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Bitget, one of the fastest-growing crypto exchanges, announced today a $5 billion burn of its native token, Bitget Token (BGB).

The proposal discussed in Bitget’s new white paper outlines the burn of 800 million BGB tokens, representing 40% of its total supply.

At press time, the value of the burned tokens has risen to over $6.4 billion, highlighting the growing demand for BGB.

The token burn, which has significantly reduced the circulating supply to 1.2 billion, is part of Bitget’s broader plan to enforce a deflationary model and boost the token’s utility

Starting in 2025, the crypto exchange will implement quarterly burns, using 20% of profits from exchange and wallet operations to buy back and destroy additional tokens.

BGB has surged over 100% in the past week and more than 400% in the past month, with the token trading at $8.10 at press time.

The token saw over $600 million in trading volume in the past 24 hours. Bitget’s daily trading volume exceeded $30 billion, with its user base expanding to 45 million.

“Our decision to burn $5 billion worth of BGB aligns with our plans of making it a powerful medium of transacting value,” said Gracy Chen, CEO of Bitget.

The exchange recently merged BGB with Bitget Wallet Token (BWB), combining its centralized and decentralized ecosystems under one token.

BGB, with an $11.6 billion market capitalization, provides holders with trading fee discounts, exclusive event access, and participation in Bitget’s Launchpool for token farming.

Bitget maintains a $600 million Protection Fund and publishes Proof-of-Reserve reports as part of its transparency initiatives.

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Scam Sniffer analysts have identified fraudulent Google ads impersonating Usual Protocol that redirect users to fake websites designed to steal crypto assets.

🚨 ALERT: Beware of scam ads on Google impersonating Usual Protocol.

These scam ads could steal your assets if you click them & connect wallet & sign transactions. pic.twitter.com/E8OE2oaheh

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 28, 2024

The malicious advertisements appear at the top of Google search results when users search for “Usual Protocol,” positioning themselves above the legitimate website. These ads closely mimic Usual Protocol’s branding and language to appear authentic. This placement potentially leads users to click through as many tend to click on the first few results they see.

Victims who click on these deceptive ads are directed to a fake website that attempts to gain access to their digital assets through two primary methods: requesting wallet connections from services like MetaMask or Trust Wallet, and prompting users to sign malicious transactions that transfer assets to scammers.

Scammers are increasingly leveraging Google’s advertising platform to create malicious ads that lead users to fake websites. They often bid on keywords related to popular wallets and platforms, creating ads that closely mimic legitimate services.

Once users click on these ads, they are redirected to phishing sites that appear authentic but are designed to harvest sensitive information like wallet passphrases.

Earlier this week, Scam Sniffer reported a similar scam targeting Pudgy Penguin users through malicious Google ads containing suspicious JavaScript code that detects crypto wallets.

🚨 URGENT SECURITY ALERT 🚨

1/6 A user reported being redirected to a fake @pudgypenguins website through a Singapore news portal. Our investigation revealed this is part of a larger malicious advertising campaign. pic.twitter.com/Izv3f87WrX

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 25, 2024

When these scam ads identify a crypto wallet, users are redirected to counterfeit versions of legitimate platforms where scammers can harvest personal information or gain unauthorized access to funds through wallet connections.

Users are advised to always verify website addresses directly and never connect their crypto wallet to a site they are not 100% certain is legitimate.

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ProShares, a prominent asset manager overseeing more than $75 billion in assets, is seeking SEC approval to offer three new ETFs that would track the performance of the S&P 500, the Nasdaq-100, and gold relative to Bitcoin.

The proposed funds — ProShares S&P 500 Bitcoin ETF, ProShares Nasdaq-100 Bitcoin ETF, and ProShares Gold Bitcoin ETF — will measure returns in Bitcoin terms rather than US dollars, according to prospectus materials shared by Nate Geraci, president of The ETF Store. Management fees and ticker symbols have not been disclosed.

While the funds won’t directly invest in Bitcoin, they will utilize Bitcoin futures contracts to achieve Bitcoin-denominated returns. Each ETF will maintain a long position in its respective underlying asset alongside a short US dollar/long Bitcoin position through futures contracts.

“Reset monthly, the currency hedge is intended to mitigate the impact of changes in the value of the US dollar relative to Bitcoin,” according to the materials.

“Basically a long position in underlying stocks or gold & then a short USD/long BTC position using BTC futures,” Geraci explained. “I’m calling these BTC hedged ETFs.”

Each fund plans to invest up to 25% of their total assets in wholly-owned Cayman Islands subsidiaries at each quarter-end to maintain regulated investment company status under US tax law.

