[Comparative Weekend Review] Analyst: Cryptocurrency market may rebound in December and January; Ostium Labs completed $3.5 million financing, General Catalyst and others participated; SBF case insider: FTX customer balance is equal to hot wallet assets, but there is an additional $8 billion in debt

Comparative review of the weekend's key news:

[Analyst: Cryptocurrency Market May Rebound in December and January]

According to Twitter, cryptocurrency trader and analyst Altcoin Sherpa wrote on the X platform that December and January are “the absolute best time of the year to trade/buy cryptocurrencies.”

BTC has almost always performed well during this period, even during a bear market. ETH also tends to outperform other altcoin markets in December and January, which usually results in the altcoin trading season.

Sherpa said that December and January are prime periods for Bitcoin's trend. Over the past few years, there have always been occasional rebound in these two months, and so has the trend of ETH (despite last year's poor performance).

[Ostium Labs raised $3.5 million, General Catalyst and others participated]

According to the news, cryptocurrency startup Ostium Labs raised $3.5 million, and General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan participated.

Co-founder Kaledora Kiernan-Linn said the new protocol being developed by Ostium Labs will support perpetual contract transactions related to oil, bitcoin, and petroleum. It will also support forex pairs trading in Australian dollars, British pounds, euros, and yen.

[Inside the SBF case: FTX customer balance is equal to hot wallet assets, but there is an additional $8 billion in debt]

Comparatively, FTX co-founder Gary Wang testified in the SBF trial that in November 2022, FTX's customer balance was equal to the assets held in hot wallets, with one important exception: a hidden $8 billion debt called “fiat@.”

As clients began withdrawing assets from FTX in November 2022, SBF asked Gary Wang to calculate how much money Alameda Research would need to deposit on the exchange to cover the outflow of funds. Wang testified on the fourth day of the SBF trial last week, after being directly questioned by government prosecutors. He said that excluding Alameda Research accounts, the sum of FTX customer balances matched the assets in FTX hot wallets. What he didn't know, however, was that there was a problem with his calculation.

He testified that he only got the full situation when the SBF asked him if “our Korean friend” was included in the calculation. Wang was puzzled, so he sought evidence from Nishad Singh, another former FTX executive. Singh told Wang that the “Korean friend” actually referred to the $8 billion “fiat@” vulnerability at the core of FTX's collapse.

Fiat @账户余额已被重新分配到一个名为 on the account “seoyuncharles88@gmail.com” in the FTX internal database, this account has been granted special privileges so that Alameda Research does not have to pay interest on the credit line. Wang also confirmed that SBF is aware that FTX's financial situation is more transparent to the public and investors, while Alameda's financial situation is not.

[Binance Research September Report: AA adoption is rising, and there are already more than 870,000 independent AA accounts]

In comparison, Binance Research released the September Crypto Market Report. The report topics include DeFi, stablecoins, second-tier solutions (L2s), and account abstraction. The report points to negligible fluctuations in the total market capitalization of the crypto market in September, but there are still many notable developments in the market:

1. The total market value of stablecoins has been falling for 18 consecutive months to a new low of US$123.8 billion (the lowest level since September 2021). Many factors may have affected investors' allocation of capital to other non-cryptographic financial products.

2. During Token2049, Telegram announced that it will integrate the TON crypto wallet and support the TON-based Web3 ecosystem, which has led to an increase in the price of TON. Given Telegram's 800 million user base, this partnership has inspired the possibility of mass adoption.

3. Chatbots on Telegram are a relatively new trend, providing a user-friendly alternative to existing DeFi applications and showing fierce competition in the market. Banana Gun is a Telegram bot app. Since launching its own token, Banana Gun has risen in the ranking and is now one of the most gas-consuming apps on the Ethereum platform.

4. The pattern of decentralized perpetual contract platforms has changed significantly. Once upon a time, platforms like dYdX, GMX, and Gains Network occupied major market shares. However, starting in September, new platforms and existing players, particularly ApolloX, have made significant progress.

5. The adoption rate of account abstraction (AA), or smart contract wallets, continues to rise, and transaction volume is increasing month by month. According to the data, there are more than 870,000 independent AA accounts, and more than 2.3 million successful smart contract transactions have been completed.

[Hong Kong police arrest a suspect involved in the JPEX case, or a member of a fraud syndicate]

Comparing news, Hong Kong police arrested a suspect involved in the JPEX case, or a member of a fraud syndicate.

Up to now, the police have arrested a total of 27 people, 7 people are being detained for investigation, and 20 have been granted bail awaiting trial.

[More than 10,000 bitcoins have flowed out of the exchange, making it the largest outflow volume in a single month]

Comparative news, on-chain analysis platformSantimentOn social mediaXAccording to the data released above, there have been more than 10,000 since September 7BitcoinWithdrawal from the exchange was the biggest outflow in a single month this year. Meanwhile, Bitcoin's sole address also fell to its lowest point in 6 weeks, and its trading price attempted to break through around $28,000 several times.

Author: BitPushNewsKatie Lin

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