Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

1. Low Trading Volume During the Holidays
   This past week, little has changed in the crypto market. Bitcoin is undergoing a correction, with its price dropping several times to around $92,000. That’s a 15% drop from its peak at $108,000 but pales compared to the gains we’ve seen earlier. Ether traded in a narrow range between $3,500 and $3,300. Due to the holiday season, market liquidity is low, leading to more erratic price movements than in a vibrant market.
2. Bitcoin Funds Post Red Numbers
   Investors collectively withdrew about $1.5 billion from U.S. spot bitcoin ETFs this week. Thursday stood out with green figures, seeing an inflow of over $475 million, which helped limit the losses. In total, more than $35 billion flowed into bitcoin funds this year, making this the most successful ETF launch ever, despite the holiday outflows.
3. A Strong Year for Bitcoin, Rest of the Market Lags Behind
   Bitcoin started the year at a price just above $40,000 and has more than doubled in 2024. The massive success of U.S. spot bitcoin ETFs significantly contributed to this growth. The rest of the crypto market lagged behind bitcoin, with exceptions seen in memecoins and a few altcoins, making 2024 resemble 2023.

News Overview

Signal out of the noise:

• KURL Technology Group Adds Bitcoin to Corporate Reserves
  KURL, a U.S.-based company specializing in energy storage solutions for aerospace, aviation, and defense, announced the purchase of approximately 217 bitcoins worth $21 million. This is just the beginning; the company plans to allocate up to 90% of its corporate reserves to bitcoin.
• Trump’s Victory Boosts Crypto Ownership in South Korea to Record Highs
  Following his re-election, the number of South Korean crypto holders grew by 610,000, reaching 15.6 million—over 30% of the population. Trading volume in virtual assets is now comparable to the stock market, according to a parliament member. The Bank of Korea attributes this growth to Trump’s pro-crypto policies and the sharp rise in bitcoin’s price after the election. South Koreans now hold nearly $70 billion in crypto investments.
• Memecoins Dominate 2024 as the Most Popular Narrative
  A CoinGecko report reveals that memecoins attracted 14% of global investor interest this year, with the majority coming from Solana (7.7%). Solana’s Pump.Fun memecoin platform drove success, generating over $1 billion in annual revenue. In addition to memecoins, AI, Real-World Assets, and gaming were other prominent trends.
• Coinbase Predicts Five Major Crypto Trends for 2025
  In a new report, Coinbase identifies stablecoins, tokenization, ETFs, DeFi, and regulation as the top themes for 2025. These trends build on developments already visible in 2024, with stablecoins growing and the digitization of existing assets, like real estate and bonds, gaining traction. Coinbase anticipates more ETF approvals next year, potentially for Solana and XRP.

Amdax’s Take:

As expected, most market participants are busy with the holiday season, reflected in the low trading volumes. This trend will likely persist until the start of the new year. The red figures can be attributed to investors locking in their annual gains, but this doesn’t apply to companies holding bitcoin as a long-term reserve. While financial institutions and bitcoin miners have led the charge, KURL demonstrates that interest in bitcoin extends beyond these sectors. It wouldn’t be surprising to see more companies allocate a portion of their reserves to bitcoin in the coming year.