Weekly Market Highlights - Ethereum Flips Tron to Reclaim USDT Dominance
29 November 2024Macro/TradFiA newly proposed bill in Brazil's Congress seeks to establish a sovereign federal Bitcoin reserve. The reserve aims to mitigate currency fluctuations and geopolitical risks while also potentially serving as collateral for the country's forthcoming CBDC, Real Digital (Drex).Michael Saylor's MicroStrategy has made a massive Bitcoin purchase, acquiring 55,500 BTC for US$5.4B in the past week, bringing its total holdings to nearly ~US$38B.Bitcoin miner MARA added 6,474 BTC worth US$615M, increasing its holdings to 34,794 BTC valued at US$3.3B - the largest among public miners.Bitwise has filed an S-1 registration for a spot ETF offering balanced exposure to BTC and ETH, aiming to provide investors with easy access to the two largest cryptocurrencies.VanEck has extended the fee waiver for its HODL spot BTC ETF, covering the first US$2.5B in assets or until Jan 10, 2026, whichever comes first.WisdomTree has become the latest firm to target an XRP ETF, taking the preliminary step of filing for a trust entity in Delaware.CryptoL1/L2:Ethereum reclaims USDT dominance from Tron for the first time in two years, following a 10% surge in USDT supply on the network in recent weeks.DeFi:Ondo Finance has partnered with LayerZero to make its USDY yieldcoin fully fungible across multiple blockchain networks.Hyperliquid, a decentralized trading platform and Layer 1 chain, launched its HYPE token, distributing 31% of the 1B supply via a community airdrop. The remaining supply is allocated for emissions, rewards, core contributors, and support operations.Phantom wallet continues its multi-chain expansion by adding support for the Ethereum Layer 2 network, Base.MetaMask has expanded its fiat on-ramp capabilities by integrating with Venmo, enabling U.S. users to purchase crypto directly through the payment app.Stablecoins:Tether has announced plans to discontinue its Euro-pegged stablecoin, EURt, following regulatory hurdles and competition from MiCA-compliant rivals like Circle's EURC.Others:Binance launched BFUSD, a reward-bearing margin asset generating returns through delta hedging and staking strategies, with APY varying daily based on market conditions.Avant, an Avalanche-based protocol offering a yield-bearing product (similar to Ethena), has raised US$6.5M in a seed funding round at a US$25M valuation.Tornado Cash secured a significant win in a U.S. appeals court, as a three-judge panel ruled the Treasury's sanctions on its immutable smart contracts unlawful.Cookie DAO launches Cookie.fun, a platform for real-time tracking of AI agents’ performance across blockchain activity and social media, providing investors with insights into on-chain and market metrics.Latest Binance Research Publications Check out our latest publications:The Fed, Interest Rates, and the Economy: A PrimerExploring the Future of AI Agents in Crypto Monthly Market Insights - November 2024Explore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. 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