ProShares’ move comes amid a growing acceptance of crypto within traditional finance, as more asset managers explore ways to integrate Bitcoin into their investment offerings.

On Thursday, Strive Asset Management introduced the Strive Bitcoin Bond ETF, which offers Bitcoin exposure through convertible securities and derivatives backed primarily by MicroStrategy’s holdings.

The fund will invest at least 80% of its assets in Bitcoin bonds, swaps, and options, while maintaining positions in US Treasury securities and other crypto-focused funds.

ProShares has been known for its innovative investment strategies and diverse product offerings. The firm specializes in various types of ETFs, including leveraged and inverse ETFs that aim to amplify the performance of underlying indices.

Earlier in January, ProShares filed for five leveraged and inverse Bitcoin ETFs designed to track the Bloomberg Galaxy Bitcoin Index using futures contracts.

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As 2024 draws to a close, Grayscale Research has published its updated list of the top 20 crypto assets expected to perform well in the upcoming quarter. The list features six new altcoins, including Hyperliquid (HYPE), Ethena (ENA), Virtual Protocol (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS).

Grayscale Research notes that these updates are influenced by themes surrounding the implications of the US elections, advancements in decentralized AI technologies, and growth within the Solana ecosystem. The team forecasts these will be key themes for Q1 2025.

Decentralized AI platforms were previously included on Grayscale’s Q4 2024 list, featuring Bittensor (TAO). For the next quarter, there is a heightened emphasis on this sector with the inclusion of VIRTUAL and GRASS.

Launched in October 2024 on Base, Virtuals Protocol allows users to create, deploy, and monetize AI agents without requiring technical expertise. The VIRTUAL token hit $1.4 billion in market value within one month of launch. At press time, it is the largest AI agent coin with a market cap of $3.4 billion, according to CoinGecko data.

Tapping into both the growing AI and Solana ecosystems, Grass is a decentralized network built on Solana’s layer 2. It allows residential users to contribute their unused internet bandwidth through nodes, which collect public web data for AI training. The GRASS token has soared around 160% since its launch in late October, per CoinGecko.

Meanwhile, Hyperliquid has emerged as a leader in trading volume and total value locked among decentralized perpetual swap platforms. Its HYPE token has risen approximately 300% since its November 29 launch, reaching $28.

Jupiter leads as the primary DEX aggregator on Solana with the highest total value locked, while Jito, a liquid staking protocol, generated over $550 million in fee revenue in 2024, Grayscale Research highlights.

Alongside the new additions, six assets—Toncoin (TON), Near (NEAR), Stacks (STX), Maker (MKR), Celo (CELO), and UMA Protocol (UMA)—were removed from the list.

According to Grayscale Research, these projects remain relevant to the crypto ecosystem, but the team believes the revised selection offers a more compelling risk-adjusted return profile for the next quarter.

The smart contract arena

A key observation from Grayscale Research is the growing competition in the smart contract platform segment. Although Ethereum had some big wins in the fourth quarter, it faced increasingly competitive pressure from other blockchains, especially Solana.

Moreover, investors have started looking at other alternatives to Ethereum, like Sui and TON. These platforms, according to Grayscale Research, have different approaches to the “blockchain trilemma.”

The team reiterates that fee revenue will be a key driver of value for smart contract platform tokens. They suggest that a platform’s ability to generate fees is directly related to its market capitalization and its ability to reward token holders through mechanisms like token burning or staking.

“The greater the ability of a network to generate fee revenue, the greater the network’s ability to pass on value to the network in the form of token burn or staking rewards. This quarter, the Grayscale Research Top 20 features the following smart contract platforms: ETH, SOL, SUI, and OP,” the report wrote.

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Robinhood plans to distribute crypto rewards to eligible users who access the platform’s countdown screen at 8:30 PM Eastern Time, according to social media reports.

Have you seen the new countdown in your Robinhood app? 👀 We have a surprise coming.

Update your app and make sure to be on the countdown screen at 8:30 PM ET on 12-31. Terms apply. https://t.co/7b6r5nieTS pic.twitter.com/EmasInaBKK

— Robinhood (@RobinhoodApp) December 31, 2024

Users must have an active Robinhood Crypto account to claim the reward, which will be available through notifications within one week after the countdown ends. Unclaimed rewards will expire after 30 days.

The trading platform requires recipients to maintain the reward value in their Robinhood account for at minimum one year, with the amount trackable through account history and statements.

While the exact nature of the “New Year’s surprise” remains undisclosed, social media posts suggest it could involve Bitcoin or other digital assets. Users need to have the latest version of the Robinhood app and an established crypto wallet to participate.

