Weekly Market Highlights: Ethereum Reclaims USDT Dominance Over Tron

Brazil Proposes Federal Bitcoin Reserve Amid Economic Challenges

A newly proposed bill in Brazil's Congress aims to establish a sovereign federal Bitcoin reserve. This initiative is designed to mitigate currency fluctuations and geopolitical risks. It may also serve as collateral for Brazil's upcoming central bank digital currency (CBDC), known as Real Digital (Drex).

MicroStrategy Makes Significant Bitcoin Purchase

Michael Saylor's MicroStrategy has made headlines by acquiring 55,500 BTC for a staggering US$5.4 billion in the past week. With this purchase, MicroStrategy's total Bitcoin holdings have risen to nearly US$38 billion.

Bitcoin Miner MARA Expands Holdings

Bitcoin miner Marathon Digital Holdings (MARA) added an impressive 6,474 BTC, valued at approximately US$615 million. This acquisition boosts its total holdings to a remarkable 34,794 BTC, now valued at about US$3.3 billion - making MARA the largest Bitcoin holder among public miners.

Bitwise Files for Spot Bitcoin ETF

Bitwise has taken steps to enter the ETF market by filing an S-1 registration for a spot ETF that will offer balanced exposure to Bitcoin (BTC) and Ethereum (ETH). This move aims to give investors easier access to these two leading cryptocurrencies.

VanEck Extends Fee Waiver for HODL Spot BTC ETF

VanEck, a prominent investment firm, has announced an extension of its fee waiver for the HODL spot Bitcoin ETF. This waiver covers the first US$2.5 billion in assets or will last until January 10, 2026, whichever comes first.

WisdomTree Aims for XRP ETF

WisdomTree has recently become the latest firm to target an XRP ETF, taking preliminary steps by filing for a trust entity in Delaware.

Ethereum Recovers USDT Dominance

In a notable shift in the cryptocurrency landscape, Ethereum has reclaimed dominance over Tether (USDT) from Tron for the first time in two years, following a surge of over 10% in USDT supply on the Ethereum network in recent weeks.

Ondo Finance Partners with LayerZero

In decentralized finance (DeFi), Ondo Finance has partnered with LayerZero to make its USDY yieldcoin fully fungible across multiple blockchain networks, enhancing its usability.

Hyperliquid Launches HYPE Token

Hyperliquid, a decentralized trading platform, has launched its HYPE token, distributing 31% of its total supply of 1 billion tokens through a community airdrop. The remaining supply will be directed towards emissions, rewards, core contributors, and operational support.

Phantom Wallet's Multi-Chain Expansion

Phantom wallet continues its multi-chain expansion by adding support for the Ethereum Layer 2 network, Base, to enhance user experience across different platforms.

MetaMask Integrates Venmo for Fiat Purchases

MetaMask has upgraded its fiat on-ramp capabilities by integrating with Venmo, allowing U.S. users to purchase cryptocurrencies directly through the popular payment app, simplifying the buying process.

Tether Discontinues Euro-Pegged Stablecoin

Tether recently announced the discontinuation of its Euro-pegged stablecoin, EURt, citing regulatory challenges and competition from MiCA-compliant alternatives like Circle's EURC.

Binance Introduces BFUSD

In an innovative move, Binance has launched BFUSD, a reward-bearing margin asset designed to generate returns through delta hedging and staking strategies. The annual percentage yield (APY) will vary daily based on market conditions.

Avant Secures Seed Funding

Avant, an Avalanche-based protocol offering a yield-bearing product similar to Ethena, has successfully raised US$6.5 million in a seed funding round at a valuation of US$25 million.

Tornado Cash Achieves Legal Victory

Tornado Cash has secured a significant legal win from a U.S. appeals court. A three-judge panel ruled that the U.S. Treasury's sanctions on the protocol's immutable smart contracts are unlawful.

Cookie DAO Launches Cookie.fun Platform

Cookie DAO has introduced Cookie.fun, a platform that enables real-time tracking of AI agents' performance across blockchain activity and social media. This innovative platform will provide investors with valuable insights into on-chain and market metrics.

Latest Research Publications

For those interested in deeper analyses, check out Binance Research's latest publications:

Conclusion

This week has been significant for both the crypto and traditional finance sectors, with developments that could impact the global economic landscape. Stay tuned for more updates.

About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is dedicated to delivering objective, independent, and comprehensive analysis, aiming to lead in thought leadership within the crypto space. Regular publications cover a range of topics, including the crypto ecosystem, blockchain technologies, and emerging market themes.