Contents

Summary
December Highlight: XRP Stats
1. Performance
   1.1 Top 10 Coins by Market Cap
   1.2 Returns by Timezone
   1.3 BTC Monthly Returns Matrix
   1.4 BTC and ETH monthly returns YTD
   1.5 Fear-Greed Index
   1.6 BTC dominance
2. ETF Flows
   2.1 Aggregate BTC ETF Flows
   2.2 BTC ETF Flows in November
   2.3 BTC ETF Share by Product
3. Funding Rates
   3.1 OI-Weighted Funding APR
   3.2 Futures Basis
4. Liquidity, Volumes, Liquidations
   4.1 Spot BTC Order Book Depth
   4.2 Spot Order Book Ask-Bid Difference
   4.3 Total Derivatives Volume
   4.4 Perpetual Futures Liquidations
5. Options
   5.1. BTC and ETH Put/Call Ratio
   5.2. Skew
   5.3. Risk Reversals
   5.4. Butterfly
   5.5. IV
   5.6. RV
   5.7. IV-RV
   5.8. Term Structure
   5.9. ETH-BTC IV Spread
6. On-Chain
   6.1. TVL $ Change
   6.2. TVL/MC Ratio Change
   6.3. DAU Change
   6.4. Average Daily Transaction Count
   6.5. Average Daily Transaction Fee
Appendix
Data Partners

Summary

• December was a historic month for the industry as BTC surpassed $100k for the first time, reaching a high of $106,496. To wrap up the year, BTC saw a total gain of 121.07% but December was the 4th down month of 2024 and was a mixed month for other crypto assets (Figure 1.1, 1.3).

• Asia led the timezones again in BTC returns and was the only positive timezone on average throughout December (Figure 1.2).

• BTC outperformed ETH for the 9th month in 2024 (Figure 1.4) which allowed for a recovery in BTC Dominance (Figure 1.6).

• Institutional growth remained solid as ETF inflows grew on a USD basis (Figure 2.1) although there seemed to be some outflows in the latter half of the month most likely due to profit-taking after BTC hit $100k and related to year-end flows.

• Interestingly, OI-weighted perp funding normalised before BTC peaked on 17Dec24 (Figure 3.1).

• As is often the case, liquidity saw a slight deterioration as we headed into the holiday season as we can see from BTC and ETH’s 2% orderbook depths (Figure 4.1a, 4.1b).

• BTC’s put/call ratio remained firmly above ETH’s as investors seemed to position themselves more cautiously in the asset that outperformed overwhelmingly in 2024 (5.1). This also saw BTC experience a positive IV-RV spread in the second half of the month while ETH’s spread flipped around par (Figure 5.7a, 5.7b).

• BTC’s performance also allowed for a notable outperformance in TVL as well as the TVL/MC ratio which we use to adjust for the underlying price performance (Figure 6.1, 6.2).