Eligible users who miss the initial notification can still claim their reward through the platform’s Reward center, though the one-year holding requirement remains in effect.

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XRP has kicked off the new year with a strong performance, surging 10% in the last 24 hours and reclaiming the $2.3 mark last seen on December 26, according to CoinGecko data.

The rally comes at a time when most major crypto assets remain relatively flat. Bitcoin currently trades around $94,000 with minimal movement, while other leading crypto assets like Ethereum, Binance Coin, and Solana show little price action.

In contrast, established altcoins including Tokenize Xchange (TKX), Stellar (XLM), Fantom (FTM), and Algorand (ALGO) have posted double-digit gains in the past 24 hours. Some major crypto assets by market cap like Hedera (HBAR) and Cardano (ADA) have also seen significant increases.

The AI16Z token, which recently became the first AI coin on the Solana blockchain to achieve a $2 billion market cap, is extending its gains. Currently trading above $2, the token has risen 21% in the past 24 hours, placing it among the top daily gainers.

XRP trading volumes surge in South Korea

In South Korea, XRP trading volumes have surpassed both Bitcoin and Ethereum across the country’s major exchanges.

Combined trading volume against the won on Upbit, Bithumb, and Korbit exceeded $1 billion in the past 24 hours, with XRP recording $254 million on Bithumb and $761 million on Upbit.

High trading volume indicates greater market interest in the asset, suggesting that many investors are actively buying and selling.

Changes in trading volume can signal potential trend reversals or continuations. High trading volumes can also lead to increased volatility in the market, as large orders can impact prices.

The volume surge comes amid political developments in South Korea, where a court issued an arrest warrant for President Yoon Suk Yeol on Tuesday over his December martial law decision.

Trump’s inauguration, SEC Chair’s resignation in over two weeks

Trump’s inauguration as the 47th President of America is scheduled for January 20. Also on that day, SEC Chair Gary Gensler will step down.

Trump’s arrival and Gensler’s departure are expected to pave the way for a shift in regulatory approach to the crypto sector, which has long faced hostility under the current administration.

For the Ripple community, these events may bring an end to the year-long legal battle between Ripple and the US securities watchdog, potentially resulting in either a settlement or dismissal of the case. A resolution is anticipated to clarify XRP’s legal status and create a precedent for other crypto assets that have also been classified as securities by the SEC.

Moreover, as the regulatory landscape in the US matures, meaning more guidance and clarity, there is hope that one or more spot XRP ETFs, along with a wave of other crypto ETFs, will secure regulatory approval.

As of January 1, several fund managers—including Bitwise, Canary Capital, 21Shares, and WisdomTree—are lining up for approval to launch their respective XRP ETFs.

Any developments in either the XRP ETF’s progress or the SEC-Ripple case are expected to considerably influence XRP’s price movements.

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BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest single-day outflow of over $332 million on January 1, surpassing its previous record of $188 million set on December 24, according to updated data from Farside Investors.

The massive IBIT withdrawals pushed US spot Bitcoin ETF’s overall flows into red territory on Thursday, even as most rival ETFs posted gains. The Grayscale Bitcoin Trust (GBTC) also saw losses of nearly $7 million.

Bitwise Bitcoin ETF (BITB) led daily inflows with $48 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin (ARKB), and Grayscale Bitcoin Mini Trust (BTC). These funds collectively took in approximately $108 million on Thursday.

Excluding Valkyrie’s Bitcoin ETF, the 10 US-based spot Bitcoin ETFs recorded combined outflows of $248 million. The week’s total net outflows have surpassed $650 million.

IBIT’s total net outflows have reached $392 million since December 3, marking three consecutive trading days of losses. Despite the recent outflows, the fund remains the dominant Bitcoin ETF, holding nearly 552,000 BTC valued at over $51 billion as of January 2.

Launched in early 2024, IBIT outperformed the vast majority of ETFs throughout the year. The fund ranked third on Bloomberg ETF analyst Eric Balchunas’ 2024 leaderboard with approximately $37 billion in year-to-date flows, trailing only the established index giants VOO and IVV.

Here’s final 2024 Top 20 ETF Leaderboard: $VOO ended w/ $116b which is $65b beyond old record (absurd). $IVV closed strong w $89b (bc used more than $SPY for TLH?). $IBIT took 3rd spot w $37b (still <1yr old!). Total flows at $1.14T, which broke old record by 25%, or $225b..🔥🔥 pic.twitter.com/RRCbHEAN9Q

— Eric Balchunas (@EricBalchunas) January 2, 2025

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