Something to remember: 

“The concept of progress acts as a protective measure to shield us against the terrors of the future.”

Week Ahead

What’s driving markets?

• With the expected BTC spot ETF approval window only 3 weeks away, traders now look towards the next bullish catalyst for crypto markets: the bitcoin halvening.

• Onchain activity is heating up driven by inscription activity, memecoin trading, and airdrop farming. 

• Many well capitalized projects that have yet to launch a token have hinted at the possibility of TGE soon, indicating that they have confidence in a sustained bullish atmosphere for crypto. Major projects include LayerZero, Starknet, Jupiter, and Scroll.

Catalysts

• Tuesday, Dec 19th @12:30AM ET: Fed member speech.

• Thursday, December 21st @ 8:30AM ET: US Jobless Claims.

Charts

• Prospective BTC spot ETF issuers have been meeting with the SEC as final approval deadlines approach in early January.

• Consensus is that the SEC will approve a group of the highest quality applications all at once during the January 5th-10th window.

• In terms of aggregate monthly transfer value, stablecoins have regained the top position relative to BTC and ETH.

• There were $914B of Stablecoin transfer value in November.

• BTC correlation with the Nasdaq has flipped negative for the first time in 2023.

Research Content

• Kucoin will pay $22m fine and exit NY crypto market.

• El Salvador’s Volcano Bitcoin Bonds get green light, will launch next year.

• S&P Global stablecoin rankings.

• Bloomberg reports prospective ETF issuers have been meeting with SEC frequently.

• Financial Accounting Standargs Board publishes crypto disclosure requirements to go into effect 2025.

• Vitalik blogs about an enshrined EVM.

• Worldcoin introduces Apps.

• FTX liquidators have (probably) finished moving Sol coins.

• SEC denies Coinbase’s Petition for Rulemaking.

• Inscription minting takes down the Arbitrum One sequencer.

• SEC confirms serving Richard Heart with legal documents.

• Adam Back comments on Bitcoin inscription activity.

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