President-elect Donald Trump, purchased $5 million worth of Ethereum (ETH) on Wednesday, raising its ETH holdings to over $50 million out of a total $73 million cryptocurrency portfolio. The project is converting stablecoin proceeds from its WLFI token sale into ETH, signaling a preference for ETH as a reserve asset and potential deeper involvement in the decentralized finance (DeFi) ecosystem. Onchain data shows World Liberty has been actively using CoW Swap for transactions, with significant recent acquisitions of altcoins like AAVE and LINK. The project has raised $55 million from the ongoing WLFI sale, although well short of its $300 million target.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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