Bitcoin ETFs Surpass $100 Billion
U.S. spot Bitcoin ETFs collectively surpassed $100 billion, representing 5.4% of Bitcoin’s market cap, as Bitcoin hit a record high of $97,094. BlackRock’s IBIT and Grayscale’s GBTC led the way with net assets of $45.4 billion and $20.6 billion, respectively. On Wednesday, the 12 ETFs saw a total of $733.5 million in inflows, $626.5 million of which went to IBIT. In contrast, U.S. spot Ethereum ETFs extended a five-day losing streak with $30.3 million in outflows. Total trading volume for Bitcoin ETFs was $5.09 billion on Wednesday, slightly below Tuesday’s $5.71 billion.
China Recognizes Crypto as a Commodity
China’s Supreme Court has granted cryptocurrencies limited legal protection under Chinese law, recognizing them as commodities with “property attributes.” However, the court maintained strict bans on token fundraising and trading, labeling them as illegal public financing. The decision highlights China’s cautious approach to crypto, aiming to avoid risks of disrupting financial systems. Despite these restrictions, China’s use of blockchain technology and the digital yuan in international trade demonstrates its selective support for digital innovation and contradicts its generally anti-crypto policies.
Trump Plans White House Crypto Advisor
President-elect Donald Trump is considering creating a White House crypto advisor position to strengthen collaboration between Congress, regulators, and the administration and craft pro-Bitcoin policies. The advisor is expected to influence regulatory decisions and guide Bitcoin-friendly reforms, including a proposed Bitcoin Reserve. Former Binance.US and Coinbase executive Brian Brooks is reportedly being considered as a candidate, but no official announcement has been made. Trump’s campaign has emphasized his commitment to crypto growth, with contributions from industry figures like Bitcoin Magazine CEO David Bailey. The move highlights Trump’s intention to make crypto a part of his economic strategy.
Solana Breaks Record
Solana has surged 11% in the past 24 hours, surpassing its previous peak of $259.96 in November 2021 and reaching a new all-time high (ATH). The rally comes amid a broader market rally fueled by optimism over President-elect Donald Trump’s crypto-friendly administration and the departure of SEC Chairman Gary Gensler. Solana, which is pitched as a faster and cheaper alternative to Ethereum, has rebounded strongly from its $8 lows in late 2022 following the FTX crash. The positive sentiment was also boosted by reports that the SEC has begun discussions with issuers on spot Solana ETF applications. Meanwhile, the GMCI 30 index, which tracks top cryptocurrencies, is up 46% in the past month and up 8% on the day.
XRP at 3-Year High
Ripple’s XRP token has surged 27% in the past 24 hours to $1.39, its highest since May 2021. The token has gained more than 150% in the past 30 days, fueled by optimism over President-elect Donald Trump’s crypto-friendly administration and reduced regulatory pressure. Gensler has been criticized for his tough practices against major crypto players like Ripple, Coinbase, and Binance, and is set to leave office in January 2025. Ripple’s ongoing legal battle with the SEC and the prospect of potential spot XRP ETFs in the U.S. have further fueled the positive sentiment around the token. The GMCI 30 index also rose 7.5%, reflecting the strong market momentum.
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BITCOIN (BTC)
BTC is priced at 98,880 with a 0.56% gain as of the morning hours. The current price action shows that an upward trend continues and buyers dominate the market. After testing the 93,283 level as a strong support, the price rose rapidly and made this level an important support area. As long as this level is not dropped below, the uptrend can be expected to continue. If the price continues to rise, the psychologically important 100,000 level is likely to be targeted. However, in the event of a downward correction, the 86,628 level should be monitored as the second strong support after the 93,283 level. It is possible to say that if this support level is broken, the market is weakening and a deeper correction may be on the agenda.
ETHEREUM (ETH)
ETH is priced at $3381 with a 0.79% gain as of the morning hours. It is observed that the price is trading at 3,382 and the uptrend continues. The 3,175 level was previously tested as resistance and the price gained momentum upwards after closing above this area. This shows that buyers are strong and the trend continues. When we look at the support areas, the 3,175 level is now a strong support. As long as this level is not dropped below, the price can be expected to continue its upward movement. Below, there is an intermediate support around 3,050, and in the event of a deeper correction, the critical support at 2,819 should be followed. If the upward movement continues, the price can be expected to test the psychological resistance level of 3,500. A close above this level may pave the way for a move towards higher levels. However, it is also possible for the price to consolidate at current levels or go into a short-term correction.
RIPPLE (XRP)
XRP is priced at $1.40 with a 12.81% gain as of the morning hours. It is seen that the price is trading at 1.4033 and is in a strong uptrend. The use of Fibonacci levels helps us understand the potential correction and target areas of the price in this upward process. The 1.1390 level was an important area as the previous resistance, and the break of this level led to further acceleration of the price. The Fibonacci 0.5 correction level of 1.1048 should be monitored as the first support in a possible pullback. Below this, the Fibonacci 0 correction at 1.0706 is another strong support position. In the upward movement, the price can be expected to target 1.50 and above. However, before reaching these levels, a slight pullback can be observed as market participants go for profit realization. In this case, the area around 1.20 can be considered as a psychological support. When we look at the support areas, the 1.0180 level is a critical support point. Further down, the 0.8398 and 0.7398 levels could act as long-term support. It is important for the price not to break these support areas for the continuation of the uptrend.
AVALANCHE (AVAX)
AVAX is priced at $36.46 with a 1.65% gain as of the morning hours. For AVAX, which is moving within an ascending channel, the 35.36 level stands out as an important support area in downward movements. If this level is broken, the price is likely to fall to the next demand area of 33.04. In case of a deeper correction, the 30.65 level should be monitored as a critical support. In upward movements, the first important resistance is at 37.44. If this level is exceeded, the price can be expected to rise to 39.87, and movements above this level may indicate that a strong upward trend will continue.
SOLANA (SOL)
SOL is priced at $261.39 with a 1.72% increase in value as of the morning hours. For SOL, which saw its all-time high (ATH) earlier in the day, it may retest the 264.39 level it tested this morning in upward movements. However, when the 4-hour chart is examined, SOL, which burns a red candle, should be monitored as important support levels in downward movements at 259.94 and 248.13. If it remains below these levels, there is a possibility that the price will pull back to the next strong support area of 233.34. In the current situation, 4-hour candle closings above or below the 259 level will be critical in determining the direction. Therefore, it is important for investors to carefully monitor the determined critical support and resistance levels.
